Market Conditions in 45040>Question Details

Kristen Monl…, Home Seller in Mason, OH

I live in Mason Ohio half way between Cincinnati and Dayton. My house has been on the market for about 3

Asked by Kristen Monley, Mason, OH Mon Aug 11, 2008

weeks for sale by owner. I received an offer over the weekend, its less than what I would like and I am trying to decide if I should accept it or hold out and wait for more. Can someone update me on the housing market in the Mason area. Are prices still declining? I bought the house a year and a half ago for $220. The offer I received is $220 however they have a realtor I would have to pay 3% to so I would loose $6600. I dont want to be unrealistic. Do other realtors think this is a good deal given the market we are in today or are things getting better and I should wait for a better price.

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7
Mary Starkey’s answer
Kristen, I am familiar with the Mason area and live in Warren County close to Mason. From what I have seen prices have actually declined the past year of about 5% in our area. The offer you received sounds like a pretty good offer considering the market , unless, your house was over priced when you bought it. It is very difficult to sell a home without a Realtor's help these days. Just make sure you have pre-approval letter from a mortgage company for your buyer. Congratulations on your offer!
Web Reference: http://www.marystarkey.com
0 votes Thank Flag Link Mon Aug 11, 2008
Kristen, congratulations on the offer. It may be a little difficult to part with the 3% in this transaction, so maybe you can negotiate with the buyers on covering the fee for the agent. Please understand the agent has worked on the buyers behalf and it is customary for the agent to be paid for his/her services. To sell a product, whether a home or anything else, for this amount of money without having to pay a sales fee, is not very typical. I would be happy to provide some advice if needed. The help of a professional real estate agent can go a long way. Good luck with your decision.
0 votes Thank Flag Link Mon Aug 26, 2013
I think you are fortunate to have gotten this offer, & so quickly, Escpecially If they are not asking for closing assistance or anything else, home warranty, etc. You have the opportunity to put a SOLD sign in your yard, without months of stress, I suggestyou DO IT!
0 votes Thank Flag Link Mon Aug 11, 2008
I agree with all take the offer, it can be weeks, months, lending changing again long time. Talk with CPA determine if the $6600 can take as a write off taxes. Art comment about marking house up to cover buyers agent commission is GREAT idea
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Aug 11, 2008
This sounds like a pretty good offer. Make sure they are approved and if you pay the agent, at least you know that the deal will have a good shot at closing. Many FSBO deals are lost in the time from contract to close. I wish you the best of luck - I work this area and have not seen a decline in prices, but have not seen an increase in prices either, so I would proably take the deal.
Web Reference: http://www.SWOhioRealty.com
0 votes Thank Flag Link Mon Aug 11, 2008
At first glance, Kristen, it sounds like it is a decent offer. I don't know your area, but if it's anything like mine (northeastern ohio), then properties really haven't gone up in value over the past few years or so.

You could always try to hold out for a better offer, but unless you own your home outright, you will be paying those payments, etc. until that acceptable offer does come in. And, who knows how long that would be!

You can ask that the buyer increase their purchase price (as a counter-offer) so that it covers the agent fee. Just a suggestion.

Good Luck!

Art Hotes ~ RE/MAX Classic
Web Reference: http://www.ArtHotes.com
0 votes Thank Flag Link Mon Aug 11, 2008
A 4 bedroom home closed for 2000.00 in June less than that a block down the street from you. For a 3 bed in a bedroom community take the offer and be thankful.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Mon Aug 11, 2008
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