update.. we sold our house for 3.75% under list, not 7% which is the going rate in the area, and not 14 or 20% under as the initial low ballers threw at us. we feel that we received a fair offer (after only 2 rounds of negotiations) and they got a fair house at fair market value. we never went below our initial list price during our listing time, because our house was priced just a bit below comps. to sellers out there, stick to ur guns, price ur home where it should be and it will sell. we had 25+ showings in 2 months with 2 low ball offers and then the offer we accepted. were we frustrated? u betcha. but our realtor and us did our homework and knew our house would sell without lowering the price. buyers, u need to be educated from the realtors u are working with and educate urself by looking on the internet and pay heed to the comps, comps dont lie. coming in low balling "normal" (not desperate) sellers doesnt start the negotiations in the right way, it pisses off the sellers (us) and we dont even want to deal with you. is there a chance that one of those buyers might take a low ball offer, sure, but most likely not, not even in this market. u want to go cheap, go for the foreclosures or short sales. and realtors, u say that u have to present that low ball offer.. NO U DONT! u can say u wont do it and tell them to move on to someone who will, but u dont because u dont want to piss off a potential sale, i get it.
but if they are chronic low ballers (as one of ours was) u are doing ur reputation no favors, with ur fellow realtors and not with sellers. most of the buyers that came to our house were first time buyers and they need to know the market thew wish to buy in. we see this age group (20 somethings) as the "entitlement age group" they want what their parents worked their whole lives to get the granite, the 4 bedrooms, 2.5 baths, etc. it doesnt work that way, not normally! so buy what u can afford.
remember, 20 something buyer, one day u will be on the other side of the house selling/buying transaction, really think about when u make that low ball offer that that could be u 5-10 years from now, how would u like it? i doubt it. again, if the house warrants that offer, go for it, i am all about a deal, but a good house, non desperate sellers deserve some respect, u wont be taken seriously.
anyway, we are in a contract and hope to move on with our lives in october. we also hope that our buyers will enjoy this home as much as we did.