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Uggh, after two years I finally found THE house...BUT
The sellers are totally unreasonable on price. The home was purchased at the height of our local market in 2007. According to the sellers some upgrades were done which I would estimate total about 50K. The problem is that they have it listed for the same price that they purchased for in 2007, which is down from the 100K profit they were originally seeking. I was optimistic that they were getting realistic when I saw a large price drop this weekend, but when I checked today the price was back up to the price they paid. Very very weird since the price had just been decreased on Thursday.
The home is gorgeous downstairs, but the upstairs (i.e. all of the bedrooms) need some work. Also, the home is in a much older neighborhood with homes that range in price and appearance. Some homes in the area are well kept, others needs some TLC and all are custom homes without an HOA, so nothing can really be done. Couple all of that with the fact that our market has probably taken a bigger dive than almost any in the country and it's clear that they really don't have any basis asking what they are. I know zillow isn't the perfect tool, but just to put it into perspective, zillow estimates the value at less than half of the current asking price.
Anyway, that's my vent for now. We haven't talked to the homeowners so I don't know whether they will budge, but we are hoping to purchase around July so hopefully by then they will have come to their senses. We've been looking for the "perfect house" for over a year almost 2, so we definitely aren't in a rush to jump into something. I'm just bummed that after all of this time I finally find something and it's WAY overpriced. I'd need them to come down hundreds of thousands of dollars before I'd feel like they were in tune with the current market, and our realtor agrees 100% (as do friends and family familiar with our market). The realtor let it slip that only 2 people have viewed the home in the 8 months since it's been on the market and I can't say I'm surprised. Anyway, thanks for letting me vent.
Re: Uggh, after two years I finally found THE house...BUT
I'm going to take a guess that either they are VERY emotionally attached to the house and/or they can not afford to sell it for market value. They might have a huge mortgage on the property and at the current price, they are only "losing" the amount they've put in for updates.
All you can do is make an offer and hope for the best but I imagine that the sellers aren't going to come down hundreds of thousands of dollars or they would have done so to get more traffic in. Sounds like it might be a huge hassle working with them!
Yeah, in my area, if you can't sell it for what you want you try to short sell it. Sad but true. I'd say 1 in 3 houses for sale right now in my area is a short sale. The owner owns his own business but it's an industry that's taken quite a hit (construction) so I'm thinking they probably need to sell, but who knows. Either way, I'm bummed. Guess I'll wait it out and see what they do!
Thanks for letting me vent though, it felt good to get it all out!
Maybe the best course of action would be to let it go for awhile and see if they come down. If they get nothing or only very low offers, after some time you gotta think they would realize that they are priced too high. We saw a house like that (other homes in the area were selling for $100K less than the price of the house). It has been on the market for probably 6 months now. I would keep looking and just watch the price of the house.
Sorry to hear you are having such troubles! We had the same problem with the first house we found and were interested in. We made an offer of about $15,000 under list because the house was overpriced for the market and we expected to have to go up due to negotiations. The seller wouldn't budge at all. He countered back with full listing price. It was heartbreaking for me because I really loved the house. H had the calm head about the whole thing, thankfully!
We ended up going up and up to our top dollar and the seller still wouldn't budge. In the end, we learned the seller was an older man and wife who had built and lived in the home for 17 years. They believed the house was perfect and didn't need any work. I'm sure they loved the pink carpet but we didn't and not to many other people would either.
We walked away from the deal and after a month attempted to go back but the seller still wasn't interested. At the time, the house had been listed for 9 months and is still listed today. You could also keep your eye on the home and revisit an offer in the weeks and months to come. That's basically what we did and are doing. We left the listing agent know our top dollar offer and said this is open ended so if they come to their sense, let us know. No word yet though.
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