Buying A Home
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trying not to be bitter.
i was so excited about making our first offer on a house that seemed like our dream home.
the seller countered with the listing price. my girlfriend said that she did that with her first house when the offer was offensive and she didn't want to sell to that buyer. i didn't think our offer was so low! it was less than 10% lower than the list price.
so i'm going to see more houses with my realtor today and i'm trying not to be bitter. we're still going to counter for the house, but might as well keep looking since we probably won't get it now. pity party for 1.
Re: trying not to be bitter.
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That's odd because in the region I live in, note that I say region, not area, the houses sell for well below asking price, and the houses a very nice, antique, some more modern homes, but mostly upper middle class peppered in areas with multi-million $ homes which aren't for sale.. Which is why some sellers list it high because they know they're going to have to come down.
That's why it's always good to try, doesn't hurt to make an offer. Perhaps the seller is attached, and you shouldn't allow that to reflect on future offers because you'd be surprised how many sellers want anyone to just make an offer, any offer. Same happened to us when we sold TWO houses over 3 years ago, we just wanted anyone to make an offer. Took a 30k hit on one of the houses that was listed in the 250 k range...that's a big hit in that price range. Then took a couple hundie k hit on a beach house that went from 900k to 700 and change k. So don't give up hope. If you see a house that is slightly out of your price range, go for it you have nothing to lose.
The real estate market is not the same nation wide and you can't assume that the seller is unrealistic. Some areas are sellers' markets -- ours is heading in that direction. If a house is reasonably priced here there is NO WAY a seller would take 90% of asking. Most homes in good condition are going for 97% to 100% (sometimes slightly higher than 100%) of asking. They're going under contract in less than a week.
In the DC area, houses that are priced well are selling at or slightly above list price, so what might be true where you live could be very different where the OP lives. I've also noticed that in our neighborhood asking prices have gone up by about 5% since the fall, and homes that are in good condition are under contract in less than a week.
OP, talk to your realtor about your counter-offer, and what the market is doing in your area. And I agree with everyone who said don't take it personally. It's a business transaction.
DC is a high business area, I know, I've worked there. So I think comparing DC to typical housing area markets isn't a good comparison at all.
The real estate market is not the same nation wide and you can't assume that the seller is unrealistic. Some areas are sellers' markets -- ours is heading in that direction. If a house is reasonably priced here there is NO WAY a seller would take 90% of asking. Most homes in good condition are going for 97% to 100% (sometimes slightly higher than 100%) of asking. They're going under contract in less than a week.
ok, fair enough but we'll see how long their house sits on the market.
Askin' ain't gettin'.
I've noticed that members here always find something to contradict about...always.
How does making a low offer affect you other than emotionally? sure, it's chance you take, but that's what life is about, taking chances. It's not like they're coming out of pocket with money or anything. Besides, a good real estate agent will be able to better counsel if the area is a place where you can make a lower-offer or not.
How long has the house been on the market? If it's been sitting for awhile, you may just have an unmotivated seller. If it's a new listing, the seller is probably holding out for a better offer. Either way, it's NOT personal.
If you had mentioned this in your first post instead of assuming that the OP's problem was a-hole sellers, you probably wouldn't have been contradicted. I remember incorrectly thinking when I started the buying process that as highly qualified buyers with zero baggage (nothing to sell, flexible settlement date, etc) that it was going to be an easy road. It was a shock to go through three bidding wars and have to fight tooth an nail for our house. Making blanket statements about the market is misleading and not helpful.
There is a poster on MM who listed her house and within days had multiple offers. The house sold for MORE THAN asking. Clearly, your blanket statements are meaningless.
I don't think there is such a thing as a "typical housing area market" right now--that was my point. There's a lot of variation, so the OP needs to research what the trends are in her particular area.
I think we offered about 7% below list price and the seller countered less than 1% less than list price. I was a little surprised, since I'd heard so much of "it's a buyer's market! They list high so they can come down!"
But in our case, we knew the house was priced exactly right -- both based on comps/assessments and worth that much to us. We also knew ahead of time that our seller didn't HAVE to move. The house had been on the market for months with no offers, and that still didn't make him desperate. We didn't get him down any further than that, despite haggling -- he did throw in a few concessions to sweeten the deal, but it wasn't money. He didn't budge from the price after that initial (tiny) drop.
She was in Seattle, wasn't she? Houses that are priced right here are flying. We've had four houses in our neighborhood go in less than a week and for more than asking.
It also may be that the seller isn't motivated. We are selling a vacation home but are in no rush to sell. No way would we take 10% less than asking. If it sits, it sits.
Whatever the case, OP, definitely don't take it personally.
When we were looking at houses our REA told us that in our area you should be also looking at houses that are a little out of your price range as you never know what you could get a house for. We only wanted to spend at max $320,000. After looking at everything in our price range and we still didnt 'love' any of them we looked at a house that was on the market for $335,000. (we are in a buyers market though) We loved the house.
We looked at comparable houses that had sold in the area and they were all sold for around $308,000- $315,000.
We offered 88%of the asking price $295,000, the house had been on the market for over a year with no offers at all. They never lowered the price. They dropped to $325,000 we went back at $305,000 (91% of asking) and they excepted our offer!
It depends on the market in your area, but your REA should be helping you with this, if they are not doing a good job then you need to find another one.
That's not true. Houses here are getting list price or very close to it. My BFF just listed her house Saturday. Got THREE offers today.
You people are so delusional and cliquey. If one says one thing all the ducks follow suit. I'm so used to it being like that here that it doesn't even faze me. I provided proof ie. ME who SOLD TWO HOUSES. That's not enough for you sophists, because that's what you all are, sophists. Look up the word.
I'm trying to give this girl hope and support. Perhaps the person really isn't an A-hole in real life, but that's what you say to someone who's been crushed and is looking for supporters to be on their side. God. Does everything have to be explained to you people here? It's like 99.5% of the members here are either immature or simpletons. There are about a handful of members here who really get it.
Awick is the only one who made sense here and she PROVES the very point I was trying to make, which is probably why many of you shut up after she posted. sheez.
90% asking is gold in this market.
Can a seller sell a house and get asking? sure, but in this market it is RARE. How can anyone deny that is beyond me, and goes against everything that is in the news, and on the current market.
This is what happens when people watch too much HGTV.
We're not cliquey and people disagree on this board all the time. It's a DISCUSSION board and people bring their own experiences and viewpoints. Ideally they present them in a mature, constructive way.
You sold two houses three years ago in a completely different economic climate, so clearly you're the expert, but houses are sold all over the country every day and each market is different. You really can't deny that. There are plenty of markets that are experiencing recoveries and plenty that aren't. National statistics tend to be skewed by the areas that were the hardest hit and can be very misleading if you're buying in an area that doesn't have a lot of short sales and foreclosures.
I'm not sure what definition of "proof" you're using since I don't think yours was any more substantive than what others shared. We closed on our house less than a month ago and paid asking in a multiple offer situation that occurred within 24 hours of the house going on the market. This is happening frequently where we are and we aren't in Seattle, Houston or Northern VA which have all been mentioned here already.
The point of this board is to buy and/or sell a house. If the OP really loves the house, making her hate the sellers more is not going to get her into it. This isn't a girls night out where we all piss and moan and take your side because that's what girlfriends do. We actually try to provide helpful and factual information and make suggestions that might not have been considered before.
Awick posted at 10:43 pm EST and the board tends to be quieter at night. She respectfully shared her experience, but also said that it varies by area. She did not make blanket statements and her post was helpful and hopeful.
How is that going to help her buy a house? Have you lurked on this board at all? It's one of the nicest, most helpful boards I've been on.
You shared your experience--we shared ours. No one is picking on you--some of us just didn't agree with you. That doesn't make us delusional.
I think the issue is that the real estate market is highly location specific. In my area, it is also true that no seller is going to expect to get asking price. Most of the homes we looked at during our search, which started in late December, are still on the market.
But I do know that there are areas of the country where the market is picking up. As a buyer, I'm glad I don't live in one!
OP, talk with your realtor and see what she says about the market and what she thinks about the offer you made. Did you look at some comps? Those are always good to help set an offer.
We're not cliquey and people disagree on this board all the time. It's a DISCUSSION board and people bring their own experiences and viewpoints. Ideally they present them in a mature, constructive way.
You sold two houses three years ago in a completely different economic climate, so clearly you're the expert, but houses are sold all over the country every day and each market is different. You really can't deny that. There are plenty of markets that are experiencing recoveries and plenty that aren't. National statistics tend to be skewed by the areas that were the hardest hit and can be very misleading if you're buying in an area that doesn't have a lot of short sales and foreclosures.
I'm not sure what definition of "proof" you're using since I don't think yours was any more substantive than what others shared. We closed on our house less than a month ago and paid asking in a multiple offer situation that occurred within 24 hours of the house going on the market. This is happening frequently where we are and we aren't in Seattle, Houston or Northern VA which have all been mentioned here already.
The point of this board is to buy and/or sell a house. If the OP really loves the house, making her hate the sellers more is not going to get her into it. This isn't a girls night out where we all piss and moan and take your side because that's what girlfriends do. We actually try to provide helpful and factual information and make suggestions that might not have been considered before.
Awick posted at 10:43 pm EST and the board tends to be quieter at night. She respectfully shared her experience, but also said that it varies by area. She did not make blanket statements and her post was helpful and hopeful.Everyone knows this is a cliquey site. I know. I've been a member on and off for over 10 years, s.f.o.
I'm not going to give you details of my current situation, but in a completely different state, I have made 2 offer on houses that were well below their price point, BOTH offers were accepted. You truly want to insist you're right when all you are is disagreeable.
The panic of 3 years ago has subsided, yes, but all that panic has also made sellers realistic to what they can get for their house, hence accepting lower offers, since most houses have been grossly over-priced for the last 20 years to begin with. I mean, do you even read the news...at all? did you ever make an offer on more than one house? I bet you haven't. I've been in an active market for 3 years.
And who is making the OP hate anyone? Do you have a screw loose?
Don't judge an entire market because you're tight about paying asking price. That's not anyone's problem but your own..honestly.
The bottom line is that there are a lot of sellers who are unrealistic about the worth of their house, and most of the time they're brought down quick and brutally. It's not a nice sight.