Buying A Home
winminpin08
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How much below asking would you be willing to offer?
We have our house on the market and we priced it based on comps in the area as well as sales history (with our realtor). For example, every house that has sold in our area in the past 3-6 months has sold for 4-6% under asking price. So we priced our house about 5% over where we would be comfortable selling it at (based on comps). We have had tons of showings but no offers. We get some feedback that the price is fine but then we get other feedback that our house should be priced at X. With X being the price we are comfortable selling at (so about 5% below current asking). My question is, if we were to lower the price to X, wouldn't all the offers still come in much lower (4-6%)? My understanding is no one pays full price for a house these days so we would then be selling for under the comps in the area. Or, if X is a fair price why wouldn't the agent encourage their clients to make an offer at around X? The price obvioulsy isn't deterring anyone from looking but it does seem to be hindering offers. This is all very confusing/frustrating!
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Re: How much below asking would you be willing to offer?
In our area, my agent said it was pretty typical to make your first offer at 8-10% below asking price. We ended up settling at 4% below asking price (although they had dropped the price before we put an offer in.... so if we went off of that it was 6% below inital asking price).
What did your agent say about all of this? How long has it been on the market? Are you sure you are using reasonable comps?
We saw like every comp for the house we decided on and the house we are buying is the one that showed the nicest. My guess is that you need to detach yourself from your home and look at it compared to the comps and determine why your house would be better than the comps...
The other house we considered in the same neighborhood didn't have as nice of a kitchen layout. It was a little more "lived in" and had some other nice features like a vaulted master, but I was anti-kitchen so it was a no-go (that master is AWESOME but the kitchen and family room were horrendous). Antother decent comp in the area was priced a bit lower, had a finished basement and sunroom, but the grading of the yard was not as nice (worried about water runoff/leaking into the foundation) and the neighbors house looked like crap which brought the value down.
Based on our experience in looking at houses, it is a good idea to de-clutter A LOT and keep the home clean, but we were a lot more concerned with the things we couldn't change as you can see from my explanations as to why we didn't buy the comps instead of the one we settled on. Even though the comps didn't show as nice, we actually didn't pick them based on other things that weren't easy to change like floorplans and location issues.
A couple of things jump out at me from your post. Firstly, where you would be comfortable selling it may have very little to do with what your home is actually worth. If you've priced it slightly above your ideal selling price and you haven't had any offers, then maybe your place just isn't worth what you hope it's worth.
The other thing is that if you're getting showings but no offers then your price is just plain too high. If you've had 8-10 showings and no offers, you may need to lower the price or improve the property to sell in the near future.
It sounds to me like you may have to readjust your expectations and lower your price if you want to sell.