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Answers (6)
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
I was just musing. I am not really worried about being competive. Once our credit rebounds a bit, I will be a very qualified buyer with a substancial downpayment in a market where houses are sitting unsold for a substancial amount of time.
I am more worried about buying a long term home and getting it at fair market value than being a competitive buyer.
I am more worried about buying a long term home and getting it at fair market value than being a competitive buyer.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
look at homes priced below your budget...to be competitive
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
The real estate market has been the furthest thing from my mind until May 24th of this year when we lost our home in a tornado and subsequently took our neighbor's offer on our land.
However, I have been watching things since I've been looking and it seems like there are several different dynamics going on. I think a lot of homes are obviously overpriced because the owners paid too much and NEED to sell them for that. But it really seems like more often than not people simply overvalue their home. Of course, why wouldn't they believe it is the most special, most valuable, most loveable home in the neighborhood? It is to them.
I also think that people often overprice things thinking "well maybe someone will come along and just pay me that." And at the same time they feel like if someone wants it for substancially less they can come and ask if they would be willing to negotiate. So they see it as a win-win.
Sadly, I think it is almost always a lose-lose. As a buyer I am extremely reluctant to look at things that obviously overpriced if they are out of my budget. What if I fall in love with it and they won't come down where it needs to be not only for the value but for my budget. So I'm not even going to look...even though based on my research of the area, it should be in my price range.
I have noticed several house in my area come on the market at what I thought was an awesome deal, and then they sell quickly and later I notice the owner got MORE than they were asking. I finally figured out why this is from personal experience. I looked at a house like this that was at the top of my budget. I fell in love with it and put in a bid, so did others apparently and after some back and forth and everyone's highest bid....it sold in 18 days for above the listing price.
Reverse psycology, voodoo, really who knows. But I personally wouldn't have even been looking at the house if it had been listed even $10,000 higher. However, I'm sure my intense interest cause the winning bidder to submit a higher offer than if there hadn't been competing offers.
I think if you need to sell quickly and have a desirable house in a good area you should list it at the lowest reasonable price for YOU the seller and let the market decide if it is worth a higher premium.
Ultimately a house is only worth what someone is willing to pay for it.
However, I have been watching things since I've been looking and it seems like there are several different dynamics going on. I think a lot of homes are obviously overpriced because the owners paid too much and NEED to sell them for that. But it really seems like more often than not people simply overvalue their home. Of course, why wouldn't they believe it is the most special, most valuable, most loveable home in the neighborhood? It is to them.
I also think that people often overprice things thinking "well maybe someone will come along and just pay me that." And at the same time they feel like if someone wants it for substancially less they can come and ask if they would be willing to negotiate. So they see it as a win-win.
Sadly, I think it is almost always a lose-lose. As a buyer I am extremely reluctant to look at things that obviously overpriced if they are out of my budget. What if I fall in love with it and they won't come down where it needs to be not only for the value but for my budget. So I'm not even going to look...even though based on my research of the area, it should be in my price range.
I have noticed several house in my area come on the market at what I thought was an awesome deal, and then they sell quickly and later I notice the owner got MORE than they were asking. I finally figured out why this is from personal experience. I looked at a house like this that was at the top of my budget. I fell in love with it and put in a bid, so did others apparently and after some back and forth and everyone's highest bid....it sold in 18 days for above the listing price.
Reverse psycology, voodoo, really who knows. But I personally wouldn't have even been looking at the house if it had been listed even $10,000 higher. However, I'm sure my intense interest cause the winning bidder to submit a higher offer than if there hadn't been competing offers.
I think if you need to sell quickly and have a desirable house in a good area you should list it at the lowest reasonable price for YOU the seller and let the market decide if it is worth a higher premium.
Ultimately a house is only worth what someone is willing to pay for it.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
- Jambo33
- Contributions:3
It is still on the market.....and It has been that long. We moved here in 2000, and it has been for sale since then. I live VERY close by and I know how ong it's been for sale. Different agents....but for sale.
Obviously they are over priced. Everything else including $900,000+ properties have sold near their home....just not their home.
Obviously they are over priced. Everything else including $900,000+ properties have sold near their home....just not their home.
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
I don't think it's been for sale quite that long. It's been listed for about 20 months and has been reduced 30K. It will take a particular buyer.
I agree that it's overpriced but may be not quite 100K. No matter what, I trust that their agent has looked up comps to come up with a list price. Any buyer doing financing would have to have an appraisal.
There are also a lot of proud sellers out there that think that because they spent 5K repairing the house, they should ask 20K more.
Naima
I agree that it's overpriced but may be not quite 100K. No matter what, I trust that their agent has looked up comps to come up with a list price. Any buyer doing financing would have to have an appraisal.
There are also a lot of proud sellers out there that think that because they spent 5K repairing the house, they should ask 20K more.
Naima
Do the owners realize that they are about $100,000 too high? It has been for sale for 10 years...
Just curious why they are priced so high.
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