Profile picture for speaktok

Way over priced home

I am interested in a home here on Zillow. But the house is at least 150k over priced. Other homes in that neighborhood have sold for 327k in the last few months. The home is not landscaped, but exactly what I am looking for. My husband is a disabled Vet and we are going through CalVet.

What can I do to try to talk this seller down to a reasonable price? The agent listing really has over priced the house. Three doors down from this same house my husband and I looked at a home 6 months ago that ended up selling for under 350k.

We are not dependent on a home selling to move and we have a small down payment. What other options can I try to use?
  • February 09 - Quartz Hill
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Answers (9)

Hi,

I would suggest you contact a local Realtor like myself. I handle Lancaster area. When you like an overpriced home it can be negotiated between parties. If you make an offer and they don't accept it there will be other homes to look at. This does happen on occasion and unfortunately a home owner can ask any price they want to ask for regardless of comparables. 

Good Luck!
 
  • August 18
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Profile picture for speaktok
Thank you for the advice. I do feel a little overwhelmed since I am a first time home buyer. But the reason I ask this is because I love that neighborhood. The house that we looked at 6 months ago was listed on the market for over a year and it was at 415k. When we called on it there were SEVERAL offers all at once on the house.

So we walked away. The house sold a few months later at 327k. Which both of us found very odd. However, my guess when we went to the house we found the front door standing wide open and so when we quickly checked out the house it looked like it had been abandoned and the seller's agent really did not bother to show it much since a lot of the agent cards who had shown it were all over the entry hall floor.

This house that we are interested in is at 520K and is two doors down from the house that we first looked at in this same neighborhood. But I thought I would ask this question because even some of the lower priced homes are still some of the highest listed homes in the neighborhoods that I am seeing.

My agent is a coworker of my husband and no my husband is not a real estate agent. But I have not asked my agent yet.
  • February 10
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Profile picture for hpvanc
Make an offer of what it is worth to you, but be prepared to walk away if they stick to something close to or at their listing price.
  • February 09
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Profile picture for Carole Tyne
What is your agent saying??
  • February 09
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My recommendation would be find a knowledgeable buyers agent who will represent your interest and has knowledge about the area and is well experienced in negotiations. 

At this point it is not clear if the home is listed with an agent or just listed on Zillow. Zillow is not an MLS and is a third party website who takes information from other websites. Their value estimation is often off from reality. Find out if the home is listed with an agent and then find your own agent. 

If the home is not listed or the seller is not going down in price you 

1) can wait for the next price reduction

or

2) find another home. 

Good luck to you,

Annett T. Block
Florida Connects Inc.
  • February 09
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It is in the same category of "Make Me Move"  if you will give them enough money they will move.   Some agents love these because it lets them put their name and number in the public view but there is no hope of the property selling.

One of my partners used to take listings at any price the seller wanted.  I had to let her go since she was not converting buyers, just drinking the company coffee
  • February 09
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Find a different home.  You're very like wasting your time and some of your sanity.  If they were anywhere close to reasonable they wouldn't have started a 150k over.
  • February 09
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Profile picture for wetdawgs
Sellers who have unrealistic expectations for their home's value can be very frustrating for buyers, listing agents and buyer's agents.  (It isn't always the listing agent who puts the price on the home.)     My humble opinion is that you would need incredible negotiating skills and patience to maybe (slim chance) get the seller to accept an offer at what you consider market value when the difference so incredibly high.   Are you up to it?   It doesn't hurt to make an offer, but don't count on it.

Good luck
  • February 09
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I'd leave it alone if I were you, speaktok. The seller and the agent know the comps as well as you do, and in my experience, there's nothing you can do except write an offer at the price you're willing to pay and have it rejected.

All the best,
  • February 09
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