Profile picture for user334576

should I sell at 261 when asking 299?

Hello there,
I am selling my home in Laurel, Maryland. The place isn't really high demanded, but near a popular military fort, walkable to stores, shops, daycare, pizza stores..etc, but the schools are just average, but my house has a significant bigger yard than everyone else at the price of 299K, but my house isn't updated nor like new; built in 1960, but it has 4bth and 3.0baths with 2 car suv sized garage. Tbh I think this is really cheap and I lowered the price to 275K but so far there has been only one potential buyer giving me 261,900 about a 37K loss! And they say my home isn't new and stuff but I don't think you can compare it that way. You have to compare an apple to an apple but there aren't many homes like mines, so what can I do?
Here's the link of my home and you can see the comps.  http://www.zillow.com/homedetails/8413-Holly-St-Laurel-MD-20707/37440856_zpid/

What do you think? It it worth it? Should I just let my house go?
btw I am not planning to do any more makeover of this house. :)
Thanks for reading all of this!
Allison
  • August 04 2012 - Laurel
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Answers (5)

Profile picture for SoCal Engr
"Should I sell at 261 when asking 299?"

Assuming the house will appraise, the real answer is "What is your intent?"

First, you're not asking $299K. You're now asking $275K, because no one was even willing to offer against $299K. That's not said to be contentious, but to re-set the context of your question and decision-making.

Second, what is your motivation/need to sell? Does $261K meet your need? Obvously $275K (or $299K) would be better, but what do you need to get out of the house in order to meet your goals?

I have found that considering decisions in a vacuum can sometimes be difficult. However, if you consider decisions within the context of longer term plans and goals, and whether the decision moves you forward or not, then the decision-making becomes better defined and easier to do.
  • August 04 2012
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I think it depends on several factors. First, are you represented by a Realtor? This is important because they need to review the details of the offer with you. The "proof is in the pudding" when it comes to the actual offer. Are you selling the property in "As-Is" condition? What about home inspections? What about repairs? Who is responsible for the cost of repairs if the arise? This affects the over-all sales price. As a listing agent I just negotiated a sale similiar to yours where the Seller was to do NO repairs and the price was firm. If you can negotiate this with the Buyers you are ahead of the game. The next step of course is the appraisal. It HAS to appraise and a lot of this depends on the condition of the property. What type of financing will the Buyer be obtaining?
  • August 04 2012
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Profile picture for JoyceLangston
Hi Laurel, you have a beautiful home with a lot of room.  I think I would take the offer since your home is probably the largest in the neighborhood.  I have a similar situation at 64 Hopkins Farm Dr, Adairsville, GA.  I have the largest lot and home in a smaller neighborhood and it will be hard for me to get what I need from it as well.  I am just worried because a lot of the smaller homes are becoming rental and I would like to move before that percentage rises.. 
  • August 04 2012
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Profile picture for Cindy Quinton

It is difficult to say what your home is worth, because I am not a local agent with access to all of the information I need. From Zillow's information, the only house that has sold near 300K, is an almost brand new home.  I know your agent has pulled comparable recent sales and told you what they think, what did they say?

However, if you bought the house for $145K, how is $261,900 a "37K loss?"

  • August 04 2012
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Hi!  Obviously as an agent in Florida, I am not intimately involved in your market. I do think that an offer around 261k is a decent offer on a house in the 275k range.  Thats around 95% of your asking price.  Listen to your agent, she will know best!
  • August 04 2012
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