| Posted By |
Message |
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
As a seller, if you just dropped your price 3 weeks ago...
$30,000 on your house, would you still expect to get asking price at the current listing price?? We put in a bid and obviously it is lower than asking. The seller's agent says that they expect to get asking price because they just dropped thirty thousand is this normal? I always thought you offer less than asking and that the sellers expect less than asking.
|
Posted 1/5/07 9:39 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
KAAM
LIF Adult
Member since 5/05 1247 total posts
Name:
|
Re: As a seller, if you just dropped your price 3 weeks ago...
We have bid on a few houses, and have never offered asking. If they want to hold out for asking, they are probably going to wait..and wait..
Also, if you just happened to find this house, how would you know they dropped it? I have found houses that have re-listed and have no idea what the original asking price was.
|
| Posted 1/5/07 9:46 PM |
| |
|
veeandrich
LIF Infant
Member since 5/06 325 total posts
Name:
|
Re: As a seller, if you just dropped your price 3 weeks ago...
I would never offer asking, Doesn't matter how much they dropped the price.
|
| Posted 1/5/07 10:02 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by Amy
Also, if you just happened to find this house, how would you know they dropped it? I have found houses that have re-listed and have no idea what the original asking price was.
we have been watching this house and the price dropped since we first looked at it a month ago.
|
| Posted 1/5/07 10:04 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by veeandrich
I would never offer asking, Doesn't matter how much they dropped the price.
exactly! I feel like their agent is playing games with us. First they say several bids are in, now they are saying the bidders have dropped out. I am getting so sick over this. Now the "new bidders" have the same exact situation we do ( no house to sell and can close asap) but their offer is "much higher"! Please tell me that this is part of the game???
|
| Posted 1/5/07 10:07 PM |
| |
|
jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Nope. It's a buyers market. I don't think alot of people make offers for asking price unless it's a great deal or the asking price is low. It doesn't hurt to put in a bid...and by law my realtor told me that every bid has to be presented to the buyer even if it's only $1. LOL. Don't let the realtor push you around...make your offer and let him or her present it to the sellers. If they don't like it, let them counter period. If they have soooo many other bids as the realtor said they are also free to decline your offer although that sounds like a batch of dookey to me.
|
| Posted 1/5/07 11:19 PM |
| |
|
alisonggg
Cutie
Member since 3/06 4749 total posts
Name:
a
|
Re: As a seller, if you just dropped your price 3 weeks ago...
If I dropped 30,000 depending on where my price was coming from I would hope as a seller that I would get asking (depending on how desperate I was to sell I may or may not wait for it)
|
| Posted 1/6/07 1:37 AM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by jacquig
that sounds like a batch of dookey to me.
Dookey batch!!!!
|
| Posted 1/6/07 10:34 AM |
| |
|
skew
LIF Adult
Member since 5/05 6794 total posts
Name:
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by alisonggg
If I dropped 30,000 depending on where my price was coming from I would hope as a seller that I would get asking (depending on how desperate I was to sell I may or may not wait for it)
i agree. they probably dropped it so much in hopes of a quick sale.
Message edited 1/6/2007 10:43:35 AM.
|
| Posted 1/6/07 10:43 AM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by MrsFlatbread
Posted by veeandrich
I would never offer asking, Doesn't matter how much they dropped the price.
exactly! I feel like their agent is playing games with us. First they say several bids are in, now they are saying the bidders have dropped out. I am getting so sick over this. Now the "new bidders" have the same exact situation we do ( no house to sell and can close asap) but their offer is "much higher"! Please tell me that this is part of the game???
it's all part of the game, sadly! some RE agents make me sick. it's not their money they're playing around with. they won't have to pay the mortgage.
IMO, stick to your guns. if you really want the house, go higher. but chances are the RE agent is full of poop.
|
| Posted 1/6/07 10:50 AM |
| |
|
|
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by alisonggg
If I dropped 30,000 depending on where my price was coming from I would hope as a seller that I would get asking (depending on how desperate I was to sell I may or may not wait for it)
I also agree with this. As a seller now we have dropped our price 3 times for a total of $25,000. I still want to hear all offers but I am not willing to go to much lower than what our current price is at. I need to think of our financial situation after the house sells to make sure we have money to put down on a house. Those pariticular sellers may be in the position now that they can just not accept anything lower in order to move on to another home.
|
| Posted 1/6/07 11:24 AM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by Seles81
Posted by alisonggg
If I dropped 30,000 depending on where my price was coming from I would hope as a seller that I would get asking (depending on how desperate I was to sell I may or may not wait for it)
I also agree with this. As a seller now we have dropped our price 3 times for a total of $25,000. I still want to hear all offers but I am not willing to go to much lower than what our current price is at. I need to think of our financial situation after the house sells to make sure we have money to put down on a house. Those pariticular sellers may be in the position now that they can just not accept anything lower in order to move on to another home.
I hear what you are saying but the most recent comp in the area sold for 10,000 less than asking price. Not to mention we know what they paid for it five years ago!!!
|
| Posted 1/6/07 11:46 AM |
| |
|
PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
|
Re: As a seller, if you just dropped your price 3 weeks ago...
I justs ent you FM!
|
| Posted 1/6/07 11:52 AM |
| |
|
Porrruss
Nya nya nya
Member since 5/05 11618 total posts
Name:
Amy
|
Re: As a seller, if you just dropped your price 3 weeks ago...
We just dropped the price of our house 30,000- and at this point we will make no money on the sale of our home.
My DH told our agent that if anyone comes in with an offer below asking to tell them to blow it out their @ss.....
|
| Posted 1/7/07 11:30 AM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: As a seller, if you just dropped your price 3 weeks ago...
I think its a mistake to lower their price that much if they'll only accept the current asking price. No one in this market is paying the asking price.
They must have been overpriced to begin with, or they're getting really desperate.
We bought in 2004 when it was still a seller's market - the seller had dropped the price $20K, and we still got it for $15K less than the current asking price.
what are the comps selling for? regardless of whether or not they sold below asking, they're the best indication of the house's value.
Message edited 1/7/2007 11:40:04 AM.
|
| Posted 1/7/07 11:38 AM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by -Lisa-
I think its a mistake to lower their price that much if they'll only accept the current asking price. No one in this market is paying the asking price.
They must have been overpriced to begin with, or they're getting really desperate.
We bought in 2004 when it was still a seller's market - the seller had dropped the price $20K, and we still got it for $15K less than the current asking price.
what are the comps selling for? regardless of whether or not they sold below asking, they're the best indication of the house's value.
We were outbid. Some offered asking price. They were offended by our offer which was $25000 less than asking>>> Ridiculous. The sad part is that they were not even willing to counter.
Message edited 1/7/2007 12:32:40 PM.
|
| Posted 1/7/07 12:32 PM |
| |
|
MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by MrsFlatbread
$30,000 on your house, would you still expect to get asking price at the current listing price?? We put in a bid and obviously it is lower than asking. The seller's agent says that they expect to get asking price because they just dropped thirty thousand is this normal? I always thought you offer less than asking and that the sellers expect less than asking.
Most Seller's expect that by lowering the asking price that they will get a quick offer at that new price.
Say the comps in the area are $650K and they list at $650K and weeks later they drop the price to $620K. They would expect to get asking since the comps are $650K. If a Buyer comes in to offer $607K (2% off new asking) a Buyer would probably not accept given the comps of $650K. If foreclosure is imminent or the family has to move or something, then maybe they would take a lowball offer
They should not have dropped the price by $30K though if the comps had given them an accurate list price to begin with. For a quick sale most people take the comps and drop their list price by 1 - 2 %.
|
| Posted 1/7/07 3:24 PM |
| |
|
MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by MrsFlatbread
Posted by -Lisa-
I think its a mistake to lower their price that much if they'll only accept the current asking price. No one in this market is paying the asking price.
They must have been overpriced to begin with, or they're getting really desperate.
We bought in 2004 when it was still a seller's market - the seller had dropped the price $20K, and we still got it for $15K less than the current asking price.
what are the comps selling for? regardless of whether or not they sold below asking, they're the best indication of the house's value.
We were outbid. Some offered asking price. They were offended by our offer which was $25000 less than asking>>> Ridiculous. The sad part is that they were not even willing to counter.
Well, not really. In my scenario if the comps are $650K and they lowered the price to $620K (new asking) and a Buyer offered $595K ($25K less than the lowered asking price) that is a huge difference from the $650K value so it's certainly not ridiculous to not want to give up $55K in potential profit. Many people do not earn $55K in a year so I would not say it's ridiculous.
Of course this all assumes the value is really there based on the comps in the area.
|
| Posted 1/7/07 3:28 PM |
| |
|
skew
LIF Adult
Member since 5/05 6794 total posts
Name:
|
Re: As a seller, if you just dropped your price 3 weeks ago...
Posted by MrsT
Posted by MrsFlatbread
Posted by -Lisa-
I think its a mistake to lower their price that much if they'll only accept the current asking price. No one in this market is paying the asking price.
They must have been overpriced to begin with, or they're getting really desperate.
We bought in 2004 when it was still a seller's market - the seller had dropped the price $20K, and we still got it for $15K less than the current asking price.
what are the comps selling for? regardless of whether or not they sold below asking, they're the best indication of the house's value.
We were outbid. Some offered asking price. They were offended by our offer which was $25000 less than asking>>> Ridiculous. The sad part is that they were not even willing to counter.
Well, not really. In my scenario if the comps are $650K and they lowered the price to $620K (new asking) and a Buyer offered $595K ($25K less than the lowered asking price) that is a huge difference from the $650K value so it's certainly not ridiculous to not want to give up $55K in potential profit. Many people do not earn $55K in a year so I would not say it's ridiculous.
Of course this all assumes the value is really there based on the comps in the area.
i agree. offering 25k less than the dropped price was a little chancy. don't mean to offend but i am sure that they were expecting to receive offers close to the current asking.
|
| Posted 1/7/07 6:15 PM |
| |
|
cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
|
Re: As a seller, if you just dropped your price 3 weeks ago...
We're thinking of dropping our listing price another $10,000, which would bring us to $20,000 below our original asking price. We would want offers very close to the new price, because that's really as low as we can go. A little less is acceptable, but not much.
Every seller is different though, and the situation may be different. Our place has been priced competitively compared to others in our area all along. So, we don't want to drop much more, but the seller you are talking about may have been overpriced to begin with, or may want to sell very quickly.
You should offer what you feel is fair, unless this is your dream home. If they say too low, you can always make another offer. And the realtor you mention sounds as if he/she is playing games, so do what you think is best.
|
| Posted 1/7/07 9:40 PM |
| |
|
betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
|
Re: As a seller, if you just dropped your price 3 weeks ago...
We just bid on a house that has dropped considerably. In October it started at $34,000 more than it is now......we just offered $15,000 less than asking..............waiting to hear back so I'll let you know..........
ETA: the owner has relocated.
Message edited 1/8/2007 10:24:15 AM.
|
| Posted 1/8/07 10:23 AM |
| |
|
