Home Listings that have ranges, not set prices (?)

Some listings I am viewing on MLS are for homes that dont have a set price point, ie "499K-515K", etc..

Exactly what is the point of this and why would a buyer make an offer to pay $515K when the listing seems to infer that the price could be 499K? Beth/Christine or any anyone who has bought/sold recently- what are the thought processes of sellers who do this and in your experience, what have buyers done when they want to make an offer on a property that has this type of price range listed?

Home Listings that have ranges, not set prices (?)

I think they are saying they will not entertain offers below the bottom of the range but I could be wrong.

Home Listings that have ranges, not set prices (?)

i learned when you see a range it's because the realtor and seller can't come to an agreement. so basically the realtor is saying the house is worth $499k and the seller doesn't want less than 515k. i had a friend put a bid in for the low number and be rejected. i would stay away from ranges.

Home Listings that have ranges, not set prices (?)

It is to get a wider range of people through. by the range you posted you will get the people that the 499 is their max and the people who have a higher max.

The owners usually want the higher end and will reject the lower end bid

Re: Home Listings that have ranges, not set prices (?)

Yes, previous posters are right:

It's either to encourage offers within a certain range and discourage people from offering below that range (so $449K - $479K is really saying, don't offer below $449K). But in reality, people offer what they want to, based on what they think the home is worth.

Or, it's a tactic to make the price more realistic when the seller is not being realistic. So if the real estate agent wanted to list at $449K and the seller is insisting on $500K, the compromise might be to list a range of $449K to $499K. That way, those who are searching up to $450K will still see the listing (the lower price will come up in people's online searches, for example).

As a listing agent, I never list as a range. It seems really pointless to me. If you are saying there's an acceptable range of offers, why would anyone offer at the high end.

When I work with buyers, I wouldn't say to stay away from houses listed with a range. I always encourage my buyers to make offers on houses they want, even if the houses are overpriced. The seller may be stubborn and unrealistic, but they also may be ready to come to reality. Sometimes it's all in how you present the offer... can a buyer justify their offer with comps? Can the seller point to comps they are using to set their price? Does the seller like the buyer? Does the seller have a pressing need to sell? You just never know until the negotiations start. Sometimes, it's a process and the seller will gradually come to see that they need to take a lower price than what they initially wanted.

But I try not to make assumptions based on the listing alone... I've been surprised sometimes at how negotiations turn out differently than I anticipated (both pleasantly and unpleasantly surprised!). But as I tell my buyers, you have to be in it to win it, and it never really hurts to make an offer. You may not get the house, but you definitely won't get it if you don't try at all.

Re: Home Listings that have ranges, not set prices (?)

I always thought it meant the house was one of many in a development, and each house was selling for a different price in that range...but only one was being pictured because they were all exactly the same.

I'm a f*cking idiot.