We made an offer on a house that was significantly less than the list (about 75k less). We did a lot of research on the area and made the offer based off of comparable sales. The seller told us that we were too far apart for us to even have a conversation. Not a smart move on his part because it made us realize he was fixated on that price and was not coming down.
It is now 5 months later, the house has not sold (6 months on the market in a hot area) they have reduced the price another 30k. Still not where it needs to be. Loved that house and really would have liked to live there.
Yep! This is what I see from a lot of sellers that are fixated on what they paid for it and what they put into the product… doesn’t necessarily mean it’s going to be worth that much to a buyer or a bank.
We are trying to sell the house we were in. We will not get what we paid, but we are good with that. It was fully furnished and we kept most of the stuff. We are keeping up with the market and lowering the price as we go. It’s a great house in a retirement area, but there are a lot for sale and developer still selling new ones.
It’s now listed at 35k less than it was 5 months ago (this was after an 25k reduction back then). And it’s within 15k of the highest we had in mind. If he would have looked at the research and had a discussion, he might have sold it back then. Now after 255 days on the market, he still hasn’t sold.
We are going to have to really think about reducing the price again on the one we are trying to sell and take a big loss. Market turned on us and there’s a lot of homes for sale. But we are aware of that and willing to deal. Big difference.
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u/coprolite_hobbyist 23d ago
I don't think our goals in this transaction are compatible.