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Mythical Creature | Got a lowball offer on our house. Should we take it off the market and "ride it out"? |
We're in the East Bay of the San Francisco Bay Area. We originally listed our home on 4/15 for $675,000--$20,000-$40,000 below our best comps. 2 months later we dropped the price to $649,000. A couple offered $590,000 and we countered closer to our asking price. They'll probably walk. Their fear is that they'll buy the house and it will drop in value. Uh--so we're supposed to validate their fear by devaluing our property? Not. We don't have to move. Should we just sit tight? Keep our home on the market? Or take it off until things start to pick up again?How long do you think we should keep it off? Do you think things will get better next year? Or will we be living there another 10 years? We want to live closer to my mom and dad and thus the move. Our current house is great & not the issue. Ugh--this is frustrating. We put a lot of $$$ into fixing up the house for the market. If we let the house go for what these people want to pay we'd be breaking even.
Additional Details
Autolyceum---
we're in Martinez
www.brownst.com
We have a loan with World--but we're not paying interest only and we're fixed thru Nov. Can you tell me a little about how pre-pay penalties are illegal? |
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bugone
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If your not a MOTIVATED seller ride it out. It only has been around a couple of months. I would stay on top of the comps in the area. If houses are selling all around you for top dollar I would locate some people to be dead honest about they opinion concerning your home. Something my be a little off and may be the reason why your house isn't the one buyers are choosing. Better yet go check out some listed properties. See how your home compare to those and keep your eye on them. Also always have your home in show mode if not already. Counters cleared, no pictures of kids and family ect. Make it as neutral as possible. No personal stuff if you can help it. When people are going to spend over a half a mil they get picky.
Good Luck |
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Rachel
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It seems like they went very low, so I would see if they accept the counter-offer. (Assuming your home is priced appropriately for your area, which I am unfamiliar with). Since you aren't in a hurry to sell and the house is nice, then I am sure you will be getting other offers soon. I don't think anyone knows what the housing market is going to do though, so it is tough to say if waiting several years would make it better or worse. Good luck! |
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♥Sarah ♥
 |
The question I ask my sellers is.... Do you want to stay? or do you want to go? Once you answer that you will know more want you should do.. If you want to stay.. then stay and I would suggest taking your home off the market.. for one thing Realtors are going to be less inclined to show your home & market your home once they find out you are not that motivated of a seller.. with so many out there who are! The chances that you will get another offer and one that is higher is very slim.
Also I would recommend you take a look at recent sales in your area & see if the offer they presented does have some merit. Often times we find out that because of what other homes have recently sold for the vaule of your home has been reduced. But the fact is your home is only worth how much someone else is willing to pay for it...
If you decide you want to move.. then what is wrong with breaking even? Think about it.. you lived in the house all that time and basically didn't pay for it. Certainly try to negoiate the best price from them. So many sellers in the market are loosing money, if you are one of the ones who walks away clean consider your self lucky.
So.. do you want to stay or do you want to go? Not to sound harsh but this is the truth of it..
Best of luck! |
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jimmy dean
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you have a desire to sell but not a need, stop lowering the price and leave it on the market, you may find the right buyer but if you don't, oh well you don't need to sell remember. |
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Lifecircus.com
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I think it maybe years 10 maybe 20 maybe never for the housing market to come back
The housing market is still not at the bottom yet
maybe sometime in 2008
Then it will go up about 3% a year
Ok I have to call my realestate agent now
Good luck |
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Shibi
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I'm in the City. I'd say sit tight a little bit longer and watch interest rates (if they spike upward, then be more ready to sell at below asking). My friend just bought a condo over here (outer Richmond) and they had to offer 20K over the asking price. They'll pay about $1M for one unit in a two unit house. Yipes for them! We're in a 110 year old Victorian (TiC) right now and we are sprucing it up to sell in maybe a year or two, depending upon the market (and those interest rates). I don't know exactly where you are (for a fair assessment of your real estate saleability) -- so that is my caveat for recommending that you wait a little bit before taking less than you're asking. Good luck! |
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Ron B
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You are in a great situation, don't let it frustrate you. Unlike most people you do not need to hurry yourself. In a situation like yours I tell my clients to be patient. You need to decide what you think is a fair offer, and would be happy with. It does not cost you money to be on the market, so sit there untill you get what you want. If what you are asking for is a fair price, there is a chance it will sell soon. If not, it may take a couple of years, but it will not hurt you. The last thing you want to do is let it go just to get out and end up regretting it for years. |
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acb29
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Truthfully no one knows the future , but if the builder's market is any indication Real Estate is in for a long slow adjustments, you need to look at how many homes are up for sale in you neighborhood and surrounding areas. If you see a lot and they are all just sitting there it's a sure sign that prices will continue downward, for at least 12-24 months, until the inventory levels, level off.
Personally I think we're just seeing the beginning of price declines on both coasts housing markets because of the unrealistic steep run-ups in the last 5 years. How much did you buy the house for? Ask your self if you hold onto the house for another 5 years, and the prices drop by 30% how would you feel? It's a bit of a myth that real estate always goes up.. in Tokyo and London they had 10 years of price declines after heady real estate run up in the early 90s'.. Don't get greedy , prices are most certain to drop further , cash out and start a new life with your sale money.. Good luck |
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bull_rooster_aardvark
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Keep trying to negotiate with teh offer you have. Percentagewise you are not that far off it may still work out. If it doesn't work out, the fact that this is the best offer after 2.5 months means maybe this is the going price in this area. No real reason to take the property off the market yet or you can try taking it off the marker and relisting in a month (or whatever). Really its up to you but since you'd like to move, may as well keep trying to sell it - no reason to give up (but don't keep it continually listed a really long time, if it doesn't sell you better take it off the market for awhile to make a fressh try later). |
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dunnchris@sbcglobal.net
 |
It all depends on where you are? East bay? That's a large area. I might be inclined to say your Realtor hasn't done you any good. Are you sure it's priced right? How many realtors did you consult with. I'd guess your in the Antioch, Brentwood, Martinez, Clayton, Concord for Contra Costa County, Richmond, Hayward, parts of Oakland, Fremont, Pleasanton, Livermore areas. These are the markets that have depreciated the most. If you don't have to sell, then ride it out the FED hasn't raised the prime rate in a long time and won't until the lender repossessions are complete (6 more months). The "A" paper lenders like Countrywide, Wells Fargo, World Savings, Washington Mutual are in secure positions, it's the "B" lenders that will lose $ and file chapter 13's.
The downturn in the housing market hints strongly of collusion, that's why rates are going up even though the FED remains a 5.25%. Look closely at whose investing in the 30yr Treasury market, look closely at the lender consolidation that occurred between 2000-2005.
So how's it going to work? Okay, first they lent $ at interest only or with a negative amortization that allowed people to buy homes that they couldn't actually afford, driving the values up (frenzied buying from June 99-July 2005) World Savings was actually the originator of this predatory practice and are now part of Washington Mutual. The government didn't care because they have much higher property tax revenues now. They even passed a law that allows them to take your home without proper eminent domain purposes and give it to say Wal-mart purely for the sake of generating higher tax revenues. Sorry that's a sidebar.
How do these loans work? Most people think it allows them to just keep making minimum payments, but they all have accelaration clauses. What are those? Well once your lien amount hits (125% typically) of your properties value then they accelerate the interest rate to fully amortized making the payment unaffordable and viola (pronounced wah-la) your in foreclosure. The "A" lender holds typically a 75%-80% promissory note which is now all your home is worth and the "B" or "C" paper lender (Equity lines-2nd mortgages) are left out. The rich banker gets even richer and you just got sucker punched. The hispanic community will be hurt the most, so much for the American dream. Also many people got loans that are fixed for say 5 to 7 years at an interest only payment then they adjust but you won't be able to refinance because of the loss in value, a large portion of them are adjusting near the end of 2007 and many loans also have prepayment penalties which are actually illegal.
About all we can do is a quasi consumer revolt. Stop banking at the big banks, sacrifice some convience, (money talks, whining gets you nothing) maybe you still have enough value to refi to a fixed rate (or you already have one, hopefully), maybe some credit unions will fill the void (they work off a cost of savings index), maybe some small local banks will step in with aggressive loan programs, just don't count on it. |
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tincan_man
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Hello!!!!!!!!!! what is your priority moving closer to your MOM or getting the best price that you can. You didn't say how long you have lived there, but if moving close to family is your goal you can do that and break even. The new buyer just isn't going to pay you to move. |
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NORM
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Im in CT and homes up here usually go for close to asking price. I'd drop about 5k, but more than that is desperate. |
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Rebecca C
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Dont take it off the market and definately dont accept alot less than what you have invested in it. Just give it time it will sell unless you get in a hurry then you can consider maybe a little less than asking price but not to much less. |
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godged
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I'd sit tight and ride it out. Don't take your house off the market, there are still people out looking to buy despite all the nonsense the media is spouting off about. You are in a desirable area, and that is a nice luxury to have.
Things are going to get better, it is too early to pull the plug. |
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Terry S
 |
I recommend you read this report.
http://www.dynamictraders.com/images/SpecialReports/dt_specialreport_bonds_507.pdf
Sellers think this real estate market is going to turn around. I think it will but take years not months or weeks.
This report basically spells out what to expect for INTEREST RATES over the next few years.
Interest rates drive the real estate market.
Hope this helps.
Terry S. |
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Fatty
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keep it on the market, and hold out until you get an offer that YOU are happy with |
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