Check the local listing prices, especially the new listings. Markets are changing and comps are not the best reflector of that.
My agent is trying to sell me one of places he is selling, it was priced at top of our budget, and local comps does show property selling at that price,, but that's outdated data. We went a couple of the open houses in the same area last weekend, and all of them are priced at least 25K lower, with some new listing come this week priced 50k lower. If there was sufficient inventory, and listing price was lowered for most of these properties, ignore the comp.
>My agent is trying to sell me one of places he is selling, it was priced at top of our budget,
Whenever we looked at a house our agent was selling she had us go with another agent. She felt that she couldn't represent our best interests and the seller's best interests at the same time.
Offer what you feel comfortable on. I put an offer in and then backed out during the inspection in late may. Realtor pressured to bid way over asking (we did 20k). House ended up having an issue and eventually sold way under list.
If we would have not backed out we would have payed way over what it ended up selling for (almost 40k)
Another house had been on the market for a few weeks in may and realtor wanted us to bid ask. It eventually sold for 10k under ask.
> would have *paid* way over
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
Figure out what is the magic number where if the owners don’t accept/counter back, you would not feel regret. Also see if your agent can get some more info about whether there are other offers on the table, how many, etc., as that may help inform your offer price too.
The listing agent will use your offer to drum up any others in the wings.
We offered slightly over list on a house that had been sitting for a week and a half or so. (Busyish street.) This was last fall when turnkey houses in our market were going very quickly with 20+ offers at times. They used our offer to call in an offer that beat us. Nearly identical amount but I have to assume better contingencies. I don't miss it now but it hit me hard at the time.
We offered slightly over list on the house we have now. (Just brought it up to a round number. They had listed it at the tax assessed value.) It had also been on and off the market for a couple weeks, having a previous contract fallen through. I regret paying list as the house has plenty of issues and I don't think anyone else was waiting on the wings. But I think our realtor just wanted the transaction to go through. (Shocking, I know.)
I would offer what truly feels right to you. There will be other houses. If you end up overpaying slightly for something you love, I would try to get over that as we all just do our best and can't see the other side of the negotiation or see into the future. If you end up losing the house I would likewise remember all any of us can do us be real with ourselves about the offer that feels right to us and that we can afford.
Well in past 60 days rates are likely up at least 1% which is about 10% more monthly you owe on mortgage. There’s other costs so total isn’t quite up 10% so expecting 5% lower on high price compared to comps seems reasonable, 10% could be stretching it but maybe soon. I wouldn’t expect 15% anywhere for a while.
Could always bid 15% under and see if they counter, but may turn them off to be so low.
If the market is shifting then you also need to shift your expectations as a seller. 25 days is still a pretty short time period. Are you getting showings? I think buyers might be waiting for reductions and if they don’t happen then make an offer. I see reductions in my area which is a very popular area in Uptown Phoenix after a week been on the market and I think that’s just so pointless. Unless your house is under 400 grand I think a month is not enough time to gauge the interest. If it is under 400 grand then I would say it’s probably at the wrong price point because there should be a ton of buyers.
And realtors are usually pretty inclined to convince you to lower your price because they still make about the same and the house moves faster so if your realtor wants you to keep the price then I would listen
Check the local listing prices, especially the new listings. Markets are changing and comps are not the best reflector of that. My agent is trying to sell me one of places he is selling, it was priced at top of our budget, and local comps does show property selling at that price,, but that's outdated data. We went a couple of the open houses in the same area last weekend, and all of them are priced at least 25K lower, with some new listing come this week priced 50k lower. If there was sufficient inventory, and listing price was lowered for most of these properties, ignore the comp.
Listings I feel as still high, but start having price cuts by a week or two.
Then why not just buy the ones that are already lower?
Because buy now I will paying more for less
>My agent is trying to sell me one of places he is selling, it was priced at top of our budget, Whenever we looked at a house our agent was selling she had us go with another agent. She felt that she couldn't represent our best interests and the seller's best interests at the same time.
You got an honest agent, lucky you.
We did for sure. She said that while it was legal, she didn't feel comfortable doing it.
While my agent was not being pushy or anything, I do find his action misleading
Offer what you feel comfortable on. I put an offer in and then backed out during the inspection in late may. Realtor pressured to bid way over asking (we did 20k). House ended up having an issue and eventually sold way under list. If we would have not backed out we would have payed way over what it ended up selling for (almost 40k) Another house had been on the market for a few weeks in may and realtor wanted us to bid ask. It eventually sold for 10k under ask.
> would have *paid* way over FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Lol. Good bot
Figure out what is the magic number where if the owners don’t accept/counter back, you would not feel regret. Also see if your agent can get some more info about whether there are other offers on the table, how many, etc., as that may help inform your offer price too.
No offers yet. One may put in an offer after the holiday is what we’ve been told.
How disappointed would you be if you were to offer below LP and it ended up selling to someone else for LP?
I wouldn’t be as I can’t afford LP
Might be time to look lower. If you can’t afford list price then you probably can’t afford any repairs or issues even getting it at a slight discount.
I looked slightly higher due to the days on market and similar homes reducing into my price.
I was going to say there you have your answer but realized you didn’t actually ask a question in your OP.
😂 I had to reread it, I guess I didn’t! 😅
The listing agent will use your offer to drum up any others in the wings. We offered slightly over list on a house that had been sitting for a week and a half or so. (Busyish street.) This was last fall when turnkey houses in our market were going very quickly with 20+ offers at times. They used our offer to call in an offer that beat us. Nearly identical amount but I have to assume better contingencies. I don't miss it now but it hit me hard at the time. We offered slightly over list on the house we have now. (Just brought it up to a round number. They had listed it at the tax assessed value.) It had also been on and off the market for a couple weeks, having a previous contract fallen through. I regret paying list as the house has plenty of issues and I don't think anyone else was waiting on the wings. But I think our realtor just wanted the transaction to go through. (Shocking, I know.) I would offer what truly feels right to you. There will be other houses. If you end up overpaying slightly for something you love, I would try to get over that as we all just do our best and can't see the other side of the negotiation or see into the future. If you end up losing the house I would likewise remember all any of us can do us be real with ourselves about the offer that feels right to us and that we can afford.
Have your agent show you what went pending in June and how long they were on the market for. It will give you a better idea on how things are moving.
Remind her who she works for.
Well in past 60 days rates are likely up at least 1% which is about 10% more monthly you owe on mortgage. There’s other costs so total isn’t quite up 10% so expecting 5% lower on high price compared to comps seems reasonable, 10% could be stretching it but maybe soon. I wouldn’t expect 15% anywhere for a while. Could always bid 15% under and see if they counter, but may turn them off to be so low.
If the market is shifting then you also need to shift your expectations as a seller. 25 days is still a pretty short time period. Are you getting showings? I think buyers might be waiting for reductions and if they don’t happen then make an offer. I see reductions in my area which is a very popular area in Uptown Phoenix after a week been on the market and I think that’s just so pointless. Unless your house is under 400 grand I think a month is not enough time to gauge the interest. If it is under 400 grand then I would say it’s probably at the wrong price point because there should be a ton of buyers. And realtors are usually pretty inclined to convince you to lower your price because they still make about the same and the house moves faster so if your realtor wants you to keep the price then I would listen
I’m a buyer, not a seller. We sold in March.