Yesterday I got three offers on three different listings I have. None of the offers were full price or even 3% off list. They all were in the seller's minds "low ball offers." I have to ask the question back "Is there such a thing in this market?"
One house has been on the market since last December and this is the first offer they have received. They have heard a long list of reasons via showing feedback as to why the house was not right for the buyer. Here they had a buyer who said, "Yes I want to buy your home." The buyer is just stating what they are willing to purchase the house at. The price offered was the price suggested by many showing agents as a sale price. Perhaps the reason why the offer felt so low is because the seller had the price too high on the property.
The second offer was again low to the sellers. They have a lovely home in SW Mpls but it is very urban there and there are apartment buildings near the property. The feedback has been fantastic home, move it and my buyers would buy it. Here comes a buyer who says I will go for it, and the sellers almost don't counter. Everyone has kept a cool head and the process is moving along. These first time buyers had to be schooled in what has sold recently.
The third offer was for a house in rough condition. It is an estate and the woman lived in it for 50+ years. The buyers perceive many dollars worth of work to get the house to their standards. The family members are looking at the tax market value and saying the house is worth more. How I wish those tax values would go away. They mean nothing. Long discussions on everyone's part got us to an acceptable offer. This third offer went together the easiest. Why? The answer is motivation and lack of attachment to the house. No one wanted to keep this house and winter was not a time they wanted to maintain it. It had been so long since any of the "kids" had lived there that they had no emotions to the place. It truly was a business transaction.
Sellers need to realize that with so many bank sales, buyers have gone from thinking about sellers to only thinking of themselves and the "business deal." It has become a hard, cruel world for sellers, but they had their way in 2004 with 2 days on the market and multiple offers. Real estate swings in both directions.
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