Special offer

Five reasons why you should accept that below-list-price offer.

By
Real Estate Agent with Jameson Sotheby's International Realty

One 
Because you've been on the market for over a year now.  You're tired of making sure that the beds are made, the dishes aren't in the sink, the toys are off the floor, and the dog hasn't done "something" she shouldn't have done in the middle of the family room floor.

Two
Because you've already turned down 3 similar offers, and the "market" is trying to tell you that "this" is the price range that the market believes your property is worth.

Three

Because when we took this listing, we discussed that this was a possible range of "acceptable" (your word) purchase price... if the listing became "mature" on the market.   Well... guess, what?  We're not only mature on the market, but we're getting into senior-citizen realm.  You should consider accepting this offer, before we end up in Assisted-Living.

Four

Because other properties, very similar to yours, have sold recently for similar pricing, and less.  Yes, we've lost equity... if we'd sold 3-4 years ago, we would have sold for more.  But this isn't "yesterday", and we don't have the ability to go back and list on the "past" market.  We have to deal with today's reality, and today is telling us that THIS is the price.  If you continue to hold out for a higher price, we might end up on the market 6 more months and end up accepting an offer even lower than this one... but with 6 more months of holding costs.

Five

Because you'd like to move on with your life.  Yes, we're going to get less money than we'd "hoped" for from your current residence.  But we're going to take advantage of this "down" market... and we're going to save a similar percentage off your move-up purchase.  And because your "move-up" purchase is going to be for a larger dollar amount... we'll actually save MORE on that purchase, than we're losing on this one.  Bite the bullet.

Posted by

 ALAN MAY, Realtor®   
Specializing in Evanston Real Estate and North Shore Real Estate

Jameson Sotheby's International Realty, 2934 Central Street, Evanston, IL 60201
Office: 847.869.7300      Cell: 847.924.3313      Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate
Licensed in Illinois

   

Comments(23)

Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Alan, I can't count the times I have heard...but someone offered me $XXX,XXX in 2005 but we didn't want to sell then. Great I'm sure you had 4 yrs  of good times.

Aug 21, 2009 03:31 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

Jenn - yep, if we're getting offers, clearly we're getting the property exposed to the market... but the market doesn't agree with our price.

Charlene - thank you.

Patricia - I think by that point, they're already "worn down" by the market.

Steve - it's difficult to get the seller's to give up that "gain" that they never really had.

Aug 21, 2009 05:08 AM
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Alan - I have told many, many clients that they will be saving more on the next purchase than they stand to lose on the current sale.  It works.

Aug 21, 2009 05:24 AM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Alan...

What's gotten into you? Another stellar post.

Featured in the Group "Whacked!!!"

Aug 21, 2009 06:17 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

Jason - that's the way I position it as well... but you'd be surprised (or maybe not) at how many clients "don't want to lose on their sale"...but want the seller to lose when they buy!!

Richard - maybe it's a part of my numeric series... I'm down to 5... what on earth will I do for FOUR... (no pressure here) stay tuned!  (thanks for the feature!)

Aug 21, 2009 06:19 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Because you'd like to move on with your life.   This is the most difficult thing to get through to sellers.... and that they will make it up when they BUY!

Aug 21, 2009 07:17 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

it's a big one, Joan.  Moving on, releasing all that pent up tension... what's that worth?

Aug 21, 2009 07:44 AM
Sylvie Conde
Sutton Group-Associates Realty Inc., Brokerage - Toronto, ON
Broker, Toronto Real Estate

Easy for you to say, Alan. :) Unfortunately, so many people hang on for months and months, only to sell for a lot lower when they do finally sell.

Your last comment in worth a million bucks .... 'releasing all that pent up tension ...'

Hopefully 'they' will see the light soon.

 

Aug 21, 2009 01:17 PM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Alan - All excellent points, #5 is one that all of my current clients understand, which is great.  I don't think all people understand this.

Aug 21, 2009 01:56 PM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

You're right, Sylvie.  I didn't have any trouble saying that, at all.

Michelle - thank you.  It sounds as though you do a good job of prepping your clients.

Aug 22, 2009 12:59 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Stellar post! If the offers are coming and they are all the same price, that should "tell" you something. That is the actual market price and the seller needs to wise up. Good luck!!

Aug 22, 2009 03:07 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

I don't know if I can live up to "stellar" Betina.  too much pressure!

Aug 22, 2009 03:10 AM
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

I am finding sellers generally to be very reasonable.  Still have some that refuse to budge on the price, but at least they accept that the reason their home isn't generating offers is NOT because I am not doing my job.  The just aren't motivated enough, and would rather keep it than take a big hit. 

Aug 22, 2009 05:06 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

Janna - sellers have certainly drifted into the range of reasonability recently... let's just hope they don't drift back out as easily.

Aug 22, 2009 06:51 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

There are a lot of sellers out there that say they will accept this or that and pretend to listen from the start, but then when it's time to put their money where their mouth is, things become complicated. It's always best not to haggle anymore than you have to when it's time to sell, take the first good offer you can and move on, you never know when the next one will make it in.

Aug 22, 2009 07:23 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

"complicated" is a good way to put it, JL.

Aug 22, 2009 07:42 AM
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

Your post sums it up nicely.  Sellers in most markets should be very happy to find a buyer. . . period. 

Aug 24, 2009 01:09 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

Tom - I tell that to my sellers all the time.  You've receieved an offer.   Thousands of people would love to change places with you.

Aug 24, 2009 01:27 AM
Team Honeycutt
Allen Tate - Concord, NC

Amen,  get this --I just had a buyer offer above list price and they didn't take it.  I worry about some agents state of mind sometimes.

Shelton

Aug 24, 2009 01:50 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

Above list, and rejected??? Yikes.

Aug 24, 2009 05:34 AM