Shoulda'-
Woulda'- Coulda'
HELP! We've
received an offer on our home...and it's WAY too low!
What do we do? I know that
you've heard that--I have and
here's what
I tell my Sellers:
First,
I have a story--ONE year ago, I had a buyer
who made an Offer of $700K on a property that the sellers thought was
simply TOO low because they had, one
year prior to that, received an appraisal value
at $775K.
We knew that the price that we were offering was right but,
they
insisted that we were WAY too low and they would not respond to our
Offer. Fast forward a year and a half and their home is still on the market
and fair market price is now
down to the point that the absolute HIGHEST that they can get
on their home is $650K. Shoulda'
Woulda' Coulda'-right?
Sellers, keep in mind that
your very first offer may not be exactly what
you were dreaming of--but, you simply must consider this offer.
Making a stiff or non-counteroffer is likely to have your
first and quite possibly only
buyers running for the hills! How long are you willing to let
your home languish on the market until the next, probably lower, offer
comes in--if, indeed one does?
Sure,
it's tempting to stand your ground and wait for that dream offer to
come in but, consider the amount of time that your home has
been
on the market. If you're running into the
'months on the
market' rather than 'days on the market' then you need to seriously
consider that first offer. Don't be an ostrich and bury your
head
in the sand--you must
understand the realities of the current market and how it is trending.
Ask your agent to perform a market absorption analysis for
you--these details can be eye
opening for you
and help you to realize that you should not be selling with emotions--this
is a business decision. This
first offer is certainly worth serious consideration.
Time on the market has an
impact on the buyer in ways which you, as a seller, may not be aware:
the longer the shelf life, the fewer potential buyers are
going to come through. Self
life erodes value just as your neighbors home selling at a
foreclosed amount does--especially
in a buyer's market!
Let me repeat that--especially
in a buyer's market!
Buyers begin to wonder, "What is wrong with the home that has
caused it not to sell?" What factors are keeping it from
selling? Is it price or is there something underlying that
others
have found before us?
In nearly every neighborhood
in our city we ARE in a buyer's market so, I highly
recommend your taking a long, hard look at that first offer.
If
you don't consider this offer, how
long will it be before you are able to garner another
offer?
How long are you willing to wait? How much lower
are prices
going to go before you do get another offer? How much more in
mortgages are you going to pay before you finally Close on this home?
What is this waiting
period going to cost YOU in the long run?
There
is an old rule-of-thumb in real estate that you should always
consider your first
offer, it's probably going to be your best
offer. I can't think of a time that this old
addage rings so
powerfully truthful than in our current market. Don't let
greed stand
in your way of moving on with your life. Remember,
you're going to come out better when you purchase your new home--you're
going to be the buyer
in a buyer's market!
About
the author:
Debe
Maxwell is a Charlotte
Residential Real Estate
Broker, Certified Neighborhood & Relocation Specialist, ABR
&
e-PRO who can assist you with the purchase and/or sale of real estate
in the Charlotte NC
Metro Area.
If you're relocating to or from any other area of the
country,
Debe connects you with any member of her team of relocation
professionals in your destination or exit city of choice. The
destination service is of no cost to you! The
Maxwell House Group's
quality service guarantee puts this team far ahead of the competition;
providing unsurpassed customer service is their #1 priority!
Debe
Maxwell -- Helen Adams Realty -- 704.491.3310
Copyright©
2009 By Debe Maxwell, All Rights Reserved...**Shoulda'- Woulda' - Coulda''**
Disclaimer: All
information
provided by this author is strictly an opinion, is not guaranteed, may
be based on information collected from several sources, which may or
may not be deemed reliable at the time of researching this article and
may be time sensitive. This article previously posted on
WordPress.com site by same author.
After the show, let's go shopping
for Charlotte NC
homes
for sale!
;)
;)
It is so painfully true that the first offer continues to be the likely best offer! I've marveled at that several times over the past few years.