I have a listing @ $295k the house next door also listed for $295k until last week that they brought it down to $250k! Got a contract the same day, now everyone calls me saying "the house next door is $250" & so on. I spoke to the seller & explained the situation, he will do the numbers & hopefully bring it down. I have a couple of potentials from my opens that are waiting to see if the price comes down. I want to also represent the potentials from the opens, but I don't want to go over my seller until I know the new price. Is this the correct way, wait a few days until he gives me an amount & then present an offer. Also, do you guys write offers no matter what the price difference is? My market has tanked! These are houses that were selling for $345k, I know it was ridiculous but I did not think they would go down to this I was looking more at $275.

Why is YOUR seller selling?????

If it's not a good reason divorce,job loss,relocation,illness,foreclosure they should not have put it on the market.

The reality is pre-foreclosures,short sales,and foreclosures are dominating mostp arts of the county and bringing values down lower in the short term.All of the interest only loans an arm's are going to peak in about October.So values won't start back on the upswing until later part of 2009 in my opinion.By then the election will be settled and inventory levels will have gone down and the direction of the economy will be more clear.

Just approach your seller to get a price reduction to compete.The limited buyers out there know for the next year they have the power and it's not going to change.If your seller is not motivated then I wouldn't drop to much money in it as it will expire. good luck

He is selling because he moved in w/his girlfriend. He purchased it in 1992, does not owe much. The house is empty, thought about renting it if it did not sell for this price but now he does not want the headaches of being a landlord. So I look forward to lowering the price & getting a deal going! I don't see prices going up much for a long time and once the short sales start going thru the prices will drop even more. When I check the history of the houses for sale in the area they are all selling for much less than what they owe. I got into real estate when the market slowed down and I am learning as I go.

He needs to reduce AHEAD of the curve,if he does not he will take a huge loss.

Example he is at 295k now BUT the solds tell a different story with the high end being 275k and the low end being 250k with less dom.He needs to be priced in the lower margin 250 to 270k to sell.Otherwise he will reduce to 285k and still be high and when he finally reduces to 260k 3 months later the values will be at 240k sold.

You have to convince him if he really wants to sell he needs to price at the lower end of the market or he will take a really huge hit or be stuck renting it out.

Ask him if he wants to spend time enjoying his life with his girlfriend or worry about a tenant calling that the toliet is clogged up at 9 at night on the weekend.Visuall nightmares are key motivators

I know you want the sale, but could he just have a management company mange his property for him. Have him run the numbers and see if this will work. Maybe you could still make a small fee on finding him a buyer.

Super realtor is right about staying ahead of the curve. During the boom sellers didn't have any problem pricing ahead of the rising curve and now that the curve is going the other way they have to do the same - but opposite.

If your seller won't sell for $250,000 right now then he will be selling for less later.

Selling ahead of the curve is the perfect expression in this type of situation. I firmly believe in it, but there are still many sellers that don't. Many sellers have the attitude of "I'll price it at this price. If someone likes it, they will put an offer in on it". They don't understand that many buyers will not even SEE the property because it is currently priced out of their criteria, when it shouldn't be.

If you reduce the price to $270,000 you will at least get the buyers that are looking only up to $275,000. That should give you a better price point than where you are now. I would ask the seller to drop it like its hot and reduce it to $250,000 also.

Priced at $250,000 you may even get multiple offers!

wow super realtor , I can't believe, how do you think the inventory will just fly off the market just like that. Because the elections will be over. It will take time market to get back, so if he wants to sell just he needs to repositioning the home to net top dollar. TA home reposition first on depreciating market sells for more money than these that follow. It took 9 years for market to turn around between 1987 - 1995. So I think he needs to talk to the seller and repositioning the home.