There is always the buyer that will pay X dollars for a property. Thats it, nothing more. Some sellers are difficult, buyers can be worse. I applaud you for at least countering the low offer, sometime a middle ground can be reached.

Your post and responces come off as a pretty well informed FSBO seller. It could be a case where the buyer is not motivated to buy.

Thanks for the input Agent007! We are listed on MLS. About 1/2 of our showings have come from there. Very good point about the time we've already been on the market.

I think what you are saying makes sense about agents not wanting to deal with unrepresented sellers. Beyond the potential frustration and time involved, I can imagine many agents don't want to even support the idea of someone doing it on their own.

Sorry if I'm coming across as trying to justify anything...just trying to give details I omitted in my original question.

"I can imagine many agents don't want to even support the idea of someone doing it on their own."

If it was so easy you wouldn't have brokers and agents exist today.

I won't go into a long story but needless to say statistics by neutral sources show properties represented by listing brokers sell for less hassle,in a faster amount of time,for more money.

On MLS how did you get listed? Let me guess flat fee put in MLS and all info says to contact owner right?

Good luck - Hope you sell it.

Not saying it's easy at all super realtor. In fact, the only reason I felt ok with selling this one on our own is that I sold a property previously with an agent that was much more complicated than this transaction and ended up doing most of the leg work (and consequently, learning) on my own. I FULLY appreciate how much work is involved! :P

I don't think that experience was indicative of how it usually goes--it was an isolated case. In fact, we're selling another property that's under contract, and we used an agent to sell it--it's going very smoothly.

Sorry...didn't mean for this to turn into a fsbo/agent discussion. I was basically looking for thoughts on our original counter offer. Based on the feedback, I think we did the right thing.

Have you reduced the price accordingly yet?

People low ball just to test the waters too and see how desperate you are to sell. If you are competitivly priced for your area then there shouldn't be a thing that keeps you from selling to someone.

I agree with Super Realtor, whatever you do they will try to push you 3% more down at least. However I would recommend to price the property 5% down not from the average price for the neighborhood, you better price it 5% down that comparable houses in your area like size, updates etc. I agree with Agent007, you may have 5 houses on the market in the area and all of them to be overpriced, so check out the sold properties and see how your house stays comparing with them. On the end, check out how many days on the market the active properties have been staying and what is the DOM for the sold one.

Look on what traffic you have on the listing and if the traffic after 3 months is slowing down ( which I think it is) and you do not have any other offers, then most probably the price is the only reason and put all of your effort to work this offer out instead to keep your property on the market and finally to sell it even for less price. Buyers determine the price and you do not receive offers on this price, it means that buyers do not see value in your property.

Thanks for all the responses guys. You won't believe it but...

We raised (yes, raised) our price 7% on Saturday, which put us in a different price range of buyers. Before we were at the upper end of a typical range. Now we're at the lower end of a different range. Computer searches were probably keeping us from showing up on some people's radar--we were priced too low.

Showed on Tuesday, second showing on Wednesday, received an offer today that's just above our previous asking price!

I really want to thank you guys for all of the responses. It definitely gave us some different angles to view our situation from.

The solution clicked for us when we stopped and noticed a couple of key things:
1) The other parties who'd been interested in the house before the low offer had difficulty getting financed. They realized we were a great deal, but we were a stretch for them.
2) As we're looking to buy as well, we realized that other people are doing the same thing we are doing--trying to find a house at the LOW end of their price range and not the high end if possible.

Take this for what it's worth, but it may work for you in some situations where you have properties that are priced right and still aren't selling...

Wow!!! First of all, CONGRATULATIONS!!!!! I've never really heard of raising the price like that but I am thrilled it worked out for you! Please keep us posted all the way until that last paper is signed. Woo-hoo for you!!!!

Let us know when it closes.Offers are worthless until it's closed.

Closed on Friday!

Thanks again to everyone for your feedback!

Congrats and thanks for the update!