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#452363 - 05/07/16 07:04 AM Am I being unrealistic? Should I unlist?
KaileyR70 Offline
Junior Member

Registered: 05/07/16
Posts: 2
Loc: Short Hills NJ
I'll try to give as many details as possible. I'm very confused and, truthfully, sort of sad over this whole process. I feel deceived and that I was not told the whole story.

I had a lengthy conversation about what my house was worth with my realtor and what my expectations were. I do have a small house, common driveway, and a once 3BR is now 2 larger ones (though it can, without too much difficulty, be converted back to 3). While most houses around me have 3 TINY bedrooms and maybe a one-car length driveway, we did the comps and the realtor had the price at over $400k - and there is the fact that every house on my street is either in the $400k, and some, $500k range as well as in the "comp" areas she used. I did look at my house (which is in pristine - and updated - condition) and wondered why anyone would give me over $400k with a shared driveway, busier street and 2 BR (when they can go 15 minutes away and get more for less). My realtor said because of the neighborhood I was in and the town (which is, I guess, a desirable one).

When I had the house at $445, I wasn't getting too many bites (all of 4 to 5 visitors in 3 weeks - with one couple coming twice and contemplating an offer but deciding it was too small for them). In haste, and a measure of despair, I lowered my price to $435 and, at first, I still wasn't getting much. It then picked up *slightly*. Now, I got the price of my house at from the REALTOR. I did NOT say, "I think my house is worth a million" when its not. I wasn't one of *those* people. When she gave me the figure, I thought, ok, with the cash I should get from this, mixed with the little bit of cash in my bank account, I should be able to find something, even though it would be a fixer upper but it would be in a better neighbor. NOW, however, I'm wondering if I was just given some baloney from the realtor to get my listing (she even so much as said the other day - when discussing my first offer - a lowball offer) that my house is only worth what someone will pay for it - a far cry, I thought, from this confident estimation of my houses worth she gave me only a month earlier.

The offer was $380(!) - obviously a HUGE difference from what I was expecting. I didn't think people would even have the gumption to make such an offer when the house is listed for so much more. Why even bother wasting my time??? They spent over 2 hours in my house over two different visits (both times it was raining and I had my dogs) to make me that kind of offer? I told my realtor no way. Not going to happen and I wasn't even countering. She at first sort of agreed then said she could tell them $415k, take it or leave it. NOW I was at $415k? How'd THAT happen? I told her to just say no, that we were too far apart in price to even bother with, and then I even asked how she would say it to the realtor. She said she wouldn't be impolite to the other realtor, mainly because if she was staunch and/or hinted at rudeness he might not be willing to see if his buyer would come up (I was so incensed by the buyer's ridiculous offer I wasn't even going there. My answer was just no but she said that just in case there was a chance the buyer would come up she didn't want to be b*tchy about it) so I let it go.

The buyer, she told me, used the town's recent tax assessment for one of their reasons for the low offer. Yes, the tax assessment was around $380k (and the Zillow estimate shows my house at $390) but I had heard from a friend/realtor in my town that both the Zillow estimate and the towns tax assessments are always on the low side and don't take into consideration work that you've put into your house. I said this to my realtor, who surprised me by getting sort of in my face, and saying NO, the tax assessment is at 100% this time rather than the 70% its been at for the last decade, and that YES, they DID take into consideration all my improvements. I do not believe this at all. The person who came to my house for the assessment did a CURSORY look around, was probably in his late 20s and I suspect just a temp for the town. He took into consideration my brand new kitchen and bathroom when he hadn't a clue how much I PAID for it? He took into account the $10k I spent on fencing all my property and the $5000k I spent on a new deck? The thousands I spent on all new trees and bushes?

I just don't know what to do. If I keep going down with this price, every house I looked at and every idea I had in my head is out the window. I do really want to move, and worry with some potential construction coming to my town that it might be even harder to sell next year, but at the same time I can't give my house away.

Any advise would be greatly appreciated.

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#452364 - 05/07/16 07:40 AM Re: Am I being unrealistic? Should I unlist? [Re: KaileyR70]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7625
Loc: Vermont's North-East Kingdom
Originally Posted By: kaileyR70
". . . I do really want to move, and worry with some potential construction coming to my town that it might be even harder to sell next year . . ."

Do you think a sophisticated Buyer might have the same concerns about "future value", as you have now ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#452369 - 05/07/16 08:17 AM Re: Am I being unrealistic? Should I unlist? [Re: Vermont]
KaileyR70 Offline
Junior Member

Registered: 05/07/16
Posts: 2
Loc: Short Hills NJ
The construction is only possible not definite and it would be something only the nearest neighbors, such as myself, would know.

Have you any thoughts on my other questions? I'd really like opinions. I don't know if I can even sell if this is type of price I'll be getting.

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#452374 - 05/07/16 04:04 PM Re: Am I being unrealistic? Should I unlist? [Re: KaileyR70]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7625
Loc: Vermont's North-East Kingdom
Originally Posted By: KaileyR70
". . . Have you any thoughts on my other questions? I'd really like opinions . . ."

My "opinion" is that you're placing far more credence in the values someone saw on Zillow than it deserves . . . . it's not that scientific. It's called a Zestimate because that's all it is. It doesn't take into account your "shared" Driveway, the 2 Bedrooms versus 3, or the extra large Garage or ANY of the renovations and landscaping that make your house unique in that area. These are all guesses until you spend the money for an Appraisal that Federally Insured Lenders will hang their hats on . . . . and I'd even question that because the Appraiser always knows (by Law) the value your P&S Contract negotiations resulted in.

I can reveal one silly CASH Sale I made on a property located in the same County as Stowe, Vermont The Buyer insisted that he had discovered a real steal . . . . and I didn't disagree. His Zestimate factored in all of the sales within that County, despite all of those results being artificially skewed upwards because of the presence of Stowe in the mix for that County.

His prized "find" had no Garage whatsoever; had two (2) physically separated Basements with a Slab in between; no Formal Dining Room (just an eat-in Kitchen); and while his taxable Lot Size was over 10 Acres, less than Acre was dry enough for a yard . . . . there was no room for a replacement Septic System if his were to fail, nor room to build the missing Garage . . . . the bulk of the 10 Acres was marsh or swamp - close to worthless. Zillow didn't know about this stuff !

Now it's years later, and this Buyer finally knows that he over paid (about $250,000 too much) but you couldn't say anything that would allow him to see reality through the blur of his greed at that time. How do you protect someone from themselves ?

I can't answer your other (mostly rhetorical) questions without my being there . . . . all I know is that you should never be offended or get angry because someone likes your home, and what you've done to it, well enough to make a serious "written" Offer. A written Offer always deserves a Written response; not to be ignored. You may not wish to enter into Negotiations with a Buyer using that price as the starting point; and instead of being insulted, you should feel flattered !

From my own personal experience, sometimes that 1st Offer is the best one.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#452376 - 05/08/16 05:46 AM Re: Am I being unrealistic? Should I unlist? [Re: KaileyR70]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2214
Loc: Outer Banks
The $10k you spent on fencing might be worth $0 to a buyer and adds little value. how much you paid for the kitchen does not matter and the same thing goes for your deck, especially if you replaced an old one. Replacing old items in your house does not result in the value of your house going up by the cost of replacement.

after reading your description of your house and the comps i was surprised when you said the price was so high at $445k. Even you, in your writing thought it was too high and it was the agents price. So, i was surprised when you got mad at an offer that sounds realistic, at least from what you have said, and even more surprised when you rejected the offer.

No matter where you live, 3 "tiny bedrooms" is more valuable than 2 bedrooms. Whoever buys your house will have to pay to revert back to 3 bedrooms.

As for zilllow, they just as often over price homes as they under price homes. So your realtor friend, who you did not hire, sounds like they are not very up to date with what is going on. As for the tax assessments, have your agent show you the tax assessment of the houses that sold and you can then put that argument to rest.

never, never reject an offer from a buyer. They might have come up in price to a point that is agreeable to both sides but you will never know because you chased them away. Always negotiate.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#452377 - 05/08/16 06:51 AM Re: Am I being unrealistic? Should I unlist? [Re: Bigtoe]
KaileyR70x Offline
Junior Member

Registered: 05/08/16
Posts: 1
Loc: Short Hills NJ
Hi Bigtoe,

I trusted my realtor to give me the price. I was surprised. She even told me that this is not 18 years ago when people "marked up" their houses to get the real price they wanted. She said we had to go with a "correct price". All the houses on my street are between $400 and 500. The "comp" streets, people were getting between $410 and $425 for similar houses. I went with what she suggested. I even asked her numerous times why someone would give me over $400k for a busy street, shared driveway and 2 BR (although I do have two full baths on first and second floor and an enormous insulated and wired attic that can easily be turned into a whole other living space). And she said it was because of the neighborhood I'm in. Its popular, very family friendly and quick to NYC train stations. I will also add - to go in the opposite direction (to give you all my thoughts on the situation - that the "comp" houses DID have 3 tiny bedrooms (usually 1 bath) and DID have a driveway (very small, my shared driveway can fit more cars) and those houses were on a quieter street. But again, I trusted what my realtor told me was the price on this house. A realtor friend (that I now wish I had hired but I worried the stress of this process might damage the friendship) told me I would be getting a good price around $415/$420 - that is why I didn't even bother countering the buyer. She offered only $375. I didn't think there was a chance in h*ll she was going to come up 40 or 50k. My realtor said she wouldn't close the door or be rude to the other agent. But I just thought there was no way she - a young single girl - was going to come up that much.

Please let me know your thoughts.

Thanks.

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#452380 - 05/08/16 10:46 AM Re: Am I being unrealistic? Should I unlist? [Re: KaileyR70x]
June2012 Offline
Member

Registered: 08/22/14
Posts: 146
Loc: FL
Why don't you negotiate to see how far you can go with the purchase price before you jump to conclusion? While you're negotiating, another offer might come along. This is a business transaction. The buyer isnt as attached to your house as much as you are. Buyers always want to get a bargain, just as when you buy, you'll act the same.

About your concern on whether the buyer can afford it or not, she should have a pre approval letter that shows how much she can afford.

To be honest, if your house is priced right, you should've got plenty of showings and offers. One good indicator is looking up how long it takes in average for the houses in your area to sell. If it only takes days, then your house is overpriced. If it takes months, then maybe it's worth to wait.


Edited by June2012 (05/08/16 10:54 AM)

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#452797 - 05/27/16 03:47 PM Re: Am I being unrealistic? Should I unlist? [Re: KaileyR70]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3025
Loc: LAND OF THE FREE!
here is hte bottom line......

if a buyer can find a home they like more than yours for equal to or less money, they will buy that home

when your home is what the buyers perceive as the best value for the money compared to the other homes they have available to buy then they pick your home.

it sounds like the value that YOU might have as a list price is not equal to the value the buyers feel is correct so they pass your home by for homes where they feel the price matches the home.

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#452798 - 05/27/16 03:51 PM Re: Am I being unrealistic? Should I unlist? [Re: KaileyR70]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3025
Loc: LAND OF THE FREE!
"When I had the house at $445, I wasn't getting too many bites (all of 4 to 5 visitors in 3 weeks - with one couple coming twice and contemplating an offer but deciding it was too small for them). In haste, and a measure of despair, I lowered my price to $435"

on another note, you mention adjusting price from 445k to 435k. Do you have any idea what that means to a buyer? 10k / 30 years is minimal amount of dollars less per month. I would not imagine that the amount of activity would change drastically enough to change the outcome based on such a small difference in monthly payments. cause let's be real here, people buy the monthly payment.

Let us know how things are going right now. This was posted at the beginning of the month and we are almost at the end.

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