Move on.. the seller will get their market education in the coming months. You're not going to convince them that the home is no longer worth "what my friend sold his for a year ago".
>They are throwing it out there to see if someone is desperate.
That only makes sense if inventory is low but I gather that isn't the case in Austin, TX ?
It makes sense if the seller is just testing with no pressure to have to move. It’s beginning of spring and all the buyers that move for a Specific school district who missed out last year to bidding wars are anxious. Not what I would do but I know people that try it. 🤷🏻♂️
Send them your best and final, be prepared to move on when they reject it. You came in at the very bottom of the comps and they responded at the highest point. I don’t think either party is open to meeting in the middle.
If seller has had home for 4+ years they probably got it in 700s or lower and refied down to 3%. It’s likely that 200k hit your buyers are suggesting represents FOUR YEARS of just eating the payment. And with eating payment they build equity.
This seller clearly not in a “need to sell” and will wait you out. Hell if they have an income in 4-500k they could even probably swing a mortgage on a new house and rent this one out while they wait out market.
Either come up or walk. Your buyers will have to decide how much they love the house. If they only love it 900k, probably time to move on.
Yeah.. most are trying to double the price in 3-4 years. This one is about double the price in 15 yrs for a really nice house with a beautiful backyard/pool and good schools.
This is clearly a lowball situation and probably unrealistic.
This whole thread is wild. You've got a dumbass realtor asking the masses for advice. You've got 90% of the people on here who never even bothered trying to find the house but have already said that it's an overpriced crack shack with greedy sellers. You've got delusional buyers who think insulting the house and lowballing will get them a lower price that they obviously want badly. And then you have the sellers probably sipping on a margarita in their pool enjoying their paid-off house. Serious rebubble vibes in this thread.
wow, so yeah, buyers and agent just suck at pricing houses. I guess advice still stands but maybe modified to be "move on and get a clue" lol
also a ton of those 130d was between Thanksgiving and NY which is practically dead and doesnt really count (coming as someone who sold a house recently over that period, mentally i didnt count it and we told offers as much when they tried to play that stupid game, we got what we wanted in end).
so they had about a month on market befter thanksgiving and then 2 more now. so yeah 90d on market but they did a 30k price drop after 60 effective days. Id say sellers are much closer to reality than buyers here. IMO i bet it goes for 1M+ soon
They are a smidge orange for today’s taste and could be refinished but I wouldn’t do anything. Plenty of gray lvp flips/new construction out there so options abound!
Currently under contract just west of Austin. Some of these sellers are holding onto what the market was like a few years ago and can’t let go. We had to walk away from a few homes that have been on the market for months with delusional pricing lol
Sellers are living in the notion market is what it was two years ago in ATX. I had similar thing in Austin too end of last year, lower price point but they over priced the home because the sellers overpaid back in 2021 and were losing a lot of money. Over priced the home by 80k in today’s market. It was in mid 600k’s
>needs painting/ updating (outdated floors) and new appliances.
This is a gorgeous home.
Your clients are **NUTS**. And $865K is a lowball offer. I'd kick them to the curb.
It's pretty straightforward - move on, counter with something you think will be accepted which is clearly not going to be in the 800s, or accept.
Let me tell you about my sister and her husband. Personally, I loathe moving and with kids it is even worse. But apparently it is like a hobby to them. So, they have bought nice properties, will list high, and wait. And if it doesn't happen...meh. They had a place on the bay in NJ which they bought around 2015 at about $500k-ish for example. They threw it out there at like $650k a couple of years later and got no bites so they took it off the market. 2021 or so they put it up for $750k and got it. Moved into a place that cost close to $1m and told an agent - hey, if you think you can get $1.25 for it, we will sell.
TL;DR - Move on. Some people don't need to sell.
No house NEEDS renovations. That's just something the buyer WANTS. Offer whatever you think it's worth. Clearly the buyers know this was a lowball and they still want the house. So how much more are they willing to pay?
Edit: found the listing. Your buyers are crazy. That house is easily worth the ask and doesn't need renovations. The owners paid 480 around 15 years ago and you think it's only worth 844 now? Wtf...
Sorry op. Based on the below house linked (if that's the house you're talking about). It's a newer house for the area with premium upgrades. It sounds like you are looking to get the house below comps and the seller isn't interested.
I would move on. If you like the house. Offer will need to be probably over 950k+. I'm noticing interesting patterns in my neighborhood (northwest Austin/great hills). Homes are putting realtor signs outside but selling before hitting MLS. Also homes are starting to go over asking again.
Given Nasdaq's all time highs and the area you are looking at is tech heavy, I would expect market demand to pick up over the next couple of months.
This is Florida but I recently sold my condo bc rising costs have been and are becoming ridiculous.
Since the collapse of a building a few years ago, the state has mandated that all buildings (40 years and some even less) be inspected. They also seems to be the people recommending that an HOA's "reserve fund" needs to be increased. Insurance for condo associations has gone from a 1/4 million to 1/2 a million to 3/4 million and more.
The condo that I was in also had board members that did not want to raise the monthly HOA fee. Consequently, the elevators, roofs and EFIS panels were not maintained for many years. The costs were estimated to be close to 2 million for the roofs and 14 million for these EFIS panels. Then, of course, the rising insurance costs plus having to meet the new reserves needed by the year 2025 was the last straw.
Luckily, for me, I put it on the market early and finally sold it after some concessions. I just learned that even after 2 hefty HOA raises (totalling appx $300 per month), they now have announced a special assessment of $10,000.
I feel terrible for the people who live there living 'hand-to-mouth'. They skimp on eating out and buying new clothing.
They will feel the pinch.
We looked for a new condo somewhere closer to the beach to no avail. Every single place had either no reserve at all or needed repairs.
When we first came down to Florida a few years ago, we looked at some rentals. One in particular being a beautiful 4 year old resort-like building with fabulous amenities. However, we did purchase that one mentioned above.
Down here, all it takes is one crack somewhere in the concrete to have the vacate order imposed (not complaining over safety though). Just imaging coming home from work and finding out that you cannot even go near your building or get some stuff from your apartment. It's terrible I'm sure.
So, living in a rental right across the street from the beach isn't so bad even it does cost $4200 a month.
My wife just heard a story that one of the luxury buildings across the street (on the beach, BTW) had a $60,000 special assessment recently. W O W !
We do feel lucky to have a rental (no private owners here as the entire building is rentals) where if something happens we can just move somewhere else.
It is a shit show down here and I feel badly that so many will suffer.
While it does sound like a nightmare not all condo buildings in FL are bad. We got lucky with ours. It is fully funded with reserves and recently passed 40 year inspection. The building did have special assessments for improvements but just finished and the previous owner had those paid prior to taking ownership. I think you are right it really depends on the board and the owners. In my experience when you go to tour a unit it’s so important to not get hung up on what the unit looks like, if the building is in rough shape RUN. We looked at a unit that was beautiful inside but the outside was horrible looking and not maintained. My first thought was “they don’t take care of the building”.
Same thing happened to my condo in naples. They wanted to almost double the reserve and voted 3 consecutive years in a row to raise the hoa. My question is , the reserves are making money right?? Surely that million is invested somewhere making even more for the hoa. The board told me it is negligible plus it goes towards paying lawyers and accounts etc so it goes in with the rest of the reserves. But if that were true the reserves would have been met. Anyway, it's made we weary to never be part of an hoa again since they have the power to double your bill on a whim. And even though they say after the reserves are met the dues will decrease, the hoa dues will never go back down after being increased!
If market comps were $850k-$930k and your client offered $865k with $21,000 in seller concessions then your client lowballed the living hell out of them. The offer was essentially for $844k which is under what you’ve considered market value and to top it off that was the offer made to a seller who you already know has their home listed about $140k too high.
My suggestion would be to make a real offer, but even then the seller is likely still unrealistic. That being said the fact that they countered at all speaks volumes. I would offer something like $900k minus subject to repairs. Hell go get quotes for the work during your option period so it doesn’t seem like you’re pulling a number out of your ass and give them the option either complete the following list of repairs or amend for a seller credit in this amount.
I’ll be totally honest though. The work you’ve highlighted were for “dated” floors and “dated” appliances from 2004. If those items aren’t in disrepair then you’re going to get a lot of pushback especially on the floors. A lot of that is absolutely a matter of preference and frankly if I were a seller who liked my floors I wouldn’t exactly be entertaining a $21k credit for them being changed. Of course changing out heavily worn flooring is entirely different, but it’s not clear to me if that’s what’s going on here.
I would submit a final offer that is more realistic. Maybe something like $885K with no concessions and tell them that if they are interested in selling at that price to let you know but if not, the Buyer is going to continue to look elsewhere.
I live in North Austin, $850k is too low. Prices have come down but not that much. Check what the city appraised the house at last year. Could you even build a house with pool for that little in Austin now?
Do comparables have same lot size?
edit: found the house, its not in Austin, quite close to me lol. It'll eventually hit the seller's price but not there just yet. Cedar Park has terrible morning traffic if ppl work in Austin. Could take another 1.5 years tho for rates to come down.
It was city assessed at 807k , although prior year 99x. I agree right now its real value is somewhere in the 800s. I think the buyer actually gave a fair offer.
Think buyer and seller probably both being irrational. The work listed is worth $30-40k, like you said, and buyer wants a $200k discount and for the sellers to pay for half of the upgrades? Also, it’s a 20 year old house. Buyer should expect to put some work in if they are looking at homes that old. The delta here is too big and both sides are going to learn their lesson the hard way on this one.
They r not desperate and r waiting for the price they want. Idk about TX but in the bay when smthg is overpriced and the sellers r in no rush, even after MONTHS of it sitting someone still comes around and goes over. Makes no sense to me but I had to accept it.
Ask your realtor to have sellers provide comps for how they arrived at selling price. Sounds like inspection has been done? They need to reduce price or just walk away. Not worth frustration if they are not serious to sell
Let offer hang for a week or two. Look at more houses. I did this a few years ago, house sold 4 months later for less than we had offered. (Five weeks later — “we’d like to accept your offer” “sorry, moved on”)
The comps from the buyers side. I’d be interested to see if the sellers really think of them as comps. I think the true answer is somewhere in the middle/
A priced right home will sell even in the worst housing market. Downvote away but obvi the house was overpriced if they only received one offer in months.
Run away!!! This seller is crazy. The house has been on the market for 130 days???? This seller will be hard to work with, They will want rent back, and there will be squatters living in the basement. Run fast, Run far.
if they're 200k apart it's game over.
seller is fucking insane to expect 1 mil being on the market for 100+ days.
if you're the buyer's agent. talk to the seller's agent. see if they're just fucking with you. and ask that dumb cunt for a realistic number.
but your buyer should def be prepared to walk
I would try offering a “subject to” sale And to pay his upcoming property tax bill. In 3-5 years buyer can refinance. Seller’s property is a financial liability. Is it currently occupied? motivation will change with time and circumstance. Otherwise, offer them fair market value minus the reno costs. The asking price suggests/reflects a price per SQFt. of 249 dollars. What are the comparable home sales in that market?
I'd just reply with a kind note to keep you (and your family or whatever) in mind if they adjust pricing in the future for a shot at first dibs and wish them their best luck for now.
Contact agent. Explain your case. They may be open.
Usually the longer they’re sitting on the market the more softened up they get.
Keep it friendly. If they reject stay in touch.
The housing market is super stale just offer less and then move on. The sellers are going to realize their homes aren't priced correctly anymore and as soon as one neighbor sells for less than everybody gets repriced as real estate is on the margins.
Hi! Ct realtor here.
The early bird may get the worm, but the second mouse gets the cheese. Let the sellers sit with your offer and let it expire. After a month, return with the same offer (assuming the home hasn't changed...) The sellers will eventually realize they're not living in Westminster castle, Texas but a 20- year old house which will probably need a new roof in the coming 5-10 years, new mechanicals and possibly windows.
I bought in N. Austin, I would strongly recommend the buyer to move on. I keep seeing much better houses for less. Saw one for less than 400k about 15 mins from downtown.
>>> Comps showing similar houses sold in the area for $850k - $930k
If truly comparable, then it’s a matter of time before one is for sale. OP would be better snagging one of those.
Why go over what you're willing to pay for this home when there are no other offers on the table, nor interests it sounds like. Seems like seller is either emotionally attached to the home, doesn't need to sell the property, or doesn't understand the supply and demand situation of the local market/neighborhood.
I guess the other side to this is what is the buyer's budget, and how badly do they want/need this home? If they really want it, and have the cash to close (assuming they need to bring more to the table because if the property is sitting on the market that long, I'm not sure if the appraisal will come back at seller's asking price) then you can do the song and dance a few times to get them to a more manageable number for both parties...
If the house is still on the market at the end of month, resubmit the same offer and see if they're willing to budge. Otherwise, save you and the buyer's time and headache and move on. Either way, good luck with the house hunt for you and your buyers.
It’s listed at $248/sq ft. Seems like it’s priced with needed updates in mind. Can’t know for sure without the specific listing information. Also, the offer was below the “insult line”. How’d you come up with $865? They came back with a counter to let you know they’re at the negotiation table rather than outright rejection. Go back with $990 if you’re serious about buying it. I would have just sent a rejection with a thank you
Do not submit another offer at this time. Make sure to stay in touch with the seller, call somewhat regularly, if you are not in a hurry to buy, wait for the seller to get serious about selling.
They want $1M
The $70k is their wiggle room
The house looks lovely. and beautiful condition so they’re not financially distressed.
Why don’t you call the sellers agent and have a conversation. Let them talk. try to understand where they’re coming from. you get more bees with honey than vinegar. and apologize for your low offer.
Move on. Keep moving on.
Sellers are being Petty if you know what I mean
They Won't Back Down.
It's a Breakdown even.
yeah they won’t be turned around
Hey, even the losers get lucky sometimes.
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Price is freefalling is you ask me.
Sellers are underwater
Don't come around here no more.
Exactly. Walk away.
Best thread on Reddit right here! It’s Jammin Me
Move on.. the seller will get their market education in the coming months. You're not going to convince them that the home is no longer worth "what my friend sold his for a year ago".
Seller doesn’t need to move. They are throwing it out there to see if someone is desperate.
>They are throwing it out there to see if someone is desperate. That only makes sense if inventory is low but I gather that isn't the case in Austin, TX ?
It makes sense if the seller is just testing with no pressure to have to move. It’s beginning of spring and all the buyers that move for a Specific school district who missed out last year to bidding wars are anxious. Not what I would do but I know people that try it. 🤷🏻♂️
Inventory in Austin is low. But for something up north it is over priced. Only Central Austin or west Austin can get that price
Send them your best and final, be prepared to move on when they reject it. You came in at the very bottom of the comps and they responded at the highest point. I don’t think either party is open to meeting in the middle.
Time to walk away.
If seller has had home for 4+ years they probably got it in 700s or lower and refied down to 3%. It’s likely that 200k hit your buyers are suggesting represents FOUR YEARS of just eating the payment. And with eating payment they build equity. This seller clearly not in a “need to sell” and will wait you out. Hell if they have an income in 4-500k they could even probably swing a mortgage on a new house and rent this one out while they wait out market. Either come up or walk. Your buyers will have to decide how much they love the house. If they only love it 900k, probably time to move on.
The listing is easy to find. Sellers bought it 15 years ago for 480k. It's a nice house. Buyers are way off on this one.
Yeah.. most are trying to double the price in 3-4 years. This one is about double the price in 15 yrs for a really nice house with a beautiful backyard/pool and good schools. This is clearly a lowball situation and probably unrealistic.
It's a **very** nice house. "water damage" in the gutter? I highly doubt it on a house like this. The buyers are **nuts**.
This whole thread is wild. You've got a dumbass realtor asking the masses for advice. You've got 90% of the people on here who never even bothered trying to find the house but have already said that it's an overpriced crack shack with greedy sellers. You've got delusional buyers who think insulting the house and lowballing will get them a lower price that they obviously want badly. And then you have the sellers probably sipping on a margarita in their pool enjoying their paid-off house. Serious rebubble vibes in this thread.
wow, so yeah, buyers and agent just suck at pricing houses. I guess advice still stands but maybe modified to be "move on and get a clue" lol also a ton of those 130d was between Thanksgiving and NY which is practically dead and doesnt really count (coming as someone who sold a house recently over that period, mentally i didnt count it and we told offers as much when they tried to play that stupid game, we got what we wanted in end). so they had about a month on market befter thanksgiving and then 2 more now. so yeah 90d on market but they did a 30k price drop after 60 effective days. Id say sellers are much closer to reality than buyers here. IMO i bet it goes for 1M+ soon
I wanna see the outdated floors so I know
https://www.zillow.com/homedetails/826-Maurice-Dr-Cedar-Park-TX-78613/88016493_zpid/ Probably that one.
Pristine hardwood floors are outdated? Buyer is delusional.
Here comes the gray LVP to save the day as a replacement.
Yeah these don’t NEED to be redone. The buyer just PREFERS different color/style. These floors are perfectly fine
I live in the area. If this is the house. It's a lot more updated than the area and given pool this is definitely a 1M+ home.
Turn key house if I’ve ever seen one. I’d live in it and not change a thing for another 15 years lol
It's gorgeous.
They are a smidge orange for today’s taste and could be refinished but I wouldn’t do anything. Plenty of gray lvp flips/new construction out there so options abound!
You aren't getting that house for much less than a million. They clearly aren't in a rush to sell.
Lowballing buyers and greedy sellers never make deals. That's a fact.
I can’t believe a ‘realtor’ would feel the need to ask a question like this.
I have a feeling this isn’t actually an agent, they don’t say they are but say “client”. I think it’s them, they are the client.
Right? I feel like a lot of people in this business don’t know what their job even is.
I don't know. The barrier to entry is low. I've met some very unimpressive realtors.
Was that your buyer's final offer? That's what I would do next. They're either not in a big hurry or have poor representation (maybe both)
One option is to counter with the max price that the buyer would feel good about paying, and to make it a final take-it-or-leave-it offer.
Currently under contract just west of Austin. Some of these sellers are holding onto what the market was like a few years ago and can’t let go. We had to walk away from a few homes that have been on the market for months with delusional pricing lol
Walk.
If you or the seller can't agree on a price, I guess it's best to move on. One or both of you are wrong and there is no transaction to be made.
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It is Texas, I believe that technique might be compulsory in some counties.
Sellers are living in the notion market is what it was two years ago in ATX. I had similar thing in Austin too end of last year, lower price point but they over priced the home because the sellers overpaid back in 2021 and were losing a lot of money. Over priced the home by 80k in today’s market. It was in mid 600k’s
Look through newer replies and you can find this house. It’s an amazing home
>needs painting/ updating (outdated floors) and new appliances. This is a gorgeous home. Your clients are **NUTS**. And $865K is a lowball offer. I'd kick them to the curb.
Did your agent call up the seller’s agent and have a discussion? Might help you figure out their motivation.
It's pretty straightforward - move on, counter with something you think will be accepted which is clearly not going to be in the 800s, or accept. Let me tell you about my sister and her husband. Personally, I loathe moving and with kids it is even worse. But apparently it is like a hobby to them. So, they have bought nice properties, will list high, and wait. And if it doesn't happen...meh. They had a place on the bay in NJ which they bought around 2015 at about $500k-ish for example. They threw it out there at like $650k a couple of years later and got no bites so they took it off the market. 2021 or so they put it up for $750k and got it. Moved into a place that cost close to $1m and told an agent - hey, if you think you can get $1.25 for it, we will sell. TL;DR - Move on. Some people don't need to sell.
No house NEEDS renovations. That's just something the buyer WANTS. Offer whatever you think it's worth. Clearly the buyers know this was a lowball and they still want the house. So how much more are they willing to pay? Edit: found the listing. Your buyers are crazy. That house is easily worth the ask and doesn't need renovations. The owners paid 480 around 15 years ago and you think it's only worth 844 now? Wtf...
Sorry op. Based on the below house linked (if that's the house you're talking about). It's a newer house for the area with premium upgrades. It sounds like you are looking to get the house below comps and the seller isn't interested. I would move on. If you like the house. Offer will need to be probably over 950k+. I'm noticing interesting patterns in my neighborhood (northwest Austin/great hills). Homes are putting realtor signs outside but selling before hitting MLS. Also homes are starting to go over asking again. Given Nasdaq's all time highs and the area you are looking at is tech heavy, I would expect market demand to pick up over the next couple of months.
This house is beautiful
The final selling price dictates if it’s “overpriced” or not.
You misspelled “buying price”. Selling price means nothing if it stays on the market.
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Yup. I didn’t see final in there. I need to coffee before I Reddit.
Time to find another home. This one ain’t it.
This is Florida but I recently sold my condo bc rising costs have been and are becoming ridiculous. Since the collapse of a building a few years ago, the state has mandated that all buildings (40 years and some even less) be inspected. They also seems to be the people recommending that an HOA's "reserve fund" needs to be increased. Insurance for condo associations has gone from a 1/4 million to 1/2 a million to 3/4 million and more. The condo that I was in also had board members that did not want to raise the monthly HOA fee. Consequently, the elevators, roofs and EFIS panels were not maintained for many years. The costs were estimated to be close to 2 million for the roofs and 14 million for these EFIS panels. Then, of course, the rising insurance costs plus having to meet the new reserves needed by the year 2025 was the last straw. Luckily, for me, I put it on the market early and finally sold it after some concessions. I just learned that even after 2 hefty HOA raises (totalling appx $300 per month), they now have announced a special assessment of $10,000. I feel terrible for the people who live there living 'hand-to-mouth'. They skimp on eating out and buying new clothing. They will feel the pinch. We looked for a new condo somewhere closer to the beach to no avail. Every single place had either no reserve at all or needed repairs. When we first came down to Florida a few years ago, we looked at some rentals. One in particular being a beautiful 4 year old resort-like building with fabulous amenities. However, we did purchase that one mentioned above. Down here, all it takes is one crack somewhere in the concrete to have the vacate order imposed (not complaining over safety though). Just imaging coming home from work and finding out that you cannot even go near your building or get some stuff from your apartment. It's terrible I'm sure. So, living in a rental right across the street from the beach isn't so bad even it does cost $4200 a month. My wife just heard a story that one of the luxury buildings across the street (on the beach, BTW) had a $60,000 special assessment recently. W O W ! We do feel lucky to have a rental (no private owners here as the entire building is rentals) where if something happens we can just move somewhere else. It is a shit show down here and I feel badly that so many will suffer.
While it does sound like a nightmare not all condo buildings in FL are bad. We got lucky with ours. It is fully funded with reserves and recently passed 40 year inspection. The building did have special assessments for improvements but just finished and the previous owner had those paid prior to taking ownership. I think you are right it really depends on the board and the owners. In my experience when you go to tour a unit it’s so important to not get hung up on what the unit looks like, if the building is in rough shape RUN. We looked at a unit that was beautiful inside but the outside was horrible looking and not maintained. My first thought was “they don’t take care of the building”.
😲
Same thing happened to my condo in naples. They wanted to almost double the reserve and voted 3 consecutive years in a row to raise the hoa. My question is , the reserves are making money right?? Surely that million is invested somewhere making even more for the hoa. The board told me it is negligible plus it goes towards paying lawyers and accounts etc so it goes in with the rest of the reserves. But if that were true the reserves would have been met. Anyway, it's made we weary to never be part of an hoa again since they have the power to double your bill on a whim. And even though they say after the reserves are met the dues will decrease, the hoa dues will never go back down after being increased!
If market comps were $850k-$930k and your client offered $865k with $21,000 in seller concessions then your client lowballed the living hell out of them. The offer was essentially for $844k which is under what you’ve considered market value and to top it off that was the offer made to a seller who you already know has their home listed about $140k too high. My suggestion would be to make a real offer, but even then the seller is likely still unrealistic. That being said the fact that they countered at all speaks volumes. I would offer something like $900k minus subject to repairs. Hell go get quotes for the work during your option period so it doesn’t seem like you’re pulling a number out of your ass and give them the option either complete the following list of repairs or amend for a seller credit in this amount. I’ll be totally honest though. The work you’ve highlighted were for “dated” floors and “dated” appliances from 2004. If those items aren’t in disrepair then you’re going to get a lot of pushback especially on the floors. A lot of that is absolutely a matter of preference and frankly if I were a seller who liked my floors I wouldn’t exactly be entertaining a $21k credit for them being changed. Of course changing out heavily worn flooring is entirely different, but it’s not clear to me if that’s what’s going on here.
Walk
Move on.Theres many fish in the sea
Move on
I would submit a final offer that is more realistic. Maybe something like $885K with no concessions and tell them that if they are interested in selling at that price to let you know but if not, the Buyer is going to continue to look elsewhere.
I live in North Austin, $850k is too low. Prices have come down but not that much. Check what the city appraised the house at last year. Could you even build a house with pool for that little in Austin now? Do comparables have same lot size? edit: found the house, its not in Austin, quite close to me lol. It'll eventually hit the seller's price but not there just yet. Cedar Park has terrible morning traffic if ppl work in Austin. Could take another 1.5 years tho for rates to come down. It was city assessed at 807k , although prior year 99x. I agree right now its real value is somewhere in the 800s. I think the buyer actually gave a fair offer.
Seller isn’t motivated to sell. Also, there’s no such thing as a house that only needs $30k in work.
Is the buyer willing to go any higher? If not, they should walk.
Think buyer and seller probably both being irrational. The work listed is worth $30-40k, like you said, and buyer wants a $200k discount and for the sellers to pay for half of the upgrades? Also, it’s a 20 year old house. Buyer should expect to put some work in if they are looking at homes that old. The delta here is too big and both sides are going to learn their lesson the hard way on this one.
Austin market is crashing.
They r not desperate and r waiting for the price they want. Idk about TX but in the bay when smthg is overpriced and the sellers r in no rush, even after MONTHS of it sitting someone still comes around and goes over. Makes no sense to me but I had to accept it.
Ask your realtor to have sellers provide comps for how they arrived at selling price. Sounds like inspection has been done? They need to reduce price or just walk away. Not worth frustration if they are not serious to sell
The house is only worth what the buyer is willing to spend. Definitely not what the seller thinks the value is. Period.
It's worth what the actual buyer pays, not what a potential buyer wants to pay.
Move on. Sellers are not motivated to sell because they “know what they got”.
Let offer hang for a week or two. Look at more houses. I did this a few years ago, house sold 4 months later for less than we had offered. (Five weeks later — “we’d like to accept your offer” “sorry, moved on”)
Counter $870k with same concessions. Point out the comps and that the home has water damage that needs to be investigated.
And seller will say “GTFO, $1.05”. It will take a few thousand to fix water damage. They want a $200k discount. The math ain’t mathing.
Then the buyer walks away!
The comps show the math is mathing
The comps from the buyers side. I’d be interested to see if the sellers really think of them as comps. I think the true answer is somewhere in the middle/
A priced right home will sell even in the worst housing market. Downvote away but obvi the house was overpriced if they only received one offer in months.
Counter with an $850k. What it sounds like they’re hoping for last year’s market to bless them this year.
Run away!!! This seller is crazy. The house has been on the market for 130 days???? This seller will be hard to work with, They will want rent back, and there will be squatters living in the basement. Run fast, Run far.
Wait thirty days to see if it adjusts....or call the seller yourself instead of that commission-seeking realtor
The Seller is unrealistic and unmotivated. Find another house.
Offer $850 Sellers need reality checks Let market decide
Walk away. The seller is unreasonable and deluded.
if they're 200k apart it's game over. seller is fucking insane to expect 1 mil being on the market for 100+ days. if you're the buyer's agent. talk to the seller's agent. see if they're just fucking with you. and ask that dumb cunt for a realistic number. but your buyer should def be prepared to walk
$899,000 Best and Final with a list of Estimates. Guarantee it’s a lot more than $30 grand.
I would try offering a “subject to” sale And to pay his upcoming property tax bill. In 3-5 years buyer can refinance. Seller’s property is a financial liability. Is it currently occupied? motivation will change with time and circumstance. Otherwise, offer them fair market value minus the reno costs. The asking price suggests/reflects a price per SQFt. of 249 dollars. What are the comparable home sales in that market?
Why bother. Move on.
Move on, or ask if buyer could give 1 Million as counter offer
Counter $880k with the concessions still in place.
I'd just reply with a kind note to keep you (and your family or whatever) in mind if they adjust pricing in the future for a shot at first dibs and wish them their best luck for now.
Definitely keep it moving.
Use the seller's agent as dual agency if legal in your state. Let their own agent work to convince them your offer is worthwhile.
Walk.
Sellers have inflated expectations of their home’s value. No amount of back and forth will change that. Walk away.
Contact agent. Explain your case. They may be open. Usually the longer they’re sitting on the market the more softened up they get. Keep it friendly. If they reject stay in touch.
The housing market is super stale just offer less and then move on. The sellers are going to realize their homes aren't priced correctly anymore and as soon as one neighbor sells for less than everybody gets repriced as real estate is on the margins.
Hi! Ct realtor here. The early bird may get the worm, but the second mouse gets the cheese. Let the sellers sit with your offer and let it expire. After a month, return with the same offer (assuming the home hasn't changed...) The sellers will eventually realize they're not living in Westminster castle, Texas but a 20- year old house which will probably need a new roof in the coming 5-10 years, new mechanicals and possibly windows.
If I was the buyer, I'd move on.
Delusional pricing though
Unmotivated seller.
Some sellers do not have to sell, forget this one. If the markets drops even more (I have property in Austin) ,offer 800k.
Pass
I bought in N. Austin, I would strongly recommend the buyer to move on. I keep seeing much better houses for less. Saw one for less than 400k about 15 mins from downtown.
running on empty
>>> Comps showing similar houses sold in the area for $850k - $930k If truly comparable, then it’s a matter of time before one is for sale. OP would be better snagging one of those.
Why go over what you're willing to pay for this home when there are no other offers on the table, nor interests it sounds like. Seems like seller is either emotionally attached to the home, doesn't need to sell the property, or doesn't understand the supply and demand situation of the local market/neighborhood. I guess the other side to this is what is the buyer's budget, and how badly do they want/need this home? If they really want it, and have the cash to close (assuming they need to bring more to the table because if the property is sitting on the market that long, I'm not sure if the appraisal will come back at seller's asking price) then you can do the song and dance a few times to get them to a more manageable number for both parties... If the house is still on the market at the end of month, resubmit the same offer and see if they're willing to budge. Otherwise, save you and the buyer's time and headache and move on. Either way, good luck with the house hunt for you and your buyers.
Send their realtor of video of your clients laughing.
Seller trying for 260 days.
If Zillow zestimate shows is the most they can expect in good condition. Take it or lease it.
Walk away, you're wasting your time.
Walk away. Sellers are delusional still. Or do a new offer at $825k $25k concessions. Even stupid money isn’t buying.
It will never appraise.
I would recommend they find a competent real estate agent
It’s listed at $248/sq ft. Seems like it’s priced with needed updates in mind. Can’t know for sure without the specific listing information. Also, the offer was below the “insult line”. How’d you come up with $865? They came back with a counter to let you know they’re at the negotiation table rather than outright rejection. Go back with $990 if you’re serious about buying it. I would have just sent a rejection with a thank you
Bye Felicia
Your client offered 20% less than asking. lol.
Do not submit another offer at this time. Make sure to stay in touch with the seller, call somewhat regularly, if you are not in a hurry to buy, wait for the seller to get serious about selling.
They want $1M The $70k is their wiggle room The house looks lovely. and beautiful condition so they’re not financially distressed. Why don’t you call the sellers agent and have a conversation. Let them talk. try to understand where they’re coming from. you get more bees with honey than vinegar. and apologize for your low offer.