As a Realtor/Broker for 30+ years, I want to give a big "thumps up" to the person who wrote this article. He is EXACTLY right about all 7 points. In fact, I am going to forward the article in a newsletter to our mailing list.
The majority of people who need to sell think their home is immune from the decline in house prices. The others are offended at a low offer.
As I often tell the agents when advising their sellers "remember, your house isn't a living breathing extension of actual family, its inanimate; let it go, move on and make up the difference in the price you thought you would get with the next house and the price you thought you would have to give." It all comes out about the same.
I do advise buyers to not make ridiculously low offers. They always offend the seller creating a gap that often cannot be bridged.
B. G. Houk
of MO
@
Apr 25, 2009 18:52:13 PM
Take your lowball and raise you one
As a recent seller one piece of advice I would offer sellers is don't act in any way "insulted" at lowball offers, which will be standard in this market. Ask your agent to convey your decline of their offer with apologies. Then if they're really interested in the house there won't be any hard feelings and they may make their next better offer.
Also, know your place in the world. If you own a McMansion which only someone making multiple times your local median income could afford, and requires the buyer to take out a "jumbo" mortgage, you are in serious trouble and need to let go of notions about holding your price. On the other hand, if you own a home in the price "sweet spot" for median income in your area, you can hold out for price, especially if you have nice amenities or great location. Think like a buyer or expect to wait a very long time...
Rich
of CT
@
Apr 20, 2009 14:52:08 PM
Lowball and leave a card
My cousin always 'lowballs' on the over priced/high priced properties and leaves a business card. After about 6 months, when the house hasn't sold, he gets a phone call in 70% of the cases asking if he's still interested in the house.
B. G. Houk of MO @ Apr 25, 2009 18:52:13 PM
Rich of CT @ Apr 20, 2009 14:52:08 PM
investor Mike of DE @ Apr 20, 2009 11:24:22 AM
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