I have a client interested in buying a home in the Sawmill road area. It was overpriced at $192,000. A similar home sold across the street in the $170’s. We offered an initial low price of $172,000. We ended up going back and forth a few times and ended being not too far apart. I thought my buyer was already streching the value and was already paying too much for the home. We told the listing agent we were interested but moving on for now and if things should change to keep us in mind. At that point in time the seller just wasn’t motivated to take a reasonable offer. He was still holding on to his old value.
A few weeks later we noticed the price dropped on the home and we were now only a few thousand apart. For the life of me I don’t know why the real estate agent just didn’t call us directly. Isn’t this the job of the listing agent, to get the house sold. In either case we had moved on and were in contract on another home. Now they dropped the price yet again. They should have taken the first deal while it was on the table, especially since it was a good deal. It is a risky proposition to yet hold out for a better deal, especially when the home is overpriced to begin with.
Remember, the market doesn’t care what you want for the home. Your desires don’t increase the value. You have to recognize the market factors and how they will determine the value and how best to take advantage of them.