Thanks in advance for any advice/help!
First time home seller and we are in the central Texas market. Our home is listed for $299,900, and was built 5 years ago. 1,856 square feet, 3 bed 2 bath and in good condition with no issues. We listed a little over a month ago and have had 8 showings and 2 offers at 270. We countered with 290 to negotiate and both offers walked. Is it time to drop down to 290 in hopes to get more offers? Our house is priced below comps in our area so not sure what the right move is.
Thanks again y’all!! Listing
Posted by TheMFBootyGoon
23 Comments
290? That’s a pretty tiny drop
Should have taken the 270. Lowering $9K isn’t going to move the needle and now your listing is getting stale. You’ll probably end up selling for $250.
The market in Texas (especially new builds) is tough. What does your agent think? But yes, my inclination is that you should lower the price – and probably to $285k.
I’m in south texas and based on my experience here, I would have jumped at that 270 (if it was a legit offer i.e. preapproved mortgage etc..).
You need a more significant cut in price. No more than 280K, I’d say
Do you want to share you listing here for scrutiny?
Built 5 years ago? That is not generally an adequate period of ownership off the market to expect a good return on your investment. Most of the time, people are recommended to own their home for at least 8-10 years before considering selling.
Two willing buyers literally just told you that your house is worth $270k. Price it accordingly.
That’s a beautiful home for 299k – drop it 10k and see what the response is
You had 2 offers at the same price. The market has spoken. Dropping to $290K is unlikely to move the needle for other buyers. I would drop to $285K at least. Even with that, you’re probably looking at chasing the market down now. Future offers after a price drop are likely to be lower than the $270K you got in the first place, to be honest.
If you have a Lennar, good luck selling.
I see there’s still new construction in Waco at $300k or less, offering 3.99% 30y mortgages.
This supply may be influencing buyers in your area.
you’ve been on the market 5 weeks. Ask your agent to provide you with
a. what has gone under contract since then (special consideration for anything listed and UC since you started)
b. what the closed price was for anything under contract when you started
c. what’s competition that has been newly-listed
The market is definitely shifting and is super weird now. We have just accepted the offer on our house that we listed for 298k in July. The house is similar to yours built in 2019. 4 bedroom 2300 square feet. We are on the coast of ms. After some traffic but no offers we dropped to 285k. We got an offer for 270k that we countered with 280k, and the buyer accepted. Honestly 280k was our lowest we would accept.ultimately we didn’t need to sell and could have kept it. Just last year two houses in our subdivision were sold for 305k after it was listed for 310k. By the time we were listing our house, we were the lowest on the market compared to comps as well. I’m afraid those higher profits are gone. Even from the point of our market analysis, the market itself was different by then. I would highly recommend to drop it to 285k and see what happens. You will still see a good amount of money at the end. If you wait longer, things might get even worse. In my eyes 9k drop you want to make wouldn’t make much of a difference. As someone mentioned you will chase the market at that point. Your house is beautiful and will sell. Don’t give up. Good luck
Comparable sales are only one piece of the puzzle. They look backwards at what your home was worth over the past six months or so. That information is useful, but it does not reflect what is happening in your market right now.
It is mid September, which means you are likely past the peak of your seasonal cycle. You probably should have considered taking one of those earlier offers. The longer your home sits on the market, the less activity you will see. Lower activity means lower demand, and lower demand usually means a lower sale price.
At this point, you need to reduce the price by more than nine thousand. The only buyers interested enough to write an offer told you your home was worth 270. Nobody else has shown interest at 300. Those are big clues you should not ignore.
My first reaction would have been to drop it right away to maybe 270. But apparently you do not want to let it go for that price.
Texas market is crazy right now. Have your agent rerun comps for the last 30 days. Unfortunately you’re competing against new construction with preferred rates and that draws the first time buyers who would be interested in your place. Based on the offers you received, I’d go 279,9.
Note: Not a Professional
I’m a buyer in texas, just settled on a house for 277k, with 5k credit. Priced at 290k, my loan was for 300k, I saw a lot of nice listing at 299k, but even hitting at 290k is too much. Asking for 270k is them saying they need it lower, 285k they might have talked a bit more. You can also offer other incentives. If you drop it by 15k for them, they might be more willing, but 270k is a low ball to bring you closer to their desire price. Dropping 9k doesn’t really do much for what they want. The market is tough right now. Dropping the price also makes people see the price drop. I’d say if they over 270k, try around 280kish and see if they’ll ask for something after.
If you drop it, the original price, then people WILL go lower. Sucks, but that is how it is.
Lower to 275k
Why would you want to leave that home it sounds great.
270 is how it worth. I would drop down to 270k . You keep saying it’s below comp, but is your comp accurate? The market is telling you 270k is more accurate. If you want some potential bidding you can probably drop down to 250k. I saw some seller agent did this after sitting in a market , they actually sold between them
After seeing the house and price, I’m moving to Waco. My gosh that house is beautiful for a cheap price.
Wow. I wish I was house hunting in Waco. What a great home at a great price!