Story time/rant. House hunting and I’ve come across SO many listings in the Dallas burbs where it’s like the same things happening on repeat: overpriced, flaunting “new updates” that the previous owner did, rough cosmetic shape inside, and sitting on the market a long time or yo-yo-ing on and off with reductions to the tune of 1-10k.
ALL of these were bought in the past 5 years or so and it’s obvious the sellers want to make a profit or at least break even. I feel for them, it’s tough to have “won” in a competitive market and then try to sell and lose that interest rate and then some. The reality is the market is shifting and they’re shooting themselves in the foot.
Against my better judgement I offered on a house like this because I liked it, I gave a lower offer still a bit above comps despite cosmetic issues. The sellers accepted but never wasted an opportunity to mention they came down on price especially when the inspection revealed real neglect and safety issues. Needless to say I walked. I see the same pattern in listings again and again and it’s frustrating, makes me not want to look at an overpriced house from a seller who recently bought.
For anyone who bought recently and needs to sell into a very different market, my genuine advice is to try and anchor yourself in the real market value and move on from what you paid. I can’t be the only buyer turned off by unrealistic pricing.
Sellers who bought in the past 4-5 yrs are unrealistic as the market cools
byu/Daisy_232 inRealEstate
Posted by Daisy_232
9 Comments
Kind of a stalemate situation right now in some markets.
Sounds like coping on your end.
Not at all the case here in my neck of the woods (New England).
Yeah coming down 10k with interest rates and inflation where they are means it was 100% listed at the real market value. Buyers are actually delusional more than sellers
What someone paid, isn’t your concern.
Does the property fit your needs and budget.
I feel like I’ve read this post multiple times a month for the last 6 years.
As always, the market depends on where you’re located.
In some states, prices are steadily rising, from 5-10% a year, so even sellers who bought in the past two years can break even.
Sold prices in my suburb in IL increased 17% last year, which means that a seller conceivably could have bought a year ago and make money selling today.
Texas has a lot (a lot) of inventory. More owners are trying to sell then there are buyers to buy. Look for the best possible deal.
If the seller wants a deal badly enough, they’ll lower the price.
If a buyer wants a deal badly enough, they’ll raise their offer.
Neither of you (buyer and seller) want the deal badly enough. And that’s totally OK: you don’t think it’s worth the value the seller does – happens every single day.
Find another one where you can convince the seller or they are more amenable to a value you feel appropriate. Not every seller is going to pander to your desires on it.
They might not *need* to sell. I took eight months to get around to listing my house after I moved out. It sold fast, but could have left it sitting there for years with no financial stress.
Offer what you like, but a “cool” market doesn’t necessarily mean you’ll be catered to.