Is my home price right? 1 offer and 1 showing first weekend.

8 Replies

here is my home for sale. i think its priced right by watching and see the other homes in our market. but first weekend on the market ive had 1 offer and 1 showing. my agent said we should have 4-5 showings our first weekend. he indicated the price may be to high. i really dont know. the only other housing available to buy in this price range is manufactured homes or early 1900s small homes. please tell me what direction to go. the offer was 20k less than my asking price. she is a first time buyer and only approved for that much. 

https://www.realtor.com/realestateandhomes-detail/6042-W-New-Hampshire-St_Spirit-Lake_ID_83869_M26588-85211?view=qv

2 bedroom single families are always a hard sell. Counter the offer you got.

she wrote a letter saying she has no problem paying the full price but her loan is only approved for 150k. Is it worth it to counter? Do you recommend taking this offer? Or should I do a price drop. I told myself 160k is my price I really want. So it’s not far off.

We had a potential offer withdrawn on our totally rehabbed 3 bed, master bath with two 1/2 baths because their king size bed would not fit in the ground floor bedroom. They bought a somewhat tired 2 bedroom (on the mkt 80 days) instead for $25k more than we were asking??? So I would be inclined to just wait it out. Buyers either lack the qualifying $$ or are just difficult to understand.

We all think what we are selling is worth exactly what were asking but...your market / showing activity usually tells you clearly.  If sales in that area are good and going fast, that low of a turnout for a brand new listing is definitely telling you something,  what its saying is what you need to figure out.  Price, area or something about the property are the main factors. 

You want $160k she's all in at $150k, you had a bad turnout in showings so what does it cost you to sit on the market and possibly end up at $150k or lower down the road?   Also need to remember, most buyers have a home inspection done and then can come back asking for additional money towards repairs etc.  

I like David Niles’ advice and add: Why don’t you trust your agent? If you do trust he or she, you may need to “come to terms”...

That first look by the pool of buyers is important. Now you’ll have the same pool of buyers when you lower it. And David is right about “Ninth hour renegotiation attempts”; I hate that crap!