Jun 23 2011

More on that overpriced house

My realtor found out the seller’s motivation for the house we liked. They just want to move into a bigger house. That’s it.

The house is 3 bedrooms and 1700 sq. feet. Two baths. And it appears they just have one child. Maybe they are expecting multiple babies? Like 5-6? Because I think that’s a pretty good-sized house for several children anyway. We’re a little cramped in our 2-bedroom, 900-1000 sq. foot apartment but it’s not out of control. I just don’t want to be in this apartment for long.

Anyway. They’ve only lived there for two years. I think it’s poor planning to live in a house for that brief of a time, because there’s no way they’ll get their money back on it especially in this market.

We’ll keep our eye on it for price drops but I doubt I’ll see it.

People. Do not sell your house right now if you don’t have to. You’re gunna lose your shirt.

My pal Karen told me the people of The Tightwad Gazette searched for their house for 15 months. I told Karen that 15 months is the amount of time it took for our pregnancies with our babies, plus those babies lives up until this point, basically. That’s a long time! But they were picky buyers, it seems, and they loved the house they ended up with.

And then searching for Money Saving Mom’s archives on the topic, I was reminded that it took six months for them to find their house, and it ended up having everything they wanted and more.

Patience is going to pay off for us. We were fairly patient on our van purchase and we ended up with the best value around, and I think we’ll get something good for this house.



5 Responses to “More on that overpriced house”

  1. Have you considered offering them what you think it’s worth? Maybe that would help them realize how out of line they are, even if they reject your offer. I guess the risk there is insulting them to the point where they would be unwilling to work with you in the future.

    Also, maybe they aren’t dead-set on moving and just put their house on the market thinking, “hey, if we get this much for our house, THEN we’ll move. If not, no big deal”.

    Good luck with the house hunting!!!
    Becky´s last post ..He Thinks Hes People

  2. I agree with Becky. If you still really want the house, I would offer whatever you want to offer. Never assume it will be “too low”. I have a relative who offered 60k less than asking price and it was eventually accepted. Good luck with the whole process!

  3. My grandparents accepted a ridiculously low offer on their house because they were tired of waiting, and their realtor said he didn’t think that prices were going up anytime soon. Do you lose out on anything by making an offer?

  4. Good Luck!!! patience might be worthy in this case indeed…do you know if there are any other potential buyers?
    Kate´s last post ..Forex or Foreign Exchange- The Greatest Marketplace All Over The World

  5. Not sure if there are others. We’ll keep it on the list anyway!

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

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