Hi Agents-

I currently have my house listed on the market, it’s a 3 bedroom 1 bath ranch in Lafayette, the house has been well maintained and updated with paint, SS appliances and lots of other updates…however all of my offers are coming in way under asking price.

I’m asking around $235K and my offers are coming in at right at $200K.  Is this the new shape of the market, is my home really only worth $200K?  I guess I’m debating whether to take one of these offers and hope to get out before the market gets worse (and my home is worth less) or are people just low balling thinking maybe I am being forced to sell b/c I can’t afford payments?

Any thoughts on comparable listings/sales prices in the area would be great or what I should do.

 I am not very familiar with your area but if you want to see what other homes in your area are listed for you there is a website, recolorado.com, that can help you search. The market isn't very great so my guess is that people are offering low because of that and you are selling your home yourself. They are just trying to get the best deal out of it.

 All you have to do is be smart and take a good look at the homes in your area, try to find some comparable homes and then play hard ball with these other offers. Have you countered any of them?

If you are in a rush to sell then you may have to take less than you would like but if you can wait the market will come back up again. It probably wont happen until next spring or summer though. good luck 

 Sheryl-

I guess your right, the market is bad and people are trying to see if they can get a deal.  I guess I don't blame them, but it is my house so I want more!

Now I have to make the decision if I can wait and take my house off the market or sell for less than I expected.  I certainly hope the market gets better, soon.

Thanks for your insight... 

Hi Marc, unless your house is in a great neighborhood with great schools, it will most likely get those kind of offers. The value may be higher but the true value is what someone is willing to pay for it...The market here in Denver is extremely saturated with listings and only getting worse by each day.  If you need to get out, take what you can or possibly rent it out until the market turns...On the flip side, the next home you purchase will be a better value as well so really it is a break even scenario if you look at it that way...

Andrew

Andrew-

You are right, I guess the true value is really what someone is willing to pay for it and it's not what I want!  The market in the greater Denver area is flooded with listings right now...I guess my best bet may be to wait it out.

I appreciate your feedback.

Hello and good afternoon,

I understand it's kind of insulting to receive ridiculous offers however I've never met anyone that would offer full price unless they were asking for closing costs, possible repairs, or trying to outbid someone else who is trying the property as well.  Do as one of the other Realtors had suggest and go to ReColorado.com, type in your subdivision to see what is currently active and see how they compare to your home.  What most people don't realize is that Market sets the price, not the Broker or even the seller.  If your Selling your home to get another, your going to get a great price on your next home.  If you had purchased your current home in the last few years and have no equity, your going to be lucky to break even.

I'm not a huge fan of Zillow.com  because from my experience, it usually under values homes and doesn't take into account improvements not shown on public records.  It's a useful tool to get an approximate range.

It's hard to sell a home on your own.  A lot of people including investors will low ball your listing price to see how you react.  Your first question to them is "Have you already spoke to a lender and been at least pre-approved"?  Most people have not and they waste a lot of your time.

Suppose someone offered you full price. You take it off the market.  They say they've been talking to their lender and will have a answer next week.  Next week comes and now you can't get in touch with them.  (not a good sign).  A little more time goes by, you finally reach them and their reply is that "We really love your home and want to buy it but we can't get financing right now because of the Bankruptcy we had a couple years ago.  We didn't know how bad that hurt our credit.

Believe me this kind of stuff happens all the time.

That's why we as Realtors find out in the beginning if we're even shopping in the right price range.  We only bring qualified buyers that are not going to waste your time or ours and we set dates and deadlines to expediate the process and make for a smooth transaction.

I'd be more than happy to look into some of this for you and see if there is anything I can do to be of service.

Feel free to e-mail me at AFullerUniqueHms@hotmail.com

Thanks and have a wonderful day,

Alan

Hi Marc,

I live in Erie and office in Louisville, so I am familiar with your market. Boulder County (outside of Longmont) has not been hit as hard as other parts of the metro area.  I'd be happy to provide you with a market analysis. Let me know if you are interested.

Good Luck!

coloradorealestate-

Thanks for your response!  Fortunately I was able to finally find a buyer for the property at a price I was happy with, I appreciate your offer on a market analysis though!