Do you need to sell ASAP? Do you have a counter offer?

How much do you know about the buyer? Are they purchasing for themselves or investment purposes? Do they have secure financing?

How much does the buyer know about you and your situation?

Hopefully, you didn't spill your guts to your agent because they do and will talk.

I am a buyer. I cannot count how many times sellers' agents have told me the real reason why an owner is selling. It gives me a HUGE advantage to know that an owner has to sell because of a new job out of state, job loss, etc.

Any of these reasons can be used to negotiate against you.

My suggestion would be to let the buyer think you love your house so much that you can could live the the rest of your life there (or until the market improves) if you don't get a reasonable offer!

You don't want them to think you are unloading a dump. You want them to think your house is the nicest one on the block and that you are mulling several offers.

Thanks for responding. Everything about the buyer seems good, including secure financing, good closing date, good earnest money, etc. I don't have to sell, and my agent knows this. If she chose to pass on that information, I wouldn't care. I guess what I'm trying to determine is whether, indeed, the offer at 92% is "reasonable" or not, given the really bad market, lots of For Sale signs in the neighborhood with nothing moving, no other offers in sight, and the possibility of an even worse spring market (as some are predicting).

I've sold a number of homes, although none in a market like this. What do recent sold comps support price wise? is 92% a good offer or just buyers trying to snatch up a deal? Personally, I would probably counter at 95% of asking. It's not too much to scare the buyers away and it's just a little closer to your asking price. If you countered at 97 or 98, they might pass because they think you're not a serious seller. But at 95% they may counter back or may outright accept but I don't think it would scare them away.

Are there any contingencies besides financing and inspection? If not, I might not counter if you can get the contract as close to "as is" as possible. If recent comps show that the sale price should be 92-95% of what you are listed at, you may need to readjust your thinking.

On the other hand if you really do not need/want to sell (my question would be if you don't want to sell why are you putting yourself through this?), counter back high (with the expectation that they will walk).

I like the 95% counter idea. If 3% is going to make the buyer run, they will find something else they don't like before the deal closes and pull out anyway. OTOH, does 3% do a lot for YOU?

However, I don't see any experts saying the market in your town is going anywhere but down for the coming year. It's unlikely you'll get a lot more showings in the upcoming season until after Super Bowl, and that's only if there IS a 'spring market' upswing.

This is a very 'iffy' time -- not just in real estate. Are you going to be buying in the same timeframe?

I live in your market. It seems to me that the answer to your question depends on where in the city you are located, how much competition you have, whether your house is unique for the neighborhood, and whether or not "100%" (asking) is realistic. The market is really really quiet, from what I've observed.

Your post is very similar to the post I wrote a couple of weeks ago, except I accepted a 90% first offer. In this market, I'm glad I did. Even though I didn't "have" to, still glad to be out from under the stress of it, having already moved out of it. If you live in it, that's different. You don't have to keep up with taking care of it, and worrying about it.

I just didn't feel like waiting for a better offer, maybe as long as a year down the road. Not worth it.

My DH and I sold two houses this year. One in February at 96% of asking after 5 months on the market and the other in July at 89% of asking after 3 months on the market. I'd say we got lucky considering the SLOW market. I think 92% of asking is good, but if you don't have to sell and can wait for a better offer, then do so. We had to sell and are very glad we did as the market has gotten even slower in our area. There are several houses in our town that have been on the market a year+. We live in Eastern Iowa.

I did counter, and we finally settled on a price just a few hundred bucks away from 93% of my original asking price. We still have to go through the inspection, but it looks like it is a done deal. After much reviewing of comps and noting how miserable the market is around here, I think I'm pretty lucky to have sold at all within 4 months at an ok (not great) price.

Best wishes for a successful closing!

At 92%, I would not accept if the buyers offer is contingent on the sale of their home. Is that buyer putting down a big chunk of change for the ernest money (demonstration of commitment), do they have excellent financial situation (eliminate problems with financing), are they willing to go to settlement ASAP? If you've got buyers that can close quickly and cleanly, take the 92%, but don't consider it if you've got a buyer with anything less than stellar credit and finances and a willingness to settle quickly. Hope this helps.