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A lesson for stubborn sellers

Charleston real estateSometimes the first offer is the best offer.

One of my neighbors rejected an offer as inadequate on their home a while ago. The house is currently listed with another agent and is now priced $10,0000 less than the offer that was rejected.

Michael Vick's former "dog house" in Surry Virginia seems to be facing the same fate. The developer who purchased the house for $450,000 after Vick was indicted on federal dogfighting conspiracy charges rejected a bid of $747,000 at an auction last December.

Once again, the house failed to sell at a recent auction where the minimum bid was set at $590,000.

Apparently, the few potential buyers (bidders) who showed up couldn't prove they were qualified to buy the house. Read more.

At least the Atlanta Falcons are once again doing better. Go Carolina!

Published Monday, December 15, 2008 9:03 AM by Howard Arnoff

Comments

# re: stubborn sellers

Mr. Arnoff.

Can you expalin the disparity in a relatively unchanged 300-600K 07/08 inventory numbers, the nearly 100% increased in (Mo) for the same group, while selling prices appear not to have changed much at all? Sellers must be very stubborn and/or patient here.

Monday, January 05, 2009 4:38 PM by rich feit

# re: A lesson for stubborn sellers

Mr. Arnoff.

I note the unchanged 07/08 300-600k inventory, but the 07/08 Mo has doubled while the selliong prices remain unchanged. Patient sellers? Stubborn sellers?

Monday, January 05, 2009 4:41 PM by rich feit

# re: A lesson for stubborn sellers

Rich, when sales units decline, the absorption rate will increase despite the same or similar number of homes on the market. That is exactly what happened pretty much across all price classifications.

But as to your question about the mind set of sellers, patient and/or stubborn. Perhaps, but my view is that many are in denial and the market is working against them.

If you want to sell and why would you put your home on the market if you didn't, then you have to price to sell, pay attention to condition and you have to be flexible to negotiate.

Monday, January 05, 2009 5:32 PM by Howard Arnoff
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