Seller’s remorse
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Anonymous
| Have a lovely move-in condition place close to transport and amenities with neutral recent updates throughout. We had over 20 showings and lots of positive feedback. SO and real estate agent both insisted we were safest taking the first offer Monday after open house as it’s “always the best offer.” I regret allowing myself to be persuaded. Now feel sick as it is 35 under the Zillow appraisal and we had two overtures today. We paid 75 over asking for an as-is forever home earlier this season that we will now struggle to update. Anyone else find themselves in a seller’s market when buying, but not selling, this season? |
Anonymous
| WTF? That's not accurate at all - everyone knows that you need to set an offer deadline and see what comes in and how high they escalate. We had four offers before our Monday 5pm offer deadline. We picked the second highest offer because they waived all contingencies and could close quickly. |
Anonymous
|
Well, I can say this - the value Zillow shows for my house currently is a complete pie-in-the-sky figment of imagination. And as far as other people making overtures, you have no way to know if those would actually have panned out in the end.
You've got a buyer excited to buy your house, and you have your forever home. Both great things to celebrate! The updates, whenever you get to them, will be the cherry on top. But, yes, you're normal to be feeling stress by how the housing market is now. |
Anonymous
| That is a lovely way to count one’s blessings, thanks for the reminder. |
Anonymous
| Zillow is total BS OP. Our house is now worth $250k over what we paid for it 8 months ago solely because a house twice its size sold for a ton more money a few months ago. |
Anonymous
| Agreed. Zillow is wrong for my neighborhood. |
Anonymous
|
Zillow (and more egregiously redfin) are bs. They simply are not accurate enough, so I would not worry about the 35k under.
That being said, your realtor sounds crappy, he/she simply tried to have an easy payday by going for first one. As another poster said, should have set an offer deadline to see what you get. But hey count your blessing, you had a house to sell, and also had money to buy another one. Lots of people can't say that |
Anonymous
| How did you get to $75k over ask? |
Anonymous
|
OP, I'm sorry. Your agent doesn't sound good. PP's are right that your agent should have recommended that you set a deadline so other potential buyers knew the deadlines. It does sound like your agent just wanted an easy commission.
But you don't really know whether or not your house was priced right. Online sites like zillow aren't accurate. I tell people here to look up their own comps. I'm surprised at how many intelligent, educated people don't do this. We've had realtors try to give us lowball prices to sell quickly too. Now we look up the comps and tell the realtor what price to list at. Once you figure out the comps, you'll know whether your house was priced correctly. If you feel it was underpriced, then don't agree to any repairs or money back after inspection. Keep your chin up. You'll soon recover financially and be able to afford updates to your new home. Make it a priority to save for it. Cut back on eating out, take out, entertainment, etc. Find free and cheap things to do. Paint your master bedroom a color you love and give yourself a small budget for new bedding and accessories. Make a little oasis to come home to every day while you're waiting for the costlier projects. |
Anonymous
| Agree with everyone else. Your realtor did suck. BUT. You can’t count on Zillow’s appraisal. You have an offer. Your house isn’t sitting. |
Anonymous
| An overture is not an offer. Take the bird in hand! |
Anonymous
| OP, when we were selling our house last summer, the Zillow and Redfin estimates both swung across $100K either way in a two week period. Those things are not accurate. |
Anonymous
Bidding war for a non-ugly house within walking distance to decent-ish school where DC’s friends are going - it was worth it to us. 200k over our starting budget. We were hoping we’d offset it a bit by selling starter place now. |
Anonymous
DP. All the homes we’re seeing are going for $50-300k over asking, MoCo. |
Anonymous
| +1. I was going to ask how you didn’t have to go more over 75K! |