Reply to Overpriced house - lowball offer or wait?

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[quote=Anonymous]Back to basics here.  OP-do you know whether other offers have come in?  How do you know how long it has been on the market?  Are you working with an agent yet?

My house sold in 4 days from listing to contract and Zillow said it was on the market a full week before it actually was (it had a "coming soon" sign outside) and said it was still for sale another two weeks after the contract was signed.  So if Zillow is your source, watch out.

I relied on comps and my realtors advice to price my house.  In older neighborhoods, the state of the interiors of the homes varies much more than newer construction.  ONe house can have a single 40 year old bathroom while another could have 3 bathrooms that have all been updated.  Zillow and other sites consider that a "comp" because of location but it really isn't.

What is the walk score?  THat is a really big deal for some and can outweigh physical attributes of the home for certain buyers.

Also, logically, why would a buyer list so much above a realistic price?  If it doesn't appraise at that price or close to it, at sale, it won't matter if the buyer actually does get their asking price.  If it really is so high, you have to assume the buyer is expecting only a cash offer.  I don't think you can really assume any of that.

If you offered me ten percent less than I listed for within a month of listing, I would have rejected you out of hand.  [/quote]

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