<p>LOL dstark-- when I first read your post, I thought it said you were “passing” on the good karma, meaning you were going to take a pass and not give it!! LOL. I guess I am too worried about selling!! And thanks, VH. At least a nibble would be nice. Of course a bidding war would be nicer :)</p>
<p>I’d question the reliability of the “backup bid”. </p>
<p>There was a time when all houses had multiple willing purchasers. Those days are gone. The chances of a backup bid being real today are much lower than they would have been 6 years ago. </p>
<p>Of course, there is a great risk of attempting to find out. On the other hand, I only was able to find out what kind of a deal I could get on a car when I stood up and said thanks, but I’m not going to buy it, and walked to my existing car. Granted, thats a bit more nerve racking when it comes to house buying or selling.</p>
<p>I want what dstark described in # 276!!</p>
<p>Jym626…lol</p>
<p>There was another townhouse for sale in my future complex…more fixed up…but the views are not as nice. </p>
<p>That place was priced 10% higher than mine and receivrd two overbids…</p>
<p>So…on the one hand I am happy…because I can fix my place up and the value will be there…</p>
<p>On the other hand I am going to have to eat some of costs for problems that came up during the inspections.</p>
<p>I don’t want to lose the place.
There was another bidder, but I don’t know if that bidder is in the backup position.</p>
<p>I walked by the townhouse today and it looked like there was another buyer scoping the place. I could see the woman on the deck. </p>
<p>She is not going to get the place. :)</p>
<p>You tell 'er dstark!!! Its yours!</p>
<p>Well, we got an offer today. Since our first potential buyers disappeared after their second counter offer, I’m not holding much hope out for this one. We’ll see. It’s pretty lowball, but there’s no law against a low ball offer, so we countered and brought our price down significantly. Our agent says it’s very low, and she can’t tell if this is a real offer, or just someone fishing to see if he can find a really desparate seller. Time will tell. Keeping our fingers crossed.</p>
<p>Good luck, hayden! Same situation we were in, and it does feel good to at least have the option of taking less than you think the house is worth. I hope they take your counter…</p>
<p>High-end sales push city’s condo prices up 10.2%
$487,000 median near peak; luxury sector at $735,000</p>
<p>Boston’s downtown condo market enjoyed a double-digit price increase this spring as buyers snapped up homes in luxury buildings, pushing prices to near-peak levels, new data show.</p>
<p>Citywide, the median price swelled by 10.2 percent to $487,000 in the second quarter of 2011, compared to the same period last year, according to Listing Information Network, a Boston company that tracks the downtown condo market. The city’s peak was $499,000 in 2008, before the national financial crisis stalled sales and frightened away buyers, according to data provided by the information network.</p>
<p>Median prices headed upward partly because of increased sales in high-end buildings like 45 Province, the Clarendon, and the Residences at W Boston. Two properties at the Mandarin Oriental each sold for more than $12 million in June.</p>
<p>[Downtown</a> Boston condos enjoy double-digit price increases - The Boston Globe](<a href=“http://www.boston.com/business/articles/2011/07/26/downtown_boston_condos_enjoy_double_digit_price_increases/]Downtown”>http://www.boston.com/business/articles/2011/07/26/downtown_boston_condos_enjoy_double_digit_price_increases/)</p>
<p>Interesting, BCEagle. As I said in a previous post, we’re seeing the same thing - the rich are buying & selling high-end properties, while the low end homes (comparatively speaking, in our area) just sit. </p>
<p>It’s really the same thing we’re seeing in the economy in general: the top % receive higher and higher salaries, while the middle class incomes are actually sinking. I’m really nervous about our country in this regard. Business isn’t suffering because of “uncertainty” about taxes or anything else. Business is suffering because there aren’t enough customers buying.</p>
<p>Good luck, hayden!! I have not heard any feedback from Sunday’s showings :(</p>
<br>
<br>
<p>I would generally agree that the low-end and middle markets are a lot
weaker, at least from where I sit in Southern NH. The economy isn’t
terrible (4.7 or 4.9 percent unemployment) but people aren’t confident.</p>
<br>
<br>
<p>There have been a number of articles out on the wealth gap between
whites and minorities in the last few days. The main difference in
the wealth gap is stock ownership.</p>
<p>[Census:</a> Wealth gap widens between whites and minorities - USATODAY.com](<a href=“http://www.usatoday.com/news/washington/2011-07-26-census-wealth-data_n.htm]Census:”>http://www.usatoday.com/news/washington/2011-07-26-census-wealth-data_n.htm)</p>
<p>The analysis shows the racial and ethnic impact of the economic
meltdown, which ravaged housing values and sent unemployment
soaring. It offers the most direct government evidence yet of the
disparity between predominantly younger minorities whose main asset is
their home and older whites who are more likely to have 401(k)
retirement accounts or other stock holdings.</p>
<p>The median wealth of white U.S. households in 2009 was $113,149,
compared with $6,325 for Hispanics and $5,677 for blacks, according to
the analysis released Tuesday by the Pew Research Center. Those
ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far
exceed the low mark of 7 to 1 for both groups reached in 1995, when
the nation’s economic expansion lifted many low-income groups to the
middle class.</p>
<p>Asians lost their top ranking to whites in median household wealth,
dropping from $168,103 in 2005 to $78,066 in 2009. Like Hispanics,
many Asians were concentrated in states like California hit hard by
the housing downturn. More recent arrivals of new Asian immigrants,
who tend to be poor, also pushed down their median wealth.</p>
<br>
<br>
<p>I work in tech and we are hiring and expanding and selling tons of
products overseas. There are lots of other tech companies in the same
position. What I see is a lot of companies with mainly domestic
customers having problems.</p>
<p>Okay all you kind souls. I’m asking for your advice and opinions. When last we met (well, you know what I mean ) we had received an offer on my mom’s house which was 20% below our current list price. We countered by bringing our price down by 8%. They have now re-countered with a price that’s 10% below our current list price. It’s about $10K less than my lowest number, which I set by looking at the lowest number any house with the same bedroom/bath count has sold for in our area. </p>
<p>The difficult part is that three other couples that have seen the house over the past 7 days have each asked for the disclosure documents which is a somewhat serious expression of interest. </p>
<p>So here’s where I stand on it now: I asked our agent to say we’re interested in their offer but there are other people looking, and I have to consult with out of state family members. If we get no other offers by the end of Saturday, I’m inclined to accept it, as the bird in the hand. I haven’t heard from my sibling yet. </p>
<p>Does this sound like a decent deal, or am I jumping two fast? The “first” first offer, that disappeared in the mists, was higher than this one. On the other hand, they abandoned their real estate agent, so they’re pretty academic now, except that it shows us that the house is a desirable property. Our agent says that people are looking and looking, but people just aren’t buying in our price range. I keep thinking if we don’t take this low offer, we’ll regret it. On the other hand, if we do take it, we’ll never know. </p>
<p>Sorry for this long post, but I would love to hear all your thoughts. Thanks so much.</p>
<p>How much have you lowered your list price from where you started? Its such a tough decision. The longer you hold it, the more $$ you throw at it to heep it up. Yet, you don’t want to give it away…</p>
<p>Thanks for responding, jym. We lowered the list price once about 2 months ago, by about 2.5%. It wasn’t a big price drop, really just enough to pop up on everyone’s screens as a price reduction.</p>
<p>Your point is well taken - every day we don’t sell the house is another day of insurance, air conditioning, and the biggest - property taxes.</p>
<p>So you are 2% apart?</p>
<p>What are your carrying and opportunity costs? How many months will it take to burn through that 2%?</p>
<p>LOL. When you put it like that, notrichenough, I feel like an idiot. Yes, we are only 2-3% apart at the end of the day. It’s just with 3 other interested couples, and being 2-3% below the minimum price for a house in our market, it seems like the Holy Grail just dangling out of our reach. Do we cut our losses, or hang on a couple of days longer? Actually, I just found out they’re bringing the entire extended family over tomorrow. It would be ironic if I decided to take the offer, then they decide to withdraw it!</p>
<p>You can stall them if it is only for a couple of days. Saying something generic like “I think we can work with that price but I have to get approval from my out-of-state relatives” is good for a day.</p>
<p>Or counter-offer to split the difference, there’s another day.</p>
<p>They probably won’t sign the offer until the whole family gets a look at it anyway.</p>
<p>Have your agent pass on to those other couples that you are sitting on an offer, and they need to decide quickly.</p>
<p>Sounds like a plan, nre. Thanks! BTW, your screen name is so appropriate to this thread.</p>
<p>Good luck!</p>
<p>Hayden, good luck.</p>