Oh no the seller countered at full price, there are many “whys”.
I get asked why this happens and I wanted to share it with you. Here are some reasons:
- SELLERS CAN BE IRRATIONAL
Sellers often think their house is worth more than it actually is worth. Locally in the Hernando County area for example, depending on the time of the year, active listing prices were reduced between 5% and 15%. Sellers also know buyers will sometimes accept a full-price counter offer. They are gambling on that, after all it is often referred to as the skillful art of negotiation (possibly).
- THE HOME HAS NOT BEEN ON THE MARKET LONG ENOUGH.
Sellers often counter at full price during the first 21 days a house is on the market. Ironically the first offer is often the best offer they will receive, but again they will try to hold out.
- THE HOME WAS PRICED RIGHT.
When a home is priced right it will sell. Often if it is the lowest priced home in the area multiple offers will come in OR the home was priced based on comparable sales that support the value or an appraisal the seller paid for and it is doubtful they will budge when they know the facts.
- THE SELLER RECEIVED BAD LISTING AGENT ADVICE.
An offer comes in and at times the listing agent feels bad because it is lower than asking price. They may encourage the seller to counter at full price because they may have accepted an over-priced listing.
Consider the above reasons first and try to figure out which kind of circumstance applies to your situation. You have the option of making a counter to their counter offer. Negotiations can go on until someone is tired or just says no. Then there is always the option to ask for other concessions such as seller contributions to closing costs or mortgage buydowns.
Don’t get discouraged, this can happen, just be aware of it, know your options and it never hurts to keep looking at other homes on the market in your price range. You will find the right home with patience and knowledge behind you.
Questions? Let’s talk because I have answers and talking is a great way to get the ball rolling on assisting you with the purchase of your new home. I can be reached at 813-361-6350.