Mooers Realty Maine Real Estate Blog
How Much To Offer Seller On Maine Real Estate Property?
The listing price for property on the market, for sale in Maine, how much lower will the seller go, drop?
Can I buy the Maine real estate for less and how much of a reduction? What's the bottom line, rock bottom figure?
Asked that question a lot. Have to remind the potential buyer of a property listing a couple things though.
First, you are in Maine where property prices are pretty attractive all the time.
Low cost nothing new and one of the major advantages of a purchase along with Maine unspoiled natural surroundings.
All this space, less people and more wildlife.
Nothing new or a temporary condition to see low priced Maine real estate prices. It is the way we roll. So did you consider the property price is a deal, fair trade going in? Do you recognize the value already?
Because we are parked a little further up the pike.
So if you want to sell something, the owner has to be realistic, in line with the market going in as a given anyway. The price is often what the property listing price tag says on all the marketing propaganda.To get buyer and seller across the bridge to the Maine real estate closing.
So have to prepare the buyer hot to trot and let's make a deal, out to try to buy the property for fifty cents or less on the dollar that hold up. Whoa Tiger. Watching too many Sunday morning real estate informational shows. Don't expect all sellers to roll over, play dead. To pretty please pass the property for way less than the listed price.
Not all property prices on Maine real estate listings are negotiable.
Especially if the buyer needs the owner to carry, take back a mortgage and enter into owner financing on a Maine land listing sale.
Secondly, Maine is the 46th lowest state in the country for foreclosure, short sale, repossession tainted real estate sales. So when you are trying to buy property in a state with attractively low priced listings already, and folks are not up against it to sell like other areas, the price needle movement is not drastic.
The buyer of Maine real estate who barks he has never paid full price for anything in his life.
Not going to start now. I suggest we can make an offer, see where it goes but again, don't expect what occurs often in other higher priced areas to happen here. Our real estate prices in Maine don't spike way up, then way down.
We live like we are always preparing for a recession and careful.
Impulse spending control on items pretty even keel with all the boats in the harbor.
And our fun is low or no cost in a small Maine town and we are more connected.
So we get in the habit of not needing a wheelbarrow of money to fund the day to day.
The appraised property value assessment is not the real fair market figure the seller should expect either.
The town wide re-evaluation was often done five years ago for a different purpose. Just a figure to raise money in taxes to fill pot holes, fund schools, provide public safety and the essential services without waste, glut. No bloat because we want to get our money's worth. Run lean and mean.
The insurance total loss replacement value is not the actual worth of the property as well. Again, different number for a separate purpose. So when the buyer says the assessed value is such and such or the seller says the replacement cost is this amount, have to explain what fair market value is all about. That it means comparing properties that have sold, other similar ones on the market in the supply, inventory competing for a buyer's attention.
While listing the property if the seller wants pie in the sky seven times the value, that Maine real estate movie is not going to have a happy ending.
No trip to the real estate closing or shaking hands, passing the keys to the new owner. All over priced property listings in Maine do is help sell realistically priced ones.
Make them shine, look even better. So as the Maine real estate broker have to say I can not help you Mr Seller.
Your expectations are beyond what all the whiz bang marketing, outside exposure with all the bells and whistles is going to provide you.
Like a doctor or lawyer or even pyschic who can not help you. To meet your expectations. Or tell you what you want to hear and the match is not a good one.
So how much less will the seller take can cause hard feelings for the buyer who's property purchase offer is flatly rejected.
And he is told the price for the listing that caught his eye is the one you see advertised. Don't buy or bite the bullet, decide to purchase. Suit yourself and let me know. Kept simple. And if the buyer says I can only afford this much, that does not mean the property value is too high.
It means the smaller four cylinder horsepower amount of the buyer, his limitation to gets the funds or picky, finicky loan program or need for closing cost assistance are the real issue. His costly need for price slack, closing help do not decide the selling price. The bottom line figure on the HUD-1 settlement statement the property owner will end up with if the link up happens.
With marketing it's not just local and the buyer is now World wide global.
With online real estate exposure, fairly listed properties selling quicker, easier.
More buyers, not just one at a time approach from the old days of sign on the lawn, a black and white Polaroid for the local paper.
Then look at your watch, say a prayer and wait for something to happen.
So how much lower priced will the seller go on the Maine real estate listing?
Consider that the listed price is the one you pay if you want to purchase. It happens that way a lot and have seen buyers get stomping up and down mad. Start to take it personal when the owner did not get snarky at the third of the price offer. Just laughed and figured good try. But no.
And often the seller says if they can not afford the price they knew about going in, why are they wasting your time, my time with offers that have no prayer of flying? Because of advice from their "friend in real estate back home" or due to what is happening in other real estate markets often the reason.
But like the weather, one real estate market forecast does not fit, work for the entire nation.
The USA is one big honking country to try to generalize, to expect every real estate market to be carbon copy the same. The buyer who says the seller has to negotiate, is not compromising or playing fair has to be reminded.
You don't have to buy, the seller will sell with this price or conditions. Both parties have freedom to buy, sell, or walk, wait. The freedom of being, living in America. Just like the high school dance when asked for the next spin to your favorite song.
No guarantees she will say sure, yes, love to and let's dance. Don't take it personal, get mad and all emotional. She said no. Or if you are lucky, yes.