Q: A few months ago I found a house in Somerton that I wanted to buy, but it was overpriced by about $20,000 and over my budget. I made an offer on the house for the price I thought I could afford and we sent comps with the offer. But I was turned down flat. I am still looking for a home, but I noticed the house I made the offer on is still for sale but at a lower price than I offered. I don’t want it now, but why didn’t they just take my offer? They would have made more than they’ll make now. It doesn’t make sense.
A: Unable to accept the fact that their home was overpriced, the sellers apparently needed the extra time on the market to see if it would sell at the price they wanted first before reducing to a more realistic price. They are probably kicking themselves now for turning down your offer.
Selling a home is an emotional and stressful experience for many. Although it may have been a logical offer considering the current housing market in Somerton, and even more logical for you considering your budget, your offer may not have been weighed logically by the sellers, maybe based on their feelings or maybe even their financial need, real or perceived. For some home-sellers, the sale of their home is less about facts and more about feelings.
The only thing you could do as the buyer is make the offer and show them the latest comparables that support the offer. Despite the apparent evidence to the contrary, these sellers were unfortunately unable to foresee their home lingering on the market for several months (or longer). After reviewing the data, they still denied your offer and there’s really nothing else you can do about that.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.