First time home seller - need advice
My house has been on the market for about 12 weeks. We have had 2 open houses, and plenty of private walkthroughs (usually 3 - 4 a week). But yesterday we finally got our first offer. I have only owned the home for 4 years, when I bought the house it was listed at 119k and I bought it for 109k (it had been on the market for over a year before I bought it).
When I first had the house appraised, my real estate agent told me the highest we could market the house was for 112k. I had the house listed at that price, and even though we were getting a steady stream of viewings, after only 3 weeks the real estate agent pushed me to dropping my asking price down to 106k.
My conern is that the 1st and only offer I have received so far is for 99.5k (CASH). I really need to get out of the house by the end of May as I have already accepted a new job in a different state. But at that price the seller is offering, theres no way I would make enough money to even pay off the mortgage. I'm not trying to make a quick buck or get rich off the sale of my house - I just want to get back atleast enough money to pay off the mortgage.
I asked my real estate agent what I should do for a counter offer, and she suggested maybe going up another 1 or 2 thousand, and even hinted at just taking the offer as it stands. But that doesn't really help me.
I went ahead and sent a counter-offer today that is a bare minimum of what I can accept. Actually I would still have to pay some out of pocket money to the lien holder, but wouldn't be breaking the bank.
I'm interested in seeing what others thoughts are, what you would do in my situation? If the buyer doesn't accept my offer, should I just let him go and pray I get a better offer soon or just suck it up and take what I can get.
Heres some more details about my situation:
My home is a 3br 2bath in nice neighborhood and best school district in the city
The city population is about 118,000
There is an Air Force base, so always families moving in and out.
The buyer who has made the offer is another real-estate agent, who claims to be buying the house for his uncle (who also is a retired real estate agent). So I'm sure they have done their research on my home before making the offer.
I have made some significant improvements to the home since I moved, but didn't seem to impact the appraisal too much. Added a large deck in the back yard, put in a brand new central ac and heater. painted the interior, fixed plumbing, etc..
So whats your thoughts, take the little money I can get and run, or wait to see if offers improve come spring / summer when schools let out?