We had a hard time settling on a list price for our house, as there are no perfect comps in our area for our home. We went out with a price, got an offer slightly below list within a few days, but then the buyer backed out (they had another offer accepted). We received another offer yesterday, but it was substantially below our reduced list price ($250K - so, a ton of money).
We attempted to negotiate with the buyers, and made real attempts to meet in the middle. We went down $50K in in our first round of negotiations. They went up $7K. It went on like that. They also would provide an offer & ask for a response within 2 hours. In the middle of the work day. On Monday, they provided their "final offer" at 10 pm, and it expired at midnight. I didn't sleep at all on Monday, waiting to hear back. We couldn't settle on a price, so agreed to not proceed.
The stress of not knowing what the true market value is, and understanding whether it's worth dropping the price yet another $30K to close is really, really hard for me. I constantly second guess my own decision. I hate the stress of the unknown! We're trying hard to be flexible, willing to negotiate, and be reasonable, but not all buyers are in this situation, clearly.
While we are not in a rush to sell, having a house on the market for an extended period of time in the Seattle market makes it less likely that you will get an offer close to your asking price, so it is a concern. We'll monitor the situation over the next few weeks & then make a determination on next steps. We've listened to our realtor at each phase, and the original list price & reduction were both at her guidance, so I hope we have the best possible information about pricing, etc.
For those of you who have sold a house, how did you decide to accept or pass on an offer? Did you second guess your decisions? How did you stay calm during the process??!!