You have a nice M H for sale

You put an initial price of $69,000 on it.  The day you put the ad in, what would you be thinking you would actually sell it for? 

Also, after 1 month and no bites, and with a serious buyer standing right in front of you with cash, how much under would you take before letting him walk away never to be seen again?

Now after 3 months and after already dropping the price down to $64,900 a month ago, how much less would you take before letting that cash buyer walk away?

Everyone is different, so knowing yourself, tell me what you would most likely do in each of these 3 instances.

That is called the art of negotiation. Every deal is different, every person you deal with is different.
You decide what you want to pay and go talk to them. If they won't deal move on to the next one. Or pay what the seller wants.
Bill 

WILDEBILL308 said:

That is called the art of negotiation. Every deal is different, every person you deal with is different.
You decide what you want to pay and go talk to them. If they won't deal move on to the next one. Or pay what the seller wants.
Bill

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X2. Value is determined by what a buyer is willing to pay. Quite simply, if it doesn't sell it isn't worth what you're asking. Same goes for houses, cars, anything. However.... for this to be true you have to allow at least enough time for a reasonable cross section of buyers to have at least become aware of your item. How long is that? I think more than a month, probably less than 6.

Another important issue is where you start. As an ex CA real estate broker, I can tell you I've seen many sellers "chase the market down" by overpricing to start with, thinking they'll either get the 'miracle buyer' or "someone can always offer less". If there's enough inventory buyers won't bother with a seller who they think is unreasonable with regard to the value of their item.

With an RV, I'd have a hard look at NADA as a starting point, then do a lot of searching on every single RV sales site I could find, so as to ensure I was priced reasonably.

To the specifics you mention, if NADA of your rig was $72K and you were asking $69K, I would expect $69 and not budge if it took 6 months. If however NADA and comparables put it in the low $60s, I'd say you were way overpriced to begin with and are chasing buyers. Starting high and slipping the price can create a hidden problem: you might actually have someone, a savvy buyer perhaps, interested in your rig. They know how long it's been on the market and they've seen the price reductions. You'll hear from that buyer after they figure you've sat long enough and they offer you $59K.

Sun2Retire said:

Another important issue is where you start. As an ex CA real estate broker, I can tell you I've seen many sellers "chase the market down" by overpricing to start with, thinking they'll either get the 'miracle buyer' or "someone can always offer less". If there's enough inventory buyers won't bother with a seller who they think is unreasonable with regard to the value of their item.

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I am dealing with that situation right now with a buyer that wants my house. He started out way high, now he has kind of killed the market for his house.  You can do the same with an RV.

Do you own it free and clear?  Do you still have a balance on it?  How are your finances, do you need the money?  Too many variables to your financial situation to make a educated answer.

If you aren't in a hurry for the money, set your price and wait for it. If you priced above market value, that may be a long time or even never, but it's your RV and your price.  But if you need money soon, you are probably going to have to cut the price until some buyer cannot resist the offer.

Many sellers have no concept of a realistic market value and price too high. You learn that by a lack of lookers, let alone serious buyers. Advertise broadly and keep reducing the price until interested buyers respond.

I see this group isn't good with hypotheticals.  I didn't ask for you all to tell me what I should do.  I asked you to be yourself in this scenario and tell me, using your normal mindset, what you would do.  No need to explain the situation or background.  Just say how you personally would negotiate selling your "imaginary" RV at the prices listed.  Also, no need to read anything else into it, ie.  no loans, no interference from a spouse, just keep it straight and simple per description.

Please just play along, no need to intervene by discussing what I might/should do.  I want to know what you would do, not what I should do.  There is no right answer here.  Everyone negotiates differently.  For instance are you the type of guy who puts the word FIRM with the price with no intention of budging, are the one who puts a higher price assuming you will be offered much less, do you get insulted and take it personally if someone low balls you, etc..... just be yourself in the above scenarios.

Well. now you fixed it. With that attitude, I doubt anyone will chip in now. I think you are on your own buddy!

cgmartin said:

Well. now you fixed it. With that attitude, I doubt anyone will chip in now. I think you are on your own buddy!

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It is just a fun exercise.  I already know what type I am.  I wasn't asking for help.  Was curious for others to express their mindset.  That is all.

SissyBoy, are you getting paid to post the various topics you have started? I am aware that some people can make a few bucks buy originating posts on a variety of websites to generate traffic for sponsors.

Thank you for a measured response.

Brex

What on earth made you think this forum would welcome a role playing exercise?  Members ask real questions.  Other members give real, knowledgeable advice.  That's what we're all about here. 

There is not a shred of evidence supporting the notion that life has to always be so serious.

I don't think we're all that serious.  We just don't suffer fools gladly.

Well, I always know what I want for what I am selling, and have a good idea of what I can get for it.
I price it with some wiggle room, and will negotiate to my bottom price. Like your MH, If it is actually worth 64K I would price it at 69K and be willing to negotiate down to 59K.
Someone will come along eventually, so I will sit on it until they do.

LarsMac said:

Well, I always know what I want for what I am selling, and have a good idea of what I can get for it.
I price it with some wiggle room, and will negotiate to my bottom price. Like your MH, If it is actually worth 64K I would price it at 69K and be willing to negotiate down to 59K.
Someone will come along eventually, so I will sit on it until they do.

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Thank you so much.  Love your answer, very helpful.  That is the kind of food for thought I was looking for.  I wish others would contribute similarly in the way they themselves would deal in the same situation.  Everyone is different and I suspect there would be lots of different mindsets and alternative ways people would approach this scenario.

All three answers depend on many many factors; what is it's fair market value; what I owe; and how badly I need it gone; do I know the buyer......

I understand you want a 'hypothetical answer' to each question, but each question could have several answers from me depending on the factors.

Tom and Margi said:

What on earth made you think this forum would welcome a role playing exercise?  Members ask real questions.  Other members give real, knowledgeable advice.  That's what we're all about here.

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