The wife and I had to walk away from buying our first home this week. There was too much of a gap between what we thought the place was worth and what the sellers would accept as their lowest asking price, so we had to say no. Which sucks, b/c the place was in a neighborhood we liked and had a lot going for it. There was an attached garage and it was even a duplex and had a great room on the ground floor that would have made a perfect football cave/treadmill/trainer room. I was already bookmarking vertical bike hooks to put in the garage.
So why walk away? Even though the sellers did drop their asking price significantly and into the middle of our price range, they were still asking for more than what similar places in a one-mile radius had been selling for. Their original asking price was way out of line with the market, and even though that price dropped, it was still more than the market was dictating. We had a final upper range in mind and couldn't even get them close to it.
It's a bummer but ultimately for the best. We weren't dealing with the anxiety of waiting to hear back from the sellers very well. They took so long getting back to us on our final offer that we went from hoping they would accept, to doubting they'd accept, to thinking even if they did accept we should drop our offer an extra couple of thousand just to give them the finger. When they came back after three days of not getting back to us with the same response, it was time to look elsewhere.
So we're back out into the market this weekend. I'm keeping my fingers crossed, but even more than that I'm looking forward to a large pour of Templetons when this week is finally over.
Current beer-scale: 8.2