I saw a home that I liked quite a bit at an open house on Friday. The list price was X. Yesterday night, I made a bid of X - $6000, typical for home negotiations; my target price was X - $4,000, so I expected that there would be the usual counter-offers that would eventually reach that point.
No such luck. The owner countered with X + $11000. WTF? The owner went UP from their list price. The house has been on the market for about 40 days, and my offer is the first; there are no other offers pending.
The negotiation strategy on the part of the owner put a bad taste in my mouth, so my real estate agent and I withdrew the offer; I’m looking at another house now. I’m wondering, though, with no other bids, in a housing market that isn’t hot, why would a home owner make a counteroffer with a price that is HIGHER than the original list price?