Take it off the market? (Charlotte: for sale by owner, foreclosures, lease)

[lilyonthelake]

We have property on the market right now that has been on since April.

I know that the market is typically slow around the holidays so I'm wondering if we should take it off until ~ Feb to avoid the stigma of so many days on the market.

We're not desperate to sell (at least, from a financial pov), but do want it gone before school starts next fall.

Any advice is appreciated, thanks!

[Dakota4791]

In this market, I don't think there is a label of being on the market too long —*every house is on the market too long. If you take it off the market, you won't have any chance to sell it...

[doubleblessings]

The one good thing about being on the market now and having showing is it seems that those that are looking are looking to buy(not like the tons of *looky-lus* that I call them that come in the summertime-)

[CouponJack]

Originally Posted by lilyonthelake

We have property on the market right now that has been on since April.

I know that the market is typically slow around the holidays so I'm wondering if we should take it off until ~ Feb to avoid the stigma of so many days on the market.

We're not desperate to sell (at least, from a financial pov), but do want it gone before school starts next fall.

Any advice is appreciated, thanks!

many people take their home off the market and do the same thing you are thinking of doing...the problem w/that thinking is that inventory is much higher in the spring so its basically a wash....I wouldn't do it.

Obv since you've had the home up for sale your home is not worth what you have it up for sale.

Not sure if its you or your realtor calling the shots w/price, but someone is not doing their job correctly.....

[CherryTwist]

Only if you want to sell it for even less. Property is dropping on average around 1.5%/month in the Charlotte area and there is no indication this is going to turn around and every indication that it will get worse.

If the home hasn't sold since April, then your price expectations are unrealistic. If you really want to sell it, then price it to sell now. The time of the year doesn't make any significant difference.

[MikeyKid]

Originally Posted by CouponJack

many people take their home off the market and do the same thing you are thinking of doing...the problem w/that thinking is that inventory is much higher in the spring so its basically a wash....I wouldn't do it.

Obv since you've had the home up for sale your home is not worth what you have it up for sale.

Not sure if its you or your realtor calling the shots w/price, but someone is not doing their job correctly.....

I watch MLS daily for the area I'm interested in - I also track solds very closely... Benefit of being in NC where sales records are public.

It's been a very steady stream of withdrawn listings (with no corresponding sale of the property) for the past month+. I suspect many of these people are taking the approach the OP is considering. Some neighborhoods have less then half of the total homes for sale then they did 2 months ago and they didn't sell them.

Add in the whole fraudclosure mess where some banks are reluctant to take possession because of fears of title issues... Add in the already existing shadow inventory... You're looking at a perfect storm coming this Spring where the inventory will explode.

If you want to sell, price it accordingly to the market and get it done now. Otherwise I suspect you may regret it come Spring.

[lilyonthelake]

Got it. Thank you, everyone. I will keep it on the market and re-evaluate our price.

Maybe someone will scoop it up while there is less inventory over the holiday. That would be a nice present!

[chuckles34]

Mikey, you sound like another poster who seems to be ignoring us lately. Do you know something we don't? Is the "shadow inventory" we read so much about on here scheduled to be released this coming Spring? All at once? And if banks are reluctant to market/sell REOs wouldn't that mean LESS inventory?

[MikeyKid]

Originally Posted by chuckles34

Mikey, you sound like another poster who seems to be ignoring us lately. Do you know something we don't? Is the "shadow inventory" we read so much about on here scheduled to be released this coming Spring? All at once? And if banks are reluctant to market/sell REOs wouldn't that mean LESS inventory?

lol - what poster is that?

I don't know what you know, so I couldn't know what I may know that you don't know. at this time!

Are you aware of the foreclosure and title issues? The fraud, etc. They're reluctant to foreclose, let alone market/sell and they're facing huge issues with putbacks and litigation. This is artificially keeping the inventory lower in the short term, compounded by the folks who are withdrawing listings (like the OP is thinking of doing). So, my advice was that this is a better time now because there is LESS inventory. They're saying a month or 2 to get it straightened out... logic that it will hit in the Spring.

I don't know what to say about shadow inventory except that I see what I suspect many people see - empty houses with no For Sale sign sprinkled everywhere. If you're suggesting that they'll stay that way well past the Spring, then I suspect you could be right.

[Sepulgeek]

Originally Posted by MikeyKid

I don't know what to say about shadow inventory except that I see what I suspect many people see - empty houses with no For Sale sign sprinkled everywhere. If you're suggesting that they'll stay that way well past the Spring, then I suspect you could be right.

There are two houses on my street alone that, I think are foreclosures, that have been empty for months and still do not have for sale signs on them. I know that atleast one house has a notice in the window, I haven't read the notice, and I don't remember if the other house has a notice. There is another house that was for sale by owner, that only lasted a couple months, that now has a for lease sign. There is a brand new house being built, by the builder I used, on my street, the last open lot, that they are trying to close on by Thanksgiving. It's a one story house that I assume will close for less than $160,000. The house that was for sale by owner is a two story that was on sale for atleast $175,000.