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Old 03-07-2007, 08:55 AM
 
117 posts, read 493,227 times
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Need some opinions here. As many of you all know the housing market in South Florida has fallen dramatically. My dilemna is....do we lower the price of the house drastically to sell or wait it out a few months to see of the market recovers. There is plenty of equity in the house so we'll be making a profit, but it will of course affect what we can put down on a new home in Charlotte. A cash house purchase would be ideal but I dont think that is going to happen. Thanks all.
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Old 03-07-2007, 09:51 AM
 
Location: NC
531 posts, read 2,011,773 times
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I suppose if it were me...I would have to decide how much I wanted to move. Also if it was worth taking the cut in price and how that cut would effect me financially after purchasing a new house.

When we came here we put our house on the market to sell. We priced it a little lower than other houses that were equivolent to ours. We did not want to sit on it for months. We could have asked more, but it would have taken longer to sell. By doing it that way, we sold our house in 3 weeks. That was in CT, and I am not too familiar with the market in FL...But this was my experience.

All in all I think you have to weigh the effect of the cut financially. Best of luck to you.
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Old 03-07-2007, 10:44 AM
 
Location: Union County, NC
1,895 posts, read 6,169,531 times
Reputation: 774
Quote:
Originally Posted by dengar View Post
Need some opinions here. As many of you all know the housing market in South Florida has fallen dramatically. My dilemna is....do we lower the price of the house drastically to sell or wait it out a few months to see of the market recovers. There is plenty of equity in the house so we'll be making a profit, but it will of course affect what we can put down on a new home in Charlotte. A cash house purchase would be ideal but I dont think that is going to happen. Thanks all.
I would definitely talk to your realtor about this. They should be able to run a comparative market analysis for you that should show what the market will bear -- i.e., price in relation to how long houses are sitting. Also consider what your costs are to stay (i.e., mortgage, taxes, homeowners insurance) if the house takes longer to sell. Remember, price, location and condition are some of the top 5 reasons houses will sit. If you have had good traffic and no offers or second showings (or if you have had no showings) and location and condition are good it seems a price adjustment would be in order. Just my opinion Feel free to PM me if you have any other questions. Best of luck
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