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Old 05-08-2009, 05:39 AM
 
7,105 posts, read 9,699,824 times
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In some of the posts I have read here houses have "been on the market 17 months", or "nobody gives us a 'real offer'. I think the people "trying" to sell their house in this horrendous market need to re-think what their plans are, what is realistic, and how they are going to get from point A to B.

I just finished reading a post that talked about not making a profit on a house they bought in 2004. It seemed that was a major obstacle in reducing the price and moving on. In another post the OP said she has only rec'd "under-the market" offers. Well, could it be that IS the "market" and her interpetation of the market is wrong?

Most posts say "I have a beautiful house". I'm certain that's true. Without a doubt.But,what makes your house more saleable than the guy down the street with an equally beautiful house? Price. Real market price. Competitve price, I suppose(?)

"No counter" offers. This is interesting b/c sometimes your price to begin with is so high buyers don't even want to engage in the mating dance for fear of getting caught up and offering a price that's too high for them. Or, your agent presented an impression to the the buyer that you were "not very flexible". How many sellers rehearse their agents as to what to say? How to present their house to buyers or the other MLS agents? Probably nobody.
Try working on that a bit...it works.

I have a house in Concord right now that I have tried to sell for 5 months. Way too long for me. I came to the conclusion that I presented the house
the wrong way. Presented it commercial when I should have presented it as mixed use (rare zoning as it has a res. and comm. zoning designation). So, new price, new marketing, new audience.Point being, one just can't sit with property without a plan "B" and "hope this market gets better in 2010 or 2011" Heck, if I can't predict tomorow"s weather what do I know about my future in 2011?

In summary: YOU have to make it happen. YOU have to understand the real "market" price. Accept the price and move on or stay the course. YOU have to sell "your baby" and move to another opportunity in your life. Or stay with what you have and be happy.
You have to stay put if you have a job and not bet the ranch in this economy.Consider yourself very lucky and wait for this black cloud to pass over.

John
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Old 05-08-2009, 05:47 AM
 
1,547 posts, read 2,169,751 times
Reputation: 1400
Retaining a professional Realtor that understands the local market and really works for your best interest is worth paying the commissions in most cases. Selling property yourself today mostly indicates that you may be upside down in your property, can't afford to pay commissions.... etc.
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Old 05-08-2009, 05:50 AM
 
69 posts, read 144,684 times
Reputation: 33
Very good points John. I have come to the conclusion with our home for sale in Charlotte, that it is what it is. We sell for what we can and realize that things have changed since just a year ago. There will always be what ifs, could haves and would haves. I don't give into those anymore. We moved because it was a good choice for our family, but got caught in the "normalizing" of the housing market. Overall, it will be a good thing down the road. Housing prices were way too high and people lived way above their means. Now is a time for people to take a look at what they have and what they actually need. We lowered the price of our home and gave concessions that will hopefully pay off pretty soon because we want to sell the house and move on with our new life in NY. I think that is what truley matters.
I do think that some on these boards need to cut those selling homes some slack though. There are some harsh words being used to those venting. It is hard to see an investment like your home go down the drain and have no real hand in it. Just a thought. A little empathy goes a long way.
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Old 05-08-2009, 06:20 AM
 
Location: Mostly in my head
19,814 posts, read 55,781,243 times
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I agree with John that many people are not realistic abt pricing. The house down the street was for sale 2 yrs ago at $645K - a laughable amount for this neighborhood. After it didn't sell, they leased it out for a while and are now back on the market at $425K. Still too high IMO. It's on a busy corner and behind the alley is an Arby's. It might be a 7 y/o house in a neighborhood of 1920s-1930s houses but it still is over-priced.

Last edited by SouthernBelleInUtah; 05-08-2009 at 06:20 AM.. Reason: typo
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Old 05-08-2009, 06:34 AM
 
7,105 posts, read 9,699,824 times
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Quote:
Originally Posted by ckwyviorka View Post
I do think that some on these boards need to cut those selling homes some slack though. There are some harsh words being used to those venting. It is hard to see an investment like your home go down the drain and have no real hand in it. Just a thought. A little empathy goes a long way.
Before Coupon Jack beats me to the punch I am going to have to respectfully
disagree with you. "A little empathy (doesn't )go a long way". They are mearly words. They don't put money in your pocket or improve YOUR life one bit. It's all YOU. Why can't people understand that YOU are in control of your life. Next steps. Future. Plans. Goals. Sell price. Buy price. Plan B after job loss.

As far as boards "cutting slack". Perfect example of what I'm saying.
Ex: what the heck do you care what I say? It's unimportant as my situation, plans, life, is not yours. Form you own opinions and act on them.
So come to a board and take/leave whatever suits you.

I'm in a weird mood today.
je
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Old 05-08-2009, 06:51 AM
 
Location: State of Being
35,885 posts, read 67,016,830 times
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Quote:
Originally Posted by ckwyviorka View Post
Very good points John. I have come to the conclusion with our home for sale in Charlotte, that it is what it is. We sell for what we can and realize that things have changed since just a year ago. There will always be what ifs, could haves and would haves. I don't give into those anymore. We moved because it was a good choice for our family, but got caught in the "normalizing" of the housing market. Overall, it will be a good thing down the road. Housing prices were way too high and people lived way above their means. Now is a time for people to take a look at what they have and what they actually need. We lowered the price of our home and gave concessions that will hopefully pay off pretty soon because we want to sell the house and move on with our new life in NY. I think that is what truley matters.
I do think that some on these boards need to cut those selling homes some slack though. There are some harsh words being used to those venting. It is hard to see an investment like your home go down the drain and have no real hand in it. Just a thought. A little empathy goes a long way.
I know sometimes I am very cut and dried when posting here as opposed to how I would interact with someone if we were face-to-face. Since I have had to swallow some big pills over my lifetime in regard to financial decisions, I know one survives, but I also know how demoralizing it is to sell a home and not realize a return on it. It is truly one of the most stressful times in a person's life. The feelings of realizing we are stuck in a market doldrum - and that we have no control over the losses (and we did nothing "wrong") - those are powerful feelings.

Looking back and considering the $$ that one poured into making a house a wonderful home - and then to find that we are selling for what we bought the house for five years earlier (or even 10 years earlier) can be gut-wrenching. It really can be a trying time and psychologists tell us that these types of events can be as stressful as dealing with a death in the family! The only way to get through it is to reconcile that sometimes there are losses, one must take one's lumps and move on to the next goal, as John said.

I have had people tell me they had to sell their house for xx amount, no room for negotiation, b/c otherwise they would have to bring money to the closing. My reaction is - it happens - you may have to do that - be realistic. However, for a person to come to terms with that is no easy matter. It is emotionally very difficult for most people to accept financial loss.

I agree with John that people should be innovative and flexible in their thinking, but for most of us . . . that is nearly impossible when it comes to our homes.

Back in the 80s, when interest rates were high and mortgages were set at about 13%, we had friends who were transferred w/ a job out of state. They had not even been in their house long enuff to really recoup buying it in the first place. They were facing a new mortgage at a high rate and barely breaking even on their present home. Plus, add the stress of moving kids to new schools, etc. They decided to put the house on the market at rock bottom, offer $$$ towards the buyer's closing costs, and get it over with quickly. In all, they took about $10,000 loss, wh/ was a lot of money in 1983. But they moved on, rented for a while, and when they had saved up some money again for a downpayment, the interest rates had fallen and they were able to buy another home . . . and life moved on.

Sometimes, you just have to bite the bullet. The thing to keep in mind is what John said: YOUR ACTUAL GOAL. When your goal is to move somewhere else, then selling your home is just a step in the process, not the end goal. Once you realize this - and can come up w/ solutions to marketing your home (help pay closing costs, bonus to buyer's agent, etc) then you are one step closer to reaching the real goal - which is moving to a new area.
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Old 05-08-2009, 07:24 AM
 
Location: Waxhaw, NC
494 posts, read 1,180,676 times
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Good Points John...However, our home has been on the market for 17 months and we are priced WELL below where we should be. I want to sell because we are paying on a lot as well. However, we do not HAVE to sell so I am not going to give my home away and will sit tight and wait for a qualified buyer. There are just WAY too many homes on the market and it is tough competing w/ new construction and foreclosures. Unless in dire straits, I hope that people don't just DROP the price to sell quick because that doesn't help anyone in the long run.
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Old 05-08-2009, 07:27 AM
 
7,105 posts, read 9,699,824 times
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Originally Posted by Robin2007 View Post
I hope that people don't just DROP the price to sell quick because that doesn't help anyone in the long run.
Yes it might.The person that's selling (?)
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Old 05-08-2009, 07:29 AM
 
1,039 posts, read 2,666,470 times
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Although it is a slightly harsh statement I agree, either sell for what you can or move on. Right now we are waiting for our first offer and this will be the true test as to whether we we continue the selling process. We are currently prepared to bring money to the table because our goal is to get into a better home. We have priced our home well (we think). Especially when you look down the street at 2 other comparable homes one originally priced $10,000 over ours and another still priced $12,000 over. The first has now lowered to $1,000 over, I am guessing they don't like us very much. We know AND accept our home is only worth what someone will pay for it, the question is how much money we are willing to put into the situation to get out of here. I do wish people all the best and hope they can find themselves in a better situation soon.
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Old 05-08-2009, 07:31 AM
 
7,105 posts, read 9,699,824 times
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Quote:
Originally Posted by Robin2007 View Post
Good Points John...However, our home has been on the market for 17 months and we are priced WELL below where we should be. I want to sell because we are paying on a lot as well. However, we do not HAVE to sell so I am not going to give my home away and will sit tight and wait for a qualified buyer. There are just WAY too many homes on the market and it is tough competing w/ new construction and foreclosures. Unless in dire straits, I hope that people don't just DROP the price to sell quick because that doesn't help anyone in the long run.
Basically,after 17 months, your house is really not on the market is it?
More like "AVAILABLE" signs that one sees.
ie: available for sale, not really selling but if you pay me what I want I'll sell?
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