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Old 11-26-2008, 06:59 AM
 
Location: southport,nc
76 posts, read 337,404 times
Reputation: 94

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Is it still possible to sell a house in the Southport city limits, or have we missed our opportunity?

The market has shifted so drastically here, especially since the port is coming. It is so sad to drive around town and see the same houses with for sale sign that were for sale over a year ago.

Our house appraised at $280 in April, and we only need half of that. Would it be unrealistic to even try?
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Old 11-26-2008, 07:37 AM
 
Location: Morehead City, NC
1,676 posts, read 5,354,974 times
Reputation: 1244
kateyk12,
I am a licensed real estate broker and own a real estate agency in Morehead City. I would highly encourage you to not divulge information about your property or what you may "need". This will only put you the seller at a disadvantage.
Contact the Brunswick County Association of Realtors (Brunswick County Association of Realtors - Real Estate for Brunswick, Bladen and Columbus Counties, North Carolina) and get info on several agencies that cover the Southport area. Interview several and go with the one you feel most comfortable with.
Keep this in mind-There is nothing more personal than a home. But selling it is business-Big business. So you will need a good working relationship with both the agency and agent

Do not freely give out unsolicited or unwarranted info. It will only advantage the buyer.
Take it from a Buyer's Broker's!!
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Old 11-26-2008, 11:11 AM
LLN
 
Location: Upstairs closet
4,981 posts, read 8,742,906 times
Reputation: 6450
Bill: That is a real professional message. Good Job.

lln
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Old 11-26-2008, 06:22 PM
 
214 posts, read 736,459 times
Reputation: 128
Quote:
Originally Posted by kateyk12 View Post
Is it still possible to sell a house in the Southport city limits, or have we missed our opportunity?

The market has shifted so drastically here, especially since the port is coming. It is so sad to drive around town and see the same houses with for sale sign that were for sale over a year ago.

Our house appraised at $280 in April, and we only need half of that. Would it be unrealistic to even try?
Please follow the advice of those who have responded, and contact a reputable Real Estate Company, they will provide you with comps. The market has gone south, and not just in Southport, however, I don't know if the Port is contributing to this, it is the market in general. Brunswick County was the only county in NC for the month of September to see an increase in sales for the entire state, so please do not despair, we are in better shape than most.
October was a dreadful month for the entire country, due to the elections, lame duck Congress, and a lame duck Prez.
This is still a Buyers market, and sometimes I want to refer to it as a Bankers market.
Hang in there, contact a Real estate company, set up an appt. and discuss with them your objectives. Southport is still a very desirable place to live, and once we see a rebound, hopefully your property will be positioned to be in the right place at the right time.
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Old 11-27-2008, 07:05 AM
 
Location: southport,nc
76 posts, read 337,404 times
Reputation: 94
I'm pretty surprised at the response I got here. Basically, you are telling me that realtor's ways of handling the nasty detail is to keep your mouth shut about them. That sounds naughty to me. I would make a lousy realtor, then. I would prefer facing the truth about the area I cover.

I was simply asking if things were selling. It sounds like the answer is- not at all. thanks
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Old 11-27-2008, 11:56 AM
 
4,657 posts, read 7,704,188 times
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Katey - Anything priced well, in great shape - will sell. What's selling now in Southport/Oak Island - are properties under $100,000. One of my fellow board members is a Southport realtor. Once upon a time she only handled 1/2 million dollar properties on up..................today's a different story.

The biggest problem in selling a house today - is buyers qualifying for a mortgage... whether they be first time buyers - or other sellers waiting for someone else to qualify, buy their house.. so they can buy yours.
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Old 11-28-2008, 06:29 AM
 
Location: Morehead City, NC
1,676 posts, read 5,354,974 times
Reputation: 1244


"Loose lips sinks ships" This phrase was coined as a slogan during WWII as part of the US Office of War Information's attempt to limit the possibility of people inadvertently giving useful information to enemy spies.*

kateyk12,
Telling the general public that you only "need" 50% of appraised value for you home would definetly fall under the "Loose Lips" category. I was only looking after your best interest.

*Loose lips sink ships
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Old 11-28-2008, 09:34 AM
 
214 posts, read 736,459 times
Reputation: 128
Quote:
Originally Posted by kateyk12 View Post
I'm pretty surprised at the response I got here. Basically, you are telling me that realtor's ways of handling the nasty detail is to keep your mouth shut about them. That sounds naughty to me. I would make a lousy realtor, then. I would prefer facing the truth about the area I cover.

I was simply asking if things were selling. It sounds like the answer is- not at all. thanks
Katey12, what is the "nasty detail", you are referring to? The port? It won't be here for another 10 years, if it indeed arrives at all. Many people see this as an opportunity, others do not. We are finding that Buyers are still very interested in this area, homes are taking longer to sell for several reasons: 1. The home is not realistically priced 2. Mortgages are much tougher to get. 3. The current inventory is exceeding demand.
If your home appraised for a value, then I would offer this information to a Realtor who you have chosen to list your home with, however keep in mind that appraisals are only good for 6 months.
The best way to price a home is through the comps of other homes that have sold in your area. Buyers will only buy what the market will bear
When selling a home, you as a Seller want to get the biggest bang for your buck, hence we were trying to advise you not to divulge that you would be willing to sell it for 50% less than the appraised value, unless you are so inclined to do so.
Are you attempting to market your home yourself? I think we will see a more positive housing market in this area in about 6 mos. I don't have a crystal ball.
Keep in mind, folks have to sell their homes first, unless they have the cash and the credit worthiness to move forward with a second home, until their primary home sells. This too is another factor as to why properties aren't moving very quickly.
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Old 11-29-2008, 04:16 PM
 
419 posts, read 1,242,090 times
Reputation: 192
I'll buy it from you for half the appraised value.
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Old 11-29-2008, 11:16 PM
 
4,657 posts, read 7,704,188 times
Reputation: 4818
FYI - I can't think of anything in Southport which IS selling for appraised value - let alone listed for it! Read the ads.. and then look up the appraisals on Brunswick County's website. Astounding!
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