[michie]

I am trying to sell my property in the quiet NE corner. I have it priced low, as it's 20k lower than I paid 2 years ago and its a nice house, huge flat lot, quiet and only 9 years old. I need to unload the house but cannot go shortsale because I had a shortsale in May of 2008 on another property I moved from out west. My realtor originally thought we were priced good, now all of a sudden its too high and pushing for shortsale.
Anybody know the market well in NE CT...just venting about the frustration that I'm sure I am not alone in.

[Appias]

Did you have your realtor pull the comps (homes that are like your that have sold recently)? Short sales can be difficult for sellers and for buyers. From the buyer's side, it can take months and months for the bank to give their answer. Most buyers will just walk away unless they really love the house. There are a lot of people in the same position as you and no easy answers in this market.

[michie]

My realtor did run comps. I'm in a small town so not much to go on...but average was 30-60 days on the market and the homes did sell for less than what mine is up for which I am already priced at having to come to the table with a couple thousand dollars.
We are heading into the holidays so it makes me even more nervous.

[arielmina]

I'd venture a guess that if you are listed only 20K less than you bought two years ago...you're priced too high. I just sold my house in Fairfield county (I know...apples and oranges) and we finally sold for 17% LESS than it was listed for in the summer of 2008. Obviously I don't know how much we're talking about here percentage-wise and I don't know your specific market, but I'd venture a guess that you need to be 10-15% less than you paid 18 months ago just to keep pace with the market drop since then.

[Appias]

I'm sorry to say that we are in a bad market for sellers right now. A buyer will be looking at all the options in town in their price range and if they see a house like yours, but for cheaper they will buy the cheaper house. If you were a buyer you would do the same. Also remember that any buyers will probably need to get a mortgage. The buyer's bank will look at the comps and will not let the buyer pay more than what those recent sales show.
My best advice is to stay in the house if you can, it's pretty brutal out there for sellers even in desirable towns.

[skel1977]

Its not just you. Its a lot of home owners. My friend had to take his off the market because he couldnt sell it and its a real nice property in a nice neighborhood. Hang in there, times seem to be getting better.

[Roadkill95]

Originally Posted by michie

I am trying to sell my property in the quiet NE corner. I have it priced low, as it's 20k lower than I paid 2 years ago and its a nice house, huge flat lot, quiet and only 9 years old. I need to unload the house but cannot go shortsale because I had a shortsale in May of 2008 on another property I moved from out west. My realtor originally thought we were priced good, now all of a sudden its too high and pushing for shortsale.
Anybody know the market well in NE CT...just venting about the frustration that I'm sure I am not alone in.

I think you may have a wait before there is much of a market for a house in NE CT, seems quite depressed up there.
Are you staying here if you sell? Can you rent it for a while to cover expenses until the market does get better? The only draw back to that is if you rent to someone and you get another place or a apartment and they loose their job you will be really up the creek without a paddle.
This seems like the trend in alot of the state to sell and get out. I hope to when the market is good, maybe in a year or two.

[dazzleman]

Originally Posted by michie

My realtor did run comps. I'm in a small town so not much to go on...but average was 30-60 days on the market and the homes did sell for less than what mine is up for which I am already priced at having to come to the table with a couple thousand dollars.
We are heading into the holidays so it makes me even more nervous.

If the other homes are selling for less than yours, and they're comparable homes, then your house is overpriced. You can't force the market, and buyers don't really care how much you need to pay off your mortgage.

It's a very tough situation for sellers right now. I hope things turn out OK for you.

[Snowman27]

As a real estate investor, a home owner, a employee, and a consumer..I can honestly say home prices are still INSANE!

#1. During the 1929 stock market crash, stocks dropped 70+%, real estate has only dropped 30% nationally now.

#2. Real Estate is a slow, lagging trend, meaning you can't expect a bounce back tomorrow or the 100% increase like in 2005.

#3. What is driving the prices down are....sellers... each seller continues to lower and lower their prices and it affects the neighbors trying to sell so they in turn lower theirs... It sucks because it has to be done to unload it.

#4. How many people do you think need to "buy" a home? Think about it...if job creation is not booming, where's the demand to live in a particular city, hence where's the demand to "purchase" a home? How many out of towners want your property and how many people in town are actually looking to buy in the same town?

#5. I think the baby boom era is being ignored here... Think about how many baby boomers owned a home and how many need to sell now because of their retirement accounts being less.

#6. What your property is worth today will be worth less in 2010, then be worth the same in 2011 and go up 1-3% each year after. We could enter another boom in 2021. Every 10 years or so real estate gets into a Boom era. I think this one will be closer to 15yrs from the peak.

#7. Pending homes sales continue to rise. Statistics continue to improve...but re-read #3.

#8. These are all my opinions but being successfull and knowledgable in real estate I'm confident in these opinions. My Advice.... rent it out for 5 years ONLY IF YOU HAVE P&I on your mortgage. Let the tenant pay it off so you can propfit slightly more in a few years when you sell for the same price.

[dazzleman]

Originally Posted by Snowman27

As a real estate investor, a home owner, a employee, and a consumer..I can honestly say home prices are still INSANE!

#1. During the 1929 stock market crash, stocks dropped 70+%, real estate has only dropped 30% nationally now.

#2. Real Estate is a slow, lagging trend, meaning you can't expect a bounce back tomorrow or the 100% increase like in 2005.

#3. What is driving the prices down are....sellers... each seller continues to lower and lower their prices and it affects the neighbors trying to sell so they in turn lower theirs... It sucks because it has to be done to unload it.

#4. How many people do you think need to "buy" a home? Think about it...if job creation is not booming, where's the demand to live in a particular city, hence where's the demand to "purchase" a home? How many out of towners want your property and how many people in town are actually looking to buy in the same town?

#5. I think the baby boom era is being ignored here... Think about how many baby boomers owned a home and how many need to sell now because of their retirement accounts being less.

#6. What your property is worth today will be worth less in 2010, then be worth the same in 2011 and go up 1-3% each year after. We could enter another boom in 2021. Every 10 years or so real estate gets into a Boom era. I think this one will be closer to 15yrs from the peak.

#7. Pending homes sales continue to rise. Statistics continue to improve...but re-read #3.

#8. These are all my opinions but being successfull and knowledgable in real estate I'm confident in these opinions. My Advice.... rent it out for 5 years ONLY IF YOU HAVE P&I on your mortgage. Let the tenant pay it off so you can propfit slightly more in a few years when you sell for the same price.

I think you're right not to expect a fast rebound. Prices were so high that people couldn't really afford them even in the overheated economy of several years past, hence the mess we have now. It's ridiculous to expect that prices will start moving back toward a level that proved unsustainable even with a strong (bubble) economy, in the face of a currently weak economy. It's going to take a long time for incomes to increase enough to support higher real prices.