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Old 07-19-2007, 11:12 AM
 
Location: Lake Worth, Fl
364 posts, read 984,897 times
Reputation: 79

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For those of you selling your homes and the few that have sold what was the average amount that you had to go down on your asking price?

I had a friend put his house on the market and said he got offers but all were at least $30000 below what he was asking.

If you could post the amount and the county that would be great.
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Old 07-19-2007, 11:29 AM
 
2,313 posts, read 2,392,776 times
Reputation: 471
Quote:
Originally Posted by WOWAddict View Post
For those of you selling your homes and the few that have sold what was the average amount that you had to go down on your asking price?

I had a friend put his house on the market and said he got offers but all were at least $30000 below what he was asking.

If you could post the amount and the county that would be great.
I sold 4 things in the last two years and came down 40% in one case. The realtor handling that sale would have wrung my neck if I said no, it was the first real offer in like 6 months. I didn't even counter offer, I couldn't wait to get the check in my hands. Today, I honestly don't know what it would take to sell. You would have to make the deal really sweet, there is just too much for sale, they have no reason to buy. At a point you feel like you will never sell, no one even makes offers. Brevard county by the way.
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Old 07-19-2007, 11:59 AM
 
Location: Lake Worth, Fl
364 posts, read 984,897 times
Reputation: 79
That is too much. I rather ride it out until the market takes a turn around even if that is a few years.
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Old 07-19-2007, 12:14 PM
 
2,313 posts, read 2,392,776 times
Reputation: 471
Quote:
Originally Posted by WOWAddict View Post
That is too much. I rather ride it out until the market takes a turn around even if that is a few years.
Not really, it was just an investment and I still made $80,000 on it. All it figured to do was go down even more and cost me taxes plus the lose of capitol gain with the money tied up in it. Figure getting my $106,000 out of the property and putting it in the bank, plus the $2200 a year in taxes and another $450 in HOA fees. I lose over $8000.00 a year now holding the property and it may go down even more. If it came back 40% in say 4 years I would only break out about even anyway as opposed to selling today. Better to take the money and put it somewhere else.

Last edited by macguy; 07-19-2007 at 12:22 PM..
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Old 07-19-2007, 01:31 PM
 
Location: Lake Worth, Fl
364 posts, read 984,897 times
Reputation: 79
Oh no I meant for me personally on my house that is way too much of a cut to take. I am still confident the market will turn around in the next year, provided we have another good hurricane season.

In some cases like yours 40% may not be a bad offer in this market.
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Old 07-19-2007, 01:47 PM
 
Location: Fort Lauderdale
423 posts, read 1,457,967 times
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40% is a little steep but most of the prices have come down between 10% - 30% here in Broward and Palm Beach counties.
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Old 07-19-2007, 01:48 PM
 
2,313 posts, read 2,392,776 times
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Quote:
Originally Posted by WOWAddict View Post
Oh no I meant for me personally on my house that is way too much of a cut to take. I am still confident the market will turn around in the next year, provided we have another good hurricane season.

In some cases like yours 40% may not be a bad offer in this market.
I know what you mean but It isn't free owning a house. Although you get use from it as a place to live it cost money. If you are thinking about moving you can justify it because you are functioning in the same market. The house you buy you will be lowballing and it kind of evens itself out. I would hate to put my life on hold because I was trying to squeeze a few more dollars out of the house that may never ever be there anyway even if you wait. It is something you sit down and look at and make a decision and thats that. Don't look back with what if's.
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Old 07-19-2007, 02:09 PM
 
Location: Lake Worth, Fl
364 posts, read 984,897 times
Reputation: 79
Quote:
Originally Posted by macguy View Post
I know what you mean but It isn't free owning a house. Although you get use from it as a place to live it cost money. If you are thinking about moving you can justify it because you are functioning in the same market. The house you buy you will be lowballing and it kind of evens itself out. I would hate to put my life on hold because I was trying to squeeze a few more dollars out of the house that may never ever be there anyway even if you wait. It is something you sit down and look at and make a decision and thats that. Don't look back with what if's.
Totally agree. I am kind of holding out for an upturn but really there are other bigger factors and that is just the easiest thing to blame not to move. But come end next year I will sell no matter what. So I will probably put my house on the market in the July or August of next year.
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Old 07-19-2007, 02:34 PM
 
Location: Marion, IN
8,191 posts, read 28,051,878 times
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We are about to put in an offer close to 60% below list. The property is in such a state of disrepair, and our agent agrees with us that the value is in the lot and the house holds no value.

This is in Manatee County.
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Old 07-19-2007, 02:53 PM
 
Location: Mountains of middle TN
5,240 posts, read 13,979,023 times
Reputation: 6062
My Grandmother has had her house in Levy county, just outside of Gainesville, on the market for nearly a year. They've had 3 people call about it, and only 1 came out to look. A neighbor made an offer but it was about 30% less than what they were asking. It's comparably priced and in excellent shape, but the market's just not there. She turned down the offer. She's found a house just barely over a mile from me in TN and is eager to move but if she can't get at least close to what she's asking she can't afford the move. Sad as she was diagnosed with Alzheimers a couple years ago and it's now getting bad. She has no other family down there now so it's becoming a pretty tense situation. I'm hoping the market turns.
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