Housing Bubble? Your thoughts, predictions (buying a home, buying, closing)

[WhoFanMe]

Originally Posted by jenkaye

We have had a steady stream of showings and they all seem to happen on Friday and Saturday. We had an open house and only 2 people showed up and they seemed to just be nosing around according to our realtor.

All this action and not one offer! We had a realtor tour and they all said we are priced just right but our tile is outdated. Well I just replied tell people to make an offer we would give an allowance for the tile. We didn't like it either but I am not going to replace it now and deal with all that dust and workers in my house and my furniture outside etc. I just can't believe we haven't even had a low ball offer.

It's frustrating, now I remember why I hate selling houses. Hopefully this will be the last one for a long while but that is what I thought about the house I am in now! My parents keep telling us to rent when we get to Maine but I hate the thought of moving from AZ to a rental and then again to a house. We will see what happens...but I am impatient...the thought of our hot summers approaching makes me ill. SELL....SELL.....SELL...

It's not fun and REALTORS understand that. Nobody wants to spend money and work on a home just to leave it, you do have a dilemma. I work closely with 3 other agents on a loft condo project that may be overpriced and need modifications. The sellers say bring us an offer and we'll address it. Unfortunately they are not the only urban condos in Portland and we are watching the others sell around us, all at less $ per square foot and with parking included. The listing expires in the first quarter, after 2 years and thousands of dollars and hours out of our pocket with less than 50% capacity we are preparing the withdrawal paperwork, unless we can get the seller to move with the market and not against it.

Jen, you could have your agent add that to the public remarks - seller will grant $XXXX for flooring allowance at closing and that may help, although most of today's buyers want to pick up the keys and plop on the couch. I will you well.

[WhoFanMe]

Originally Posted by Elcarim

I just looked at the homes sold listing again, and their agency hasn't sold a home in our area since the last of September, which is when they listed our home. That's the month they went into transition with the new company and all. They have sold several home in the next county - all much more expensive homes than we have in this area. I wonder if their activity is based on their bottom line profits.

There are two other agents in town who have both sold several houses here in that time frame. We're meeting with her next Tuesday and will be addressing that. I think at this point that we're going to have to ask to be let out of our contract. I believe they have been neglegent since day one and we're the ones paying for it. That's not fair to us.

Good for you El. We can't solicit other agent's listings, but we can meet/speak with you if you call us first and sign paperwork for the day after your current agreement expires. Your agent may want to let you out of the contract, they've had your listing for months and haven't been paid. At some point you have to cut the cord and this may be it for them. If not, you can be back on the market after just one day with some fresh ideas.

[jenkaye]

Jen, you could have your agent add that to the public remarks - seller will grant $XXXX for flooring allowance at closing and that may help, although most of today's buyers want to pick up the keys and plop on the couch. I will you well.[/quote]

Thanks so much...our realtor suggested we get a quote from a tile guy and deduct money off for flooring and put it in the listing. I think it would be a postive move to maybe get an offer. I am getting tempted to do a FSBO and drop price a lot but some of that scares me.

[WhoFanMe]

Originally Posted by corgis

OK, that's what I needed to know - this house in WV is fully paid for with no liens or problems on the deed. Just thinking that in this depressed market and especially in a depressed state like WV, we just want to get out of the house what we initially paid for it. All the improvements, that would be worth XXXX dollars, we're thinking could be the starting price and would include commission to the realtor, closing fees, anything unexpected (we don't have a stair railing outside for the 3 steps to the front door and it's mandatory to have it here).

Am I making sense? Or have I totally confused everybody?

Hi corgis, yes you are making sense. However your home is a commodity and not a product. With a product you have fixed costs associated with production, packaging, distribution and marketing. If a product doesn't sell, the manufacturer junks this and builds a new product. Think of your home as a stock; if you paid $100 a share for 10 shares of IBM you paid $1000. If that price drops to $85, you will get $850, less your selling expenses, regardless of what you paid for it, or what you need to get out of it to make a profit or break even or get enough for your next down payment. The difference is, real estate is an emotional commodity. Buyers (for the most part) don't get emotionally attached to IBM, but they will to your house. Price it right from the start and pick an agency that will market the heck out of it from the start and you'll be sold in no time!

[Elcarim]

I'm going to schedule an appointment for next week with the two agents who are selling in our area to discuss our options. I really think that's the best choice for us at this time.

The thing I'm not sure of is if we should go right back on the market, or give it a cooling off period for a few weeks and relist when the season picks up again end of February. How long does it take for the clock to start over on a listing?

I did notice the house across the street has had the realtor's sign taken down. Our agent has had it listed since last January. Guess they decided not to renew with them again.

[Boomerang]

Originally Posted by Elcarim

There are two other agents in town who have both sold several houses here in that time frame. We're meeting with her next Tuesday and will be addressing that. I think at this point that we're going to have to ask to be let out of our contract. I believe they have been neglegent since day one and we're the ones paying for it. That's not fair to us.

Just MHO, but I think you've done more than your part to be an informed consumer and team playing home seller. I hope so much for you that you get back in the game with a great realtor. For the price of commission you should get more than advertising - you should get peace of mind that somebody is watching out for your interests and truly trying to help you.

The realtor who sold my place went the extra mile and then some. I never had to lift a finger to get a quote for upgrading anything (I'm not exactly a HGTV fashionista; I was happy to live with perfectly good 20 year old kitchen counters :->) . She took care of every last detail from the first showing through closing. This took so much stress off my shoulders, I had the energy to survive the offer/negotiation process. Mind you, it took awhile to find this person. I interviewed a number of people but chose the one who was actually selling houses in my neighborhood --- now I know how she did it. Hard work!

[WhoFanMe]

Originally Posted by Elcarim

I'm going to schedule an appointment for next week with the two agents who are selling in our area to discuss our options. I really think that's the best choice for us at this time.

The thing I'm not sure of is if we should go right back on the market, or give it a cooling off period for a few weeks and relist when the season picks up again end of February. How long does it take for the clock to start over on a listing?

I did notice the house across the street has had the realtor's sign taken down. Our agent has had it listed since last January. Guess they decided not to renew with them again.

That's a great step, El! When you meet with the new job applicants (yes, that's what we do - apply for the job of selling your home) ask their opinion and find the one you trust and follow their advice. Every MLS is different. In Maine we have houses come off the market with one firm and go back on the MLS that same day with a new agent (or even the same agent) and it gets a new MLS number and the days on market clock goes to 0. Very few people are fooled by that, as any buyer agent can see the listing history and let his/her client know the real story, but the general public who might call on the sign or a customer that uses an agent but refuse representation will not know that. I know that's not true in every MLS, so make sure to ask for the rules in your area.

Do you know the folks across the street? While agents won't know why the house has come off the market, the seller may tell you directly. I had a house that chased the market down unsuccessfully last year before we took it off the market and a similar home in that abuts the backyard sold for 183,000. My seller paid just over that and wasn't prepared to "take a loss" so we withdrew the home. In her case, she wanted to move, but didn't have to.

[Mainer61]

No, it doesn't matter if there is a mortgage (as far as selling more quickly)..however, the seller has much more leeway as far as price.

[Mainer61]

I just noticed this post, so I'm not sure where Elcarim lives. It can be discouraging trying to sell a home these days. Our house has been on the market for almost a year and a half...only two offers. I've seen houses sell for more that aren't as nice and I know the people never even looked at ours. AAAHHH!!

[WhoFanMe]

Originally Posted by Boomerang

Just MHO, but I think you've done more than your part to be an informed consumer and team playing home seller. I hope so much for you that you get back in the game with a great realtor. For the price of commission you should get more than advertising - you should get peace of mind that somebody is watching out for your interests and truly trying to help you.

The realtor who sold my place went the extra mile and then some. I never had to lift a finger to get a quote for upgrading anything (I'm not exactly a HGTV fashionista; I was happy to live with perfectly good 20 year old kitchen counters :->) . She took care of every last detail from the first showing through closing. This took so much stress off my shoulders, I had the energy to survive the offer/negotiation process. Mind you, it took awhile to find this person. I interviewed a number of people but chose the one who was actually selling houses in my neighborhood --- now I know how she did it. Hard work!

Excellent job, Boom!