House On Market 2 1/2 months no showings!! (lease, credit, loan)

[wheelz]

Of course if you are a Real Estate Agent you would prefer to sell a house listed with your own broker but that surely doesn't stop a person who is actively looking to buy a property from viewing your home. If it is listed on the MLS, which it is if it's listed with a broker, every single realtor can sell your home, not just the realtor with your particular broker.

There are towns in central MA that have over 100 homes for sale with populations as low as 6,000 people that have been listed for well over a years time and still haven't had any offers on them. Why? Well, one reason is that the people selling can't afford to lower their asking price because their own personal mortgage is as high as their asking price, due to over extended lending practices which border on criminal activity. There are a lot of homes owned in MA that people had no business buying in the first place when taking into consideration their own personal income. Another reason is people are just plain greedy.

The biggest reason as to why home's aren't selling is that Massachusetts currently has the highest evacuation rate when compared to all of the other states. These are people who are leaving because of many different reasons and statistic's show that once they leave they NEVER return. Why? Because MA is so darn expensive that once they leave, they can't afford to move back. Why again? Because people are just asking way too much for their home's.

It's a viscious circle!

[seldomseen]

Originally Posted by wheelz

The biggest reason as to why home's aren't selling is that Massachusetts currently has the highest evacuation rate when compared to all of the other states. These are people who are leaving because of many different reasons and statistic's show that once they leave they NEVER return. Why? Because MA is so darn expensive that once they leave, they can't afford to move back. Why again? Because people are just asking way too much for their home's.

A study that was published by Harvard University a couple of years ago indicated that Massachusetts does have one of the highest population attrition rates in the United States. And the main reasons people identified were: lack of quality jobs in the state, and high-cost of living. The study also indicated that Massachusetts has one of the highest percentages of college graduates that leave the state shortly upon graduating.

[Keaney]

My house has been on the market for 1week now and 1 family has come in to see it. The comment was the house was the nicest one they had seen, but the yard was too small. Our home is in a great neighborhood at the end of a cul-de-sac, 1 acre of land, private back yard, almost 3000 sq. feet and was built in 2001. The house is in great condition and has all neutral paint and is freshly been painted. We have done many upgrades (too many to mention).

We have our house on the market at what most people in our development believe is a decent price. People selling their homes right now are so desperate to sell that they have lowered their prices ridiculously low. We are one of those people that want to leave this state for a warmer climate and yet we are not desperate to leave. We don't have to leave at all if we don't want to, so I don't want to lose my shirt trying to sell my home. The question is, how long do we keep it on the market and are we going to somehow be forced to lower our price because eventually our number is going to be outrageous at the rate things are going.

By the way, I live in Methuen,MA. Good Luck to all!

Keaney

[penandpaper]

We have wanted to move back to Boston but after living in different parts of the country you realize that Boston is very very expensive. If you want to spend every last dollar on housing it is the place to do it. We love Boston but the price of housing has gone out of control. The market needs to correct itself there so people can afford to live there. It is all perspective. I would price your house to sell. Good luck!

[NY'er lost in MA]

leave it listed until mid December....

Then I would recommend taking it off the MLS until March 1st. Now is not the greatest time to test the market with the Holidays upon us.

I also think lowering the price too quickly is not a great strategy.

[Micah Girl]

Originally Posted by NY'er lost in MA

leave it listed until mid December....

Then I would recommend taking it off the MLS until March 1st. Now is not the greatest time to test the market with the Holidays upon us.

I also think lowering the price too quickly is not a great strategy.

How do you figure strategy in a market that is in such rough shape. It seems to me that none of the rules really apply right now. It's my understanding that if you want to move, price to sell, and get out--especially if you are moving somewhere cheaper.

Any thoughts?

[rsf67]

Originally Posted by mindy410

Hi. Is anyone out there trying to sell there house and having no luck. Mine has been on the market 2 1/2 months and not one stinking showing. Im starting to get frustrated because I have a house in mind I want. My realtor is really bad. He does not bring anyone. He has no open houses and it has only been in the paper twice in 2 1/2 months. My contract is up in 3 weeks and im so tempted to just cancel it now and sell it FSBO. I can put more ads in the paper then him and I will have open houses at least a few times a month. Anyone else not having any showings? Im from the Lowell Area. Thanks Mindy

Like most homes in MA, its likely over-priced. It doesn't really matter what comps sold for in the past or what Zillow says, buyers are looking at least six months in the future and hedging their bets. $300k? Try $250k and see if you get multiple offers. If you don't then you're still over-priced for the market you're in.

[nicky1097]

Hey there...we JUST sold our house after 5 months of being on the market..we had to lower the price twice..and ther person who came in with an offer was way below our already reduced price..we were in a RUSH to sell so we went with it and did not make alot at all..we are just glad to have got out when we did. It's hard..BAD market. Becareful with craigslist though because I had it posted on there and all you got were people who were just curious and nosey! We only got 1 person the first 2 months, and luckly the third person in TOTAL made an offer. Very frustrating i know, good luck..and keep lowering the price even though it's a shame to do it..that's the only way you're going to sell in this market.

[nicolepsy]

i would say get a new realtor and forget about the newspaper. i think more buyers use realtor.com or similar websites. it is important for you to have it staged (or do it yourself) and make sure the pictures that are to be posted are perfect. i would think you would get a few showings then. also, insist that the new realtor do an open house if that is what you want.

[NY'er lost in MA]

Originally Posted by Micah Girl

How do you figure strategy in a market that is in such rough shape. It seems to me that none of the rules really apply right now. It's my understanding that if you want to move, price to sell, and get out--especially if you are moving somewhere cheaper.

Any thoughts?

There really is no strategy right now. But if they have it listed at their bottom line, then there is nowhere to lower it to anyway.

BUT- as a recent seller and buyer I can say that lowering the price consistently and frequently does not send the right message to potential buyers- many would theorize that there is either something wrong with the house that has been discovered, or the sellers have alot of equity and are unwilling to part with it easily- either case is not good for the buyer, thus....I personally might just pass over that listing completely and check out the hundreds of other listings....

It only takes one buyer however, so you just have to be optimistic and don't bluff at all- if you get an interested buyer it pays to work with them and negotiate instead of lowering your price $10K every week and not selling at all...