Seller Hold-outs? (Exeter, Stratham: for sale by owner, real estate, mortgages)
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I am curious, as a perspective home buyer in the seacoast............what is the deal with the houses that are on the market MANY months, some over a year with no price change?
There is a home in Exeter which went under contract for around 300,000. A smaller home a couple doors down is holding out for 430,000.......
Do these folks just not care if they sell, is it denial? I sold my home in 12 hours after being told "It may take months"......probably because We priced based on what had actually SOLD...
As a buyer , you want to pay MARKET VALUE........Are the local realtors pleading with buyers to drop?
what is going on.......same old houses, same old price...month after month.....
I think a lot of sellers are in denial sad to say. Also many sellers are not tied into a deadline so they let it sit. Which is not good ..from my real estate research...when your home has been on the market for 6 months take it off...let it chill put back on..otherwise it is known to be on the market forever. Having been a keen student of rise and falls in real estate since the early 80s in New England..I've noticed that the media goes crazy..Oh there are all these houses on the market..its a buyers market...well what I've noticed that in a buyers market..believe it our not..good houses go fast...Reason because there are is a lot of junk (sorry ) or prices that are Overpriced McMansions ..conclusion to find a good house you can afford which I know is relative..narrow your streets in a town that you like say the neighborhood...talk to a realtor who is a buyer agent...also consider For Sale by Owners...hope this helps
A lot of realtors have told me their clients believe buyers will ask for the same reduction no matter what the asking price is, so they won't change the listing price but would be willing to accept a lower offer - they just believe that if they lower the sale price, they'd have to take the same reduction and would end up selling for less. Sounds crazy to me but I've heard it from multiple realtors.
I would love to see a chart showing the percentage difference between asking and selling price in the major southern markets in NH. Valerie would know, I'm sure, but I understand she's "hangin' with the homies" as we say on the West Coast, and won't have much time for a few days.
We interviewed 3 realtors when we put our house on the market in mid-April. We immediately got rid of the one who told us "too bad it's not a great market...your house is worth $549k but you won't be able to get it in this market" Erm...no. My house is worth what someone is willing to pay for it no matter how much I think it should be worth, or need it to be worth to cover all the $ I put into it.
On the other hand, there are too many hail-mary buyers out there at the moment. They hear all sorts of crap about how bad the market is (overblown imho unless you are one of the unfortunates who bought too high and want to now sell higher...) and seem to think they can by default knock 10-20% off any list price without bothering to do a market analysis to see whether the asking price was competitive in the first place.
WHen I put my home on the market (no realtor) I was so annoyed at the media hype- I really feel they are making things worse. I priced the home myself , for a tiny bit less than similar sized stuff that had been sitting. (our home had more high - end finishes)
I know folks "shop by comparison"......This technique worked, The buyer called the next morning, and I had an offer in a couple of days ( and a back-up offer)
this after nay-sayers telling me I would never sell, or it would take months ( because of the media!!!)........ANd the realtors - I had values given to me by several, and they were all over the place.
You are right - the market value is what someone is willing to pay...............and from the Time on market of many seacoast properties - folks are not willing to pay those prices...........
I low-balled a home in Stratham ( In my opinion - that is what it was worth) , and my low ball prompted them to accept a slightly higher low - ball...........the house sold for about 150,000 less than the original price - GULP......
As has been stated, a property is worth what someone is willing to pay for it.
Today, it's a buyer's market. Lots of inventory and lots of people who are stuck with mortgages they can't afford.
Just because someone once thought a property was worth 500K doesn't mean it is today. If the house has been on the market for awhile, it's obviously overpriced.
Why not low-ball? You've got nothing to lose. If the owner is desperate enough, you'll might make out.
IMO - the best real estate deals are being at the right place at the right time.
You are right - the market value is what someone is willing to pay...............and from the Time on market of many seacoast properties - folks are not willing to pay those prices...........
I'm hopefully goint to be in the market within the year and have been watching the area like a hawk. I see sooooo many houses doing this right now. Some have sat for over a year, the people are moved and gone, and the price hasn't changed at all.
The house we bought sold in 4 days and had 3 other offers; ours was accepted because it was first (yay). It is clean, well cared for, and looks good.
For a year (remotely) and almost a year (finally up here) we looked at houses. Most of them were absolute crap, falling apart, moldy, dirty, disgusting...yet still being listed for the same price as "nice" comparable homes. The "nice" homes generally sold in a few weeks.
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