Why is my house still for sale? (Burlington: condo, mortgage approval)

[ira]

You mentioned that the house is less than one year old? Why are you selling so fast? Are you flipping it?

[NewHomeHappy]

Originally Posted by ira

You mentioned that the house is less than one year old? Why are you selling so fast? Are you flipping it?

No, not at all. Soon after we moved in, we realized, my parents are no longer able to live on their own and they need a first floor bedroom/bathroom. There were no other options for them. The new house we are moving into has what we need. Same builder. Great house. We had bad timing but we are doing the right thing. You only have one Mom & Dad.

[machonatmanuel]

how much is your house and how many bedrooms are these? what is the school covered and may i know the exact address?

chona

my number i 813-7861562

[NewHomeHappy]

Originally Posted by machonatmanuel

how much is your house and how many bedrooms are these? what is the school covered and may i know the exact address?

chona

my number i 813-7861562

I sent you an email. Did you receive it?

[NewHomeHappy]

Chona,
Thank for asking but I have to adhere to the strict rules of this forum regarding advertising. I sent you an email & a Private message. Please reply to me & I will give you all the information you asked for. I sent you the link to the Remax website & the MLS#. The High School/Middle School/Elementary school complex is less than one mile from this new development. I live on a Cul'd'sac too !!thanks
p.

[chaz longue]

Dear NewHomeForSale -

I have no magic for you, just some encouragement and a few fundamentals:
As a Realtor in Burlington VT with 17 years of experience...I feel your pain.
I think the comments above have been excellent, btw.

But here are some ideas for you.

First - It's all about the market.

a)
When your agent listed your home, he/she presumably showed you a market analysis. The comparable SOLD properties used in this cma were on the market for an average of x number of days. This is the market time you'll want to keep in mind even though those houses sold in the past and yours will sell in the future. It's not the average market time in your city that counts - it's the average market time for houses like yours ie the ones used in your cma.

b)
There's a direct relationship between Price and Market time. Your agent will tell you that he/she typically suggests a lower price for a sale that needs to happen quickly, vs a slightly higher price for a sale that can take a year. But you knew that... Price is a continuum though, and the behavior and number of prospective buyers can tell you where on that continuum you are: If your price is lower than fair market value, you can expect multiple offers in short order; If your price is correct, you'll (by definition) get a full price offer in a short time; If your price is a little high, you'll take longer and get less attractive offers (in relation to list price); If your price is higher still, you'll not get offers. Finally - if your house is even higher than that - you'll not even have any showings at all. You might ask your agent to help you decide where on the price/activity continuum you are.

Second - Marketing is essential ( a good agent, MLS listing, clear written materials [ie the MLS data sheet]) but there's no marketing problem price won't solve. Your house hasn't been on the market too long, and it does seem you've bought into a declining market. You can't change the fundamental market/economic picture in your area. But you can react intelligently.

Here's one marketing tool I like. Ask your agent who his/her favorite mortgage banker is. Then have the agent ask the banker to prepare a brochure that contains 3 or 4 financing scenarios: 30 conventional mortgage with 20%down, 30 year ARM with 20% down, 30 year fixed with 5% down, portfolio/nonconforming/special local bank program etc etc etc. There's software for this. Some Realtors have it, some bankers have it. You end up with a brochure with little more than a photo of the house, a photo of the agent, and 4 or 5 columns of numbers. Buyers can walk in, take a buyer package on thier way out, and when they sit down later with the agent who brought them, not only will they have the pretty pictures and the MLS data sheet - they'll have numbers so they'll know how to buy your house.

Hang in there...

I hope this helps!


Chaz

[pixieshmoo]

I must say that your idea regarding using an agent's mortgage broker of choice to prepare a brochure is a phenomenal idea!!!

[chaz longue]

Originally Posted by pixieshmoo

I must say that your idea regarding using an agent's mortgage broker of choice to prepare a brochure is a phenomenal idea!!!

Thanks very much. Knowing what the PITI would be for various financing programs - for a particular home - really helps buyers.

[NewHomeHappy]

Thanks for the ideas (everyone). You have been most helpful and it is very much appreciated.

[fedupwithnewton]

you really want to know why your house wont sell??? Because its in NJ!!!!! wake up! This is the most overpriced corrupted miserable state to be in. Your moving.. you really expect someone else wants to live here????? We have the absolute most worst state in the entire usa. We are the butt of the us. I'm sorry your house hasnt sold,, I'm sure ur realtor is well versed in BS to sell anything around here. good luck