So is the sale of my home hopeless? (Edison, Pennsauken: apartment complex, renters)

[Onizuka]

Originally Posted by JoeandFamily

Well my price is now the same as the market value. Been up for 2 1/2 months...Depressing when the house across the street gets a contract the first week.

I'm not sure what's so hard to understand.

The market value of your house is determined by YOUR house, not by what the house across the street sold for in the past. I know this news might be hard to take, but the market is getting worse and if all you do is small price reductions, you guys will just chase the market down.

Look up your home at realtor.com. Pretend you are a buyer. Look in your town. If your house does not stand out (objectively!), it WILL NOT SELL. No one will pay you for your memories or your own (inflated) views of your houses.

[njkate]

Originally Posted by Onizuka

I'm not sure what's so hard to understand.

The market value of your house is determined by YOUR house, not by what the house across the street sold for in the past. I know this news might be hard to take, but the market is getting worse and if all you do is small price reductions, you guys will just chase the market down.

Look up your home at realtor.com. Pretend you are a buyer. Look in your town. If your house does not stand out (objectively!), it WILL NOT SELL. No one will pay you for your memories or your own (inflated) views of your houses.

Brutal but true....there was another forum, the NY one I think where seller posted pics of her house asking for brutal honesty and she got it....what may not look like clutter to home owner can be major clutter to others....
if you can take the honesty..post some pics

[DodgeViper01]

Never use the word hopeless but it is hard to do in this market. Price is the only factor and if there aren't any bites then you must reduce. Good luck with your sale and keep us updated.

[Shanlynn1012]

Thank you
We just did another price reduction and are at 279 I am hopeful this is the right price. I jsut do not know and no one is advising me otherwise. The caravan and my realtor all thought this was the right price, BUT they are saying it is slow, nothing is selling in my area. That is why i am scared......

[emanon]

If you are really desperate try this. Lower your price to 229K if it is really just price you will get multiple bids and when the bidding ends if the price is not to your liking turn down the deal. Remember you are dealing with cheapskates these days and if they think they are getting a deal they will jump all over your house. Your lawyer can get you out of any deal you don't like.

The "experts" here seem to think it is all about lowering your price. One way to find out.

[Shanlynn1012]

LOL
I thought about doing that, or doing what the builders do, starting in the mid - high 200,000.

[newjerseybt]

Chances are much greater that a buyer's agent will bring a client than your listing agent. Make sure your commission rate is competitive and bias the split towards the SELLING agent (possibly by a bonus).

Is your neighbor's house in the same price range as yours? Did the people who bought your neighbors house at least LOOK at your house before deciding?
------------------
The lesson I learned when I was selling was that I was too cheap on the commission and too high on price. I lowered the price from $515,000 to $450,000 in 10 months and raised the commission 1%. Several agents advised me that I sold $30,000 too low at $420,000 but I noticed that their similar homes were still for sale a year later and when they finally sold they were lower than what I sold mine for plus they had carrying charges which erroded the seller's profits. I took some of my "lowballed" money and dumped it into the stock market and got back $40,000 so far. One market falls while another is now in favor. I am keeping my fingers crossed because as you know ......... sub prime poop happens.

[Diane Giam]

Originally Posted by Onizuka

I'm not sure what's so hard to understand.

The market value of your house is determined by YOUR house, not by what the house across the street sold for in the past. I know this news might be hard to take, but the market is getting worse and if all you do is small price reductions, you guys will just chase the market down.

Look up your home at realtor.com. Pretend you are a buyer. Look in your town. If your house does not stand out (objectively!), it WILL NOT SELL. No one will pay you for your memories or your own (inflated) views of your houses.

A good idea would be to go to open houses in your area. I did that last year and finally sold. I had to lower my price quite a bit but I bought 13 years earlier when prices were much lower, so did good. I also bought in Nashville where houses are underpriced. I bought a 4200sq Foot All Brick Contemporary
For $430,000 which was $32,000 less than what I sold my 2200 sq ft colonial in Manalapan, NJ-monmouth county. My taxes are also a Joke, $3500 a year. Our income is higher because it was a relocation and no state income tax and he's received raises. It was win Win, and I am glad to be out of NJ.
I noticed a house in my development there is now listing $12,000 less than what I sold mine for and its been on the market for a year.
Diane in Music City

[Onizuka]

Originally Posted by emanon

Remember you are dealing with cheapskates these days...

I suppose you like overpaying for your houses just to show those sellers you are not a cheapskate? Good luck that strategy in life.

[DodgeViper01]

Originally Posted by Shanlynn1012

Thank you
We just did another price reduction and are at 279 I am hopeful this is the right price. I jsut do not know and no one is advising me otherwise. The caravan and my realtor all thought this was the right price, BUT they are saying it is slow, nothing is selling in my area. That is why i am scared......

No problem. Good luck with the sale!