So is the sale of my home hopeless? (Union: 2010, mortgage)

[FlyersFan]

Originally Posted by NatasNJ

Side note. I don't get this aspect. Maybe I am a unquie buyer by dictating what properties I want to see instead of depending on my realtor to decide for me. I get all the listings from my realtor via emails. So I see every house in the market in my price range in the towns I asked for. Then when these emails go out I look them over and think I want to see these x houses. I never look or care about realtor % or anything. And the minute my realtor suggested looking or not looking at a property because of that % I would kick them to the curb. I just don't get it.

I never said all realtors will show all clients !!! However, if the have a client thats looking for something "similar" to what you have for sale.....or.....if your house is on the way to another then its easy to include in their showings.....don't forget.....the bottom line is realtors work on commissions !!!!

[JERSEY MAN]

Originally Posted by tahiti

holy thread resurrection. i wonder if the OP ever sold.

I'm responding to JM's post because I'm wondering if this house ever sold? Do you know?

Batman couldn't sell the house. It dropped by 100K and still no buyers. They eventually took it off the market. If people can find an underpriced forclosure than yes this is the time to buy.

[AndrewMensch]

Originally Posted by JERSEY MAN

Batman couldn't sell the house. It dropped by 100K and still no buyers. They eventually took it off the market. If people can find an underpriced forclosure than yes this is the time to buy.

You may not like the price, but the house WILL sell at the right price. Want proof?

If I offered this house for $1.00, would you buy it?
For $100
For $1000
For $10000
For $100000?

Each time I add a zero the audience shrinks, but there is a level where someone will buy the house. Sellers need to be educated with real numbers about the current market and then the decision on whether to sell is up to them.


Buyers have not disappeared, the market his declined.

[veuvegirl]

Originally Posted by AndrewMensch

You may not like the price, but the house WILL sell at the right price. Want proof?

If I offered this house for $1.00, would you buy it?
For $100
For $1000
For $10000
For $100000?

Each time I add a zero the audience shrinks, but there is a level where someone will buy the house. Sellers need to be educated with real numbers about the current market and then the decision on whether to sell is up to them.


Buyers have not disappeared, the market his declined.

I have to disagree. With people losing their jobs left and right, they are not going to be purchasing houses. Without job security and knowing if you will be getting a paycheck, buying a house wouldn't even be on someone's radar.

[NatasNJ]

Originally Posted by veuvegirl

I have to disagree. With people losing their jobs left and right, they are not going to be purchasing houses. Without job security and knowing if you will be getting a paycheck, buying a house wouldn't even be on someone's radar.

This is true but that doesn't CHANGE that there are still many BUYERS out there if the house is priced correctly. (Meaning a deal in their eyes)
You price a house at a level people think it is a steal in the area and it will sell. No doubt about it. And it will sell quick. Sadly many people can't lower their prices that low and are just watching their value disappear anyway.

[AndrewMensch]

Look at it this way.... typically you research (with or without a broker) and see that the typical 4 br, 2 bth colonial in your town is asking between $500-550K. You want to build in "negotiating room" and want to "test the market" so you put yours at $575K.

Your competition between $500-550K have been on the market at that price for between 30-150 days and are not selling at that price... regardless of condition, they are priced too high or else they would sell.

So now you are at $575K... nobody shows up to see your house. THE MARKET SUCKS!!!!

My bet is that if you priced the house at $480 and undercut the competition you would set loads of traffic and at least one offer within a week. Seeing the value of your house at $480 vs $500 (the next lowest price), you might even get full price or more.

You might not like the fact that your house sells for $480K, but in a declining market where prices are going down... not up, the next house will be lower then it was in the past so you will make it up on the other end, AND in a declining market, chances are that next year you would jump at a $480K offer.

[AndrewMensch]

Originally Posted by veuvegirl

I have to disagree. With people losing their jobs left and right, they are not going to be purchasing houses. Without job security and knowing if you will be getting a paycheck, buying a house wouldn't even be on someone's radar.

If you lost your job yesterday, and I offered you a great house for $100.00, you wouldn't buy it? See you are a buyer, AT THE RIGHT PRICE. I know this is an extreme example, but it proves the point that buyers still exist, just at the right price.

The market conditions dictate that prices have to come down to meet the demand of the buyers. Inventory is high so there's no reason for buyers to jump at high-priced homes.

[sholden]

Originally Posted by AndrewMensch

If you lost your job yesterday, and I offered you a great house for $100.00, you wouldn't buy it? See you are a buyer, AT THE RIGHT PRICE. I know this is an extreme example, but it proves the point that buyers still exist, just at the right price.

The market conditions dictate that prices have to come down to meet the demand of the buyers. Inventory is high so there's no reason for buyers to jump at high-priced homes.

Not in most of NJ, the property taxes alone will be more than renting in fly over land

[FlyersFan]

Originally Posted by JERSEY MAN

Batman couldn't sell the house. It dropped by 100K and still no buyers. They eventually took it off the market. If people can find an underpriced forclosure than yes this is the time to buy.

Batman has a real estate license ????

[JamesBoyer]

Originally Posted by veuvegirl

I have to disagree. With people losing their jobs left and right, they are not going to be purchasing houses. Without job security and knowing if you will be getting a paycheck, buying a house wouldn't even be on someone's radar.

Veauegirl I think your being to negative by 100X's What the person was trying to illustrate to you and everyone is that everything has a price and everything will sell at the right price. This home in Madison Garden State MLS is an example of that. Listed 10/8/2008, under-contract with multiple offers 7 days later, closed 12/8/2008 $60,000 above asking price.

between Morris Essex & Union Counties as of this minute there are 1266 homes under contract. Clearly the market is slow right now, but just as clear there are many people buying homes and getting great deals.