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Old 10-01-2007, 03:30 PM
 
48 posts, read 147,803 times
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I am trying to sell and it seems that no one is out there... I am considering one more price reduction but it won't help if there is no one out there to buy it. The property is not an expensive one, it is for a first time homebuyer so we are not at the high end so I am just wondering whether or not to do another price reduction or to just sit here and be patient...... any help would be great!
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Old 10-01-2007, 03:47 PM
 
85 posts, read 273,970 times
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Hi Sue, yes there are buyers out there although the number has dwindled significantly due to tightening standards by lenders (a good thing) and negative media about the market in general (a bad thing). How does your home compare to similar homes on the market in condition and price? What is your realtor reporting back to you?
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Old 10-01-2007, 03:58 PM
 
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She told us to go down a little and we are considering going down even more to sell quick. I am willing to let it go a little under what she is saying for a quick close. i just want to make sure there will be people out there to buy it if we do go down. The condition of it is great and we have more room and an extra 1/2 bath compared to all the others.
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Old 10-01-2007, 04:01 PM
 
Location: Ocean County, NJ
191 posts, read 820,237 times
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you also have to consider that many homebuyers, especially 1st timers (like myself), are holding out on interest cuts and price reductions.
Its been speculated that the fed may cut rates 1 or 2 more times before year end. Also with the slow market and credit crunch, people are waiting on homeowners to reduce their prices.

Many people in the hot north-east market have seen double and triple appreciation values in just the last 5-7 years. Dont think that future homebuyers dont know this.

Just like a RE agent tells a seller, dont get sentimental about your home, its only worth what someone is willing to pay, many homebuyers are a bit cautious about buying a home for 325k that just 7 years ago went for 145k, especially in a declining market. If the market truly bottoms out, no one wants to be holding the deed to house thats worth only 1/2 its value.

On top of that, with the dollar so weak in the marketplace, taxes going up, prices on goods up, oil up, and the looming recession, homebuyers are being very careful.
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Old 10-01-2007, 04:07 PM
 
48 posts, read 147,803 times
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And based on everything Alan said that is why we are willing to go under market value if that it what it takes, I just want to sell this year and if that is what it takes than that is it. I just want to see if it will be worth it!
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Old 10-01-2007, 09:25 PM
 
Location: NJ
2,212 posts, read 6,176,867 times
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Quote:
Originally Posted by suemaz12 View Post
And based on everything Alan said that is why we are willing to go under market value if that it what it takes, I just want to sell this year and if that is what it takes than that is it. I just want to see if it will be worth it!
There are always buyers out there - relocations, marriages, people having kids and the rest of it. There just isn't the frenzy of the past few years where speculation drove the market and people rushed to bid on every new house. Add to that the tightening of credit where people have to actually have some money in hand and be able to pay the mortgage and the buyer pool shrank considerably.

That doesn't mean that a well priced house won't sell though, they are. If you really want to sell, have wiggle room on the price and aren't willing to wait for a year to get it done, have your realtor run the comps again -look at what is actually selling and for how much, check to see if there is anything else you can do to be sure your home is being presented effectively and price aggressively.

Hope it goes well for you.
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Old 10-02-2007, 05:14 AM
 
Location: NJ
9,206 posts, read 20,221,533 times
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Quote:
Originally Posted by Alan B 718 View Post
you also have to consider that many homebuyers, especially 1st timers (like myself), are holding out on interest cuts and price reductions.
Its been speculated that the fed may cut rates 1 or 2 more times before year end. Also with the slow market and credit crunch, people are waiting on homeowners to reduce their prices.

Many people in the hot north-east market have seen double and triple appreciation values in just the last 5-7 years. Dont think that future homebuyers dont know this.

Just like a RE agent tells a seller, dont get sentimental about your home, its only worth what someone is willing to pay, many homebuyers are a bit cautious about buying a home for 325k that just 7 years ago went for 145k, especially in a declining market. If the market truly bottoms out, no one wants to be holding the deed to house thats worth only 1/2 its value.

On top of that, with the dollar so weak in the marketplace, taxes going up, prices on goods up, oil up, and the looming recession, homebuyers are being very careful.
I don't think prices will go down that much. The problem is all of the people that bought high. Sellers are only going to go down so much, and I'm seeing people taking the house off of the market & staying. How many can afford to bring money to the table? Then there are others losing the house to foreclosure. Some of these are outrageously priced. A man stopped me 2 weeks ago asking how things were going with our sale. He said he was watching our house but also watching some foreclosures.

New Yorkers are still coming in & buying. Housing is cheaper here then there. If a buyer sees something they like, they need to weigh everything, especially if the house is not the norm for the area.

Not only am I selling my house but I was a buyer too. I can't begin to tell everyone how bad some of the inventory is. I don't mind paying some of the prices but sheesh, I don't want to pull off paneling or faux brick. If they are going to ask the high price the house should at least show well

Quote:
Originally Posted by suemaz12 View Post
I am trying to sell and it seems that no one is out there... I am considering one more price reduction but it won't help if there is no one out there to buy it. The property is not an expensive one, it is for a first time homebuyer so we are not at the high end so I am just wondering whether or not to do another price reduction or to just sit here and be patient...... any help would be great!
Talk to your agent. They can tell you what the market is like. Chances are, that while there are some lookers, not much is selling.
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Old 10-02-2007, 05:18 AM
 
48 posts, read 147,803 times
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we are in a condo association and there is another one down the road from us. We are typically priced higher than them. In the hopes to sell i was going to reduce the price to their lowest. as Anthony mentioned above, it is getting harder for these 1st time buyers. do you think a flat out price reduction or giving a couple thousand towards closing costs is better?
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Old 10-02-2007, 05:31 AM
 
Location: NJ
9,206 posts, read 20,221,533 times
Reputation: 6302
Make a post in the real estate section, I'm sure you'll get answers.

I would think that lowering the price to get people in is what you need to do. Lowering may or may not work, depends on whether people are looking in your area. You also should be able to find out from your agent if condos are selling or are looked at. It's hard being in this market, and in some areas having a condo is even harder.

Have you gotten any feedback? How does the house show?
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Old 10-02-2007, 06:04 AM
 
48 posts, read 147,803 times
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It shows well - our location isn't the best in the development. We have one of the nicest condos it just isn't in the best location. We back up to a major highway in the distance so although we are the nicest inside and have an additional sitting room and half bath we are running into problems with the highway. We are facing reality though and are really considering a Crazy Eddie move!
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