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Old 12-11-2010, 05:50 PM
 
9 posts, read 6,702 times
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CaptChill...I guess it depends on how much you put into the property. My sister put 20% down...that was in 2006 also. If she knew then what she knows now, she NEVER would have put 20% down to avoid PMI.
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Old 12-11-2010, 05:56 PM
 
Location: Up above the world so high!
45,270 posts, read 88,286,039 times
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Quote:
Originally Posted by FayRes View Post
CaptChill...I guess it depends on how much you put into the property. My sister put 20% down...that was in 2006 also. If she knew then what she knows now, she NEVER would have put 20% down to avoid PMI.

Fay, what is her realtor advising she do at this point?
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Old 12-12-2010, 07:24 AM
 
Location: Blue Ridge Mntns., NC
10,756 posts, read 15,022,110 times
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Fay, it is definitely a hard pill to swallow when you have to take less for the house than originally paid. If there have already been 3 price reductions, and still no offers, the Realtor needs to be up front about what the feedback is from those who looked at it.

Unfortunately, the most qualified and interested buyers come looking when the listing is "fresh" because they've eliminated the others, and are still looking. If they reject the house, it's because of one or more of the 3 conditions mentioned here; and the house gets lost in the pile of inventory, only to play a waiting game which is what your sis is doing now. It is possible she needs a new Realtor, or is having a hard time being realistic. 2006 was definitely a peak market in most areas with multiple offers on occasion, and ratio of listing to selling price at about 3%. Now it's more like 9% difference.

Remember too, if she is going to buy another property, the same scenario will apply. Someone else is selling for less than they paid. The point is to SELL when you need to sell. Motivation is key.

I would take the listing off the market for a few weeks, and relist it at a competitive price as a new listing and MLS # in this case, make it the best deal in the area, and move forward. I only suggest relisting because there have been so many price drops. Most MLS associations have price history available, that can be seen by Realtors; and only if buyers ask.

Zillow and the other public websites are not reliable, rely on the Realtor.
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Old 12-12-2010, 08:23 AM
 
Location: Union County
5,783 posts, read 8,409,122 times
Reputation: 4818
If it's not selling (let alone getting offers), it's not priced right - plain and simple... There's no magic you're missing.

13+ months with not even a lowball offer is a loud and clear signal. Sight unseen I'd guess that means it needs a deep discount to attract buyers. Don't make the mistake of trickling it down.

In general terms you should be looking at least 20-30% below what was paid in mid2006.
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Old 12-12-2010, 08:30 PM
 
9 posts, read 6,702 times
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lovesMountains: Her realtor is not advising anything to her at this point. Oh......forgot to mention....my sister and her husband are now on Realtor #3 for a number of reasons too long to go into at this point. Basically, EXTREME unprofessionalism with the others and now this one isn't great, either, from what she has told me.

QuilterChick: My sister and brother-in-law have considered taking it off the market for a few months and then relisting with another realtor. They haven't decided yet. Also, as mentioned above, they are now on Realtor #3.

As I mentioned earlier, all feedback on the house has been positive. All the reasons the house has been rejected has NOT been the price. It has been things like (believe it or not...) "Buyers want to put up a 6-foot privacy fence..." or "Buyers have 3 kids and a dog and think that their kids playing in the backyard would bother the golfers...." (House is a golf course lot.) I am not kidding. This is REAL feedback they've gotten.
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Old 12-12-2010, 08:38 PM
 
Location: Up above the world so high!
45,270 posts, read 88,286,039 times
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Quote:
Originally Posted by FayRes View Post
lovesMountains: Her realtor is not advising anything to her at this point. Oh......forgot to mention....my sister and her husband are now on Realtor #3 for a number of reasons too long to go into at this point. Basically, EXTREME unprofessionalism with the others and now this one isn't great, either, from what she has told me.

QuilterChick: My sister and brother-in-law have considered taking it off the market for a few months and then relisting with another realtor. They haven't decided yet. Also, as mentioned above, they are now on Realtor #3.

As I mentioned earlier, all feedback on the house has been positive. All the reasons the house has been rejected has NOT been the price. It has been things like (believe it or not...) "Buyers want to put up a 6-foot privacy fence..." or "Buyers have 3 kids and a dog and think that their kids playing in the backyard would bother the golfers...." (House is a golf course lot.) I am not kidding. This is REAL feedback they've gotten.

Fay, again, I hate to repeat myself - IT'S THE PRICE. You guys can keep trying to find something else to blame it on but with condition and location being no problem, any house that sits this long (even in this market) is overpriced.

This is the reality - they bought at the height of the market - THEY OVERPAID for the home.

The value they "think" they have does not exist. A home is truly only worth what someone will pay you for it, and right now, NOBODY is willing tp pay what they are asking. This is not the realtors fault and continuing to change realtors will not change the reality.

But hey, they've waited over a year already to try to sell it - I'd say they should just take it off the market and stay put a few years. In another 5 years they may be able to make a little money off of it.

Did you really read what CaptChill said above?

"bought here in the Raleigh area in 2006 at 340K. I am looking at maybe 298K now".

He KNOWS he will take a loss if he wants to sell right now - he's an informed seller. Your sister and her husband have to get real about the situation they are in. Again, sorry
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Old 12-12-2010, 09:02 PM
 
Location: Chapel Hill, NC
870 posts, read 1,961,372 times
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Quote:
Originally Posted by FayRes View Post

As I mentioned earlier, all feedback on the house has been positive. All the reasons the house has been rejected has NOT been the price. It has been things like (believe it or not...) "Buyers want to put up a 6-foot privacy fence..." or "Buyers have 3 kids and a dog and think that their kids playing in the backyard would bother the golfers...." (House is a golf course lot.) I am not kidding. This is REAL feedback they've gotten.
I sold my house a little over year ago in Winston and from the feedback I got no one said the price was too high. The simple fact you aren't getting offers is saying that... When agents give feedback they aren't always going to tell you everything. I had to tell my agent to lower the price and I got an offer. I still have friends who put their house up around the same time as me and now almost 2 years later their houses are still sitting there because they won't lower the price.

Your sister needs to have her agent look a recent sales. Buyers aren't going to care what your sister paid for it.
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Old 12-12-2010, 09:05 PM
 
Location: Up above the world so high!
45,270 posts, read 88,286,039 times
Reputation: 39844
Quote:
Originally Posted by ncsualum2004 View Post
I sold my house a year ago in Winston and from the feedback I got no one said the price was too high. The simple fact you aren't getting offers is saying that... When agents give feedback they aren't always going to tell you everything. I had to tell my agent to lower the price and I got an offer. I still have friends who put there house up at the same time as me and now almost 2 years later their houses are still sitting there because they won't lower the price.

Your sister needs to have her agent look a recent sales. Buyers aren't going to care what your sister paid for it.
EXACTLY

Fay, tell your sister to have her realtor run recent comps of homes that have sold (not homes comparable to hers that are also for sale right now). Those numbers will show her what her homes current value is in this market.
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Old 12-13-2010, 12:12 AM
 
Location: The Conterminous United States
22,553 posts, read 47,229,214 times
Reputation: 13382
At this point, she's chasing the market down. If they had been realistic to begin with, they might have sold for a bit more money, but now it is a stale listing. Taking it off the market and putting it back on won't change that, either. Agents can still tell.

Slash the price and sell or stay put. Houses are not selling for 2004, 2005, 2006 , 2007 prices. Let's face it.

And I have a sneaking suspicion that there is animosity toward the sellers and agents because the sellers won't come down on price. Agents aren't miracle workers. They can't MAKE someone overpay for a house. Back in 2006 people could be fooled, but hopefully no longer.

And agents are in business to make money. Putting a house on the market at a ridiculous price doesn't make them money. If it doesn't sell, it has been a huge waste of their time. Some agents won't even list homes with unrealistic prices, anymore. It just isn't worth their time, money or effort.

They shouldn't be mad at the agents, but be mad at themselves for buying into an irrationally exuberant housing market. We all make mistakes. Live and learn.
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Old 12-13-2010, 04:39 AM
 
9 posts, read 6,702 times
Reputation: 10
hiknapster: A lot of your comments are WAY off base because you are not familiar with all the details. Sorry.
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