Anybody else having trouble selling your house? (selling a home, purchase)

[RedNC]

Originally Posted by kaya6

we are already below market value but not as much as you say we should be...we can't afford to take that kind of loss, i wish we could. but as sellers we were never greedy like most of my neighbors, always been realistic about the current market values. im just nervous that our recent bad luck has caused us to miss our opportunity and has now made our house stale.

First I never said ANYONE should reduce their selling price below market value.

My post was in reply to dirtykj's ridiculous suggestion that someone should reduce their house by 20% below market.

I then included some prices to show just how ridiculous his suggestion was.

[kaya6]

Originally Posted by RedNC

First I never said ANYONE should reduce their selling price below market value.

My post was in reply to dirtykj's ridiculous suggestion that someone should reduce their house by 20% below market.

I then included some prices to show just how ridiculous his suggestion was.

my bad...i meant to refer to "dirtykj's" response but highlighted your post just by being the latest response on the subject. i will be more careful next time to point that out. i am new here and didn't realize how sensitive people can get. no insult or argument intended

[dirtykj]

Ridiculous you say? Let's do this ... let's put in writing how much you want to get for the house today, and then when it sells, let's put the amount you got for the house at that time.

If you can sell at close to your asking price, hats off to you.

--- ziprealty ---
Gorgeous home in southport! This 3bd/2ba and den/office that can easily be converted to a 4th bd.Cozy master bd w/ walk in closet.Open floor plan,kitchen opens up to family room.Maple cabinetry and plantation shutters through out the house.Backyard has covered patio.
ZipRealty Price Track:
Days on Market: 253

Price Reduced: 01/24/06 — $485,000 to $475,000
Price Reduced: 03/24/06 — $475,000 to $469,000
Price Reduced: 05/16/06 — $469,000 to $459,000
Price Reduced: 06/12/06 — $459,000 to $449,000

[RedNC]

Originally Posted by dirtykj

Ridiculous you say? Let's do this ... let's put in writing how much you want to get for the house today, and then when it sells, let's put the amount you got for the house at that time.

If you can sell at close to your asking price, hats off to you.

--- ziprealty ---
Gorgeous home in southport! This 3bd/2ba and den/office that can easily be converted to a 4th bd.Cozy master bd w/ walk in closet.Open floor plan,kitchen opens up to family room.Maple cabinetry and plantation shutters through out the house.Backyard has covered patio.
ZipRealty Price Track:
Days on Market: 253

Price Reduced: 01/24/06 — $485,000 to $475,000
Price Reduced: 03/24/06 — $475,000 to $469,000
Price Reduced: 05/16/06 — $469,000 to $459,000
Price Reduced: 06/12/06 — $459,000 to $449,000

Yes ridiculous.
Your example is fine if that’s what you want to use, although it doesn’t even come close to supporting your argument.

Price Reduced: 01/24/06 — $485,000 to $475,000 = .020617% price reduction or 2%
Price Reduced: 03/24/06 — $475,000 to $469,000 = .0125% price reduction or 1.25%
Price Reduced: 05/16/06 — $469,000 to $459,000 = .0213% price reduction or 2%
Price Reduced: 06/12/06 — $459,000 to $449,000 = .02176% price reduction or 2%

Price Reduced: --/--/-- $485,000 to $449,000 = .07422% price reduction or 7% total $36,000 price reduction.
Now for your suggested 20% price reduction this is where you should price this property.

Here is what your example would look like if you were to reduce the original price by 20%
Price Reduced $485,000 to $388,000 = 20% price reduction from original sale price or a $97,000 hit. Ridiculous indeed.

[mmdj43]

Originally Posted by RedNC

Yes ridiculous.
Your example is fine if that’s what you want to use, although it doesn’t even come close to supporting your argument.

Price Reduced: 01/24/06 — $485,000 to $475,000 = .020617% price reduction or 2%
Price Reduced: 03/24/06 — $475,000 to $469,000 = .0125% price reduction or 1.25%
Price Reduced: 05/16/06 — $469,000 to $459,000 = .0213% price reduction or 2%
Price Reduced: 06/12/06 — $459,000 to $449,000 = .02176% price reduction or 2%

Price Reduced: --/--/-- $485,000 to $449,000 = .07422% price reduction or 7% total $36,000 price reduction.
Now for your suggested 20% price reduction this is where you should price this property.

Here is what your example would look like if you were to reduce the original price by 20%
Price Reduced $485,000 to $388,000 = 20% price reduction from original sale price or a $97,000 hit. Ridiculous indeed.

It is drastic. I think the ONLY exception to this is if the house was priced that high to begin with.

[RedNC]

Originally Posted by mmdj43

It is drastic. I think the ONLY exception to this is if the house was priced that high to begin with.

That’s true, but to stick with the original scenario from kaya6 they already had a buyer and the sale fell through. No mention on the amount the neighbor reduced their price either. To suggest a 20% price reduction with the knowledge that they already had a buyer, and no information as to the market or any price information, one would have to believe that they weren’t 20% above market or that the neighbor reduced their price by 20% to lure the buyer.

Originally Posted by kaya6

we were talking about selling when the market was hot down here but wanted to do some improvements before listing, then the hurricane came and did alot of damage...ok... we fixed the repairs and finally listed in mid may with the hopes of selling in the summer so my kids can start the new school year in nc.
noticing that the market has slowed down, we new it was going to take some time but felt that we can still pull it off for the summer.
our prayers were answered after having hardly any showings during that time...wow had had an offer in 7 weeks and the buyers needed to move fast. perfect...the contract was made the first week of july and to close on the 31st. we were very excited...started to get everything organized etc etc.
had the appraisal, buyers loan finalized and on time, now the inspection...they all showed up but acted weird and started personally attacking us and being very rude and nasty but being first time home sellers thought this is what you go thru...come to find out just last week a neighborhood who also had there house on the market who was priced higher and for a longer period of time was frustrated that we had an offer and decided to lower there price to see if they can sell faster as well...guess what, we found out that the buyers agent told the clients of our neighbors house price decrease while under contract with us and showed them the house. they came to our inspection with a changed mind and thats why they acted the way they did and is now closing on my neighbors home on monday.

[kaya6]

Originally Posted by RedNC

That’s true, but to stick with the original scenario from kaya6 they already had a buyer and the sale fell through. No mention on the amount the neighbor reduced their price either. To suggest a 20% price reduction with the knowledge that they already had a buyer, and no information as to the market or any price information, one would have to believe that they weren’t 20% above market or that the neighbor reduced their price by 20% to lure the buyer.

the houses in the neighborhood are listed in the 350k range, my neighbors house was originally listed at 359k (4bdr/2bath homes). we listed ours for 315k. which we felt was more realistic. little activity but not as we should have gotten for a new listing. mind you, almost all of the houses were listed months before ours with no sales (the neighbors house did not get one showing so they lowered to 344k, then to 329k).

after 6 weeks we decided to reduce to 300k, that weekend we received a full price offer. our neighbors found out and lowered there price to 300k and stole our buyers two weeks before closing. (there house is smaller, good condition but not as updated as ours,they are on a canal we are not but that gives us a larger yard/property, they have a garage we have a carport)

so for our 4 bedroom house, which is in excellent condition has been reduced another 15k (285k) comparative to the 3 bedrooms now. but by doing this has taken away any of our negotiating room.

[RedNC]

Originally Posted by kaya6

the houses in the neighborhood are listed in the 350k range, my neighbors house was originally listed at 359k (4bdr/2bath homes). we listed ours for 315k. which we felt was more realistic. little activity but not as we should have gotten for a new listing. mind you, almost all of the houses were listed months before ours with no sales (the neighbors house did not get one showing so they lowered to 344k, then to 329k).

after 6 weeks we decided to reduce to 300k, that weekend we received a full price offer. our neighbors found out and lowered there price to 300k and stole our buyers two weeks before closing. (there house is smaller, good condition but not as updated as ours,they are on a canal we are not but that gives us a larger yard/property, they have a garage we have a carport)

so for our 4 bedroom house, which is in excellent condition has been reduced another 15k (285k) comparative to the 3 bedrooms now. but by doing this has taken away any of our negotiating room.

So now you're about 9.5% below your original listing price and 5% below your neighbors sell price. If houses in your neighborhood are listed in the $350k range then I would think $300k would be a great deal and there would be no reason to go below that number.
Are any of the $350k homes selling?

[kaya6]

Originally Posted by RedNC

So now you're about 9.5% below your original listing price and 5% below your neighbors sell price. If houses in your neighborhood are listed in the $350k range then I would think $300k would be a great deal and there would be no reason to go below that number.
Are any of the $350k homes selling?

no, the 350k homes are not selling...i feel they are overpriced thats why we listed lower. yes i agree 300k is more realistic and if we had the time, we would sell at that price but it may take longer.

because we are in a position where we need to sell fast is what motivated us to lower our price another 15k.

[connie]

Originally Posted by kaya6

no, the 350k homes are not selling...i feel they are overpriced thats why we listed lower. yes i agree 300k is more realistic and if we had the time, we would sell at that price but it may take longer.

because we are in a position where we need to sell fast is what motivated us to lower our price another 15k.

Gosh, that is a bitter pill to swallow with your neighbors getting your buyers 2weeks before closing. I guess it's just business, but it still hurts ...

We also have lowered our price, about 13% from our original listing price. That's alot. But, our price now is still about 10% above what we purchased the house for when we bought it in June 2005. We basically were slow to realize that the party was over, and initially put the house on the market for considerably more than we had bought for just a year earlier. True, we did some remodeling but did most of it ourselves and not enough to justify the price. I wish we had done like you, and been more realistic from the beginning. We are hoping that this new price does the trick. But the balloon has certainly been popped for us, and we will be going to Charlotte with far less cash than we thought. Still enough to buy a home with little mortgage, so we feel grateful, but not the kind of home that we orginally had considering.