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Old 06-14-2008, 04:10 PM
 
Location: Bettendorf, IA
446 posts, read 1,223,468 times
Reputation: 199

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Quote:
Originally Posted by Margery View Post
UPDATE: Novamom and I were both correct, this house sold for $675,000. I ran across it today while doing a broker price opinion for another house in the area. It was on the market for 251 days.
And, that is a long time to have a home on the market. Could argue if the home was priced less than $675,000 it could have sold in 60 to 90 days and saved the home owner the upkeep, mortgage and interest payments, and some property taxes.
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Old 06-14-2008, 05:37 PM
 
2,688 posts, read 5,953,655 times
Reputation: 1288
Thank you, Margery, it's nice to have some closure on the topic!
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Old 06-15-2008, 12:51 AM
 
4,711 posts, read 10,869,313 times
Reputation: 3773
Quote:
Originally Posted by Margery View Post
UPDATE: Novamom and I were both correct, this house sold for $675,000. I ran across it today while doing a broker price opinion for another house in the area. It was on the market for 251 days.

I wonder how much the guy had to kick back in seller subsidies?
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Old 06-15-2008, 06:29 AM
 
Location: Sterling, VA
1,059 posts, read 2,624,574 times
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Here is a little history on the house. It was first listed in June of 2007 for $835,000 (tax assessment was $692,030), lowered to $799,000 in September of 2007, and lowered again in November to $735,000. Sold in February of 2008 for $675,000, with no seller subsidy. Many sellers are still pricing their homes unrealistically high, and they are not selling. If you don't have to sell, don't put your house on the market. If you do have to sell, listen to an agent who has been through several economic cycles, what goes up eventually comes down and vice versa.
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Old 06-15-2008, 07:15 PM
 
2,671 posts, read 4,524,137 times
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Margery, thanks very much for the info and expert opinion. I'm not a Realtor but have observed the same thing you have - lots of unrealistic sellers, even after their houses have been on the market for months. Why are they so unwilling to face the current (and likely future) reality? What do you think it will take to get them to be more realistic?
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Old 06-15-2008, 10:27 PM
 
Location: Gainesville, VA
1,261 posts, read 5,045,913 times
Reputation: 719
Quote:
Originally Posted by ACWhite View Post
Margery, thanks very much for the info and expert opinion. I'm not a Realtor but have observed the same thing you have - lots of unrealistic sellers, even after their houses have been on the market for months. Why are they so unwilling to face the current (and likely future) reality? What do you think it will take to get them to be more realistic?
I know I'm not Margery, but I think some people are just greedy and see dollar signs in their eyes. They don't have a grasp on reality.

Here's an example for you... We sold our home in New Mexico in December 2006. While our house was on the market a neighbor showed up right after we had an open house. We did not know he was a neighbor at the time. Well he was just nosing around to see what features we had in our house. We had the same floor plans, but our house had more upgrades. A "friend" of his told him he could get $275,000 for his house. He _might_ have been able to get $230,000 or so at the top of the market. He put his house on the market a couple months after ours. Our house sold in about 6 weeks for $210k. Would we have liked more? Sure, but the market was dropping and we were still making a nice chunk of money off the sale. So, here we are a year and a half later and that guy STILL has his house on the market for $250,000! I guess he is stuck on the price and won't budge another inch. He originally listed at $275,000. Crazy I tell you!
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Old 06-15-2008, 10:45 PM
 
2,728 posts, read 7,352,108 times
Reputation: 1060
Quote:
Originally Posted by HEATHER72 View Post
Crazy I tell you!
Yep, greed. You can't fix stupid. Don't worry theyre weeding out as we speak. Luckily my neighborhood has 1 forclousure.
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Old 06-16-2008, 04:24 PM
 
2,671 posts, read 4,524,137 times
Reputation: 2122
Quote:
Originally Posted by HEATHER72 View Post
I know I'm not Margery, but I think some people are just greedy and see dollar signs in their eyes. They don't have a grasp on reality.

Here's an example for you... We sold our home in New Mexico in December 2006. While our house was on the market a neighbor showed up right after we had an open house. We did not know he was a neighbor at the time. Well he was just nosing around to see what features we had in our house. We had the same floor plans, but our house had more upgrades. A "friend" of his told him he could get $275,000 for his house. He _might_ have been able to get $230,000 or so at the top of the market. He put his house on the market a couple months after ours. Our house sold in about 6 weeks for $210k. Would we have liked more? Sure, but the market was dropping and we were still making a nice chunk of money off the sale. So, here we are a year and a half later and that guy STILL has his house on the market for $250,000! I guess he is stuck on the price and won't budge another inch. He originally listed at $275,000. Crazy I tell you!
I guess he doesn't have to move and can afford to indulge his fantasy! Thanks for the story.
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