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Hi, we are trying to sell our house in Miami in order to move to the Raleigh area. We are not greedy people looking to make a killing. We really just want to have enough to buy a much cheaper house and payoff our existing mortgage so that we can afford for me to stay home with our two little ones. We have a realtor, but we are not having any luck. Basically we have not had anyone even come to see the house. We know the market here is really bad, but we are hoping to attract buyers. We have actually lowered our price twice already. My question is:
In a tough market (and for a house over $400,000) would it be more appealing to a buyer to offer help with closing costs rather than continue to lower the price? Any suggestions would be greatly appreciated. We really can only go so low on the price though because we have to have enough money to make staying home/one income a possibility. Thanks in advance!
I am not a realtor but I recently sold my house (not in NC). I think the very best way to get a buyer is to lower your price. That can attract buyers or realtors doing MLS searchs to find things in their price range. The bottom line to buyers is they need the same arount of money to buy your house if you lower closing costs or lower your price. Say -- someone is doing a search of houses from 350,000 - 400,000. If yours is priced at 405 it won't come up as a search result, if it is at 399 it well. My other thought is to lower your price to as low as you want to accept all at once, not do just a tiny change. It would give you the better chance. Yes, the market is very bad, but at the right price ANYTHING would sell. The only question is whether you can accept that price. Keep in your own mind the reasons you want to move? Do you have jobs in Raleigh or another reason it would improve your life to be here? If that is the case, you may need to change your expectations on how much your house is worth. What it is worth does not relate to what you paid or how much similar houses sold for in the past. Your house's worth is what somebody will pay for it. Good luck.
I am not a realtor but I recently sold my house (not in NC). I think the very best way to get a buyer is to lower your price. That can attract buyers or realtors doing MLS searchs to find things in their price range. The bottom line to buyers is they need the same arount of money to buy your house if you lower closing costs or lower your price. Say -- someone is doing a search of houses from 350,000 - 400,000. If yours is priced at 405 it won't come up as a search result, if it is at 399 it well. My other thought is to lower your price to as low as you want to accept all at once, not do just a tiny change. It would give you the better chance. Yes, the market is very bad, but at the right price ANYTHING would sell. The only question is whether you can accept that price. Keep in your own mind the reasons you want to move? Do you have jobs in Raleigh or another reason it would improve your life to be here? If that is the case, you may need to change your expectations on how much your house is worth. What it is worth does not relate to what you paid or how much similar houses sold for in the past. Your house's worth is what somebody will pay for it. Good luck.
Good post.
I think the offer of some closing cost assistance may help bring in someone who has credit, but is short of the cash needed to close.
If you lower the price to minimum acceptable and offer CC that may take you below what you really need to have.
But the point, "Your house's worth is what somebody will pay for it," is spot on.
And I repeat, "Good Luck!"
We really can only go so low on the price though because we have to have enough money to make staying home/one income a possibility.
I'm not a realtor but I have several in my family. My mother-in-law also recently sold her house, in a similar price range, and it took quite some time. Instead of setting the price based on the market she set the price based on the amount of money she "needed." I really caution you against doing that. Get a realtor to do a market analysis or at lease consult Zillow (though Zillow is imperfect) and make sure your price is appropriate for the market. Set it based on other recent successful sales in your area, not on your financial needs. Then even if it takes a while you can be sure that you are marketing competitively.
Good luck!
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