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I have a home that is in NY for sale at the moment. I am so frustrated that everything that I see in the same price range is a short sale. Mine is not ; no mortgage, nothing at all.
How can a decent homeowner compete with the short sales? Besides dropping the value to below the short sales prices? I have already dropped it once, brought up the commission rate.
Yet again, the decent people are getting shafted by those who cannot or wont pay their mortgages.
Have you talked with your agent about ways to increase the perceived value of your property? Fresh paint, new carpet, maybe even updating kitchens and/or baths? Sometimes spending a little money will either speed up the process (and get you where you want ot go) or get you more money for the house than you put into the updating.
Have done all that. The house was painted in the past month, bathrooms were both done, roof is done, windows are done, Kitchen was done three years ago. House is vacant so no problem showing it.
everything that I see in the same price range is a short sale.
Unless its a bank approved short sale, all those prices are fake. A buyer puts a bid in for say $200,000. The seller owes, $350,000, the bank says no way, and approves a shortsale for $325,000. Buyer backs out, seller re-lists for $325,000. Next buyer puts a bid in, bank says no way and approves a $335,000 shortsale. Buyer backs out..... and on and on, and on.
Its a mess.
Nationally, only 1 in 5 of those short sale listings will ever complete the selling process and rarely ever for the price listed. Most end up foreclosed.
Exactly! And if someone is out seriously looking at houses, they figure that out really quickly! And after they look for while, they start to get a rough idea of what houses in that range are really worth - and what the short sale houses will probably go for.
If your house is priced accurately, the serious buyers out there will be able to compare your house to the short sale houses.
I have a home that is in NY for sale at the moment. I am so frustrated that everything that I see in the same price range is a short sale. Mine is not ; no mortgage, nothing at all.
How can a decent homeowner compete with the short sales? Besides dropping the value to below the short sales prices? I have already dropped it once, brought up the commission rate.
Yet again, the decent people are getting shafted by those who cannot or wont pay their mortgages.
what you can't be A decent person and have your home in foreclosure? Maybe your house is a piece of junk, that would explain no interest in it.
Did you get a recent appraisal to learn your home's market value? Maybe the market value has dropped a lot due to all the short sales and foreclosures, and possibly you are priced too high.
As frustrating as it is, the short sales and foreclosures have brought the market value of everything down. In order to sell, you need to know the true market value of your home. Are prices still falling in your area? If so, maybe you priced well 6 months ago but need to lower the price because the market went lower.
Just wait until all the baby boomers start selling at the same time due to sickness, death, cant climb stairs, downsizing, retiring.
There will be so much inventory of housing and no buyers due to younger generations having such huge student loans and low paying jobs.
Sell now.........
The baby boomers are now between the ages of 50 and 67 - and while some are downsizing now, millions more are a good 20-30 years away from needing or wanting to downsize or change their lifestyles. Lots of grandparents still want a big house, so that everyone can come and stay with them. That desire hasn't suddenly gone away.
Obviously the baby boomers will have an impact on the market - but I just don't see it as being as dire as you're predicting. And in fact in my area, I doubt we'll see a negative impact at all. There's just too much demand for housing here!
Just wait until all the baby boomers start selling at the same time due to sickness, death, cant climb stairs, downsizing, retiring.
There will be so much inventory of housing and no buyers due to younger generations having such huge student loans and low paying jobs.
Sell now.........
the sky is falling the sky is falling
I'm not sure i have much advice, do you have the right agent? how long are you on the market for?
as noted above, short sales in general, have a real hard time closing, NY isn't Vegas or Pheonix, it isn't as well a definied process, and it isn't every house thats under water.
if you're neat clean, and somewhat updated, it really depends on price and time. Are you in a desireable SD? not that you can change it, but in this market SD's that are lower on the list seem to have a lot more problems selling.
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