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Old 06-17-2012, 02:10 PM
 
39 posts, read 49,632 times
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My husband and I just listed our first home of almost 5 years on the market! This was new construction when we bought. We paid $196k in 2007. Our zip code is 19943. We listed at $210,000. We are now feeling this is too high. Our realtors did show us comps....but, now I am seeing comps that offer more and were sold for less.

I understand ours may be 5 years newer and have upgrades that house that sold doesn't....But, how long do we wait to price drop? We are thinking just lowering it to $205,990. Opinions?

Would dropping the price $4k make an impact?
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Old 06-17-2012, 02:30 PM
 
Location: El Dorado Hills, CA
3,671 posts, read 7,986,956 times
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First, ask your agent.

But really, I don't think a $4K reduction will matter at all. People would consider that within negotiation range if they thought it was close, they would make an offer.

I don't know the specifics of your market, but 6 days isn't very long. Give it a couple weeks, then reconsider the price. FYI, the property values here are way below the 2007 level. 30-40% lower.
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Old 06-17-2012, 02:45 PM
 
2,619 posts, read 4,113,678 times
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Check housing sites (city-data, trulia, zillow) and see how prices in your area compare against 2007. This will give you an idea of how the market compares to then. My guess is that today is below 2007 levels.
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Old 06-17-2012, 04:55 PM
 
Location: Florida -
8,250 posts, read 10,020,659 times
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You never get more than you ask ... and it's a 'buyer's market'. Unless you are waaay out-of-line (eg; 20% high), potential buyers will 'tell you' where they think your house should be priced by what they are willing to pay.

I've noticed something in MLS 'Alert services' that may be of interest to you. Each time a price is changed, the property hits the alerts again! Some people seem to 'bounce' their price back-and-forth within a $1-3K range about every 2-3 weeks ... to take advantage of this 'added attention.'
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Old 06-17-2012, 05:46 PM
 
39 posts, read 49,632 times
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Spoke with my realtor and we will hold for another 2 weeks. If still no interest we will drop $7,000 (around 3.5%) and cross our fingers!

Thanks for all the info! Can't wait to sell this and begin building our new and final home!
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Old 06-17-2012, 05:47 PM
 
39 posts, read 49,632 times
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Quote:
Originally Posted by NinaN View Post
First, ask your agent.

But really, I don't think a $4K reduction will matter at all. People would consider that within negotiation range if they thought it was close, they would make an offer.

I don't know the specifics of your market, but 6 days isn't very long. Give it a couple weeks, then reconsider the price. FYI, the property values here are way below the 2007 level. 30-40% lower.
I see you are from CA. I am located in Delaware and from my knowledge and research DE isn't anywhere near as "deflated" as the CA market is. I have a friend in CA who is around $100k underwater.
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Old 06-17-2012, 05:48 PM
 
39 posts, read 49,632 times
Reputation: 27
Quote:
Originally Posted by jghorton View Post
You never get more than you ask ... and it's a 'buyer's market'. Unless you are waaay out-of-line (eg; 20% high), potential buyers will 'tell you' where they think your house should be priced by what they are willing to pay.

I've noticed something in MLS 'Alert services' that may be of interest to you. Each time a price is changed, the property hits the alerts again! Some people seem to 'bounce' their price back-and-forth within a $1-3K range about every 2-3 weeks ... to take advantage of this 'added attention.'
Oh, and our realtor did tell us this tidbit! Thanks!!
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Old 06-17-2012, 06:09 PM
 
Location: El Dorado Hills, CA
3,671 posts, read 7,986,956 times
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Quote:
Originally Posted by wakefield622 View Post
I see you are from CA. I am located in Delaware and from my knowledge and research DE isn't anywhere near as "deflated" as the CA market is. I have a friend in CA who is around $100k underwater.
Yes, real estate is always local.

And right now, well priced houses in our area are selling in a week at or above asking price. The ones not selling are dogs or 10-15% or more overpriced. Very local.
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Old 06-17-2012, 10:25 PM
 
2,401 posts, read 3,811,391 times
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Most buyers (bought 2007 is peak IMO, just before the "dive") are probably $60K plus or more underwater (on average where I am at).
I know a couple people who bought 2009 are also in the same exact boat ($100K plus)... so that $8K tax advantage is really small potatoes in the face of that $100K drop. Yikes!!!

Shiller man.
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Old 06-18-2012, 08:12 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,327 posts, read 17,545,228 times
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I'm surprised that no one asked what I would say is THE MOST IMPORTANT QUESTION:

How many showings have you had in those six days???
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