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We had so many showings since we went on the market 9/18.I think we have had 20 showings, ths most we have ever had. They were all during the week for most part. Now nothing the past week. We have had 4 second showings & 3 are contingent, 1 couldn't get financing. So weird the abrupt halt. One of our 2nd showings just wants offer on her house b4 making offer on ours. She emailed her realtor that she thinks she's getting noncontingent offer on her hous, but I've heard that before. That was Thursday. This is torture. I'm just ready to move on; this is the 3rd time trying to sell this house (1st we took it off bc I lost my job, 2nd the house didn't appraise for what it needed to even though 2 months prior it was $20k more). I wish time would speed up. I don't want to wait til spring bc I won't b able to afford anything bc interest rates will b up. Ugh.
A few ideas. When a home first goes on the market there's a backup of people who haven't seen it and now want to see it.
The economy is intertwined with that of other areas. Purchase of your home is dependent on the market in the areas of the homes of those who desire to purchase your home.
Generally, things slow down a bit before all the holidays...Thanksgiving, Christmas, New Years.
Generally, things slow down a bit in 'family' areas at holiday time but also as the school and activity schedule gets into full swing and is being felt more.
Some people feel like especially enjoying the early weeks of each new season.
Some people start to sort of hunker down as winter and cold weather approaches.
When you say you got 3 contingent contracts...did you acccept any with a kickout?
Well, our realtor is contacting them. I figured they must not be THAT interested because they haven't written.
No one actually wrote an offer. We would have been willing to consider a contingent, but my realtor never heard back from one party's realtor after she asked them the seemingly innocuous question of, "is their house already for sale?"
True-we have already dropped $14k and ni one has commentes on price. I am not comfortable dropping more at this point. It's kind of a hard sale bc it's better downsizing home for retirees, too much for 1st homebuyer & too small for families.
True-we have already dropped $14k and ni one has commentes on price.
$14,000 vs what asking price?
vs $280,000 and it's no different than what an interested buyer would do.
vs $140,000 and it's enough to question how the asking price was determined.
vs $100,000 and it's showing desperation.
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It's kind of a hard sale bc it's better downsizing home for retirees...
are you in an area where retirees are moving to?
doesn't have to be a resort town... near senior center, shopping etc works too.
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too much for 1st home buyer & too small for families.
Sounds like it might make for a nice rental.
But active landlords and investors won't pay retail.
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I am not comfortable dropping more at this point.
When you do get to that point... do you know what the number will be?
Do you own the property out right? Still have a mortgage to pay off?
We had so many showings since we went on the market 9/18.I think we have had 20 showings, ths most we have ever had. They were all during the week for most part. Now nothing the past week. We have had 4 second showings & 3 are contingent, 1 couldn't get financing. So weird the abrupt halt. One of our 2nd showings just wants offer on her house b4 making offer on ours. She emailed her realtor that she thinks she's getting noncontingent offer on her hous, but I've heard that before. That was Thursday. This is torture. I'm just ready to move on; this is the 3rd time trying to sell this house (1st we took it off bc I lost my job, 2nd the house didn't appraise for what it needed to even though 2 months prior it was $20k more). I wish time would speed up. I don't want to wait til spring bc I won't b able to afford anything bc interest rates will b up. Ugh.
So, basically, you haven't had ANY offers -- just a lot of sniffing around.
The "abrupt halt" isn't odd -- it's getting into the holidays, and unless a family HAS to move, then they generally just figure to stay put until after the holidays. Also, they figure there'll be a wider variety of homes to choose from in the spring. :-)
If they have trouble getting financing now, they may have more trouble getting financing after the first of the year, with new guidelines going into effect re: qualified residential mortgages. Lenders are going to be subject to more compliance issues with regards to lending guidelines and even back-office issues such as risk retention. If I were a buyer with any credit issues, I'd be getting my ducks in a row NOW and trying to close a home before the first of the year.
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