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People have no idea what holding onto property costs them! 5 years of taxes, utilities, upkeep.....that's a lot of $$$$$. Why not get that monkey off your back? Makes no sense!
Yeah on the plus side for them the market has gone up considerably since 5 years ago . Taxes are probably low because of prop 13 in California .
Of course there is the opportunity cost of the money too . If they were just planning to put the money in the bank of course it's not much of a loss but if they were going to invest it elsewhere.
Wow crazy about the house in SF Bay Area . Do they have it rented out at all or is anybody living in it ?
Of course the market has gone up over 5 years .
At least the lady that had the commercial building for sale had it rented bringing in income .
But still it seems crazy to have a property on the market that long .
The one that has been listed for 5 years is zoned AG with a modular home... the modular has been rented for a nominal amount... there are wineries in the area and they have priced as if it was a winery but that would take a lot of money and work so while people look the realization is the price simply does not make sense...
I believe half of asking would be a good reflection of current value... the modular is functional but how do you fall in love with undeveloped AG land for 2.5m?
Yeah on the plus side for them the market has gone up considerably since 5 years ago . Taxes are probably low because of prop 13 in California .
Of course there is the opportunity cost of the money too . If they were just planning to put the money in the bank of course it's not much of a loss but if they were going to invest it elsewhere.
Property actually is positive due to the modular rental... the property is AG and taxes are next to nothing... so no one is writing checks to cover a shortfall...
The family is quite well to do and live in a part of the bay where 3 or 4 million for a single family is the norm... I think they see all this land and base the price on Woodside or Atherton Real Estate prices.
Property actually is positive due to the modular rental... the property is AG and taxes are next to nothing... so no one is writing checks to cover a shortfall...
The family is quite well to do and live in a part of the bay where 3 or 4 million for a single family is the norm... I think they see all this land and base the price on Woodside or Atherton Real Estate prices.
Oh ok that makes a little more sense .
I've looked up some prices of homes in Atherton area , makes L.A prices look cheap .
No offense OP, but I keep wondering what motivates some sellers to price their homes higher than comps - even by a "little bit" -- especially if there are negatives. You shot yourself in the foot by pricing too high and unfortunately you are reaping the result of that. Many people get indignant if they see an overpriced home, especially if it hasn't been updated. Being neat and attractive is not particularly special. It's something a buyer would expect. I know you were pricing high to allow for haggling..but that is not the way to go when it comes to a house. My realtor priced our home within the going price for the neighborhood, allowing some extra for the updates. Our home got an offer within 48 hours.
These days, I don't know if people price high "to allow for haggling" as much as they price high because they think the market is hot and think prices will continue to push upwards. But again, there's a big difference between getting showings but no offers (or even "low" offers), and barely getting showings at all which is what seems to be the case with OP.
If the house is on the MLS and the third-party sites and the information is accurate (which isn't always the case), most people can see it. One possibility though is bad pictures but I get the feeling OP would know bad pictures if they saw them.
Yes, believe it or not, a few newspapers are hanging in there.
My local paper has a special feature in the Sunday real estate section, that has a map of the whole town and surrounding county land--a bit double-page feature, with open house events marked on the map, and accompanying descriptions below the map. Everyone who's house-hunting uses this feature. They can see at a glance what's open in the neighborhoods they're interested in. It's a great selling tool for agents and owners, and a very convenient search tool for buyers. It really moves properties. It's especially convenient for out-of-state buyers, who come into town to house-search. We get a lot of those.
I don't know where this is, what price range, what sort of house. But I have 2 homes in two very different areas. In both locations the real estate market is flat this year. Just plum flat! My neighbor's place has been on the market for 4 months, price not really high, no takers, despite an ordinarily hot neighborhood where everyone wants to live. Very "active" realtor, by the way.
You've dropped 75K, which unless we're talking 1/2 mil or more asking, is a lot. And STILL nothing happening?
You might have a lousy realtor. That's the next area I'd investigate. Unless you have a lot of (non-open house) traffic, you may have listed with a dud. I'd look into it. Always seek a realtor who has "leads" on people interested in your type of property, in that area. They'll usually offer that info without you even inquiring. Very important. Walk a dozen realtors through if you must. May be high time to re-list.
Last edited by TwinbrookNine; 05-30-2017 at 03:15 PM..
I don't know where this is, what price range, what sort of house. But I have 2 homes in two very different areas. In both locations the real estate market is flat this year. Just plum flat! My neighbor's place has been on the market for 4 months, price not really high, no takers, despite an ordinarily hot neighborhood where everyone wants to live. Very "active" realtor, by the way.
You've dropped 75K, which unless we're talking 1/2 mil or more asking, is a lot. And STILL nothing happening?
You might have a lousy realtor. That's the next area I'd investigate. Unless you have a lot of (non-open house) traffic, you may have listed with a dud. I'd look into it. Always seek a realtor who has "leads" on people interested in your type of property, in that area. They'll usually offer that info without you even inquiring. Very important. Walk a dozen realtors through if you must. May be high time to re-list.
How do you get rid of the dud realtor. I sure have one. He won't answer phone calls or email. I have asked he and his broker to cancel the listing and they haven't done anything.
I thought I had had bad agents before but this one is showing me they can be so much worse.
my guess is you've painted yourself as very desperate by lowering the price so soon/often. Buyers believe you will continue lowering the price and are right now circling overhead.
If it were me, i would recognize that i made a mistake in pricing. Then i would find a new realtor,effectively starting the process over but with better information.
If the OP signed a contract to list with the current realtor, he wouldn't have the option to just go find a new, more active realtor. That's why he may have to do his own research and figure out a way to work with the current realtor, to get more mileage out of him/her.
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