Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am being relocated with the company I work for. I'm supposed to be in Kentucky after school lets out here (second week in June). I feel like my realtor is very negative, and I'm not sure that she's really marketing my home as aggresively as she should be. I've been on the market since Feb 1 and have had mixed feedback. Out of 8 showings, 3 said it was priced too high, 1 no response, and the others said it was priced about right. I only purchased the home 2 1/2 years ago, I owe $126,000ish and she wants me to get a loan from the company I work for so that I can lower the price to where she thinks it will sell. All the comps she pulls are foreclosures, and I don't think it's fair to pull those types of comps. My house is move in ready.
Frustrated in Ohio, any suggestions? I'm ready to start marketing on my own! My contract is up in a month, I'd like to get a new realtor. Another thing, she doesn't contact me by phone anymore, she does everything by e-mail....
The most important thing you said there is of 3 of the 7 agents who provided feedback said it was overpriced. That's a pretty high % so it may be worth looking at lowering your price.
Even thought the foreclosures aren't a comp for your home outright, they are still your competition and you need to know what your competition is and what's selling.
I don't know anything about your local market other than Ohio has been hit hard by the downturn.
In my area, there are very few foreclosures and of them, most look "fishy", like mortgage fraud. Anyway, I don't know of anyone who has bought in the past 2.5 years in my area that can sell for what they paid, unless they made substantial improvements and then those improvements tend to be gifts to the buyer.
I am thinking that the key in your situation is the number of foreclosures. If they represent the majority of what has sold in your area, they will have an impact on the value of your home, regardless of what you paid.
Is your employer willing to do anything to help you get your home sold? Are they paying the listing fee and closing costs? What happens if you cannot sell?
Another point to remember: What you owe on the house (and in commission) is not necessarily directly related to what you can get for the house in this market. You may very well take a hit on the sale, unless you have owned it for some time.
The county I live in is averaging a 10% decrease in property values since last year. Ohio is "just around the corner" so I'm guessing (and I could be wrong!) you guys are doing as well as we are .
Put yourself in the shoes of the buyer... what you paid for the house or how much you own or where you are going are really irrelevant.
If three out of seven say its too high, it might be. If you have doubts about your Realtor, call his/her manager and get reassigned. You mentioned that you've been on the market for a month. Ask your Realtor what they average days on market is for the area... my bet is 80+ days.
I would ask the Realtor and manager for a drop-dead price that will create excitement and then lower the price. You want OFFERS... and if they're low you don't have to take them. But if they all come in at the same range, it will show you where the market is.
Aggressive pricing in this market will bring offers, even multiple offers. You're running against the clock with your deadline, pricing and possible increases in interest rates on your new home... not to mention the tax credits that expire on April 30.
Keep in mind that the home you'll buy will also be "discounted" due to the downturn in the market. Good luck!
I would agree that all foreclosures isn't really a fair comp depending on the foreclosure market in your neighborhood.
I would also think that your price depends on more than just comps but the analysis of the whole picture. (Has nothing to do with what you owe)
And I would agree that the price condition combo is king.
How that impacts your situation depends.
If you are in a first time home buyers market
What's your school district vs. the school districts around you
whether the foreclosures are in pretty good shape
whether the foreclosures around you are trashy
all figures into the price. Ask your realtor to meet for coffee and really lay it all out for you. If she can't or won't - I'd get a new realtor.
And then how many buyers want to purchase in a neighborhood filled with foreclosures? And overpay to boot?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
