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Here is another thought. Alot of the sellers cant get a VA 100% and need/want to move into another home. They would take 20k and use it to apply for the next house If they lower to the break even point, how are they going to move on? Then as to the lower and move on thought, some areas are just not selling no matter what. Ex: there is a house down the road here, a divorce order says sell, they have it at 80K comps put it at 165K, no calls on it in 2 month!!!
I'm sorry if you read my post as knocking people for getting support. That's not the point at all.
I know people are lowering prices but, from what I'm reading, they're chasing the market after the fact. Hence the reason they're so frustrated.
Also, they go on and on about how great their property is and, I'm sure it is but ... the fact is, it just isn't worth what they think it is in today's market.
You've got to be very aggressive with the price. That's why I'm saying don't just reduce it ... slash it. If you can't do that then, you're in for a lot of frustration and should probably just take the property off the market.
Sheri
I see your point, and as a seller, I'm willing to do what it takes to get my home sold. What I take issue with is that you do not know ALL markets. The market I live in did not see huge price increases (I'm sure there are others here in markets like that). The local realtors here (and media for what it is worth) is calling our market a "balanced market". Sure there are some areas that are hit by foreclosures and lowered prices- just like other markets. There are also submarkets here that increased prices over last year. If anything what we are seeing locally is more issues with lenders and people being able to get financing.
I'm sorry if you read my post as knocking people for getting support. That's not the point at all.
I know people are lowering prices but, from what I'm reading, they're chasing the market after the fact. Hence the reason they're so frustrated.
Also, they go on and on about how great their property is and, I'm sure it is but ... the fact is, it just isn't worth what they think it is in today's market.
You've got to be very aggressive with the price. That's why I'm saying don't just reduce it ... slash it. If you can't do that then, you're in for a lot of frustration and should probably just take the property off the market.
I do get this but some of us don't want to not give our homes away and don't need to. BUT to support your "slash price" thought --- in my same neighborhood a house similiar to mine was listed at 370k, then 350k, then 330k, and then 300k in less than 45 days time frame--- It sold once it was priced at 300k I think within the week for who knows how much. This price is 80k less than the one that sold a few months back in our neighborhood --- and I am not in an area with a real estate bubble. That is the most frustrating part -- I'm paying for the bubble that I never benefited from!!!
I realize that there are various reasons why people are having trouble selling. In my case, we listed early spring just below comps. With all the panic (partly created by the media), people in my area listed their homes below mine. Most of them sold; I reduced my price a couple of times trying to keep up with comps. We have had a lot of interest, and several offers. All offers well below what the sold comps went for.
Like I have said in previous post,we are going nowhere after 6 months.We are $36,000 below appraisal and will go FSBO 8/2 at another $8-10,000 drop.We will sell 2000 sq ft ranch on 5 acres with outbuildings for around $143,000.
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