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.
The Hubby and I want to relocate to NC in August 2009 but first we need to sell our home in PA. We purchased our home in 2006. It's a new construction and very modern home (4 bedrooms, 2.5 baths, approx. 2700 sq ft). Only used as a vacation home. We have had two real real estates gives us suggested prices. Both were a low in my opinion and one price was actually insulting. The home is located in a really touristy place and million dollars home down 10 mins down the road.
I say place the home on the market that I want to sell it for and see what happens & reduce in 30 days if no one bites. My husband says place it on the suggested price or rent. I don't like to idea of renting and dealing with tenants. As for suggested price, that won't give us enough to place on the second home.
The Hubby and I want to relocate to NC in August 2009 but first we need to sell our home in PA. We purchased our home in 2006. It's a new construction and very modern home (4 bedrooms, 2.5 baths, approx. 2700 sq ft). Only used as a vacation home. We have had two real real estates gives us suggested prices. Both were a low in my opinion and one price was actually insulting. The home is located in a really touristy place and million dollars home down 10 mins down the road.
I say place the home on the market that I want to sell it for and see what happens & reduce in 30 days if no one bites. My husband says place it on the suggested price or rent. I don't like to idea of renting and dealing with tenants. As for suggested price, that won't give us enough to place on the second home.
Advice anyone?
Unfortunately, none of us sellers have our houses on the market for what we think they are worth. If two agents gave you prices, that is what I would price the house at. Your house is worth what someone is willing to pay for it, not what you think it is worth. It is the sad sad truth these days.
If you interviewed the realtors you did because of their reputations, then trust them to know what they're talking about and take the hit. If you picked them out of the phone book without any reputation to go by, then find a realtor who deserves your trust and see what they say.
My instinct is that they are probably pricing the home correctly. There's a reason the "peak" is called a peak. We're no longer at it. We're lower. In some areas, lots and lots lower. You're not the only seller who just got an ugly price from a realtor.
As a writer for a real estate photographer's website and having been a seller in February and a buyer now, I've done a lot of research on the initial listing period for houses. If you price too high in the first thirty days, you've shot yourself in the foot.
The first thirty days is when:
1) You have the biggest number of potential buyers looking at your property online. Essentially, the entire pool of people looking in your price range will check out your listing. Hence "competition" among buyers. (After 30 days only isolated "new lookers" will be interested. They are few and far between and rarely have competition.)
2) Your property has the extra excitement/buzz of being "fresh." (If you want to create your own private real estate hell, chase the market down with a listing that's gone stale. Ewww. The buyers don't know and don't care why your house isn't selling, they just know something's "wrong with it.")
3) You get the impact of "The Right Price." In this market, many sellers are in your situation and pricing too high. Check out the number of days on the market in your area and see what your competition is. Chances are, the DOM is high and there is more than a bit of pent up demand among buyers waiting for a home to be "priced right." The overpriced competition will sell your home. Or, you can be one of dozens or hundreds (depending on your market) of overpriced listings.
Ask yourself this: Do you want to be a lister or a seller?
You'll never be happy with youself if you think you could have got more money later on. I say list it for what you believe it to be worth and lower the price later if need be. (I agree with other people that think that the Realtors are right because they probably are).
Most showing happen the first couple weeks on the market. If you go fishing for a price you'll probably let the big one get away early and cost yourself in the long run. If 2 agents came in lower than you expected, you're probably expecting too much. I'd think they'd know the market better. Get a 3rd opinion or an appraisal if you must.
If you price it outside the range of what two realtors recommended the traffic you get will be for the wrong price range. Pricing a home worth 165k at $164,900 will get people who are looking for a home at that price point. Pricing it at $190k because you think it's worth more will exclude those potential buyers based on market conditions from even seeing your listing. Trust your realtor(s) - it's their job. Lowering it later only reducing the initial fresh traffic and says "reduced" which is a question raising flag when looking at listings as well - what is wrong with it? why? hmm? next...
Are you basing the price of your house on your emotions or on facts? Did the real estate agents pick their price based on comps? I'm guessing they are basing it on how much homes have sold in your neighborhood recently and how long they have been on the market. It doesn't matter whether there are million dollar homes 10 minutes away, what about your neighborhood? Also those million dollar homes, they could be listed for a million but are selling for 200K less than asking price.
Try to take your emotional attachment out of the house and how much you paid for it in 2006 (and how much money you put in upgrades, maintenance, etc). Look at the facts today.
The Hubby and I want to relocate to NC in August 2009 but first we need to sell our home in PA. We purchased our home in 2006. It's a new construction and very modern home (4 bedrooms, 2.5 baths, approx. 2700 sq ft). Only used as a vacation home. We have had two real real estates gives us suggested prices. Both were a low in my opinion and one price was actually insulting. The home is located in a really touristy place and million dollars home down 10 mins down the road.
I say place the home on the market that I want to sell it for and see what happens & reduce in 30 days if no one bites. My husband says place it on the suggested price or rent. I don't like to idea of renting and dealing with tenants. As for suggested price, that won't give us enough to place on the second home.
Advice anyone?
I agree with others. Your strategy has very little chance of success.
But we don't know who you are. Please explain why you think the suggested price is too low. We need facts, if you want any support from here.
I suggest you get comps for what has ALREADY sold, if you haven't already and see what homes similiar to yours sold for. Have any sold at all? I think the realtors are being realistic and you should go with their price or justify why you think it's worth more.
There are other things to consider. You mentioned it was a vacation home. Are others in the market for this type of vacation home? If someone was interested in buying it as a primary residence, are you in a GREAT school district? Are you in a development surrounded by a lot of renters and vacationers?
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.
Lowering it later only reducing the initial fresh traffic and says "reduced" which is a question raising flag when looking at listings as well - what is wrong with it? why? hmm? next... 
