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I have not seen it yet, I should get in there and see. They just dropped it to $371,000 this week. They were at $379,000 before that. I am assuming that they need a certain amount just to break even since it was built about 2 years after mine.
Nothing in my entire city is selling that is over $250,000.
I get that I will not get back what I put in. It was really hard to swallow but, what are you going to do? But I would at least like to get what I paid for it. Maybe that is a pipe dream.
Kristine
The missing piece of this puzzle is , why are you selling? Given you have swallowed the cost of the substantial upgrades, I assume you are motivated to move, for some reason. Playing devil's advocate, what happens if you don't sell? Can you just stay put and enjoy the fruits of your labor and investment?
You say you are listed. Does this mean you have a real estate agent looking out for your best interests? Does your agent have first hand knowledge of the competition?
While I do not work poster Fairmarketvalue's area, I am familiar with it and both of our areas have been challenged by a significant drop-off in inbound relocations, which impacts the great middle market. I too see the lion's share of activity at the low end and the ultra high end of the market., while the great middle market goes stale. Middle markets vary by location so $500-700 here might be $300-400 where you live.
Knowing why your price range is not selling is a part of solving the problem.
Another one of your "ridiculous posts", KCformNC. As usual, if a home is not selling, it's because it's overpriced, in your mind. And hence, the reason for the ruin of the real estate market from this type of assumption of many. I'm sure this guy has his house priced ABSOLUTELY fair and probably lower than he should as he's trying to accomodate the market by the already big drops in percentages over the last 2 years. All it means is that his price range is a tough price range right now. So becasue there are no buyers in that range, he should give it away for less than 250,000? He also has a 1,000 sq. ft. addition that the others in his price range don't have! Never mind there are still buyers paying much more in other "price ranges". In our area, the price range that suffored most was between 500 and 600 thousand. They were selling under that and OVER that as well, just the inbetween was hardest hit. Did it mean anyone in that price range should lower to 300-400 thousand? ABSOLUTELY NOT.
HAMMY, hang in there and don't let this type of advise make you insecure! There is no question that all inventory is having a tough time selling right now but the worst thing any seller can do right now is to give into this type of mentality. I'm sure your bank has given your home a value well within your asking and you are right on with your competitors and comps, so it's not you. The right buyer will come along! How long have you been listed? Most homes are taking over 10 mo. to sell right now but the ones selling are not "slashing their prices" by what these posters are suggesting. They are just waiting for the right buyer!
Thank you. We have had MANY talks with our realtor who thinks that we are priced right and we have only been on the market 3 months (this week) so I am not going to get too crazy about it now. None of the other homes in my neighborhood are moving either so I am pretty sure it is not just me and my house. I was just wondering what other people think. There is NO WAY that I am pricing my house at $250,000, that is just rediculous in my opinion. Those houses that are selling in that price range are DUMPS. Sure, they have close to the same amount of bedrooms or bathroom (smaller homes, though) but these homes are beaten down dumps. My house is a beautiful full brick front, new home. I am not going to sell it for the price of a dump.
Quote:
Originally Posted by middle-aged mom
The missing piece of this puzzle is , why are you selling? Given you have swallowed the cost of the substantial upgrades, I assume you are motivated to move, for some reason. Playing devil's advocate, what happens if you don't sell? Can you just stay put and enjoy the fruits of your labor and investment?
You say you are listed. Does this mean you have a real estate agent looking out for your best interests? Does your agent have first hand knowledge of the competition?
While I do not work poster Fairmarketvalue's area, I am familiar with it and both of our areas have been challenged by a significant drop-off in inbound relocations, which impacts the great middle market. I too see the lion's share of activity at the low end and the ultra high end of the market., while the great middle market goes stale. Middle markets vary by location so $500-700 here might be $300-400 where you live.
Knowing why your price range is not selling is a part of solving the problem.
We are selling because our son is going to school next year in a suburb that is going to be at least a 40 minute drive, both ways. So we wanted to move closer to the school. If we don't sell, we will stay. But we would like to be closer to the school.
Thank you. We have had MANY talks with our realtor who thinks that we are priced right and we have only been on the market 3 months (this week) so I am not going to get too crazy about it now. None of the other homes in my neighborhood are moving either so I am pretty sure it is not just me and my house. I was just wondering what other people think. There is NO WAY that I am pricing my house at $250,000, that is just rediculous in my opinion. Those houses that are selling in that price range are DUMPS. Sure, they have close to the same amount of bedrooms or bathroom (smaller homes, though) but these homes are beaten down dumps. My house is a beautiful full brick front, new home. I am not going to sell it for the price of a dump.
We are selling because our son is going to school next year in a suburb that is going to be at least a 40 minute drive, both ways. So we wanted to move closer to the school. If we don't sell, we will stay. But we would like to be closer to the school.
Kristine
I understand. Three months market time is not a lot of time in most areas, right now. It appears that your local market is all about affordability and buyers are willing to buy older homes in need of work because they cannot afford something better. The more homes that sell at the lower end, the greater the likelihood that some of those sellers can trade up.
I understand. Three months market time is not a lot of time in most areas, right now. It appears that your local market is all about affordability and buyers are willing to buy older homes in need of work because they cannot afford something better. The more homes that sell at the lower end, the greater the likelihood that some of those sellers can trade up.
That is what I am hoping. I have faith that most of the people selling those homes are able to move up to my bracket. I guess we will just have to wait and see. It seems that the "waiting game" is in full play in this market.
Location: In the North Idaho woods, still surrounded by terriers
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This is precisely why I have stopped improving my property. I have done so much to it that I doubt I will ever see that investment come back to me simply because of the area I am in and other homes on the market. For me,the money I have put into my home is a valuable asset and I love the amenities I have...but to a potential buyer, they would probably choose a cheaper home in the same neighborhood, unless they really wanted the changes and additions I have made. It's a sticky situation...but other than general upkeep, etc, I will not be making anymore improvements.
All it means is that his price range is a tough price range right now. So becasue there are no buyers in that range, he should give it away for less than 250,000?
Nice rant, but considering I never said this, you're venting to the wrong person. You meant to rant at DMenscha, who suggested that if it's true that nothing above $250K is selling, that's all the house is worth. Good luck convincing people that a real estate agent is trying to "ruin the real estate market", though. It makes you look a bit crazy.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,309,298 times
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Quote:
Originally Posted by KCfromNC
Nice rant, but considering I never said this, you're venting to the wrong person. You meant to rant at DMenscha, who suggested that if it's true that nothing above $250K is selling, that's all the house is worth. Good luck convincing people that a real estate agent is trying to "ruin the real estate market", though. It makes you look a bit crazy.
Actually I didn't mean to suggest that at all. From a purely academic standpoint, if there are no buyers above a certain price point (could be anything, not just real estate) then the actual market value can't be established as it takes a buyer and seller to complete a sale. I'm just trying to look at it from a different point of view, not to encourage anyone to lower a price to a ridiculous level.
If I had a company that was worth 30 million and it only had 30 shares outstanding, each share would be worth 1 million. It might be worth a million, but if there isn't anyone out there that's able to pay a million, I wouldn't be able to sell a single share.
Nice rant, but considering I never said this, you're venting to the wrong person. You meant to rant at DMenscha, who suggested that if it's true that nothing above $250K is selling, that's all the house is worth. Good luck convincing people that a real estate agent is trying to "ruin the real estate market", though. It makes you look a bit crazy.
Really? better read your post #9 and my reply in #10. You took this particular sentence out of context. I was more focused on the fact that once again, you assumed sellers were priced too high!! I wasn't ranting at all about what DMenscha says, even though she too, is completely incorrect. She is NOT an agent in his area so hers was merely a guess and we all learned later, from Hammy's post, that his agent and he thinks he is priced correctly. So my point STANDS. The one who is starting to look crazy here is YOU! Sorry you do not understand what info I share. If you honestly do not understand what I am trying to say and at least acknowledge some truth in it, then so be it! Good luck to you as well. It's a shame your goal on this forum is to continue to "spew the doom". Just what our nation needs, isn't it? But I know, no one listens to this type of info or anything persuaded by it. That's just crazy talk, blaming the media and all! Just like it's "crazy" to think that reasonable people are actually seeking advice on this forum and wanting info for both sides. Oh wait, hope no one really believed Hammy's home is overpriced at 389,000 since it should really be at 250,000. You wonder how people get the "wrong idea" when it comes to home prices and the real estate market.
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