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Like I said before, I am well priced within my neighborhood comps. I am NOT selling it for less than comps!
Question... (one you will probably ignore as well as my others)
If comps suggest $150k. 4 house sold in your area that are similiar to your place, etc... $160k, 140k, 145k and 155k. So $150k is reasonable number for your place. Are you unwilling to come off that number $1?
Because I assume Pittsburgh is like my area where values are dropping as quickly as monthly so I think you need to be a tad under comps for a sale now. Not saying you can't sell at comps but if new comps come up and suggest a downwards slope (which I assume it will) I hope you take into account NEW comps and price accordingly.
Oh yeah just like buyers who love to throw out that sellers all bought homes they could not afford in the first place so that is why they are all selling.
Kristine
That's a pretty broad statement wouldn't you agree?
Location: Pittsburgh--Home of the 6 time Super Bowl Champions!
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Quote:
Originally Posted by hammy5
oh yeah just like buyers who love to throw out that sellers all bought homes they could not afford in the first place so that is why they are all selling.
And that is perfectly fine if they want to wait around for that. But you don't see that being highly unlikely?
Kristine
Maybe. I don't know sheenies area. But sheenie made the point of that 600k home being 400k is probably something MOST people never saw coming so maybe that 400k house will come down also.
Since the market is unpredicatable right now, jobs are being shed and will be shed for awhile now it will put more pressure on housing and until inventory levels get back to normal prices will continue to come down. Clearly there is risk in waiting but VERY VERY little compared to buying now.
We know that a person's home is a very emotional subject, thus the posts that we have been seeing. But, the fact is that it is a business transaction. Right now, the business is flush with inventory and very few buyers. Well, the business owner can sit back and say that "Hey, we sold our product for this price a year ago and I discounted it 5% since then, so I will just sit tight and wait for the buyers to come crawling back". Or, the owner can say that every day that this inventory sits on the shelf, it costs me money. Not only that but there is no evidence that the buyers are coming back to the extent that they were in the past. (At least in the $700k+ market)
BTW, IMHO, why would anybody who can afford to wait, buy a home today when they can get it significantly cheaper next year?
One last thing, please stop with the "buyers want it for free" and "why don't you buy a house that you can afford". It comes off as whining. The market has turned in the buyers favor. They want a good deal, back to historic norms, pre bubble, NOT FREE.
You said it yourself! If you want to pay semantics, fine. Then I will tell you to look at homes that you can afford based on how your want to purchase a home. If you want to look at homes based on BOTH your incomes, then look at higher priced homes but according to YOURSELF and how you want to purchase a home, the home must be around $220K. So why are you looking at homes that are $400,000 and complaining that you cannot buy them for the price YOU want to pay?
Kristine
I am not sure if I came across complaining. But I was stating an observation that home prices are declining and may go down to even cheaper levels since it already was reduced by 50%.
Personally if it goes down more, it's great. No complaints from me. I'm shocked the house is even listed at 400K. And I'm wondering at what point someone will buy it, or what point we ourselves may even put an offer on it. If they reduce again, we may consider putting an offer on it ourselves.
Like I said before, I am well priced within my neighborhood comps. I am NOT selling it for less than comps!
Hey, nobody said that you had to. However, a buyer is not necessarily going to be willing to pay for your personal choice in renovation and you should consider that you might not make all that money back. Whether a choice is an upgrade or an unwieldy personalization is really in the eye of the beholder. I hope you find a buyer who loves what you have done with the place and is willing to pay top dollar.
Actually new homebuyers would greatly benefit home prices drop to 2000-2001 levels. This would put them in line w/ people's incomes. For example, if the average income in Charlotte is 50,000 dollars and the average house price was around 150K, life in general would be more affordable for a family.
I've been trying to purchase a home based on my income only (since it's the lower income between me and my husband) but I can't find a home based on my income only (other than foreclosure ridden neighborhoods). I make 62K, which is higher than the average *household* income, shouldn't I be able to purchase a decent home in a decent neighborhood? I also have 20% down. The only way I could afford a mortgage in a decent neighborhood is by putting 100,000 down, and frankly I don't really want to do that considering the market.
This is complaining that you cannot live in the home that you want for the price you want to pay. It comes off as an entitlement you think that you have to own a home in the part of town you want for the price you want to pay.
Hey, nobody said that you had to. However, a buyer is not necessarily going to be willing to pay for your personal choice in renovation and you should consider that you might not make all that money back. Whether a choice is an upgrade or an unwieldy personalization is really in the eye of the beholder. I hope you find a buyer who loves what you have done with the place and is willing to pay top dollar.
It does not sound to me like she is pricing her home more than comps because of her upgrades. It sounds like despite of the upgrades, she is pricing her home with the comps.
Kristine
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