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.
. Does anyone know what buyers are looking for in todays market? I do not want to list it and get a bad rep after it sits on the MLS for 3 months. Then again, isn't 6 months the norm nowadays? Do buyers care about days on the market in this market, where everything is languishing?
Buyers want homes priced in accordance with their condition. If the home is seriously dated then the price needs to reflect that. In my experience buyers aren't willing to pay a lot more for a larger lot and dated square footage (remember that's more work for them).
Either you update it so it is commensurate with other homes or you price it correctly to reflect condition. You want the best of both worlds which isn't going to happen in this market. I just turned down a listing just like what you are talking about. The sellers just dropped their priced $30,000 with the agent that took the overpriced turkey....about $70,000 more to go 'till the hit where the buyers will be at for their home...
If you want to be a seller, then get in the market and sell.
The only person pulling chains in this market are the realtors who are demanding that sellers give their properties away, and thus lowering the prices of houses in the rest of the neighborhood. The home I inherited is my parents, I was not responsible for updating or maintaining it. it's not my fault that it is in disrepair. however, this home has a pool (also needs work), and is on an oversized lot (11,000 sq feet) so it should be priced higher than the non-pool small lot comps in the 300s. i do admit that the houses selling in the 300s are taking forever to sell, and that is what i do not want. i think what i will do is wait for the market to rebound in 2010-12, or at least wait until spring, when there will be more buyers out there.
moreover i basically wanted to know whether days on the market really is a factor in this curren market, where 6 months is the norm. so if i sit the property at 450k for 6 months, that is the norm anyway so why not wait and see if i get a buyer at my price?
the way i look at it, a buyer should be so lucky as to be able to get into this neighborhood at 450-475k; the renovated houses go for 600k and up
If you're not willing to do anything to make it market ready, expect to sell at below average comps unless the property has something that makes it unique to the current market, e.g., Cape Cod on a double waterfront lot in South Tampa?
The bottom line is, it's all about price. And it has to be priced according to location and condition if you expect it to sell in a reasonable time. There's just too much competition (inventory) at this time to give false hope and unreasonable expectations.
Last edited by TampaKaren; 10-12-2009 at 01:33 PM..
The only person pulling chains in this market are the realtors who are demanding that sellers give their properties away, and thus lowering the prices of houses in the rest of the neighborhood. The home I inherited is my parents, I was not responsible for updating or maintaining it. it's not my fault that it is in disrepair. however, this home has a pool (also needs work), and is on an oversized lot (11,000 sq feet) so it should be priced higher than the non-pool small lot comps in the 300s. i do admit that the houses selling in the 300s are taking forever to sell, and that is what i do not want. i think what i will do is wait for the market to rebound in 2010-12, or at least wait until spring, when there will be more buyers out there.
moreover i basically wanted to know whether days on the market really is a factor in this curren market, where 6 months is the norm. so if i sit the property at 450k for 6 months, that is the norm anyway so why not wait and see if i get a buyer at my price?
the way i look at it, a buyer should be so lucky as to be able to get into this neighborhood at 450-475k; the renovated houses go for 600k and up
Buyer's do not care who's "fault" it was that the house was not maintained. They just care about current condition regardless of how it happened.
So, if the price was $1M and sat for 6mo, would you also consider that the norm, or just an overpriced listing that won't sell no matter how long you wait? I'm also confused on your comparison to other properties. Some sell in the $300's, but rennovated are selling in the $600's? Are they actually selling, or just active listings? Are they actually similar and a fair comparison to each other?
I suggest you interview some agents and look at the comparables they use to price your home.
In any case, sounds like you are able to hold this property for a long time. As you say, may be best to wait for an improvement in the market. Maybe you could invest over time to do some repairs to make it more marketable.
moreover i basically wanted to know whether days on the market really is a factor in this curren market, where 6 months is the norm. so if i sit the property at 450k for 6 months, that is the norm anyway so why not wait and see if i get a buyer at my price?
You absolutely can do that. Just don't get angry at your agent when they can't bring you in a buyer. As long as you know that you are shooting for a long shot, and your agent knows that, then there is no problem.
Quote:
Originally Posted by bennettd
the way i look at it, a buyer should be so lucky as to be able to get into this neighborhood at 450-475k; the renovated houses go for 600k and up
You know the listing I just walked away from is about 4 houses away from the Governor's mansion. They think the same thing. The house isn't going anywhere because it is just not worth it.
The only person pulling chains in this market are the realtors who are demanding that sellers give their properties away, and thus lowering the prices of houses in the rest of the neighborhood. The home I inherited is my parents, I was not responsible for updating or maintaining it. it's not my fault that it is in disrepair. however, this home has a pool (also needs work), and is on an oversized lot (11,000 sq feet) so it should be priced higher than the non-pool small lot comps in the 300s. i do admit that the houses selling in the 300s are taking forever to sell, and that is what i do not want. i think what i will do is wait for the market to rebound in 2010-12, or at least wait until spring, when there will be more buyers out there.
moreover i basically wanted to know whether days on the market really is a factor in this curren market, where 6 months is the norm. so if i sit the property at 450k for 6 months, that is the norm anyway so why not wait and see if i get a buyer at my price?
the way i look at it, a buyer should be so lucky as to be able to get into this neighborhood at 450-475k; the renovated houses go for 600k and up
You are not from around here are you?
Are you sure you know when the are more buyers out there?
There are so many reasons, judging from your post, as to why you should hire a professional.
The only person pulling chains in this market are the realtors who are demanding that sellers give their properties away, and thus lowering the prices of houses in the rest of the neighborhood. 600k and up
If you had also inheirited 1000 shares of ( goog) Google stock , you might be inclined to sell it, too. Back in late 2007 it was selling for about $714 a share. Your stock broker would quote you today's closing price of $524. Your stock broker would tell you that if you wanted to sell the stock , right now, the market will pay you about $524 a share.
You could chew out your stock broker every day for the failure to execute the sell order at the price you want and it makes no difference given the market is buying at $524.
It's the same thing with real estate sales. If the seller prices their property out of the market , the market will take a pass and buy something else, that is right priced.
At this point in time you need to decide if you want your price or to sell this property.
I wonder what property taxes and up keep will cost to maintain this house for 6 months to 2 years while you wait for the market ?
Any home not lived in continues to deteriorate and will need additional work. Hopefully the area crack dealers or vagrants don't find out it vacant and no homeowner is around.
There are a lot of problems with a house sitting empty for an extended period of time.
The only person pulling chains in this market are the realtors who are demanding that sellers give their properties away, and thus lowering the prices of houses in the rest of the neighborhood. ...
I think MAM gave a great analogy with the stock market.
Personally, I didn't realize that Realtors have so much power over the market . And sellers will actually do what we demand ? Can I do that with buyers too? Maybe I missed the class where they handed out our power to overcome the law of supply and demand.
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.
. And sellers will actually do what we demand 
? Can I do that with buyers too? Maybe I missed the class where they handed out our power to overcome the law of supply and demand.
