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My price will have to come down, soon, slowly to a point. I've asked how often and in what increments, prices should be lowered.
199 now
192 after 45 days
185 after 45 more days
178 after 45 more days, gets me to the "must sell" target of 178 and time frame of about 180 days
You'll be just chasing the market down and frustrated in the end.
Put on your big girl panties and deal with a.) it IS a buyer's market. Not yours. What you need to get out of your house means *NOTHING* to a buyer today. I repeat, NOTHING.
I could go on and on....these are more updated homes than yours, and larger probably. This IS your competition, and if you stay priced higher, your house will be the house that *sold* your competition's house.
C.) Potential buyers that are looking at your house might be serious about buying a house, but probably not serious about buying yours, because of the above reasons. You're helping sell the competition and not helping yourself by dragging your feet.
D.) VERY, VERY, VERY limited buying pool. Do you realize that lenders have cracked down and are not lending as freely now? It's called the credit crunch, and most lenders are requiring 20%, perfect credit, etc. Gone are the days of lending to anyone that had a pulse. This means you gotta be spot on with price AND condition.
I hate to be blunt, it's not intended to hurt your feelings. It took us 18 months to sell our house. Trust me, had I listened to the advice given here, I would have sold alot sooner. It is a bracing reality check, I know. But the sooner you "get it," the better off you'll be.
I think you need to honestly ask yourself the question if you can really "afford" to sell at this time.
Well I don't really agree that downtown charlotte is 12 minutes from you. Google maps says at least 20 minutes. I live in S. Charlotte and in non rush hour, I could never make it uptown in 12 minutes.
I also think a lot of people who work in Charlotte but live in SC choose to buy there not only because of lower taxes and great schools, but because they can get a newer or brand new home that is cheaper.
You must accept the feedback you have received - the house needs work & you have had no offers. Don't take it personally. Don't try to justify why others should appreciate your house. Accept the fact that others see it as "needing work" aka a money pit.
Thus you need to do some serious updating or drop the price - slash the price might be more like it. I don't know your market but buyers are very demanding these days. There may well be another 50 homes for them to consider. I don't mean to sound harsh but your house is just one .. and apparently, it needs work.
I'm sorry. Try to be objective - after all it's just business.
Why would you think that a first-time buyer, moving from a rental would willingly overpay for your house because it would be a step up? That still doesn't make them ignorant.
Put yourself in the buyers' shoes. If you saw your house and one that has been upgraded for the same price, which one would YOU buy? Why would they be any different?
You sound amazed that people would upgrade an older home - millions of people have done it. In fact, that's what flippers specialize in doing.
I'm not expecting first time buyers to over pay for my house. I'm thinking first time buyers will be less likely to compare my house to the one they moved out of and some people will find my house to be an upgrade. I live in a 1969 mobile home with no heat-window a/c, no room for a sofa or 2nd chair in case the President comes visiting.
Guess what is an upgrade to me?
What "buyer's" costs should I expect to pay? (beside their agent-agency commissions which is 1% or 3% with my agent, depending on who finds the buyer, 6% if the buyer is found by another agent, 4% if my agent finds the buyer, and I guess 4% if I find a buyer)
I'm not expecting first time buyers to over pay for my house. I'm thinking first time buyers will be less likely to compare my house to the one they moved out of and some people will find my house to be an upgrade. I live in a 1969 mobile home with no heat-window a/c, no room for a sofa or 2nd chair in case the President comes visiting.
Guess what is an upgrade to me?
What "buyer's" costs should I expect to pay? (beside their agent-agency commissions which is 1% or 3% with my agent, depending on who finds the buyer, 6% if the buyer is found by another agent, 4% if my agent finds the buyer, and I guess 4% if I find a buyer)
Thanks.
No, but they are going to compare it to other properties that are on the market that are priced better and in better condition than yours.
What part of 7 pages of this don't you seem to understand?
It seems like you're waiting for someone to just agree with you ... which, it's pretty obvious by now, it's not going to happen.
Read your contract when it comes to costs. Your agent should've preapared you with a net sheet when you listed. If they haven't, ask them to do it now.
And no, you don't get 4% if you find a buyer - unless that's the kind of listing agreement you signed. Which my guess is, that it's not.
No, but they are going to compare it to other properties that are on the market that are priced better and in better condition than yours.
What part of 7 pages of this don't you seem to understand?
It seems like you're waiting for someone to just agree with you ... which, it's pretty obvious by now, it's not going to happen.
Read your contract when it comes to costs. Your agent should've preapared you with a net sheet when you listed. If they haven't, ask them to do it now.
And no, you don't get 4% if you find a buyer - unless that's the kind of listing agreement you signed. Which my guess is, that it's not.
the commission I pay is 6% (may be divided 4 ways).
I pay only 4% if my agent finds the buyer.
I may only pay 4% if I find the buyer, not sure.
I'm told the buyer's will expect me to pay some of their buyer's cost, such as?
I'm not expecting first time buyers to over pay for my house. I'm thinking first time buyers will be less likely to compare my house to the one they moved out of and some people will find my house to be an upgrade. I live in a 1969 mobile home with no heat-window a/c, no room for a sofa or 2nd chair in case the President comes visiting.
Guess what is an upgrade to me?
I was a recent first time buyer, moving from out from a little dumpy place I'd been in for years.
You are thinking a first time buyer will look at your house and think "Hey, this is way better than what I'm used to, so I'll buy it." It doesn't work that way. Almost every house I looked at was better than the one I moved out of, but I wasn't willing to settle for something just because it was better. For my money I want what is the best.
If I lived off ramen noodles for years and suddenly found I could afford to buy meat, do you think I'd buy hamburger if steak were on sale for the same price? Just because it's better than the ramen noodles I'm used too?
What "buyer's" costs should I expect to pay? (beside their agent-agency commissions which is 1% or 3% with my agent, depending on who finds the buyer, 6% if the buyer is found by another agent, 4% if my agent finds the buyer, and I guess 4% if I find a buyer)
Thanks.
I don't know that anyone can really answer with much certainty because that's all part of the negotiation process, and can vary considerably.
What is usual & customary in one area may not be the same in another area. But even within the same neighborhood, one seller may agree to pay all buyers closing costs, while another may not pay any.
If the feedback has been that your house needs updating, a potential buyer could very well try to negotiate an allowance for that.
Any issues found during inspections will also need to be addressed.
The thing is, all the above is negotiable. As a seller you don't have to accept any offer you are not comfortable with. You may loose potential buyers, and I think your chances of selling if you're overpriced are slim to none, but you do have the final say.
Personally I think you're better off pricing fairly and then standing your ground when you do get an offer than pricing high because you've built in a large negotiating cushion... but that's just my opinion.
not meaning to be understood......what I mean is, there will be people who find my house more appealing than it seems to be here.
I know my price is too high. The agent suggested listing it for 199,900 while the home buyer credit was out there. I had it advertised for 195,900 back in the winter. I assume, based on my agent's numbers, we are headed to 180-189 in short order.
I'm trying to get a hold of the list of expenses that buyer's may expect me to pay that raises my cost from the 6% commission to a total of as much as 10% or more.
my error....I save 1% (5% vs. 6%) if my agent finds the buyer.
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