AGHHHH!!!! My house isn't selling (sale, real estate, rent)

[autimom4ever]

Call me impatient, but our house in SC has started to be built
and my house isn't selling.

When it first went on the market we has a lot of "lookers"
now that has even slowed.

I hope I don't have to give the new house up...

This stress is to much

[anonymous]

I'm not an expert, I've never even been a homeowner. But if a house isn't selling, wouldn't a solution be to lower the price?

[autimom4ever]

I already lowered it once.

Can't go to low

[settlepa]

Your home must be priced right in the beginning so it sells. The longer it sits on the market the more people are going to think something is wrong. We put ours on and had 14 showings and one acceptable offer in the first week. Thank god for an easy buyer who wanted nothing done because if it wasnt for them, we would be sitting there. It closed last month and we just got out a few days ago after renting it back for a month. The first two weeks is critical after that it becomes "stale".

[anonymous]

Originally Posted by autimom4ever

I already lowered it once.

Can't go to low

What is "too low"? I mean, like I said, I've never bought or sold a house - so I'm trying to learn here. Based on the number of threads similar to yours, your problem is very common.

It would seem to me that the amount of times you've changed the price isn't really relevant. If the asking price was what the market was willing to pay, it would sell, wouldn't it? I guess what I'm asking is, if you really wanted to sell the house, you could, correct?

[my2kidsmom]

While I agree that pricing correctly is crucial, it totally depends on the market conditions where your house is. In a hot market, a house will sit if priced too high. In certain parts of the country (New England, Florida, Michigan), the market is just not strong at all right now, and houses are sitting for much longer before they finally sell. I'm in the process of selling my house up north right now. When I first started interviewing realtors in January prior to listing the house, I was told that the average time on the market in my area was 6-8 months. Luckily we found a buyer in 2 months, and are closing next week. I think the fact that our house was recently renovated, was in good over all condition, and that we got rid of all clutter and junk so it showed well is what helped us. My advice is to declutter like crazy, get rid of all junk you wouldn't pay to move, clean to the point where it's immaculate, and put brightly colored fresh flowers in the kitchen and bath when you're showing it. Good luck!

[Racelady88]

Originally Posted by anonymous

What is "too low"? I mean, like I said, I've never bought or sold a house - so I'm trying to learn here. Based on the number of threads similar to yours, your problem is very common.

It would seem to me that the amount of times you've changed the price isn't really relevant. If the asking price was what the market was willing to pay, it would sell, wouldn't it? I guess what I'm asking is, if you really wanted to sell the house, you could, correct?

Too low means that the seller will still owe the mortgage company after the sale.

In this part of the country there are many homes that have been sitting for well over a year because the homeowners bought when the market here was artificially inflated, and the home is now "worth" far less than it was when purchased.

Also, many lenders have tightened up their requirements for giving a loan. Folks that could have gotten a mortgage a year ago are now finding that they can not, taking away many potential buyers.

[my2kidsmom]

Anonymous, I know from my own experience that in order to be able to buy a house in the place my husband was transferred to, we needed to get a certain price for our house up north. Too low would be that they amount we sold the house for was too close to the amount we owed on the mortgage, and would not leave us enough for the 20% down we would need for the next house. For example, if the house is listed at $300,000, and you owe the lender $220,000, by the time you pay the realtors commission which is around 6%, closing costs, and pay the bank back, you have left around 60,000 to buy another house for around $300000. But if you lower the price to say 289000, you suddenly won't have the money from the sale to buy another $300,000 house and have to lower what you wish to spend on the next property, or put less down and face having to pay PMI, which nobody wants to do. So often a seller has a rock bottom price in mind that they simply cannot to afford to go lower than. It stinks too, because the entire burden of the realtors commission is on the seller, and it's a big chunk of change.

[southernlady5464]

In certain parts of the country (New England, Florida, Michigan), the market is just not strong at all right now, and houses are sitting for much longer before they finally sell. I'm in the process of selling my house up north right now. When I first started interviewing realtors in January prior to listing the house, I was told that the average time on the market in my area was 6-8 months.

YOU are lucky you found a buyer. Ours has been on the market since August 2006. We are as low as we can go. NO ONE and I mean NO ONE seems to be buying up here (I'm in SE Michigan).

We did do our new mortgage lower so we could go ahead and close on our new house and afford to pay two mortgages. Not that we want to pay two for long but we can do it.

Only reason we finally went ahead instead of waiting to sell is that we are being relocated. Liz

[anonymous]

Originally Posted by Evey

Too low means that the seller will still owe the mortgage company after the sale.

In this part of the country there are many homes that have been sitting for well over a year because the homeowners bought when the market here was artificially inflated, and the home is now "worth" far less than it was when purchased.

Also, many lenders have tightened up their requirements for giving a loan. Folks that could have gotten a mortgage a year ago are now finding that they can not, taking away many potential buyers.

I see what you mean. So what exactly caused the artificial inflation of prices? "Irrational exuberance," as Greenspan would put it?

I'm 23, and have only been in a career for a year or so. I am interested in the home-buying process, trying to get a feel for things (in Wilmington, NC), but real estate here is very expensive. With only a single income, I could maybe afford a small, dilapidated house in the ghetto. Yet, I pay $750/month in rent as it is, so I may as well be paying a mortgage, right?

Additionally, my older brother is looking into buying a house in Charlottesville, VA, and he's even less knowledgeable about it than I am, believe it or not. He's in a very different situation, though.

I guess it's just interesting to me, seeing all these people who can't afford houses where I live - and simultaneously, all these people that can't get a buyer for the price they're asking. I guess it's just different people in different markets.