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Old 07-22-2012, 12:51 PM
 
1,024 posts, read 1,482,592 times
Reputation: 969

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Where do you live? For how much is the home listed? What shape is it in?

In desirable locations, houses go very quickly. I had my eye on one for my parents in Safety Harbor right across the street from the house we are purchasing. It's a 4 bedroom home with a pool in good shape listed for around 279K and it went under contract in under a week! Homes in that area go extremely fast. Some within hours of being listed.

My guess is, your home is overpriced or in an undesirable area. I feel for you. We had our home up for sale in Spring Hill. It's a beautiful 3 bedroom 2 bath home on acre … completely remodeled and repaired from a sinkhole we had nearly 5 years ago. We couldn't even get anyone to come look at it for 130K and it was on the market for several weeks! Because the house is in Spring Hill where few people want to be and because people are nervous about buying a repaired sinkhole home, we couldn't sell it for what we needed to. We were told by several realtors that it would never sell unless we priced it at or below 100K. We still have 140K left on the mortgage, so there was no way we could sell it for that.

You could rent your home out. That's what we eventually did. We have a solid tenant and hope to continue to rent to her until the market turns around or until we can pay off a good enough chunk of our mortgage to then just dump the house for what we have left on the note. Or if our rental experience continues to be good, we may just continue to be landlords. The rental market is pretty good right now since there are so many people who are unable to get mortgages.

Last edited by floridagirl777; 07-22-2012 at 01:27 PM..
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Old 07-23-2012, 08:29 AM
 
Location: Tampa Florida
272 posts, read 519,182 times
Reputation: 229
Quote:
Originally Posted by grammyR View Post
3 months and 3 price reductions on my home and no sale as yet. Should I hold on or give up and try again next year. I have already delayed moving for a year.
If your home is priced correctly it should sell quickly right now. It also depends on your price range, what kind of shape your home is in etc. Did your realtor go over comparable sales with you before listing it?
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Old 07-23-2012, 04:26 PM
 
Location: Treasure Island Fl
662 posts, read 937,637 times
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There is No inventory in Tampabay. The problem is buyers absolutely refuse to consider anything they aren't stealing. Buyers are so accustomed to short sales and bank owned property, that even if it's a perfect property and priced at market value people will only make ridiculously low offers.
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Old 07-23-2012, 04:38 PM
 
5,453 posts, read 7,754,034 times
Reputation: 2141
I think buyers are a bit smarter than before, and see no reason to overpay for something. Others got burned once, and learned the lesson on "buying what they can afford". A 3 bedroom is a 3 bedroom...it doesn't "grow" just because some RE said so! Or some seller thinks so.



Quote:
Originally Posted by tonyff67 View Post
There is No inventory in Tampabay. The problem is buyers absolutely refuse to consider anything they aren't stealing. Buyers are so accustomed to short sales and bank owned property, that even if it's a perfect property and priced at market value people will only make ridiculously low offers.
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Old 07-23-2012, 05:10 PM
 
485 posts, read 843,163 times
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It always amazes me when people buy a house in an UNDESIRABLE area, and then they wonder why their house is not selling.

I have no idea where OP's property is, and for all we know it may be located in a very desirable area and simply be overpriced or have some kind of major issue.

But the cliche' is true. Location, location. Buying a property is a huge risky undertaking, especially in this new economy. And you never know when something will come up and you have to move or sell ASAP.

So when you buy, always buy in a desirable area/building, where you will not have a problem selling later if you need to.

DO NOT BUY:

In an undesirable neighborhood
On busy street
Near busy streets
Near utility easements
Near schools (traffic/noise problems)
Near eyesores


DO BUY:

In a desirable neighborhood
On a quiet street
In an area where people maintain their properties and don't park their cars on grass or have rusty crap in the front yard



I agree with stpeteguy, your house is overpriced. In my area houses sell in a week or two.

Keep cutting the price until you get a buyer.
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Old 07-24-2012, 07:19 PM
 
Location: Tampa Florida
272 posts, read 519,182 times
Reputation: 229
Quote:
Originally Posted by tonyff67 View Post
There is No inventory in Tampabay. The problem is buyers absolutely refuse to consider anything they aren't stealing. Buyers are so accustomed to short sales and bank owned property, that even if it's a perfect property and priced at market value people will only make ridiculously low offers.
Those days are long gone. Buyers may try that on their first outing, but they learn real quick when all the homes are under contract by the next week.
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Old 07-24-2012, 07:52 PM
 
1,024 posts, read 1,482,592 times
Reputation: 969
Quote:
Originally Posted by Tampa Homes View Post
Those days are long gone. Buyers may try that on their first outing, but they learn real quick when all the homes are under contract by the next week.
This is totally true! As a recent home buyer, we experienced this time and time again. You have to be ready to make an offer RIGHT AWAY now or the house will be gone.

The other thing I've noticed is that home prices are going up. We began looking for homes in the 150K to 200K range this spring in Safety Harbor and there were several available. As the weeks went on, I watched the house prices climb and homes getting snatched up right and left. Now you can't get into a decent 3 bedroom, 2 bathroom, pool home for under 250K in Safety Harbor.

My parents are now looking to move closer to us and I just told my mom today to get ready if they see a home they like, the offer needs to be made right then or it will be gone.
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Old 07-25-2012, 03:11 PM
 
13,773 posts, read 33,825,110 times
Reputation: 10553
I agree, I have a friend who is trying to buy a home in the TB area and had found 2 houses that were both sold to a higher bidder.
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Old 07-25-2012, 07:32 PM
 
Location: Toledo, OH
1,725 posts, read 2,988,093 times
Reputation: 1272
About 6 months ago homes were selling immediately if they were 100K and below. Now it seems to have spread to homes that reach up beyond 200K. The short sales that aren't selling are the homes where the bank is not agreeing to the short sale (usually because they have not missed payments). So many underwater sellers still can't sell the house because they can't afford to take the loss.
It is pretty frustrating for a lot of people right now. Not even sure what to say for those looking to buy. Keep looking though, because new homes come on the market everyday. The nice thing is with interest rates, those that have been priced out of certain types of homes in certain areas now can afford something.
I think once prices get raised enough, you will see a lot of investors start to sell what they are currently renting out.
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