Housing Market Question. Please Help!

[lexi]

I'd lower the price aggressively. We're moving into slow selling season and with more mortgage
resets looming, yesterday was a good time to unload your home IF you can find a buyer. Buyers are spooked
so you are going to have to lower the price to lure someone into buying your home. Sell now or sell
later for an even lower price, or stay put for 10 PLUS years to be able to sell for what you want now.

[eddierosenthal]

Market changes rapidly with new homes coming on the market every day.
Make sure your realtor is showing you every week the ne reports for homes that are comparable to yours that have sold and are new to the market, what has gone pending as well. Get recommendations for staging or cleaning up any thing in the landscaping or in the home to make it as curb appeal as possible. Make the home neutral in tone for any buyer.
Make sure you are lower in price than any other comparable home and you will sell your home.
Higher priced homes are actually selling better than homes lower than 500K because that lower priced market is affected more by the loan credit industry than your 800-1M stratification.
Always negotiate and never reject ANY offer unless they are just low balling to see your reaction and you are insulted.
If you are able to make the mortgage payments then you are not in a crisis, there is no need to sell and wait until the market corrects and goes back to normal. I've told my clients to wait 3 years unless they absolutely need to buy or sell.

[Sorcerer68]

If you lower it to 899k, you'll get more people because you're in a lower price point. Yes, it's a Buyer's market. Sorry you're having such trouble. I hope you're working with an agent.

[lexi]

Originally Posted by Sorcerer68

If you lower it to 899k, you'll get more people because you're in a lower price point. Yes, it's a Buyer's market. Sorry you're having such trouble. I hope you're working with an agent.

Yes, I was thinking the same thing... in the booming market up untill
fall 05 you could get away with selling it by owner if you were patient
and sold it at a bargain price..
Now you REALLY both a bargain price and a top notch realtor who will
keep you up to date on comparitives. Good Luck.

[DMenscha]

Open Houses are a way for real estate agent to find buyers. Less than 1% of homes are sold through open houses and they waste everyones time.

If you want to still participate in the open house deal, get your agent to put together a tour of similar homes to yours. Your home is open for a half hour time period, the agent figures travel time to the next one has the next one open for half an hour figures travel time etc;

You only have to be away from home for a half hour, buyers get to see a lot of homes and you may have several buyers at one time in your home creating a sense of urgency amongst them.

In our neck of the woods (no really, we're in the woods) good property, priced right, sells. the rest of the stuff sits.

When banks own property they generally start with a price and every 20 (fill in your number) days or so they drop the price a percentage until it sells. Don't sit on a number very long, drop the price on a small but regular basis.

Good luck!

[humboldtrat]

More sub-prime loans will be re-setting in the 4th quarter of 2007 and the 1st quarter of 2008 and this will drag down the housing market even more than what you have seen so far. You should have taken the $900k offer and ran.