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Old 05-08-2009, 08:17 AM
 
4,222 posts, read 7,868,533 times
Reputation: 1582

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Quote:
Originally Posted by ClevelandMike View Post
Retaining a professional Realtor that understands the local market and really works for your best interest is worth paying the commissions in most cases. Selling property yourself today mostly indicates that you may be upside down in your property, can't afford to pay commissions.... etc.
Mike, I generally agre with you. Before moving here I had to sell my condo in Panama City, Florida. I hired Century 21. I know the manager there. I told him that I did not want some soccer mom that was at soccer games instead of trying to sell houses. I told him I preferred a single person desperate to make money. He assigns a cheerleader mom. I wouldn't have know this except I saw her at the school at which I taught with her daughter. She did absolutely nothing except try to build a false hope based on the number of hits Century 21 got on my condo via computer. After four months, I fired her and chewed out my friend (ex-friend). The for sale sign was gone.

Two weeks later, I just got home from a fishing trip and my wife was washing my boat (I allowed her to take a break from fixing my lunch), when two Puerto Rican couples drove up and asked my wife if any of the condos were for sale. They were looking for investments. My wife told them that ours would up for sale (again) in a couple of months. I walked outside and met the people. They asked if they could see the place and we agreed. They really loved it and asked how much I wanted. The condo market was virtually dead. I gave them a price which was low enough that I didn't make a profit, but low enought to get rid of the place. I told them that the price I quoted required they pay all closing costs and any other incurred expenses. Two days later, he called back from Puerto Rico and decided to buy the place. It was a cash sale.

Mike, you are correct. You must get a 'good' realtor (one that is starving). And, do not look at making a profit in this market. Ask for the minimum and make that the bottom line. You never know when a miracle will happen. Fortunately, two years prior, I sold my house and made a ton of money.
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Old 05-08-2009, 08:26 AM
 
7,126 posts, read 11,670,299 times
Reputation: 2599
Quote:
Originally Posted by vindaloo View Post
Mike, I generally agre with you. Before moving here I had to sell my condo in Panama City, Florida. I hired Century 21. I know the manager there. I told him that I did not want some soccer mom that was at soccer games instead of trying to sell houses. I told him I preferred a single person desperate to make money. He assigns a cheerleader mom. I wouldn't have know this except I saw her at the school at which I taught with her daughter. She did absolutely nothing except try to build a false hope based on the number of hits Century 21 got on my condo via computer. After four months, I fired her and chewed out my friend (ex-friend). The for sale sign was gone.

Two weeks later, I just got home from a fishing trip and my wife was washing my boat (I allowed her to take a break from fixing my lunch), when two Puerto Rican couples drove up and asked my wife if any of the condos were for sale. They were looking for investments. My wife told them that ours would up for sale (again) in a couple of months. I walked outside and met the people. They asked if they could see the place and we agreed. They really loved it and asked how much I wanted. The condo market was virtually dead. I gave them a price which was low enough that I didn't make a profit, but low enought to get rid of the place. I told them that the price I quoted required they pay all closing costs and any other incurred expenses. Two days later, he called back from Puerto Rico and decided to buy the place. It was a cash sale.

Mike, you are correct. You must get a 'good' realtor (one that is starving). And, do not look at making a profit in this market. Ask for the minimum and make that the bottom line. You never know when a miracle will happen. Fortunately, two years prior, I sold my house and made a ton of money.
Perfect way to stay on top of it and have some "control" over your life.
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Old 05-08-2009, 08:56 AM
 
Location: The place where the road & the sky collide
23,809 posts, read 34,564,844 times
Reputation: 10256
Quote:
Originally Posted by johne482 View Post
In some of the posts I have read here houses have "been on the market 17 months", or "nobody gives us a 'real offer'. I think the people "trying" to sell their house in this horrendous market need to re-think what their plans are, what is realistic, and how they are going to get from point A to B.

I just finished reading a post that talked about not making a profit on a house they bought in 2004. It seemed that was a major obstacle in reducing the price and moving on. In another post the OP said she has only rec'd "under-the market" offers. Well, could it be that IS the "market" and her interpetation of the market is wrong?

Most posts say "I have a beautiful house". I'm certain that's true. Without a doubt.But,what makes your house more saleable than the guy down the street with an equally beautiful house? Price. Real market price. Competitve price, I suppose(?)

"No counter" offers. This is interesting b/c sometimes your price to begin with is so high buyers don't even want to engage in the mating dance for fear of getting caught up and offering a price that's too high for them. Or, your agent presented an impression to the the buyer that you were "not very flexible". How many sellers rehearse their agents as to what to say? How to present their house to buyers or the other MLS agents? Probably nobody.
Try working on that a bit...it works.

I have a house in Concord right now that I have tried to sell for 5 months. Way too long for me. I came to the conclusion that I presented the house
the wrong way. Presented it commercial when I should have presented it as mixed use (rare zoning as it has a res. and comm. zoning designation). So, new price, new marketing, new audience.Point being, one just can't sit with property without a plan "B" and "hope this market gets better in 2010 or 2011" Heck, if I can't predict tomorow"s weather what do I know about my future in 2011?

In summary: YOU have to make it happen. YOU have to understand the real "market" price. Accept the price and move on or stay the course. YOU have to sell "your baby" and move to another opportunity in your life. Or stay with what you have and be happy.
You have to stay put if you have a job and not bet the ranch in this economy.Consider yourself very lucky and wait for this black cloud to pass over.

John
You are 100% correct. Before the market crashed I could have gotten enough to buy a modest house in South Charlotte & have a cash pad. Instead, I priced to dump the house & just get on with life. I bought a foreclosure, further out, at a rock bottom price. I later found out that the house had originally been a $100,000 house. The house is now liveable & the rest can be done a little at a time. My solution isn't for everyone but the concept is the same as what you said.

Last edited by southbound_295; 05-08-2009 at 09:12 AM..
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Old 05-08-2009, 10:54 AM
 
Location: Concord, NC
1,241 posts, read 2,313,990 times
Reputation: 844
I have read that the recent mentality of alot of people is that houses are short term investments. I have read in the past that people should not expect to make a profit on a house unless they have been in the house for atleast 7 years. This is due to the cost of buying and selling a house plus how the loan is paid back (ie. paying more towards the interest than the principle in the first years of a loan). The last 7 years have been an exception to the rule. Prices have jumped up so much that people were able to sell in 2-3 years and make a huge profit. The market is correcting itself now. The price of housing is coming down. It will take people who bought at the peak years to make their money back, if they ever do. People need to get back into the mentallity that buying a house is a long term investment.

Just my 2 cents.

Daniel
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Old 05-08-2009, 10:57 AM
 
Location: Waxhaw, NC
494 posts, read 1,345,826 times
Reputation: 173
Quote:
Originally Posted by johne482 View Post
Basically,after 17 months, your house is really not on the market is it?
More like "AVAILABLE" signs that one sees.
ie: available for sale, not really selling but if you pay me what I want I'll sell?

My house is most definitely on the market...the house right next door actually just sold for more than mine is listed for. We just have not been lucky enough yet to get anyone in who everything works for...many close calls but nothing yet. We dropped to 649 to finish out the season as we are priced well below other houses of our size in and around here.
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Old 05-08-2009, 10:58 AM
 
Location: Waxhaw, NC
494 posts, read 1,345,826 times
Reputation: 173
Quote:
Originally Posted by Robin2007 View Post
My house is most definitely on the market...the house right next door actually just sold for more than mine is listed for. We just have not been lucky enough yet to get anyone in who everything works for...many close calls but nothing yet. We dropped to 649 to finish out the season as we are priced well below other houses of our size in and around here.

I should also add that we have a great Realtor and w/ her advice we are pricing our well below for a quick sale...
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Old 05-08-2009, 11:44 AM
 
4,222 posts, read 7,868,533 times
Reputation: 1582
Quote:
Originally Posted by Robin2007 View Post
I should also add that we have a great Realtor and w/ her advice we are pricing our well below for a quick sale...
Robin, I have fired "great realtors" for wanting to price my house so low that they knew that they could sell quickly, make their money without too much effort and I would lose. Any house will sell if it is priced low enough. Be careful and keep a sharp eye on the market, especially your neighborhood. Don't sell too low and watch the advice. She is only a "great" realtor after she sells your house and you are satisfied.
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Old 05-08-2009, 11:50 AM
 
Location: Waxhaw, NC
494 posts, read 1,345,826 times
Reputation: 173
Quote:
Originally Posted by vindaloo View Post
Robin, I have fired "great realtors" for wanting to price my house so low that they knew that they could sell quickly, make their money without too much effort and I would lose. Any house will sell if it is priced low enough. Be careful and keep a sharp eye on the market, especially your neighborhood. Don't sell too low and watch the advice. She is only a "great" realtor after she sells your house and you are satisfied.

Thank You!! Will do! I'll keep everyone updated...hope to post good news on here before summer is over!!
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Old 05-08-2009, 12:02 PM
 
7,126 posts, read 11,670,299 times
Reputation: 2599
Quote:
Originally Posted by Robin2007 View Post
I should also add that we have a great Realtor and w/ her advice we are pricing our well below for a quick sale...
You may like your realtor but she's not a "great realtor" no matter what you say or think of my outrangeous comment. I have no axe to bear so look at the facts:
1) House on market for 17 months.
2) Priced lower than house next door that sold ahead of you.
3) Agent priced it under market and it still didn't sell because you have "bad luck" . Does bad luck mean she brought people that were not qualified? Did she present your house properly. Has she given you hints as to how to stage your house? Does she speak to other MLS agents regarding what's wrong w/your house? Do you see a copy of all the showings report and correct what the buyer find wrong?

Change your luck by walking backwards around your dining room table 3x followed by some good weed that will enhance your mind to more creative ways to sell your house.
Good luck
john
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Old 05-08-2009, 12:09 PM
 
92 posts, read 273,453 times
Reputation: 27
Default Sold in Virginia May 2008 and bought in NC July 2008

Ok, here's my two pennies worth.
You can't blame yourself.
You need to spend a lot of time on the relevant websites looking at local houses for sale prices, square feet, drive around look at their lots. See where you have an edge over them. Price yourself slightly below the competition. Get the most amazing photos of your house (as many rooms with the best lighting and position as possible) and yard. I took these myself, 25 photos of every area and then emailed them to the realtor. The guy who bought my house was in Iraq (he saw that it looked nicer because the photos were very thorough). My short written peice emphasised, friendly private great schools, etc. anything anyone would be looking for.
I am horrified at the number of homes for sale with crap pictures and they are 600k up. When there are so many homes for sale you close the door on your audience with crap photos. People have to eliminate somewhere and they do that based on what they see online. There are only so many houses you can actually physically go to so sell your house on the website. That's what I did. I'm not guaranteeing anything and I can empathise so much with people selling, but seriously take a look at your photos and the competition's and see which house you would want to look at.
Also I believe that those selling at rock bottom will also hopefully buy at rock bottom, or alternatively they sold they previous home at sky high - somewhere along the line I hope you've been lucky enough to gain something from this mess and if so focus on that and not on how little your getting from this current situation.
It's painful but I am thinking we're in the bottom of the pit right now.
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