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Old 05-09-2009, 08:29 AM
 
7,126 posts, read 11,701,408 times
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I went to some of sites that were offering your house. There were many other very nice looking 4000+ sq. ft. houses on the same page as yours.
Now, I know they are not next door to you but all where within a very short drive from yours.Without knowing the consequences of the 5minute distance (as I do not know the area) why would someone not look at the half-dozen houses at 480K before they would look at yours? I agree there might be underlying reason (school district) that I am not aware of but with zero knowledge that would be all the more reason if I were a buyer to look at those other houses first.

This is one reason you can throw comps out the window in this market.As far as I'm concerned the market is what is right in front of me on that realtor's page.The first question I would be asking would go something like this: "Hey, Babs, I see a 4300SF house on here for 480 that looks pretty nice. Now, I see this other 4300 one at 650 what do I get for the difference in the price? "
Unless your realtor is very sharp,has all the answers prepared and is ready to present a compelling reason to go at look at your house...you have a problem.
THEN, when I ask, which, I always do, so how long has it been on the market?....drop the curtain the play is over.
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Old 05-09-2009, 08:47 AM
 
Location: State of Being
35,879 posts, read 77,469,759 times
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Quote:
Originally Posted by johne482 View Post
THEN, when I ask, which, I always do, so how long has it been on the market?....drop the curtain the play is over.
ROBIN: You said you will probably take the house off the market for a while. This may be the best strategy to pursue, if you don't feel comfortable w/ lowering the price. This way, when it comes back on the market, it will be assigned a new MLS #, you can get new pix wh/ include your additional landscaping . . . and in three months, you will also have a new "snapshot" of what has and hasn't sold in your area and at what prices, wh/ will be a good way to judge where to set the price. Just a thought.
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Old 05-09-2009, 01:09 PM
 
7,126 posts, read 11,701,408 times
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Originally Posted by anifani821 View Post
ROBIN: You said you will probably take the house off the market for a while. This may be the best strategy to pursue, if you don't feel comfortable w/ lowering the price. This way, when it comes back on the market, it will be assigned a new MLS #, you can get new pix wh/ include your additional landscaping . . . and in three months, you will also have a new "snapshot" of what has and hasn't sold in your area and at what prices, wh/ will be a good way to judge where to set the price. Just a thought.
Good point Ani. There is a little flaw with that that only the sharpest of buyers and smart agents do as part of due deligence. We check to see if this has been listed BEFORE and for how long.Not everyone does it but if your're dealing with a smart arse (I'll leave my name out of this LOL) he'll check it and you will have to explain why you withdrew it and re-listed.

I had this experience with a quad I wanted to buy in the 4th ward. From the moment I found out the seller (who was also a broker had withdrawn and re-listed TWO times I never trusted a word she said. I did not buy the building b/c I always had negative thoughts about the property.
john
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Old 05-09-2009, 03:22 PM
 
431 posts, read 1,668,470 times
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Luxury Market is super tough right now in UC. So many desperate builders dumping McMansions super cheap, so many foreclosures because of builders overbuilding....I blame it all on those damn bulders ; )
Impossible and foolish to try and compete with these type homes. I guess maybe they do set the market, but eventually that inventory will be all sucked up by the vultures....
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Old 05-10-2009, 09:50 AM
 
Location: Lake Wylie, SC
622 posts, read 1,782,377 times
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Default My 2 Cents

I agree with a lot of the suggestions on necessary changes to the marketing of the house that has been 17 months on the market (i.e. pictures, staging, landscaping, etc.). I totally agree with CJ, LM, and John482 that nothing is more pertinent than properly pricing the home.

Even though I have access to all the comps on the MLS and 20 years experience in selling and marketing homes, I would not even risk a "guesstimate" on this property after looking at the current (I actually went back one year) sales which included foreclosures ( one sold for 1.3M in 2007 and resold for 607.5K in 2009), relocation sales, and typical sales.
This is not unusual in today's market. The "acid test" on the True Market Value of property in today's market rest with the appraiser and (more importantly) with the lender's underwriter.

IMHO, i would suggest getting a current appraisal from a respected appraiser who is familiar with the area to get an unbaised opinion of the current value of your house. Believe me, it is money well spent and will give you a realistic approach to selling your house. Do not be suprised if the current value is 10-15% less than the original purchase price of the house. This is a reality in today's market.

This is only the first hurdle, as the lender's underwriter must concur with the appraiser's valuation. This is not a given, as the banks are being extremely conservative. I just went through a refi and the lender's appraiser valued the home at 10% more than my purchase price in 2007. After the underwriter got done with me, they valued the house at 5% less than my original purchase price. After bringing 10K to the table at closing, I was able to refi.

I am not being critical of the marketing of your home, just being realistic on the extra steps necessary to get your house to the closing table.
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Old 05-10-2009, 10:12 AM
 
Location: State of Being
35,879 posts, read 77,469,759 times
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Quote:
Originally Posted by Belmarin View Post
I agree with a lot of the suggestions on necessary changes to the marketing of the house that has been 17 months on the market (i.e. pictures, staging, landscaping, etc.). I totally agree with CJ, LM, and John482 that nothing is more pertinent than properly pricing the home.

Even though I have access to all the comps on the MLS and 20 years experience in selling and marketing homes, I would not even risk a "guesstimate" on this property after looking at the current (I actually went back one year) sales which included foreclosures ( one sold for 1.3M in 2007 and resold for 607.5K in 2009), relocation sales, and typical sales.
This is not unusual in today's market. The "acid test" on the True Market Value of property in today's market rest with the appraiser and (more importantly) with the lender's underwriter.

IMHO, i would suggest getting a current appraisal from a respected appraiser who is familiar with the area to get an unbaised opinion of the current value of your house. Believe me, it is money well spent and will give you a realistic approach to selling your house. Do not be suprised if the current value is 10-15% less than the original purchase price of the house. This is a reality in today's market.

This is only the first hurdle, as the lender's underwriter must concur with the appraiser's valuation. This is not a given, as the banks are being extremely conservative. I just went through a refi and the lender's appraiser valued the home at 10% more than my purchase price in 2007. After the underwriter got done with me, they valued the house at 5% less than my original purchase price. After bringing 10K to the table at closing, I was able to refi.

I am not being critical of the marketing of your home, just being realistic on the extra steps necessary to get your house to the closing table.
BELMARIN: great advice - a very informative post! Just wanted to thank your for you candor and first hand knowledge. It helps so much to hear what is really going on from someone "on the ground" - with both selling prices of properties and from the lending perspective, as well.

I think you made a really good point re: the luxury market. I had suspected f/ my own limited research that this is what is going on. Really appreciate your sharing w/ us.
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Old 05-10-2009, 10:26 AM
 
1,379 posts, read 3,919,671 times
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Quote:
Originally Posted by johne482 View Post
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(?)
I think to some degree there is a bit of a stalemate in the market. On the one hand, you have sellers trying to move their homes so they can take advantage of the low rates to move up. But they don't have to sell, and so selling it below where they can make a profit is just not worth it.

On the other hand, you have buyers who spend too much time watching TV and are under the illusion that Charlotte = Detroit/Las Vegas/Sacramento etc. And so they are looking for these desperate sellers that just don't exist.
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Old 05-10-2009, 10:31 AM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,722,983 times
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Quote:
Originally Posted by NC_Paddler View Post
I think to some degree there is a bit of a stalemate in the market. On the one hand, you have sellers trying to move their homes so they can take advantage of the low rates to move up. But they don't have to sell, and so selling it below where they can make a profit is just not worth it.

On the other hand, you have buyers who spend too much time watching TV and are under the illusion that Charlotte = Detroit/Las Vegas/Sacramento etc. And so they are looking for these desperate sellers that just don't exist.
There are desperate sellers in the Charlotte market and there are sellers who aren't. If you are a buyer, finding out that information is like finding gold at the end of the rainbow....the bargaining power finding that out can save a buyer thousands of dollars.....
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Old 05-10-2009, 12:16 PM
 
7,126 posts, read 11,701,408 times
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Originally Posted by CouponJack View Post
. If you are a buyer, finding out that information is like finding gold at the end of the rainbow....the bargaining power finding that out can save a buyer thousands of dollars.....
100% on. Yesterday I posted something to that effect about finding out if a property was listed before, withdrawn so as to get new "Days On Market" etc. Digging for this information will enable you to get the bargain.
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Old 05-10-2009, 12:22 PM
 
Location: State of Being
35,879 posts, read 77,469,759 times
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Quote:
Originally Posted by johne482 View Post
100% on. Yesterday I posted something to that effect about finding out if a property was listed before, withdrawn so as to get new "Days On Market" etc. Digging for this information will enable you to get the bargain.
Agree - but only if the buyer really wants to negotiate! Look at Robin's situation - she is looking for a certain price point and if she can't get in a pre-determined range - she won't sell. So . . . sometimes properties are on the market a long time b/c the seller is not interested in negotiating - there is no real "reason" (such as relocation) for them to sell. If they get a suitable offer - they will sell - otherwise, they will just stay in their home (or - if an investment property - they will just continue to hang onto it).
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