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I've been trying to sell the house since June but only two lookers. Other people in the area are in the same boat. Dropping the price won't help either where I live in central CT nothing is selling.
Every house will sell when the price is right. You're overpriced if only two people have looked. Drop it and they'll come.
A neighbor tried that and it didn't work. I believe that phrase to be a cliche.
If your neighbor tried it and it didn't work, the price STILL was not right. The statement doesn't say the price is right for YOU as the SELLER. If the house is priced correctly for the market, it will sell. The market may say that a house is only worth $100,000, even though you paid $200,000 for it last year. That is then the "right" price for the house to sell.
The price you can afford to sell at has no bearing whatsoever to what the "right" price for the market is.
If your neighbor tried it and it didn't work, the price STILL was not right. The statement doesn't say the price is right for YOU as the SELLER. If the house is priced correctly for the market, it will sell. The market may say that a house is only worth $100,000, even though you paid $200,000 for it last year. That is then the "right" price for the house to sell.
The price you can afford to sell at has no bearing whatsoever to what the "right" price for the market is.
Falconhead is right.
Agree. Any house will sell if the price is right. My uncle just sold several investment condo unit property in this tough condo glutted market. He had 4 and there was already 9 on the market for months. He priced it right and they sold within a week. He has always told me it is not what the proeprty is worth, it is not what the seller thinks its worth, its not what the real estate agent says its worth. Its not what the other property owners want it to be worth. Its only about what a buyer thinks its worth.
A neighbor tried that and it didn't work. I believe that phrase to be a cliche.
I can see why you think that but sometimes you can change out "right price" for "there's no way, I'm selling for that little" and then you are where you need to be.
Again, just because you bring the price down, it does not mean a house will sell. I`m amazed at the ignorance of this mindset. Lack of buyers=no sell, lack of buyers=no sell. It`s time to come up with something else because it`s getting pretty old.
Again, just because you bring the price down, it does not mean a house will sell. I`m amazed at the ignorance of this mindset. Lack of buyers=no sell, lack of buyers=no sell. It`s time to come up with something else because it`s getting pretty old.
If you bring the price down ENOUGH, that is exactly what I am saying. You are telling me that if someone offered to sell you a million dollar house for $5000, you would say no? Obviously that is an extreme example, but at THE RIGHT PRICE, there will be a buyer for it. If there is something majorly wrong in your city, like 100% unemployment or a nuclear explosion or something, then the price is going to be absurdly low, but even then SOMEONE will buy it, even if it is just for the land value to hold long term.
If you bring the price down ENOUGH, that is exactly what I am saying. You are telling me that if someone offered to sell you a million dollar house for $5000, you would say no? Obviously that is an extreme example, but at THE RIGHT PRICE, there will be a buyer for it. If there is something majorly wrong in your city, like 100% unemployment or a nuclear explosion or something, then the price is going to be absurdly low, but even then SOMEONE will buy it, even if it is just for the land value to hold long term.
Perhaps the phrase "Right Price" is where the communication problem lies. It seems like you are saying that if you price anything "Low Enough", it will eventually sell (even if you have to virtually give it away!). There may be some truth in that -- but, what do you say to the bank who is holding your upside down mortgage? or, more appropriately, what do they have to say? Isn't that why so many of the 'short sale properties' are languishing -- even though buyers are available?
As far as I know, there are only two states (Az and Ca) who are not "deficiency judgment" states. Otherwise, if one simply walks away from their property, they may be homeless, but they are still not free of their financial obligation.
Perhaps the phrase "Right Price" is where the communication problem lies. It seems like you are saying that if you price anything "Low Enough", it will eventually sell (even if you have to virtually give it away!). There may be some truth in that -- but, what do you say to the bank who is holding your upside down mortgage? or, more appropriately, what do they have to say? Isn't that why so many of the 'short sale properties' are languishing -- even though buyers are available?
As far as I know, there are only two states (Az and Ca) who are not "deficiency judgment" states. Otherwise, if one simply walks away from their property, they may be homeless, but they are still not free of their financial obligation.
Actually 27 states are primarily non-judicial states.
What someone wants to get out of it and where the buyers have decided the market is are two totally different things. Yes, many areas are in the "you have to give it away" price range because that is where buyers have decided the market is.
Short sale properties are languishing for many reasons 1) listing agents don't know how to do them and don't cut the prices down as needed; 2) the investors that hold the note have specific loss criteria that don't coincide with the current market reality; and 3) buyers are freaked out about them because they hear horror stories online. There is an entire dynamic with short sales that is a whole other beast.
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