House On Market 2 1/2 months no showings!! (Boston: renting, lawyer, houses) - Massachusetts (MA) - Page 5 - City-Data Forum

Baton Rouge · 11-25-2007, 04:24 PM

The economy is shaky, credit is tightening, and other people, likely buyers, are having difficulty selling their houses, too. Probably you also have dollar signs in your eyes, with an asking price that's too high for the current market, your neighborhood, and/or the house itself. People today want to make a large profit on the sale of their houses no matter the condition, length of time in it, etc. If the asking price reflects what a house could be rather than what it is then people won't bother to even look. Are you being realistic or have you based your asking price on what you think you deserve? A great realtor can't sell an over-priced property that an unreasonable seller overvalues, especially in a down market. Drop your price by 10% and see if you have any more luck and be prepared to go lower if nothing happens.

professorsenator · 11-25-2007, 05:21 PM

Quote:

Originally Posted by Baton Rouge

Probably you also have dollar signs in your eyes, with an asking price that's too high for the current market...

This is the problem with about 80% of sellers in MA right now. They want 2005 prices for their house and are too greedy to lower their list. Of course, those who bought at the top of the market have little or no room to move on price. But most sellers bought a long time ago, long before the housing boom. They bought a 3 bedroom split for $45,000 30 years ago and now want $600,000. for it and, very shortsightedly, are unwilling to budge.

It's really very simple: your house is worth what someone is willing to pay for it today. Not last year. Not next year. Today. The neighbors may think your price is fair, but unless they're willing to buy your house at the price your asking, their advice is meaningless. Indeed, their advice is counterproductive because it is clouding your fair judgment about the marketplace.

ANY--I mean ANY--house that is lawfully habitable can be sold quickly. It is all a matter of price. You want to move your house? Lower the price. That doesn't work? Lower it again.

Patapsco · 11-26-2007, 07:44 AM

The neighbor's opinion of your asking price is meaningless.

After all, for their own property values, they want you to get as much as possible. If they go to sell next year, they want the comps (similar house next door, e.g., YOU) to be as high as possible.

Sorry to be so cynical, but...

skytrekker · 11-26-2007, 09:20 AM

Your problem is very widespread- sorry to add to your woes, but its likely to become worse next year----I have no answers for you-unless you want to basically 'give the home away'.

professorsenator · 11-26-2007, 06:59 PM

Quote:

Originally Posted by skytrekker

I have no answers for you-unless you want to basically 'give the home away'.

To sell at current market pricing is not to 'give the home away.' This is EXACTLY the problem in people's thinking, and it goes to the heart of why they can't sell their house. If you don't like the market price, then don't sell. OTOH, don't blame the market because it won't bid the price you're asking. Lower your price to meet market demand.

findingmesomeday · 11-28-2007, 10:05 AM

Can you carry the paper? Try offering the house as a lease-option. There are people out there who want to purchase a home, but either don't have the cash flow to do it right now or their credit is not perfect and they can't qualify since loan requirements have been tightened.

Reviewerz · 02-20-2008, 09:39 AM

It is quite obvious that, since so many homes are sitting on the market for years with little or no offers, realtors are not educating sellers about the poor housing market. Some realtors are telling their clients that the housing market has bottomed out, and if they wait just a bit longer, sellers can get their price. WRONG.

The market has not bottomed out, and it will not bottom out for several years. A majority of listing prices are excessively high, and reductions of $150K+ are necessary to move some $500K homes. Builders are slashing prices by the $100K's, and private sellers must do the same unless they can afford to sit on the property for years. The longer the property is on the market, the steeper the reduction must be to move the property. And then that doesn't take into account any problems with the property, which may call for even further reductions.

A property is worth only what someone is willing to pay in a particular market. So if a home sits on the market for weeks, months, years with little or no interest, then the price is too high and/or there are problems with the property that call for further cuts.

The housing market feeds the realtor, so they want the sellers to believe things are getting better. But that's just not the case yet, so sellers must be prepared to slash prices. That's hard to hear when you're a seller, but the longer a home sits on the market, the less it will be worth in this market.

Valerie C · 02-20-2008, 09:50 AM

It's nice to be able to arm-chair quarterback the current housing market and paint agents with a broad brush. However, you fail to understand that every home, every seller, is unique, and each has their own motivation or situation to contend with. THAT is what will drive a price downward. Folks these days are not selling for convenience, but for necessity (death, relocation, divorce, etc) If someone does NOT need to sell a home at a loss, then they don't. We as agents (or Realtors) can only educate and advise our clients, whether they are buyers or sellers.

While I do agree that prices are still high, I have doubts about how much further the prices will drop... FYI, some homes are getting offers within days of being listed. Right place, right time, right price. And the right buyer

Quote:

Originally Posted by Reviewerz

It is quite obvious that, since so many homes are sitting on the market for years with little or no offers, realtors are not educating sellers about the poor housing market. Some realtors are telling their clients that the housing market has bottomed out, and if they wait just a bit longer, sellers can get their price. WRONG.

amyalta · 02-20-2008, 01:36 PM

Are you prepared to show your house at short notice? From noon on the day of asking until 11am on the day we wanted to view, was not enough for 6 out of the 9 houses we wanted to view. We would have bought one of them.

As a matter of interest, we sold our own house here in London UK within 2 weeks - and we showed it to the eventual buyers on 1 hour's notice, the day after New Year's Day when we had had a brunch for 28 people.

amyalta · 02-20-2008, 04:10 PM

Just as a matter of interest, one realtor, told that we were looking to pay up to $500,000, said 'Well, you can be looking up to the 550s range.' We almost laughed - only 10% less than asking, in this market, and with ready cash - no mortgage? I don't think so! Where do Mass. realtors and vendors think they are - London?