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Old 05-22-2008, 12:27 PM
 
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Just wondering. How many of you out there either bought or sold their home in the last 2 months and where and about what price range? We're trying to sell our house with no luck, there has been hardly any traffic. Should I just consider taking it off the market?

we're located in watchung, price million plus, on the market for about a month
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Old 05-22-2008, 12:28 PM
 
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Million dollar homes move very slowly in this market. One month is nothing. I'd wait at least 4 months before pulling off. That's assuming you are reasonably priced and not trying to sell 850K house for 1 million.
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Old 05-22-2008, 12:33 PM
 
Location: Central New Jersey
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I agree. At Over $1M, sitting on the market for 6 months or more is not unheard of. In todays market, anything over $500K, can take a while to move (unless $500K is the entry price into the market). The best way to shorten the time frame of being on the market is to lower your price to a VERY competitve price and/or try new methods. All depends on how quickly you need to sell.
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Old 05-22-2008, 12:36 PM
 
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If you don't need to sell, take it off the market - this isn't a good time to try to sell your house.

If you do need to sell, lower the price. Two months with hardly any traffic at this time of the year is not a good sign (and I guess no offers?), and I wouldn't expect anything to change anytime soon in this market. Buyers are afraid to buy something that will be worth less six months from now, and lenders have tightened up on lending, so unless you are priced competitively there will probably be little interest.

Good luck!
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Old 05-22-2008, 12:37 PM
 
Location: NYC
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Houses in Maplewood/SO that are in that range are actually selling very quickly.
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Old 05-22-2008, 12:43 PM
 
Location: Central New Jersey
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Quote:
Originally Posted by Lusitan View Post
If you don't need to sell, take it off the market - this isn't a good time to try to sell your house.

If you do need to sell, lower the price. Two months with hardly any traffic at this time of the year is not a good sign (and I guess no offers?), and I wouldn't expect anything to change anytime soon in this market. Buyers are afraid to buy something that will be worth less six months from now, and lenders have tightened up on lending, so unless you are priced competitively there will probably be little interest.

Good luck!
Problem is that overall, sellers are still greedy. I am not saying that plshelp is, but the majority of people STILL on the market are still in this mind set that "I can get what I want." Those days are over and the only way to sell now is to eliminate that mind set and stop try to go after that 50% or 75% profit after three years. 40% or 60% is still just as good and will get you sold A LOT faster. Pricing your home under market value (could be as little as 5%), can bring amazing wonders. This is what I have been telling my clients and so far so good, it has been working. I have even had clients that need to move immediately, that allow me to "Auction" their house. This method is genius and gets you the true market value of your home.
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Old 05-22-2008, 12:47 PM
 
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Quote:
Originally Posted by veuvegirl View Post
Houses in Maplewood/SO that are in that range are actually selling very quickly.
I haven't seen that - I have seen quite a number of Maplewood houses in the 1M range sitting on the market (some for over a year!). But I guess the real question is whether those houses truly should be in that ballpark or not.

No matter where you are, if the house is priced appropriately according to the market conditions, the house will sell; if it's over-priced, it will sit.

Tomorrow's market conditions might be better (or worse) so if you don't like today's market conditions and can't sell your house for what you want, best bet is to take it off the market and wait for better times. Leaving a house that you don't need to sell sitting on the market for a long time only adds to the glut of houses for sale, and is rarely a good thing for improving your local market.
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Old 05-22-2008, 12:56 PM
 
1,552 posts, read 4,356,461 times
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Quote:
Originally Posted by DodgeViper01 View Post
Problem is that overall, sellers are still greedy. I am not saying that plshelp is, but the majority of people STILL on the market are still in this mind set that "I can get what I want."
We're casually looking to buy (and if we do, we'll be selling as well, so I'm seeing things from both sides of the coin) and I'm seeing the same thing.

I wouldn't say that the sellers are "greedy", because that term casts judgment on them; I would say that the sellers are unrealistic and engaging in wishful thinking in setting their selling price.

I see the same houses sitting on the market for months, with sellers slowly lowering the price, many eventually going down 20% in the asking price before they sell (and who knows if they end up selling even below that).

This fall/winter things will be ugly for those who need to sell and didn't price wisely during the spring/early summer seasonal uptick in buyer activity.
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Old 05-22-2008, 01:22 PM
 
786 posts, read 2,464,192 times
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Quote:
Originally Posted by plshelp View Post
Just wondering. How many of you out there either bought or sold their home in the last 2 months and where and about what price range? We're trying to sell our house with no luck, there has been hardly any traffic. Should I just consider taking it off the market?

we're located in watchung, price million plus, on the market for about a month
Hey dude, your house must be one of those I've been watching. We were keeping track of about 10 total homes in watchung for several months, visited most of them, but decided to wait before buying (and it turns out now that we're going for another town). None have sold so far, and a few have significantly lowered their prices. Sorry about that! It's definitely a dry market out there....you probably need to consider lowering your prices if you need to sell now...
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Old 05-22-2008, 02:32 PM
 
Location: Stewartsville, NJ
7,577 posts, read 21,305,982 times
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Quote:
Originally Posted by plshelp View Post
Just wondering. How many of you out there either bought or sold their home in the last 2 months and where and about what price range? We're trying to sell our house with no luck, there has been hardly any traffic. Should I just consider taking it off the market?

we're located in watchung, price million plus, on the market for about a month
I just pulled mine off... I was on for 1 yr and 30 days and decided that I don't need to chase a declining market... let some other fool give their house away - I have time, I can wait for the next "boom" : )
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