Should we take our house off the market? (Manassas, Great Falls: how much, townhouse)

[cliftonLLR]

We've had our house on the market since August. We've had no luck selling it. The market is so bad right now. Should we take our house off the market til Spring. Will it be any better in the spring or summer?

Thanks!!!!!

[Moth]

What would that serve? Do you save money by taking it off the market? If the goal is to sell it, how will you do so if it is not on the market?

I just bought a house and yes there is a lot of inventory out there. Its a buyer's market. Perhaps reasses your selling price as I see a lot of unrealistic prices out there.

Good luck.

[finfan3dp]

How much are you asking and what size house is it, where is it? Give us details.

[cliftonLLR]

We live in Clifton, Little Rocky Run Neighborhood. We bought it 3 years ago and totally remodelled it and refinished the basement. Its a 4bedroom, 3.5 bath, 1800sq feet. We have it priced to sell at 519k. We have only had one good offer that fell through due to the buyers finances. Our realtor said it would be better to take it off the market til spring because if a house stays on the markets its hard to sell. I dont think i believe him. Thanks!

[evilnewbie]

The trend in the housing market is a downward spiral. Either you can sell it cheaper now or wait and sell it even more cheaper later. The faster you unload at this time, you will probably make more money. Markets are overpriced by 50-100k right now and there is also a surplus of homes. Waiting till next year will mean prices will drop but there is still a surplus of homes and you made sell it cheaper then you would of right now. This is the trend, it might be wiser to just price it cheap now and hope it sells...

[novanative75]

It is true that taking a house off the market if it has been on for long can be beneficial ESPECIALLY around the holidays. Realtors will always tell you to take your house off the market during the holidays. However, in this market, not sure it makes a difference. In the past, if people were house hunting, and I have done that 3 times in the DC area, seeing a house on the market for 50-75 days was a red flag and you wondered why, there was always a reason, not good. I remember looking through house listings with our realtor and he would say, 'hmmm, this is not good, it has been on for 50,75 days.' Now, with the market, all houses are on for that long and buyers should know that.
On one hand I would trust your realtor, because hopefully they know what they are telling you. But, on the other hand, in this market, it is so different from the way it used to be so old rules are out the window. However, seeing that a house has been on for months and months is kind of disturbing to buyers, like 'why did no one buy this, what is wrong with it?'
Maybe take it off and give yourself some quiet and a break at the holidays and then put it on again in 2008?

[goldenmom7500]

It's impossible to comment on long term trends, but annually, a lot of people are looking for houses in the spring-summer so that they can get their kids in school by fall. So, maybe there would be some logic in taking it off the market now (especially if you are stressed always having it ready to be shown, etc.). Personally, if you keep it on the market, I would just keep your price steady unless you have some rush to sell. Eventually the right buyer will come along. You only need one buyer, after all! 500K to live in Clifton sounds good to me ...

[Yankeesfan]

Unfortunately the only way to sell your house in the current market is to keep lowering the price. The market is busier in the spring and summer but you'll have more competition -- all the people who haven't been able to sell their houses will still be selling them and all the people who are thinking along the same line as you are and waiting until spring will flood the market with their new listings. I've forgotten if you've told us, what is your reason for selling? Do you NEED to move or do you just WANT to move? Unless you really need to move then I would say take it off the market and plan to stay and enjoy the nice remodeling job for a couple more years until the market improves.

[El General]

I remember having a few beers with a local couple last Fall. They thought they had a 400K townhouse, but it wasn't selling. Similar ones had fetched 400K in 05, and they were confident they could get that much. They were just going to "wait for Spring." We all know that Spring '07 was one of the biggest flops since the founding of Jamestown. Today, it is still unsold, and will probably bring about 230K.

Realtors are a lot better at getting listings than they are at telling the hurtful truth. My advice is to aggressively lower the price now and make a sale. Prices are in a precipitous drop right now, with no end in sight. I believe the head of the NAR has had his home on the market in Great Falls for about two years. Set a relatively low reserve price (60% of it 2005 high), and sell to the highest bidder. There are still buyers out there, but the ones who still have the money are the wise ones; they will expect a very good deal.

If you don't have to sell, stay put. Clifton is a really nice area (somewhat overpriced). No need to mention that you're only 15 minutes from Manassas.

[cliftonLLR]

Thanks for all the advice. Unfortunately we have to sell becuase my husband got a job in Charlotte, NC and started working in Last Sept. He has been commuting back in forth on the weekends. So hopefully we sell soon!