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Old 04-24-2008, 11:49 AM
 
Location: Philly to Odessa
436 posts, read 1,234,835 times
Reputation: 177

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I know with the real estate market in a slump right now there are more renters out there. However, I just read that because of this, rents are going through the roof, sometimes surpassing mortgage payments. My house, in a beautiful neighborhood in Northeast Philadelphia, with great neighbors, and close to everything has not sold. I am priced below my competition because I am moving this June. I get favorable feedback, but realtors say the buyer isn't ready to commit (or words to that effect). I don't want to rent out my house. Are there still buyers out there who want to build up their own equity and pay their own mortgages rather than someone else's?
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Old 04-24-2008, 04:21 PM
 
1,623 posts, read 5,966,382 times
Reputation: 449
With the market instability and the sunk closing costs, not to mention difficulty obtaining a mortgage and the economy in the toilet, you need to drop your price appropriately to sell or keep waiting and hoping for the right buyer, but that is a big risk as old listings become tainted.

If you've been on the market 2 months, drop asking by 10% and see what happens. We recently sold a property in Pennsauken in less than a week and had multiple offers that drove the price to $3k over asking...that's what you want to do Just steel yourself to find out what your house is worth these days...
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Old 04-24-2008, 05:36 PM
 
97 posts, read 514,586 times
Reputation: 43
am priced below my competition

Do you realize that in a declining price environment, you'll need to price your home less than the most recent comps...NOT less than other homes for sale?

If you can get a bidding war going by really underpricing your house, you might sell it at a price that you can accept.
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Old 04-25-2008, 09:09 AM
 
Location: Philly to Odessa
436 posts, read 1,234,835 times
Reputation: 177
Yep, did that too. All of the comps are much higher than what mine is on the market for. My problem is the showings are trickling in.....like maybe one a week and there is so much competition out there.
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Old 04-25-2008, 12:17 PM
 
1,623 posts, read 5,966,382 times
Reputation: 449
Lower your price another 5%. The reality is that fewer people these days will be qualifying for mortgages so the lower your price, the more likely you will find someone who will qualify...
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Old 04-26-2008, 06:55 AM
 
Location: Passed out on the trail to Hanakapi'ai
1,637 posts, read 3,647,422 times
Reputation: 1253
Quote:
Originally Posted by Margel View Post
Yep, did that too. All of the comps are much higher than what mine is on the market for. My problem is the showings are trickling in.....like maybe one a week and there is so much competition out there.

We are averaging about 5 showings a week. Which was rather surprising considering what we have heard for the price point we are at.
We are asking $749,900 and getting quite a lot of activity. I don't know if its the market or not much competition at that price point.
We have a second and fourth showing Sunday.

Here is a picture, if you are curious 2729-33 Parrish St
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Old 04-28-2008, 10:42 AM
 
3,490 posts, read 7,514,475 times
Reputation: 3957
Quote:
Originally Posted by Tenzo View Post
We are averaging about 5 showings a week. Which was rather surprising considering what we have heard for the price point we are at.
We are asking $749,900 and getting quite a lot of activity. I don't know if its the market or not much competition at that price point.
We have a second and fourth showing Sunday.

Here is a picture, if you are curious 2729-33 Parrish St

Great kitchen Tenzo!!
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Old 04-28-2008, 11:56 AM
 
Location: Passed out on the trail to Hanakapi'ai
1,637 posts, read 3,647,422 times
Reputation: 1253
Thanks, now if I could only find a place in Columbus with a good kitchen.
They seem to like electric there.

Gas to electric
Is like Indoor plumbing to an outhouse
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Old 04-28-2008, 02:52 PM
 
3,490 posts, read 7,514,475 times
Reputation: 3957
Quote:
Originally Posted by Tenzo View Post
.

Gas to electric
Is like Indoor plumbing to an outhouse
Lol. We went from a 48 inch Wolf range to a 30 inch electric stove in our rental here. It's been an adjustment!
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Old 04-28-2008, 03:05 PM
 
Location: Passed out on the trail to Hanakapi'ai
1,637 posts, read 3,647,422 times
Reputation: 1253
Quote:
Originally Posted by Hobokenkitchen View Post
Lol. We went from a 48 inch Wolf range to a 30 inch electric stove in our rental here. It's been an adjustment!

Do you eat out a lot?
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