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And I can't lower the price. I haven't had a single looker in 6 weeks but I'm not alone. I went to an open house yesterday and the agent said 3 lookers in 4 months on the market!! Yeah, it's that dead here. Another house down the street had more people look 4 months ago when the house was overpriced, and no one's looked at his home this month either. Central CT.
Taking a loss means different things. If you mean you won't walk away with more than you put in that is one way of looking at. If you look at a short sale as a way of getting out from under the continued obligations of mortgage, taxes, upkeep on a property that is unlikely to recover to peak value in any reasonable time frame that is another.
Why do you want/ need to sell? Relocation? Financial distress? Diffent life stage? All can open different motivations...
I suspect that if you ask you agent to do a deep dive into MLS and pinpoint the exact properties that have changed hands there are some buyers that did take advantage of deep discounts, but also more than a few that simply bought a very well staged, fairly priced house. You cannot turn back time and make your home that perfectly staged, perfectly priced home that will appeal to the kind of buyers are not going to put buyers through a meat grinder, but you can restage, reprice, go for a bit of am advertising blitz for the last ditch back to school buyers and hope for the best...
Honestly, I remembered your name from the other thread and I went back to read it to refresh my memory.
From what you've told us, the general feeling was that you were overpricing your property and your agent "bought" your listing by suggesting a higher list price.
You thought it wasn't so and yet, here you end up.
Truthfully, I think your agent led you down the wrong road and is probably getting ready to broach the "price reduction speech" with you to get you to drop the price to where it should've been initially.
If your house is not getting showings, it is overpriced for what it is. Even in a slow market, houses still sell if they are priced correctly. If you can't afford to lower the price, then it may be that you can't afford to sell in today's market. In that case, there is nothing the agent can do.
Our markets gone from a good amount of buyers who are making cheap offers and expecting a great deal to not a lot of buyers, making no offers and not many deals.
Maybe Obama can come up with a new tax credit to create some new buyers.
They Drink.
You have to consider what moving on to the next phase of your life (without the ball and chain house) is worth to you. Life is short. Weight what you would end up paying if you held on to the house for another year versus selling it at a loss. At the end of the day if you can resolve yourself to take a price reduction then drop it to the next logical search range and have your agent write "Seller Open to Offers" in the description. Next, make your house look as pretty as possible and hope the new strategy will get people through the doors. You might get some horrible offers but at least you'll have the chance to counter.
I believe the answer is in the other thread which Chuckity mentioned. It says you were tricked into overpricing your home by an agent that bought your listing. I do suggest reviewing for a refresher regarding pricing. If you can find a way, you probably need to get to the 175-180 mark. Too bad the agent that bought the listing will end up with that price as she was probably the least deserving one you met. Here ya go:
Brandon, tried to Rep ya but got to spread the love. You're like my wife, your memory is too good.
Rereading his old thread I really liked his following post
Quote:
Well, I found an agent who thinks like I do. We're listing it at 199,440 (she said an odd last 3 number attracts people to look), only takes on 6 clients at a time and is charging a rate of 4.75%. Before she came she said she had in mind a sale price of 175 but after seeing how this house was thought we could easily ask the 199 price. Open house is June 27th. She spent 4 1/2 hours with us. All the other agents we talked to were apathetic. It's good to shop around for agents.
Rich, have you had a serious talk with your energetic agent ? Was there something she told you that lead you to make the wrong decision ?
I guess since I'm a wife too, I have that razor sharp memory like your better half.
As I tell my wife " You are right, I am wrong and It will never happen again"
Gotta give credit to the right person. Notice there has been no answer to the subject question ?
To answer OP's question.... Go hungry.
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What goes into "can't afford"...
