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Put you Realtor cap back on. You know there are only two things that prevent the sale of any property, owner motivation and price. Given you have moved out, it's obvious you are motivated, which leaves your asking price. Reposition at least 10% less than where you are now. Give it 30 days and if still unsold, lather, rinse and repeat.
What you paid, owe, invested or want does not matter to the market.
You say you bought your latest home at 40% under market, however market is determined in a non disclosure state. Is it not time to apply the same logic to get sold and closed?
May be not important to some since it hasn't been mentioned but certainly is an extra expense to a buyer......where's the refrigerator?
In our area, in any price range, buyers do not expect the fridge to convey unless it is some sort of customized built in refrigerator. I've bought and sold about 8 homes and only one "came with" a fridge, and that was because it literally couldn't be removed from the kitchen without taking either the fridge or the kitchen doorway apart.
Put you Realtor cap back on. You know there are only two things that prevent the sale of any property, owner motivation and price. Given you have moved out, it's obvious you are motivated, which leaves your asking price. Reposition at least 10% less than where you are now. Give it 30 days and if still unsold, lather, rinse and repeat.
What you paid, owe, invested or want does not matter to the market.
You say you bought your latest home at 40% under market, however market is determined in a non disclosure state. Is it not time to apply the same logic to get sold and closed?
LOL thanks - my realtor cap is on but the market has changed a LOT since I actively practiced real estate!
The house we just bought was $40,000 (not 40 percent) under market value because of simple to fix cosmetic issues (updating). It is 17 years old and one of the smaller homes in a neighborhood of very nice homes. It had JUST been dropped in price dramatically by a very motivated seller. It's in a different area, a different MSA and MLS. It's not a comp for many, many reasons.
My former home is less than five years old, in mint condition, and I bought it in the lowest ebb of the market locally.
By the way, in a "non disclosure state," it's quite simple to pull comps. Realtors have access to sale prices on all homes which were listed in the MLS. The general public doesn't have access to that information, but realtors do. Since over 90 percent of homes sold in this area are sold via licensed realtors, the comps are usually accurate. My buyers' realtor pulled comps from recently sold properties in the neighborhood the house is in - homes of a similar age, number of bedrooms, condition, square footage, etc. http://realestate.msn.com/article.as...entid=13107736
I'm not trying to recoup what we've spent on landscaping, fencing, a big storage building, adding a huge patio, pergola, hot tub area, etc. I know we'll never see that money back - we chalked that up as a loss months ago. However, I don't think it's good advice to mark it down TEN PERCENT EACH MONTH TILL IT SELLS. Sheeze! That would be $25,900 drop next month, then a $20,000 drop the next month, etc. Sorry, but that's ridiculous! I think we can take it in a bit smaller increments than that.
We had another showing today and GUESS WHAT THE FEEDBACK WAS? "Same as it evah was" - "We LOVE the house - but we have to sell ours first!" If I had ten dollars for every time I've heard that line, I could take a nice little vacation in Cancun.
They were there for over an hour, by the way. Wow - they must not have too much to do on a Saturday afternoon.
Update: Three offers this week, accepted one and we have a backup offer! Inspections tomorrow. Both offers within $4000 of asking price (one was full list price but asked for some closing costs and the other was close to list price).
Closing in less than a month - both offers are contingent upon the sale of their property but one has a contract already and the other is in a neighborhood where homes generally sell within 2-3 weeks.
Oh and we didn't change out any of the photos online, just for the record, other than switching out the front of the house photo for another one that was already online. We dropped the price from $269,000 to $259,900. So apparently that's what did it!
That...and St Joseph buried upside down in a flower pot outside. And I'm totally serious - I did that last week too! I call him my "undergound realtor."
I don't anticipate any problems going to closing but who knows what will happen? Oh well, at least we have some serious interest and movement now.
Update: Three offers this week, accepted one and we have a backup offer! Inspections tomorrow. Both offers within $4000 of asking price (one was full list price but asked for some closing costs and the other was close to list price).
Closing in less than a month - both offers are contingent upon the sale of their property but one has a contract already and the other is in a neighborhood where homes generally sell within 2-3 weeks.
Oh and we didn't change out any of the photos online, just for the record, other than switching out the front of the house photo for another one that was already online. We dropped the price from $269,000 to $259,900. So apparently that's what did it!
That...and St Joseph buried upside down in a flower pot outside. And I'm totally serious - I did that last week too! I call him my "undergound realtor."
I don't anticipate any problems going to closing but who knows what will happen? Oh well, at least we have some serious interest and movement now.
Congrats!!! What a relief!
Maybe you can send me your St Joseph's statue. We are just about ready to put ours on the market!
I got mine from Amazon too, about $7. Definitely worth the price of a movie even if it was just to *feel* like I was doing something!
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