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Old 10-22-2007, 02:46 PM
 
Location: el paso tx.
756 posts, read 1,902,692 times
Reputation: 401

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Why is it time to lower your asking price? our home has been on the market 55 days with no offers.We had 2 showings but nothing came out of it.We had not had a open house I do not know if that would help are not.I asked my realtor she said it is not time that we are not asking to much but we have to be out of here by jan. 2008 and that is pushing it.I am stressing out!!!!
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Old 10-22-2007, 02:50 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,480,024 times
Reputation: 816
Well, yes, I would think it is time... Has your agent prepared an updated CMA for you? what has sold recently? what is on the market at what price? You need to be the best priced in the area, and have your home in pristine condition. Ask her to do that for you and take a look at it.

Shelly
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Old 10-22-2007, 03:12 PM
 
Location: el paso tx.
756 posts, read 1,902,692 times
Reputation: 401
Thanks,I have told if we need to lower the price ok. she keeps holding off.
The market in our area to soft,homes are being reduced are sitting on the market forever.
we are asking about 10grand. more then the house in the area because we have the biggest lot and a huge shop.but no offers!!
I can say nothing seems to be selling in our price range.


We do not want to lose money,but we have to go
to be honest my realtor does not say much of anything!(thats the way the market is sometimes)her words not mine
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Old 10-22-2007, 03:15 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,480,024 times
Reputation: 816
people aren't going to pay 10k more foe a bigger lot and huge shop. Just the facts... I tell my sellers, when we aren't even getting folks coming to look, the market has spoken... we are over priced. Just something to think about.

Shelly
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Old 10-22-2007, 03:35 PM
 
Location: Richmond, VA
2,310 posts, read 1,901,424 times
Reputation: 971
Lowering is not always the answer. It may be that there are a lack of buyers in your area or they can't find the money.
BUT, I would get lower than the comps in your area. If you are $10K over them (even if they are a bit smaller) then I would lower by 11K. Just my opinion as someone trying to sell their home. We have lowered ours $35K and still nothing. But, we are not getting showings either. We are not lowering anymore. My agent said the other day usually agents are begging their clients to lower the price but she doesn't think price is the problem in our case-just lack of buyers in our small town.
If I were you I would speak to some other local agents and get their feedback. And, if you feel you are not getting the service you need, or if she is just not doing her job, then try and get out of your contract. We did and it was the best move we made
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Old 10-22-2007, 04:36 PM
 
Location: NJ
2,212 posts, read 6,755,045 times
Reputation: 2190
Quote:
Originally Posted by southernbliss View Post
Thanks,I have told if we need to lower the price ok. she keeps holding off.
To be honest I find it kind of bizarre that the seller is willing to be aggressive with the price and the realtor is holding off. As long as your home is unsold, she won't get a commission check and presumably the listing is costing her money in marketing.

I agree with Shelly -get her to show you recent comps for the area, get detailed information on area activity and make your own decision, or at least make her justify her reasoning.
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Old 10-22-2007, 04:57 PM
 
238 posts, read 733,253 times
Reputation: 70
If I had to move in January, I'd be worrying too. It usually takes about thirty days to close, and I suspect few people are going to be looking at houses in Dec.
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Old 10-22-2007, 05:17 PM
 
Location: Marion, IN
8,189 posts, read 30,065,119 times
Reputation: 7315
As for open houses, I will tell you that there were 2 here on my street yesterday. Realtors were in place 30 minutes ahead of time. Only one person showed up. Signs up all over the area 4 days ahead of time. Ads in the paper. Balloons & streamers. Both houses are priced just about $100K more than what working folks can get financed for.
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Old 10-22-2007, 06:47 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 16,737,034 times
Reputation: 3720
Selling by January of '08? You are up the creek no doubt. Forget about open houses, they are a waste of time.

Do you honestly think a miracle is going to happen? If so, continue doing what your doing. If you truly want to sell, you'll get serious about pricing it to move. Most likely anywhere from 10-20% haircut in your price.

If you do nothing but procrastinate, two mortgages or a short sell is in your future.
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Old 10-22-2007, 06:55 PM
 
Location: Columbia, SC
10,517 posts, read 20,390,909 times
Reputation: 9574
If you have to ask it's past time!
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