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Old 10-30-2007, 01:26 PM
 
11 posts, read 26,588 times
Reputation: 9

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What you all think - 5 years from now, prices will go up, down or stay the same. just wondering
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Old 10-30-2007, 11:30 PM
 
Location: Columbia, SC
10,365 posts, read 20,168,161 times
Reputation: 9307
I don't have the answer because I don't know your home, your competition, or your market. I'll defer to your agents judgment and warn you not to chase the market down.
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Old 10-31-2007, 08:50 AM
 
Location: WNY
1,049 posts, read 3,662,494 times
Reputation: 269
There is ONE reason a home doesnt sell, and that is the price. I have to agree with the majority on this one, lower the price. Have your agent do a CMA for you on recently sold homes in the area, she or he should be able to tell you how long they were on the market for and at what price they sold. Its a hard fact that homes are going lower everywhere, we havent seen that HUGE a drop in the Buffalo, NY market, and I hope I dont see that happening, but many many areas have been hit hard.
Good Luck
Colleen
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Old 10-31-2007, 09:26 AM
 
238 posts, read 730,720 times
Reputation: 70
Hire an appraiser - $200-$400 - and find out what your house is worth. Look at the comps - the most recent sales prices of houses that are most like yours. Price your home below those comps, and at or below the appraised value. Keep in mind you're trying to sell your house into a declining market, at a price only the very rich can afford. You have a small pool of buyers. You have to offer more house, for less money, than the other houses they're looking at. You might also consider that if prices in your area went up by 10, 20 or 30% in the last few years, they can just as easily go down by that much. Six percent of $800K is $48,000. That's a lot of money, at least by the standards of ordinary folk. Sales commissions are negotiable, just like housing prices.
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Old 10-31-2007, 09:36 AM
 
622 posts, read 3,015,221 times
Reputation: 303
You can "do something crazy" like putting it FSBO at $699 and hope for a bidding war. Even at $699 you'll be at the same price as a realtor and the rduction would have gotten you.

You just may sell it for 725 or more.

If advertised right, I think the $699 would work. It's not for everyone though. good luck
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Old 10-31-2007, 10:16 AM
 
Location: Just south of Denver since 1989
11,606 posts, read 32,109,524 times
Reputation: 8393
Quote:
Originally Posted by LinusK View Post
Six percent of $800K is $48,000. That's a lot of money, at least by the standards of ordinary folk. Sales commissions are negotiable, just like housing prices.
Elvis made 49 million last year - and he's dead!

John Lennon made 44 million - he's dead too.


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Old 10-31-2007, 10:30 AM
 
Location: Columbia, SC
10,365 posts, read 20,168,161 times
Reputation: 9307
Quote:
Originally Posted by LinusK View Post
Hire an appraiser - $200-$400 - and find out what your house is worth. Look at the comps - the most recent sales prices of houses that are most like yours. Price your home below those comps, and at or below the appraised value.
Well in some ways the CMA is more accurate because the include current competition and an appraiser focuses more on closed properties.
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Old 10-31-2007, 12:09 PM
 
Location: NW Atlanta
1,372 posts, read 5,026,811 times
Reputation: 451
ask you realtor to do a comp on houses in your neighborhood then lower your price to 10% below those prices

you should also consider that you said your carrying costs are $3100 and you can last for 8 months which is $25000 roughly
so why not just lower your price the $25000 now and have it over with
you have to consider and really ask yourself in this market....
How much do I really NEED to make out of this house?
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Old 10-31-2007, 12:34 PM
 
Location: WNY
1,049 posts, read 3,662,494 times
Reputation: 269
Default negotiable commissions

Quote:
Originally Posted by LinusK View Post
Sales commissions are negotiable, just like housing prices.
Everyone wants to negotiate their commissions. An agent who is confident in their ability will tell you what they are doing with your money, is worth every penny you are paying them. You are hopefully hiring a professional to do a job for you, trying to cut their commission is wrong. How would you feel professionally if your own boss decided you were too much to pay? A broker and an agents job is to work for you to sell your home - hopefully you have a good one working for you - thats what they are supposed to do, if you dont like what they are saying, feel free to move on to the next one. Of course many will say, but the commission on an 800k house is so much, yes, well marketing it in this market isn't the easiest thing to do either - hopefully they arent just putting up a sign and waiting - have them put a marketing plan together for you before you sign the papers.

I wish you luck in the sale of your home, and I am sure you have a lot of thinking to do right now. Best of Luck
Colleen
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Old 10-31-2007, 03:33 PM
 
Location: Buffalo Wyoming
95 posts, read 247,033 times
Reputation: 20
Really good advice from everyone. Mainly everyone said to talk to your agent. Anew Cma would be a start. Then see what you can comfortably lower it . Take in consideration youe expenses for 8 months, wear and tear on the bod and mind. the best situation is where both buyers and sellers feel they have gotten a good deal. Concessions sometimes help. Who are you marketing to?? Retired - New executives- Newlyweds- Second Time home buyers. Have you sanitized your home as fas as family pictures - make it as nuetral a type setting as possible Good luck
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