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Our house has been on the market about 4 months. We have had showings however no bites. In that time we have taken advice from feedback and have made many improvements. New cabinets, tile in kitchen etc.
At this point we feel that we need to decrease the price of the house because there are other new homes equivilant to ours going for 10 - 20,000. more. Not much of a difference. We live in the northeast in a small town in Orange County, NY About 15 minutes outside of Middletown. Great Schools and a good community. We have already dropped our price about 15,000.
A couple of years ago we had two things going for our real estate prices. 9/11 pushed many people out of NYC to our area and the housing boom. Now people are still coming up however price of gasoline is up (this is a long commute to the outskirts of NYC about 1 hour and into manhattan about 2 hours)and the housing boom is over and houses are not selling that readily in our area.
We have a teenager that needs two more years to finish high school. We're wondering If we decide to stay the two years will the value of our home increase? And will it be easier to sell?
sorry to be the bearer of bad news... However, we will be seeing home prices drop for the next 5 years at least before it stabilizes. Some are even saying 10 years is more like it. I tend to be a bit more conservative.
Keep in mind that we have seen prices increase for the past 7 years and the prices out there have already dropped to 2004 price levels. momentum has shifted in a big way... just look at other indicators like the stock market...
If you posted your thread here in the brokers forum to feel better about the dropping value of your home than this is the right place to do it. the brokers on this site will tell you that this is a small hickup and we will see prices rise again next month LOL. The only true indicator is the buyers out ther and what they are willing to pay for something. Yes I am a buyer and I will be waiting a while. Nothing worse to see a home that you just bought loose half its value...
If you only droped your price by 15K than its too little too late IMHO. If you want your home sold you must be more aggressive than that. I have seen a home drop more than 100K and still not get sold due to the slow incremental drop ... where they could have sold it a year ago if they droped it by even 80k and I bet they still have not learned thier lesson. But that is human nature.
as a BUYER i CAN TELL YOU THAT I AM ON THE SIDE LINE BUT LOOKING. i WILL NOT BUY UNLESS SELLERS ARE MORE AGGRESSIVE WITH THIER PRICE DROPS. NO REALTOR WILL TELL YOU THIS. ITS TOTALLY UPTO YOU. THE ALTERNATIVE IS TO WAIT 12-15+ YEARS TO SEE YOUR HOMES VALUE CATCH UP TO WHAT IT IS NOW.
sorry to be the bearer of bad news... However, we will be seeing home prices drop for the next 5 years at least before it stabilizes. Some are even saying 10 years is more like it. I tend to be a bit more conservative.
Keep in mind that we have seen prices increase for the past 7 years and the prices out there have already dropped to 2004 price levels. momentum has shifted in a big way... just look at other indicators like the stock market...
If you posted your thread here in the brokers forum to feel better about the dropping value of your home than this is the right place to do it. the brokers on this site will tell you that this is a small hickup and we will see prices rise again next month LOL. The only true indicator is the buyers out ther and what they are willing to pay for something. Yes I am a buyer and I will be waiting a while. Nothing worse to see a home that you just bought loose half its value...
If you only droped your price by 15K than its too little too late IMHO. If you want your home sold you must be more aggressive than that. I have seen a home drop more than 100K and still not get sold due to the slow incremental drop ... where they could have sold it a year ago if they droped it by even 80k and I bet they still have not learned thier lesson. But that is human nature.
as a BUYER i CAN TELL YOU THAT I AM ON THE SIDE LINE BUT LOOKING. i WILL NOT BUY UNLESS SELLERS ARE MORE AGGRESSIVE WITH THIER PRICE DROPS. NO REALTOR WILL TELL YOU THIS. ITS TOTALLY UPTO YOU. THE ALTERNATIVE IS TO WAIT 12-15+ YEARS TO SEE YOUR HOMES VALUE CATCH UP TO WHAT IT IS NOW.
I wouldn't go that far as the values won't start rising for 10 to 15 years. Prices have gone down a little and have started stabilizing. Our house has been on the market going on 6 months and we have lowered our price by $31,000 plus put money into it fixing things as well. Yet we have a house in our neighborhood listed for $140,000 more than mine and all the neighbors were saying how crazy that was that they would never get it....guess what it sold in a couple of days for only 5,000 off the asking price. Were we have been getting contracts for 30,000 below ours.
The good news is (I guess) that the nicer weather has brought more people out looking, we have gotten more showing in the last couple of weeks oppose to the other months on the market.
I think the worst part about selling is going to be able to find people that can afford what they want since they are getting stricter with the lending. As people go, they don't want to "start out" they want the biggest with all the goodies in their first home.
No one will predict the future but I say lower the price, get less back and get out of NY! I am in Scotchtown and my home closed this past Tues (pricing right from the begininning helps). I feel it was all luck, I dont know if it would sell that fast again. I am just renting it back from the new owners untill next month.
I wouldn't go that far as the values won't start rising for 10 to 15 years. Prices have gone down a little and have started stabilizing. Our house has been on the market going on 6 months and we have lowered our price by $31,000 plus put money into it fixing things as well. Yet we have a house in our neighborhood listed for $140,000 more than mine and all the neighbors were saying how crazy that was that they would never get it....guess what it sold in a couple of days for only 5,000 off the asking price. Were we have been getting contracts for 30,000 below ours.
The good news is (I guess) that the nicer weather has brought more people out looking, we have gotten more showing in the last couple of weeks oppose to the other months on the market.
I think the worst part about selling is going to be able to find people that can afford what they want since they are getting stricter with the lending. As people go, they don't want to "start out" they want the biggest with all the goodies in their first home.
all the sellers out there say the same thing... my next door nieghbors sold thier home for xyz. The harsh trueth is that its over. once the feds raise the rate even once more you will see prices hit the floor. amen to that. as a buyer I'm looking but that is all. I'm not placing bids. that is the way its going to be for some time to come...
No one will predict the future but I say lower the price, get less back and get out of NY! I am in Scotchtown and my home closed this past Tues (pricing right from the begininning helps). I feel it was all luck, I dont know if it would sell that fast again. I am just renting it back from the new owners untill next month.
you are right! lower the price aggresively if you want to get out.
I think it's all a matter of timing...We had our house in S. Florida on the market in the middle of August. We knew we were listing a little high, but were in a very desirable area of our city and did not have to move. The house was on the market for about two weeks when a buyer came in and fell in love...They had been looking for about 6 months. That was on a Thursday and Tuesday we had an offer very close to our asking price. We did have some issues with the closing and it felt as though it would never happen, but it did. The lenders were very tight and scrutinzed everything. Because some the issues of their credit was pending, we agreed to keep the house as active/pending and never had another showing...We did not close until the middle of January. So again, just a matter of timing and in a sense what is meant to be...
I'm familiar with where you live and it is a nice area. I'd be concerned about the price too; if I were a potential buyer and saw that I could get a brand new, similar home for just $10k - $20k more, I would go ahead and buy the new home. No one can say for sure if you'll have an easier time selling in 2 years. Prices may go down, but then most likely you would be able to buy your next home that much cheaper. Do what is best for your family.
I think it's all a matter of timing...We had our house in S. Florida on the market in the middle of August. We knew we were listing a little high, but were in a very desirable area of our city and did not have to move. The house was on the market for about two weeks when a buyer came in and fell in love...They had been looking for about 6 months. That was on a Thursday and Tuesday we had an offer very close to our asking price. We did have some issues with the closing and it felt as though it would never happen, but it did. The lenders were very tight and scrutinzed everything. Because some the issues of their credit was pending, we agreed to keep the house as active/pending and never had another showing...We did not close until the middle of January. So again, just a matter of timing and in a sense what is meant to be...
Thankyou so much for your support and information. I realized there is no crystal ball but would like to know there may be some hope.
Gotcha, you sound like doom and gloodm. Hope I can prove you wrong. LOL Thanks for your response anyway.
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