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Maybe it is the virus got everyone scared and I seem to think that this covid business is going to be here for another 3-4 years . I mean i just read today that key west Florida will require masks of everyone until summer 2021 . and my oldest cousin is also trying to sell his place in texas and he has had very few offers and his house is super clean and super updated .
Maybe it is the virus got everyone scared and I seem to think that this covid business is going to be here for another 3-4 years . I mean i just read today that key west Florida will require masks of everyone until summer 2021 . and my oldest cousin is also trying to sell his place in texas and he has had very few offers and his house is super clean and super updated .
We sold, houses all in our neighborhood that are priced right, sold very quickly.
I’m always amazed by people not lowering their price and expecting offers after months. A house around the corner from us was on the market for a year. It was completely overpriced and not updated. After a year they changed realtors, painted the interior, and lowered the price by 100,000. They had a contract within a week.
We went on the market just as Covid hit. There were two houses that have been on the market for close to a year at the same price range, not as good of a location and not updated. We didn’t have an offer in the first two weeks lowered, and then sold. The other two houses are still in the market and have never lowered the price. You need to be realistic if you want to sell.
My sister in law and her husband bought a home in Sunnyvale Ca. in 2961 for $17,500.
She was the last to go, and died a few months ago at the start of the Pandemic problem.
Her kids were immediately contacted by neighbors of hers, who wanted to get the home for a relative. They did not want the home, but were going to tear it down and rebuild on the lot. The neighbors started a bidding war with no Realtor involved. The estimate of value had been $1,500 and it bid up to $2,300,000 which they sold for and the 3 of them divided the money. The house has been torn down, and the lot cleared with the building to start soon. This was one of 3 homes still not torn down and a new home built.
This is an example of crazy high prices some places in the country, and others priced in low hundred thousand or below and not being sold.
One place they will buy the home and tear it down for the lot, and in another the buyers are only going to buy a fully updated home, or will pay considerably less and do the updating after closing.
Like above example, some areas it is a bidding war and will tear the house down, and another it is how low do you have to go to even sell the home.
As others have mentioned, the time on the market is a big sign to follow. The longer on the market before sale, tells the whole story.
Unless you have been in comparable homes that have sold, you do not know their condition and if they were newly updated, or needing to be. Today this is one problem with doing a comparable market analysis. If all 3 homes used for the analysis, had been updated completely, and yours has not been, then your home is worth thousands less than the comparable analysis would have set the price at.
FACT: What you need to get from the home at closing as you are using as your bottom dollar, has nothing to do with what the home will sell for. Your need, may be pricing the home out of the market as far as what buyers will pay. You are getting feed back as to what your home is worth and what it will sell for, but you are not accepting this as your needs as you put it, are for more money. This is the main reason, that there are a lot of homes on the market for one or more years. The owners never got into the real world, and no one would pay their price.
In 2016, my husband was laid off, and planning for the worst (as he was 59), we put our home at the market value then ($400k) going by comps and our agent's recommendation. We received zero offers in one month, reduced the listing price by $5k, and still received NO offers, but -- fortunately -- my husband was called back to work, so we de-listed it. (The house needed about $10k worth of cosmetic repairs, plus it has a small and very badly shaped yard. The plus is that it is in a very good neighborhood in a very good location.)
So now, this year, we were 100% sure we were moving (we are having a custom home built in another state), and so we were very motivated to sell our home. Our realtor this time wanted to list it at $10k (about 2%) under market value to "assure" a sale, but we said No, having been burned before, and had her list it at $25k under; and we ended up getting four offers in just two days -- two offers at the list price and two offers over the list price. We will hopefully close in three weeks at the price we hoped to get without having weeks and weeks of showings, and we just hope that all continues to go well. (No problems at all so far, but we are crossing our fingers!)
Therefore, I think it is better to go a little low at the beginning rather than have to lower if later on. (Just an unprofessional opinion, of course!)
In 2016, my husband was laid off, and planning for the worst (as he was 59), we put our home at the market value then ($400k) going by comps and our agent's recommendation. We received zero offers in one month, reduced the listing price by $5k, and still received NO offers, but -- fortunately -- my husband was called back to work, so we de-listed it. (The house needed about $10k worth of cosmetic repairs, plus it has a small and very badly shaped yard. The plus is that it is in a very good neighborhood in a very good location.)
So now, this year, we were 100% sure we were moving (we are having a custom home built in another state), and so we were very motivated to sell our home. Our realtor this time wanted to list it at $10k (about 2%) under market value to "assure" a sale, but we said No, having been burned before, and had her list it at $25k under; and we ended up getting four offers in just two days -- two offers at the list price and two offers over the list price. We will hopefully close in three weeks at the price we hoped to get without having weeks and weeks of showings, and we just hope that all continues to go well. (No problems at all so far, but we are crossing our fingers!)
Therefore, I think it is better to go a little low at the beginning rather than have to lower if later on. (Just an unprofessional opinion, of course!)
It's also a few years in between, which can change a lot in an area.
I saw a house listed at 818K in an area I was looking and thought it was a good price. I looked today and it sold at 880K. Four years ago it would've sold below 800K.
I agree if you really WANT to sell and you're not necessarily in a hot area that pricing it a little lower than you feel might be better.
My home sale history is very boring. I know that everyone says that selling a house is a very difficult and stressful process. But I think this happens when you do everything yourself, but if you have professional help, then everything can be very simple and easy.
A huge part of selling a house is asking the right price. A number of homes in my neighborhood have been listed for about $50,000 too much! Of course, they are on the market a long time and have to be reduced several times before they sell. All these were listed with realtors. I don't know for sure who chose the huge asking price, but suspect it's a realtor who lives in the neighborhood.
My home sale history is very boring. I know that everyone says that selling a house is a very difficult and stressful process. But I think this happens when you do everything yourself, but if you have professional help, then everything can be very simple and easy.
Agree, there are so many professionals that can help you, so, you don’t need to do all by yourself. When I sold my house last year I thought about to work with a real estate agent or to work with company that buys property. I decided to use the services of this company https://www.thepropertybuyingcompany...ell-house-fast They're a leading genuine cash buying company who purchase residential or commercial property. They offered me the best price on the market for my house and helped me to arrange my removal.
Last edited by somers1515; 06-25-2020 at 04:21 AM..
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