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If you were in a typical subdivision, I would say it would have more of an impact, but in my experience, acreage properties are so unique that it has little to no effect unless of it course it is a total dump.
A year is nothing! I know people who have had their home for sale for 4 years plus (nice home), and another for 7 years!!! I guess it's the way the country is now. We sold our home at a big loss after over a year on the market, three neighbors had their's for sale, didn't sell and finally took them off. These were newer homes very nice safe neighborhood!
A year is nothing! I know people who have had their home for sale for 4 years plus (nice home), and another for 7 years!!! I guess it's the way the country is now. We sold our home at a big loss after over a year on the market, three neighbors had their's for sale, didn't sell and finally took them off. These were newer homes very nice safe neighborhood!
Come on, what are we to conclude from that? Only that the sellers overpriced their house for the market. And that's not a serious attempt at selling.
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Originally Posted by lovfl A year is nothing! I know people who have had their home for sale for 4 years plus (nice home), and another for 7 years!!! I guess it's the way the country is now. We sold our home at a big loss after over a year on the market, three neighbors had their's for sale, didn't sell and finally took them off. These were newer homes very nice safe neighborhood!
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Originally Posted by kletter1mann
Come on, what are we to conclude from that? Only that the sellers overpriced their house for the market. And that's not a serious attempt at selling.
I had that same attitude until the same thing happened in my townhouse community. Not a single one of the large model (two different models of homes in the community) sold in 2013, with five of that model on the market. One house did have an offer of $400,000 from a lady who said the house needs a lot of work. The house was new construction in 2005 and is in mint condition, with an asking price of $559.000, the same as what it sold for when new. One could lower the price, but what do you do when people aren't buying at any price? Unfortunately, this seems to be the new norm.
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Originally Posted by lovfl A year is nothing! I know people who have had their home for sale for 4 years plus (nice home), and another for 7 years!!! I guess it's the way the country is now. We sold our home at a big loss after over a year on the market, three neighbors had their's for sale, didn't sell and finally took them off. These were newer homes very nice safe neighborhood!
I had that same attitude until the same thing happened in my townhouse community. Not a single one of the large model (two different models of homes in the community) sold in 2013, with five of that model on the market. One house did have an offer of $400,000 from a lady who said the house needs a lot of work. The house was new construction in 2005 and is in mint condition, with an asking price of $559.000, the same as what it sold for when new. One could lower the price, but what do you do when people aren't buying at any price? Unfortunately, this seems to be the new norm.
Sounds like that $599 was close to the peak of the market and the the seller apparently hasn't processed what happened to the housing market in the last 5 or 6 years. So what to do? Keep trying to sell at fantasyland 2005 prices with no buyers or face reality and take the hit. They're probably under water. If they don't absolutely have to sell maybe they can wait it out. bad situation.
The best qualified people to answer your questions will be real estate agents who know your market.
Pound Ridge, like most of Westchester, isn't standard suburbia. From what you've described, you don't live in a cookie cutter subdivision where the houses are all the same size and built at the same time, so comparables are easy to make.
You have too many variables with your house to compare it easily with the houses next door and I'm guessing the houses in your area vary in size, age, condition and acreage? The value of your house will be based on a combination of all these variables so you can't compare easily with the property next door.
That's why you need to speak to qualified agents.
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Originally Posted by kletter1mann
We'll be putting our house on the market in about a month. I'm concerned about the house next door, which has been on the market for about a year.
Both houses look superficially similar (grey painted shingle ranches, more or less, but 2 story). Theirs has an old roof and a mediocre "cosmetic" paint job (they didn't want to go to the trouble of sanding cedar shingles and priming) so it will peel very soon. Over the course of the year they had several price reductions and replaced the appliances. Kitchen is in good condition but very '70's. There's also a large pond right next door to scare away people with little kids. I talked to a realtor about why it's lingering so long. She showed it few times and said that it just didn't have a very good layout. The bottom line is obviously that it's overpriced since there's no problem price can't fix.
Other comparisons - neighbor is 3 BR, 2.5 baths now at $599k. Last year they started at $669k (median price in town is about $900k, so they're on the lower end). Our house is considerably larger, better layout, new kitchen, many more updates/remodels and nicer yard. We're 5 Br, 3.5 baths. Both houses (in fact, all houses in the area) are on 2+ acres. Presumably we'd attract different buyers because of the difference in size.
It's worth noting that distances and privacy is such that it's impossible to over/under improve a house beyond the average value of the neighborhood. That just isn't a factor in this town. Their neighbor with the pond is relatively new construction after a tear-down and is 5000 sq ft, 6 bedrooms, 4 baths, 6 acres and $2.5mm.
Anyway,here's the question: I'm assuming that lookers at my house will be aware that the house next door is for sale, perhaps some will want to see both to compare. Is this a pro, or a con or does it matter at all? Any suggestions for a sales strategy for the situation? Thanks, as always!
Honestly, it may hurt a little. It's a comparable. Some buyers might look at it and ask "why hasn't it sold, is there something wrong with this area?" and be scared away. With the right guidance from their buyer's agent, it shouldn't be as much of a concern, but it is one of those things that can get into their head and is hard to get out once it's there.
As far as why it hasn't sold- price is usually the prime suspect. Overpricing is a death sentence for a listing. The price reductions you mentioned suggests that is the case. But condition, location, and poor marketing are likely factors, too. A combination of these is most likely what's causing it to linger, because condition and location can be compensated with a reduced price.
It wouldn't hurt to have your house appraised before listing it to be sure of your price and to be confident that when your buyer's lender orders their appraisal, there won't be any surprises. Please do not rely on Zillow or a 3rd party website for any realistic indication of value or pricing. Their AVM tools are not at all reliable. They use public data, list prices, tax appraisals, etc. to guesstimate value, not sold comparables like a Realtor or appraiser will use. In some states, sold prices are not public data, so AVMs cannot use them.
Ya many property buyers think their should be correction in the real estate market and most of the sellers will stick on to particular price and say that it is a better price it all depends on the real estate market .
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