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There are no more 0 down and interest only loans. Now you have to come up with 20% down. How many americans do you know that have a spare $60,000.00 lying around? I don't know any.
It's not true that you need 20% down--two weeks ago, when I was shopping for a loan, my mortgage broker informed me that there are still a lot of options for greater than 80% LTV for qualified borrowers.
And it's not a "spare" 60k. If it were 350k, 20% is 70k. In the Triangle area, at 350k, the target market is mostly families looking to upgrade to a larger home, so they'd only need to have 70k between savings and equity if they were trying to do a 20% down payment. When I purchased my first home, I saved (as a lot of other people do) for several years in order to come up with the 20% down payment and most of my peers, classmates, and colleagues did the same. In fact, I don't know a single person who financed 100% or got an interest only loan. And virtually everyone I know, if they were to cash out of their liquid assets, they'd be able to come up with the 70k needed as a down payment to finance the purchase of a home. That only means that you and I don't know the same people; it isn't a true reflection of the financial situation of "most buyers" who are shopping in the mid-300s price range. But that is a whole different topic.
I still think that the mid 300k in this area of Cary (Cedar Fork township) is a fair asking price. Even where it is currently priced, if a buyer were to make an offer at 10% off LP (which, according to many, is not considered a lowball offer in this market), it would bring the price on the table to 323, which is in line with the other sales from that neighborhood.
As for where the tv goes...there are built in book shelves on both sides of the fire place and if you look on the left side, the tv fits in there...there is actually another shelf that can go in there, but our tv is quite large so it wont fit...the living room is also pre-wired for sound.
We actually signed the contract on this house on Jan 3,2005 even though we didnt close until end of August...so our house was actually priced pretty low when we purchased it compared to other homes in our area...and yes, there have only been 4 other houses that have closed, but like the other poster said, they were smaller than ours.
Thank you all for your feedback...it is nice to actually get some honest answers rather than just the standard, nice house but just started looking, so thank you. I did clean up the playroom and put alot of stuff away so it looks more organized and I put a cover on the couch....I also took down a bunch of pictures over the fireplace...we are having an open house today from 1:30-4 so wish us luck!
momoftwo- this might sound a little far fetched, but have you thought about upgrading to a flatscreen above the fireplace? don't dismiss it...here's my reasons why...
the tv on the bookshelf just doesn't go. Its an "older" tv and its off center w/the room...it basically doesn't "fit" the room. If you get a 42" flat screen and get it installed above the fireplace, you'd look at approx $1500...it would make the room look so much better (and "rich" looking) and you can match the two bookcases...if not, at least take the TV off the bookshelf for the picture and decorate the space left open from the TV...
you have a vn dining room. The pic is too dark though...try taking it over w/more light.
master bath is vn. No issues there.
Here's a problem I potentially see w/your eat in kitchen. In the pic it looks like the table is in the middle of the hallway. Is your intention to have the table in the breakfast 'nook'? It just looks somewhat odd in terms of location w/that pic.
For your bonus room, purchase some inexpensive "organizational" cubbies for the toys...looks a little sloppy. Those cubbies can do a world of difference.
the pool and the tot lot are a nice plus...
In regards to price, how quickly do you have to sell?
In terms of staging, mom-2, I'd probably remove all the family photos from the bookshelves and place a few color-matched hardcover books with a fancy bookend and other kind of large sculptural tchotchke. I'd also pack away/declutter the toys in the bonus room. I'd probably add a tray a decanter and some wine glasses or something along those lines to highlight the bar area and I'd probably add a plant and some accessories to dress up the very bare counters next to the sink.
Even where it is currently priced, if a buyer were to make an offer at 10% off LP (which, according to many, is not considered a lowball offer in this market), it would bring the price on the table to 323, which is in line with the other sales from that neighborhood.
In this market its better to list at the lowest point. Forget about the negotiating room. If you list at $325 or $330, you will have more possible buyers to work w/than if you list at $360 where she is now. If you can work w/someone, you have a chance to do a deal. No offers, no chance at selling the house bottom line.
Again, bad advice IMO to list higher in this market. Get serious and get to where you can afford to be.
We have had our house listed since mid August because we are building a new house....we had one offer on our house back in October that fell apart because the buyers were flakes...since then, we have changed realtors as of Jan 1st....we have open houses, about 10 showings since Jan 1st, two couples who loved the house but ended up going with something else....and now, we just lowered the price $15k...so can someone tell me what else I can do. The feedback we get is that the people love the house, but hate the lot...it is a tiny lot. Not much we can do about the lot....but any other suggestions? Thanks. The MLS is 974502.
I think your house looks fine. Some minor suggestions would be: Plant some pansies outside for color, neutralize the baby room color (taupe?), dress up your porch a bit with a rocker, etc., remove the three pictures above the fireplace and replace with one show stopper picture, good job on removing some of the pictures, the kitchen table area looks tight to walk around, could just be the angle of the picture, add bar stools at the counter in the kitchen, declutter the bonus room; but I don't think your decorating is the problem. I think the price needs to be dropped and you will sell. Go for $339K and start packing!
Hi, your house is beautiful. Im trying to sell mine and have lowered it 3 times and had 15 showings. The same thing they all love my house. Great price, great condition, great location but then the offers dont come. I wish people would just be honest and when they walk out the door say it just is not the house for me. Then you wont get your hopes up. It just takes the right person to walk in and want it. Hopefuly that will be soon for you and me. Mine has been on the market since last April.
Listing eFlyer (broken link)
If this is your home it is beautiful. But if I can be harsh. I know it might be alot. But looking at it as a buyer. I know I can do the work my self. But most people want a house that they do nothing to.
1. The carpet on the floor in the kitchen makes the room look little. Besides Fake plants use something else on top.
2. To much stuff on the counter tops. Shows not enough storage for items.
3. (I like red) Some people Hate red. It is a bold color people can't handel. It makes it a very dark room.
4. Use one big pic over the fire place. It take the view from it to the pics. Because it is all white.
5. Insted of just pic on the shelves use some books.
6. Take the fake plants off the top of the shelves. It takes away from the detail in the room.
7. I can't tell if the fan has been up dated?
8. I look into the future. That the tree in the frount yard is going to be too big for the area. Later I would have to take it down. It could destroy the house and also take the sun light away from the house.
Oh with the thing above the stove, leave it blank. Some people like me. I dont like the steps. I like strait lines. So if you put stuff on ether side to make it look like a strait line.
K I think Im done.
Oh have the realator take the pics again for the web sight.
I hope this works for you.
Sorry but that is how I see it. Don't take it the wrong way. Just to help.
I'm so sorry to hear about what you have gone through with your son. I live in NY and was unable to bring up the ML # of your home to view it. I'm not sure how the others saw it, but either way, here is my advice for what it is worth.
Focus on the positives of the propety and market them. What attracted you to the home and the neighborhood that made you buy it? Ask youself what you will miss when you leave. Was it the community pool? The location to Research Triangle Park? If so, then they should be included in the marketing of the home. Create a picture for the new buyer with photos and headlines of these things. Make the photos showcase the reasons why they should buy your home. The advertising headlines and photos should be done in a way that your "target" buyer can picture themselves living in this home. Research Triangle Park does have a lot of businesses in it. Ask your agent if they have marketed your home to the businesses. A simple flyer with key photos and location map will suffice. Advertising and marketing should focus on "Who" you are tryng to reach and the message should match. Knowing your target buyer is key to marketing a home.
My daughter recently moved from Raleigh last October to Midlothian VA. We all miss Raleigh. Especially the restaurant "Buffalo Brothers" on Capitol Blvd.
Oh, and let's not forget to make a positive out of a negative.... A smaller yard means less maintenance and more time for the fun things in life. Like going to the pool. "Executive Home, Low Maintenance, Close to Research Triangle Park" would be a good headline for an executive over at Research Triangle Park!. "Your family will enjoy the Community Pool" would be a good headline if you are targeting a family. The title itself makes they buyer picture themselves enjoying the POOL, not worrying about the small yard. Make sure you include a photo of the pool and add the map for the flyer to Research Triangle Park.
Try going to Zillow.com and entering in your address. You can view comparables there. Your Realtor should be giving you information on the latest sale comparables in your neighborhood. I did see your home on Realtor.com and I agree the Agent has done a great job. Price is the only thing I can see that would be holding you back from a sale.
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