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Old 11-27-2016, 08:06 PM
 
10,226 posts, read 7,508,500 times
Reputation: 23155

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Quote:
Originally Posted by CampingMom View Post
Good morning,

We are selling a home we built in 92. Did all the issues found on the home inspection before we put it on the market, painted the interior antique white, new hardwoods throughout and a 30 year architectural roof. it's a 4 bedroom, 2 full bath cape, family room-25x27, deck of 12x24 2032sqft on .29 acre-we are in the Hudson Valley. We listed it 27 days ago for $325K. We had 4 showings the first weekend. Then not a peep. So we dropped it down to $319900 on Monday. Nothing. We've not sold a home in 29 years, so this is like starting all over again.

I know it's a slow time of year to sell. I get that. But how far down realistically do we go as not to show we are desperate to leave here. We don't have a mortgage as the house is paid off. But both of us are so under employed and we work to pay bills and nothing else-not even a night out at McDonald's is affordable right now.

How much do you think we should go lower again? How often should we if we don't get people in to look at the house? Since we owned the property outright when we built and what it cost us to build the house ourselves, we are going to make a profit any way we look at it. But I'd still like to be able to put a small nest egg away after we purchase our next home-we are contingent after selling this one.

Advice please.
I'm a buyer. I don't know your area, but this is a very slow time of year. I see reductions that are made are usually in $5k chunks. Or maybe $10k sometimes. So your reduction seems appropriate to me.

It sounds like a great house, depending on the neighborhood and the exterior appearance.

What I look at is....what do the houses in your subdivision usually sell for or list for? Even if your house is nicer, the neighborhood only justifies a certain price range. I mean...if I spend $320k on a house, can I get a similar house in a nicer neighborhood? If not or maybe not, then you are priced correctly, if the comps support your price range. Remember that yours is an asking price; people will make an offer for less, usually.

It takes longer to sell at this time of year. The holidays interfered with buyers...they had meals to prepare or went out of town.

I've also noticed that the higher priced a house is, the fewer buyers there are, so it takes longer to sell usually (not always). Is $320k a little above the avg house in your area?

I wouldn't decrease a whole lot at one time, if I were you. That is a flag that you need to sell. $5k increments are fine. I've seen houses decrease $5k, then decrease another $5k later. I don't view that as desperation. I think that maybe the house was mispriced to begin with (can't know exactly what to ask for a house), or for some reason the market won't pay that for the house at this time.

If it doesn't sell with this reduction, I'd decrease another $5k later. Of course, you can just leave it on the market for however long it takes to sell at $320k. I've seen houses stay on the market for months. Pretty houses, too. There's one beautiful house that's been on the market for almost a year at the same price. Stubborn person, there. If you can wait, it WILL sell at your price, if it's anywhere near the going rate for the area.

One thing that I don't like to see is a house with an old roof and old a/c. Two pricey items to replace and which add $20k to the price of the house, if they need to be replaced. My insurer won't insure a roof that's 19 years old, even if it passes inspection. So a house listed for $270k is really $280k, since it needs a new roof before I can insure it. And another $10k for an a/c system, if that is so old as to need replacing within the first year. I ask these things before viewing.
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Old 11-27-2016, 10:02 PM
 
9,891 posts, read 11,692,841 times
Reputation: 22085
Lets look at the facts.

1: There are a lot of homes for sale in Fishkill New York.

2: Days on the market, are mostly from 2 months, to many months. Indicates that homes are selling very slow in the area. In a hot market, time on the market will be 30 days or less for the homes on the market. A good market, will be 60 days or less. A slow market is 60 to 90 days. A very slow market is a lot of homes for more than 90 days. You are in a very slow market.

3: Checking Sold Homes in Fishkill, the majority of sales were made and closed last summer, not last 60 days. At this time according Realtor.com list of sold homes the market is dead, and may not be active again till 6 months from now. Add in the fact that only 2 homes have been sold in the last year in your particular vicinity, one your parents home that you sold a year ago, and one the year before that.

4: As your major employer left the area, and many people like yourself are looking to leave the area to find employment. At the same time, people moving to the area are going to be few. Without a draw such a jobs being created in the area that need filled, why would people want to move to the area is the big question. Without some reason to move to Fishkill, sales of homes will be slow. Your problem is, more people want to move from the area, than want to move to the area.

Blaming it all on the Realtor, and thinking she is the one that is keeping the home from selling is not the real world. It is the outside factors mentioned above, that are controlling the sale of the home. The fact that the sales are slow for the year, and lots of inventory, and not what appears to be the buying season for the area, is why the home is not getting a lot of showings and offers. Unless there is a reason we do not know of, I see no reason for home buyers flooding Fishkill with offers to buy homes this winter.
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Old 11-27-2016, 11:38 PM
 
Location: SW Florida
5,586 posts, read 8,359,196 times
Reputation: 11210
I think the OP is tired of our critiques and has left the building...
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Old 11-28-2016, 04:39 AM
 
12,016 posts, read 12,652,201 times
Reputation: 13420
Quote:
Originally Posted by Avalon08 View Post
I think the OP is tired of our critiques and has left the building...
I don't blame her sometimes this place can be brutal.
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Old 11-28-2016, 05:38 AM
 
6,321 posts, read 10,265,964 times
Reputation: 3835
Quote:
Originally Posted by oldtrader View Post
Lets look at the facts.

1: There are a lot of homes for sale in Fishkill New York.

2: Days on the market, are mostly from 2 months, to many months. Indicates that homes are selling very slow in the area. In a hot market, time on the market will be 30 days or less for the homes on the market. A good market, will be 60 days or less. A slow market is 60 to 90 days. A very slow market is a lot of homes for more than 90 days. You are in a very slow market.

3: Checking Sold Homes in Fishkill, the majority of sales were made and closed last summer, not last 60 days. At this time according Realtor.com list of sold homes the market is dead, and may not be active again till 6 months from now. Add in the fact that only 2 homes have been sold in the last year in your particular vicinity, one your parents home that you sold a year ago, and one the year before that.

4: As your major employer left the area, and many people like yourself are looking to leave the area to find employment. At the same time, people moving to the area are going to be few. Without a draw such a jobs being created in the area that need filled, why would people want to move to the area is the big question. Without some reason to move to Fishkill, sales of homes will be slow. Your problem is, more people want to move from the area, than want to move to the area.

Blaming it all on the Realtor, and thinking she is the one that is keeping the home from selling is not the real world. It is the outside factors mentioned above, that are controlling the sale of the home. The fact that the sales are slow for the year, and lots of inventory, and not what appears to be the buying season for the area, is why the home is not getting a lot of showings and offers. Unless there is a reason we do not know of, I see no reason for home buyers flooding Fishkill with offers to buy homes this winter.
I think OP has said a lot of the buyers are from the "lower counties." It's commuting distance to the White Plains area, technically even NYC if you want to spend half of your life commuting. There are new $600k+ new homes being built, I would tend to think that should mean (but no, not guarantee) that there is some sort of demand there.
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Old 11-28-2016, 05:51 AM
 
16,235 posts, read 25,102,362 times
Reputation: 27047
Quote:
Originally Posted by CampingMom View Post
I've been checking sales in the area. Also what is up for sale. Too many pre-forclosures, auctions right now. There are about 29 houses in a 3 mile radius-only 8 aren't in any of those situations. They are priced much lower too as their square footage runs between 1200 and 1700. We are are 2032. The last house on our street to sell was my late parents home last year when I sold that. It went for $195 as we sold it as is as an estate. It hadn't had any updates since the 1950's. Prior to that, in 2014, the neighbor across the street sold his for $275K. He had a 1400 sq ft home. Updates were done there in the 90's as the house was built in 1940. We live within the Village limits, walkable to most everything. Easy commute to the interstate, commuter rail-3 miles and to the Taconic Parkway.

We just got our assessment reduced this year to $265k. It had been at $316K and we were the highest assessed house on the road. Our taxes are about 6K a year now-much better than homes in Westchester-we are in Dutchess. The last house before then sold in 2012 for 219K and it was 1300sq ft.

We really need to sell the house. We are very underpaid and I've been using what is left from my folks to pay taxes and bills. We are almost our of money. It's sad when two people work full time and don't have a mortgage but can't their bills. I am house rich and cash poor, otherwise I'd go move into the new place and wait for this one to sell.
Seriously? You both work fulltime, have no mortgage and can't pay your monthly bills? Why sell your home, I think that you should look at bankruptcy, discharge all that unsecured debt and keep your home. Then keep yourself from getting into that credit hole again.

Are you allowed to use the funds from your parents estate to pay your personal living expenses? You must not have any other siblings?

I really do hope that you'll look at personal bankruptcy.

ETA OP, Having now read at least the first several pages of your thread, I see that there is much more to your reasoning for selling your home. I hope that you'll be able to figure this out and move on to your preferred destination. Good luck to you.

Last edited by JanND; 11-28-2016 at 06:41 AM..
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Old 11-28-2016, 08:09 AM
 
Location: Raleigh, NC
19,374 posts, read 27,620,236 times
Reputation: 35978
Quote:
Originally Posted by JanND View Post
Seriously? You both work fulltime, have no mortgage and can't pay your monthly bills? Why sell your home, I think that you should look at bankruptcy, discharge all that unsecured debt and keep your home. Then keep yourself from getting into that credit hole again.

Are you allowed to use the funds from your parents estate to pay your personal living expenses? You must not have any other siblings?

I really do hope that you'll look at personal bankruptcy.
Such terrible advice - on so many levels.

I see no mention of "unsecured debt" for the OP. Maybe missed it?

I doubt the value (equity) in this home would be below the federal and state exemptions allowed. I sure as hell HOPE NOT! If I'm correct, that means the house will be sold as part if the BK.

Then there's the lack of integrity and morality of filing a BK under these circumstances. I sure as hell HOPE that still matters to most people.
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Old 11-28-2016, 08:23 AM
 
Location: City Data Land
17,156 posts, read 12,876,051 times
Reputation: 33164
Quote:
Originally Posted by johngolf View Post
I agree. Crappy agent.
I was going to suggest OP fire the agent also but thought that sounded extreme. Also, it's likely OP is in some contract with the agent in which he/she will have to pay a bundle if they void the contract. However, it may be worth it anyway.
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Old 11-28-2016, 08:28 AM
 
Location: NY
352 posts, read 384,327 times
Reputation: 220
Quote:
Originally Posted by CGab View Post
FIRE YOUR REALTOR!!! Please!!!
I The pictures are absolutely horrible! And it's too bad because I think the outside of your property is really cute but then you see the inside and don't get me wrong your home is very nice, but the pictures focus on things that a buyer will not like!

PLEASE insist on new pictures as soon as everything is updated. I think the price drop was a food move, but if you can't get showings it won't matter. The majority of people looking at homes will look online and at pictures first. If the pictures are bad.....forget it!...
The OP stated in post #21 //www.city-data.com/forum/46165954-post21.html that professional pictures were to be taken. It looks like that hasn't been accomplished (may never happen)?
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Old 11-28-2016, 08:45 AM
 
Location: northern va
1,736 posts, read 2,877,827 times
Reputation: 1688
I took it to mean that some of the flooring had yet to be finished and that the new photos would follow after..

That being said, I wouldn't have done a price drop, especially as deep as they did, without new photos. They've opened themselves up to a potentially new set of buyers at the sub $300,000 price point, but still with the poor photos
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