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Old 11-11-2016, 03:11 PM
 
Location: Berkeley, Denver, CO USA
15,681 posts, read 23,582,948 times
Reputation: 26922

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1. The assessed value for property taxes is a meaningless number. Flush it from your brain.
2. You need to have your agent do a thorough CMA.
3. You have chosen the worst time of year to sell in the Northeast. Buyers know this (or they should).
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Old 11-11-2016, 03:11 PM
 
4,635 posts, read 3,934,959 times
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I dont think the Toll Brothers homes were built in 1992 tho.
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Old 11-11-2016, 05:42 PM
 
Location: Savannah, GA
1,492 posts, read 3,358,482 times
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Quote:
Originally Posted by carnivalday View Post
I dont think the Toll Brothers homes were built in 1992 tho.
No they were more recent. And have tons of issues. Our contractor who is doing our new hardwoods is always there working. Also our roofing contractor has done many replacements already. They went up fast. I'd never buy a home built of particle board. No way.... Not for that type of money. I used plywood and doug fir. I did Anderson Windows. We built with quality. Not piece meal junk. My foundation is poured. It's 3000lb test with fibers(hubby designed the admix himself when he was a concrete dispatcher)
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Old 11-11-2016, 05:47 PM
 
Location: Savannah, GA
1,492 posts, read 3,358,482 times
Reputation: 900
Quote:
Originally Posted by davebarnes View Post
1. The assessed value for property taxes is a meaningless number. Flush it from your brain.
2. You need to have your agent do a thorough CMA.
3. You have chosen the worst time of year to sell in the Northeast. Buyers know this (or they should).
We know it's a bad time of year. But unless a miracle happens job wise, I have no choice.

Our agent did the CMA. We are good. I just wish we'd get more action. I know buyers who are serious are out there right now.

I already got rid of that assessed value. It truly is meaningless.


I need to sell. I just am worried that it'll be like it was in 91 when we sold our first place. It took us 9 months. I'll be sitting here in the dark. I can't afford my home being under-employed. I've applied to lateral positions(I have a Civil Service job) and the Unions there put a grievance in because they want to hire internal. Three different times.

Would we be better to rent it and go on and move? We have no mortgage. At least we'd have 2k a month if we rented it for at least that before we'd have jobs to move.
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Old 11-11-2016, 06:03 PM
 
8,531 posts, read 5,049,036 times
Reputation: 18191
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've been house hunting for a few months. I'm HOPING to find something SOON! I've seen a lot of homes take a while to sell, since I look online every day. I follow the price decreases, the additional reductions, maybe a change of agents, changed photos.

I've looked at houses and not made an offer because:
the photos weren't enough for me to spot things that made the house not meet my requirements (this is what happens most often, I'd say)
OR because I had forgotten to ask about roof & a/c so I then learn that the house needs both, so is too pricey for me
OR it just doesn't feel right for ME
OR I didn't care for the neighborhood
OR I realize later that I can't fit my furniture in there comfortably or the kitchen won't work for me
OR I see too many things that, for me, need updating.

One thing I'd say is not to let your home languish on the market too long IF you need to sell. I've been lookng online for about 2 years. I've seen the same sellers trying to sell the same home for two years. They will gradually decrease the price, until finally they take it off the market. Then they'll list it again later at the reduced price, and do it again. It will finally sell at a much reduced price, after more than a year trying. That's fine, if they had the time. They knew for sure what their house would sell for.

When I see a house that's been for sale at the same price for even two months, it perplexes me, because I know it's overpriced. I'm perplexed why they're stubbornly insisting on listing at that price. Are they waiting for someone to just fall in love with it, or what? Eventually they'll come down a bit. But I sort of know what I would pay for that house, and it still isn't that. That's because the AREA doesn't justify the price. The house is great, but the area is one full of $225,000 houses, and they want $270,000 for theirs. Not gonna happen. Buyers can go several blocks away and pay $275,000 for a newer, slightly smaller house in a more upscale neighborhood.

A couple of times I didn't make an offer because when I got the comps later, I saw the house was listed for way more than other houses in the neighborhood, even on the same street, had sold for. And these were homes that were very much comparable. Asking price $275,000 for 1924sf..others in the neighborhood just as nice or nicer, same age, same lot size, MORE square footage, had sold for $240,000-$245,000. I could've made an offer, but his list price told me that's what he wanted. (There was something unique about his home, accounting for the higher price, but that unique feature didn't mean much to me.) That house finally sold on a contingency. It took him about three month to get that contract, and it just closed, so that's five months. I don't know how much it sold for.

So I would say to price it competitively, and then don't bargain that much. Let your agent know that you are firmer on your price because you lowered it, so you don't get ridiculously low offers. Your price should be based on TRUE COMPS in your area: did they have new roofs & a/c, and do you; built within a few yrs of each other; same features like jet tub, etc.; approx same size lot; how attractive the homes are from the outside; etc.

Lowering $5k like you did seems appropriate. That brings it into a different price range, so more people will get it in their online searches.

Don't despair. There are buyers like me out there! If we're looking at this time of year, we really need to buy a house! So if you need to sell one, you should be able to make a deal, with two people who want to close a deal.
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Old 11-11-2016, 06:23 PM
 
Location: Savannah, GA
1,492 posts, read 3,358,482 times
Reputation: 900
Quote:
Originally Posted by bpollen View Post
I've been house hunting for a few months. I'm HOPING to find something SOON! I've seen a lot of homes take a while to sell, since I look online every day. I follow the price decreases, the additional reductions, maybe a change of agents, changed photos.

I've looked at houses and not made an offer because:
the photos weren't enough for me to spot things that made the house not meet my requirements (this is what happens most often, I'd say)
OR because I had forgotten to ask about roof & a/c so I then learn that the house needs both, so is too pricey for me
OR it just doesn't feel right for ME
OR I didn't care for the neighborhood
OR I realize later that I can't fit my furniture in there comfortably or the kitchen won't work for me
OR I see too many things that, for me, need updating.

One thing I'd say is not to let your home languish on the market too long IF you need to sell. I've been lookng online for about 2 years. I've seen the same sellers trying to sell the same home for two years. They will gradually decrease the price, until finally they take it off the market. Then they'll list it again later at the reduced price, and do it again. It will finally sell at a much reduced price, after more than a year trying. That's fine, if they had the time. They knew for sure what their house would sell for.

When I see a house that's been for sale at the same price for even two months, it perplexes me, because I know it's overpriced. I'm perplexed why they're stubbornly insisting on listing at that price. Are they waiting for someone to just fall in love with it, or what? Eventually they'll come down a bit. But I sort of know what I would pay for that house, and it still isn't that. That's because the AREA doesn't justify the price. The house is great, but the area is one full of $225,000 houses, and they want $270,000 for theirs. Not gonna happen. Buyers can go several blocks away and pay $275,000 for a newer, slightly smaller house in a more upscale neighborhood.

A couple of times I didn't make an offer because when I got the comps later, I saw the house was listed for way more than other houses in the neighborhood, even on the same street, had sold for. And these were homes that were very much comparable. Asking price $275,000 for 1924sf..others in the neighborhood just as nice or nicer, same age, same lot size, MORE square footage, had sold for $240,000-$245,000. I could've made an offer, but his list price told me that's what he wanted. (There was something unique about his home, accounting for the higher price, but that unique feature didn't mean much to me.) That house finally sold on a contingency. It took him about three month to get that contract, and it just closed, so that's five months. I don't know how much it sold for.

So I would say to price it competitively, and then don't bargain that much. Let your agent know that you are firmer on your price because you lowered it, so you don't get ridiculously low offers. Your price should be based on TRUE COMPS in your area: did they have new roofs & a/c, and do you; built within a few yrs of each other; same features like jet tub, etc.; approx same size lot; how attractive the homes are from the outside; etc.

Lowering $5k like you did seems appropriate. That brings it into a different price range, so more people will get it in their online searches.

Don't despair. There are buyers like me out there! If we're looking at this time of year, we really need to buy a house! So if you need to sell one, you should be able to make a deal, with two people who want to close a deal.
We built on the last available separate deeded lot in our Village back in 92-it belonged to my folks. It is much different than anything else out on our market. That seems to be hurting us as we aren't a raised ranch or attached built home. We are the only one in this size range. Either they are much smaller or much larger. We are lower than one that's close. That one is not in the village, nor walking distance to anything. In the Village, homes have always been scarce.

This is the first time ever this house has been up for sale. We built it. I have the building plans too to show everything that went into this house. We've never tried selling it before. It's scary doing this!
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Old 11-11-2016, 08:13 PM
 
Location: Saint John, IN
11,578 posts, read 5,020,003 times
Reputation: 14717
I personally wouldn't have put it on the market until it was completely ready. Painted, new floors, whatever else you were planning on doing. Telling people what you're GOING to do and already having it done so people could actually see it could have hurt you. Once it's all done though I would consider dropping the price and having an open house. If you've only had showings in the first month then it's overpriced. Homes get the most showings when they are first listed. Make sure your realtor puts in the listing your recent updates. This is a bad time of year time of year to sell, but people do move all year long!
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Old 11-11-2016, 10:24 PM
Status: "You're entitled to your own opinion, but not your own facts." (set 2 days ago)
 
Location: Raleigh NC
21,022 posts, read 11,086,034 times
Reputation: 12543
Quote:
Originally Posted by CGab View Post
I personally wouldn't have put it on the market until it was completely ready. Painted, new floors, whatever else you were planning on doing. Telling people what you're GOING to do and already having it done so people could actually see it could have hurt you. Once it's all done though I would consider dropping the price and having an open house. If you've only had showings in the first month then it's overpriced. Homes get the most showings when they are first listed. Make sure your realtor puts in the listing your recent updates. This is a bad time of year time of year to sell, but people do move all year long!
this.

If the OP wants to link to their home, great...we can look at the photos, etc. But the fact that the house was listed with apparently poor photos ignores the modern-day method of presenting a home - online, with good pictures.

Those first 4 people (assuming they had buyers, and weren't just agent previews) want to buy a $325K house in your market. For some reason, yours fell short.

Dropping from $325K to $320K is inconsequential - DEPENDING on various loan programs in your area like FHA. My sense is your FHA limit is probably well above, but who knows.

Oversimplifying, look at this way - I want $1 for a candy bar. If a week later I change the price to $0.98 - are you really motivated to come buy me?
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Old 11-12-2016, 04:29 AM
 
Location: Savannah, GA
1,492 posts, read 3,358,482 times
Reputation: 900
Quote:
Originally Posted by CGab View Post
I personally wouldn't have put it on the market until it was completely ready. Painted, new floors, whatever else you were planning on doing. Telling people what you're GOING to do and already having it done so people could actually see it could have hurt you. Once it's all done though I would consider dropping the price and having an open house. If you've only had showings in the first month then it's overpriced. Homes get the most showings when they are first listed. Make sure your realtor puts in the listing your recent updates. This is a bad time of year time of year to sell, but people do move all year long!
Every realtor we screened before putting it up said go ahead and list it as we had fixed everything from a home inspection stand point. It's picky people who want the "antique white" walls. So on that suggestion we did that. The floors were back-ordered and delayed. No control over that. But everything was completed to get it in top shape to sell. We never considered we'd have to paint the whole house because buyers can't see the forest through the trees to to speak. Took me two full weekends to paint the whole house myself. But it's done. Floors will start on Monday finish by Friday. It's the two empty bedrooms to do and ours. We didn't have to do that. But once again-every agent told us to do it since we'd done the rest of the house. Will we see a recoup on that? Probably not.

So after interview 5 different agents all who came in at the same CMA we found one we jived with and listed it. So if I have a home that should list at XYZ, but because we are surrounded by pre-foreclosures, foreclosures and auctions, I should be more in line with their prices? Mine can get better financing then those for someone. In other words because fools bought more than they can chew and lost their homes, I should now drop it to their levels to get it to sell? That's what it seems like.
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Old 11-12-2016, 07:30 AM
 
4,635 posts, read 3,934,959 times
Reputation: 15600
You dont have to drop it to their levels, but then dont be surprised if you dont sell for a while. People won't pay significantly more for your house, if they can buy a cheaper house and upgrade it to exactly what they want. Selling a house can be very stressful. The stars have to align perfectly, and they usually dont.

Just personally, I think the pictures are really hurting you. There is no one who will want to see your house off those photos. With having no interior photos, people with think automatically something is wrong, and will move on to the next house that has great interior photos, giving them a reason to go look at that house.

If I were you, Id pull it off the MLS listing, and repost when you have really good photos. What is up now is really hurting you.
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