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Old 11-11-2016, 08:58 AM
 
Location: Savannah, GA
1,492 posts, read 3,354,380 times
Reputation: 900

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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.
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Old 11-11-2016, 09:07 AM
 
12,018 posts, read 9,698,529 times
Reputation: 13420
Is your price per square foot the average in your area. Is your market slow? Perhaps the realtor listed your house too high. I would tough it out and buy a few Mcdoubles, bring them home and drink your own soda and make your own french fries at home. If your homeowner taxes are high then you have to wait for a buyer.
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Old 11-11-2016, 09:09 AM
 
Location: Austin
7,205 posts, read 19,287,661 times
Reputation: 9818
Are you priced at what the comparable sales tell you? You could drop to $250k right now and sell it quick if that's what you need to do. But, if your comps are showing $225k, you still won't sell at $250k. We don't know if you are priced right at $319,900 as you gave no further information.

You should be priced at market, and not priced "to have room to negotiate", as many people do.
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Old 11-11-2016, 10:14 AM
 
Location: Florida -
9,863 posts, read 12,407,601 times
Reputation: 20501
People often get anxious quickly and drop prices before it is necessary. Further, dropping the price before you get any offers, suggests you think the house is overpriced. Otherwise, are there drawbacks in the house that would keep people from liking it enough to make an offer?

Did you check-out the comps in your area used by your realtor to set the price? Have you checked your County Tax Assessor's web site to see what other houses in your area have actually sold for? Have you specifically asked for input from the realtors involved in those four showings? Is the market in your area slow or ?? - People often believe their house is worth more than similar houses in their area because of emotional factors, but ultimately, the market will determine the correct price for the home.

There are many factors involved in selling houses, which after 27 days and only four showings - may be in play. Check-out the suggestions above to assure yourselves that you are at the right price -- and then start pushing your realtor for more showings. If it turns out your realtor only agreed to a too high price to get your business, you may have a realtor problem. If not, let the system work.
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Old 11-11-2016, 11:58 AM
 
983 posts, read 935,322 times
Reputation: 1984
You can drop the price as often and as much as you wish....

But your home will likely never sell until it is advertised at a 'near market value' price and a willing and able buyer spots it

FYI - not a RE agent here
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Old 11-11-2016, 12:19 PM
 
9,756 posts, read 9,427,025 times
Reputation: 21448
There are two things you need to find out.

1: A comparable market analysis done on SOLD homes in your neighborhood. Ones done using homes in other parts of the city are not really applicable except in very small towns. A properly done CMA will show you what to expect your home to sell at or just under.

2: Find out the time on market for sold properties in your neighborhood. If it is 84 days average time on the market for typical homes in your neighborhood, then you are on track as homes do not sell fast in your neighborhood, and showings are few and far between. If it is 9 days, then there is something wrong, and probably the price is too high. In any city, some areas of town will average 5 days on the market, and some will take 90 days or longer to sell a home.

And pushing the Realtor to get more showings is not the answer. He/She does not have any control over how many showings you are going to get. In today's real estate marketplace, buyers read every where they look, that the Seller has a listing agent as that agent is looking after the interests of the seller, so never buy from the listing agent. Every buyer, needs a buyers agent, who looks out for their buyers interest. And there is only so much, that a listing agent can do to get the home shown, and sold, beyond putting it in the Multiple Listing Service which you see on the Internet.

The big thing is, how fast the typical home in your neighborhood sells, if it is priced within the price people are paying for other homes in the neighborhood. If it is a 80 day time period, you are going to get very few showings, as people that want a home in a similar quality to yours are buying homes in other neighborhoods, and showings will few and far between. If the majority of homes being sold in your neighborhood are selling in 3 days, then that is a hot market area and lots of showings.
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Old 11-11-2016, 01:46 PM
 
Location: Savannah, GA
1,492 posts, read 3,354,380 times
Reputation: 900
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.
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Old 11-11-2016, 02:16 PM
 
4,625 posts, read 3,919,202 times
Reputation: 15554
Just from what little info you have given, it seems you are in a slow market, theres lots of homes available, and you seem to be priced at the top end. I dont know what your timeline is to buy the next house, but with only 4 showings the first month, after a drop in price, and your close to winter there, seems like a lot of negatives right now.

What does your agent say?

Edited to say, I think I found your house (Im a bit of a detective).

You have GOT to get better pictures. Like now. There are 12 pictures up, and 10 of them are of the outdoors. The only 2 indoor pictures are of the corner of the living room, and a picture of the corner of the kitchen. A can of soda on a table? All kinds of stuff plastered over the fridge? I can't believe your agent hasnt done better pictures for you.

Last edited by carnivalday; 11-11-2016 at 02:31 PM..
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Old 11-11-2016, 02:43 PM
 
Location: Savannah, GA
1,492 posts, read 3,354,380 times
Reputation: 900
Quote:
Originally Posted by carnivalday View Post
Just from what little info you have given, it seems you are in a slow market, theres lots of homes available, and you seem to be priced at the top end. I dont know what your timeline is to buy the next house, but with only 4 showings the first month, after a drop in price, and your close to winter there, seems like a lot of negatives right now.

What does your agent say?

Edited to say, I think I found your house (Im a bit of a detective).

You have GOT to get better pictures. Like now. There are 12 pictures up, and 10 of them are of the outdoors. The only 2 indoor pictures are of the corner of the living room, and a picture of the corner of the kitchen. A can of soda on a table? All kinds of stuff plastered over the fridge? I can't believe your agent hasnt done better pictures for you.
No, we aren't on the top end at all. Toll Brother resales a few roads down are selling in the 400K + range and a lot there in in pre-foreclosure as when they sold new they went for 560=700K.

Since the new hardwoods are all being laid this coming week as soon as they are in, professional pictures are going up. It's all be repainted-no colors in rooms now. Each room will be staged for photos. We put up what we had. The response from agents who did come was that it was overpriced-it's only been marketed in Westchester and Long Island areas. One is interested, but wants to see it again with the neutral paint(AKA US doing the job for them) and floors in. They are from Queens and looking to rent the place out.

She used what we had for now. I hate when selling a house, if you still live there, it has to look like it's empty. Only rooms totally empty of anything are the upper to bedrooms and family room. We can't live in our camper while selling. In another week, it'll all change. Only saving grace I believe is that we aren't a foreclosure, aren't cheaply built with particle board and needing a new roof after 4 years like what was built in a massive builder development just a few roads down.
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Old 11-11-2016, 02:46 PM
 
4,625 posts, read 3,919,202 times
Reputation: 15554
I hope new and better photos and maybe another drop in price will do the trick. Those pictures did you no favors at all.
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