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Old 06-25-2008, 06:10 AM
 
124 posts, read 639,254 times
Reputation: 93

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We just listed our home last week. A somewhat comparable home in our neighborhood listed several weeks ago for $274,900. After one month, they did not have even one showing so they quickly reduced their price by $15,00 and the house then sold in one week. My agent is anxious to see the actual selling price.

A second house somewhat comparable to ours then went up for sale three weeks ago at $269,900 making it the lowest priced home in our neighborhood (there are only 4 or 5 other homes for sale in our usually desirable neighborhood). After much discussion with our agent, we decided to price our house at the same price, $269,900. Every home in our neighborhood is semi-custom and each is different, so it is challenging to decide where to price. We didn't want to start too low, because all buyers offer less, and we wanted to leave a lot of wiggle room to come down (significantly if we had to).

After 9 days on the market, and only one 5-minute showing, I feel we should have started $10,000 lower (the other comparable home has also had only one showing - same lookers), but my husband was stubbornly opposed. We are not desperate -- we're going to rent for awhile after we sell -- but we would like to start retirement. Now my husband is willing to drop the price. My agent said to give it a couple of more weeks, but I hate to miss out on buyers during these summer months. She sent me a list of the five homes that have sold since we listed -- all were cheaply-built, larger, development homes in nearby areas and all sold between $254,000 - $265,000. Most young buyers in this area choose size over quality, so that hurts us.

I'm not emotionally tied to the house or price. The area where we plan to move has dropped prices more drastically than here, so what we lose on this end we are fairly certain we will gain on the other. So, how long do you think we should wait before dropping the price? Thanks.
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Old 06-25-2008, 06:15 AM
 
Location: Oxxford Hunt, Cary NC
4,429 posts, read 10,871,705 times
Reputation: 4152
If you've only had one showing in the first 9 days, I'd say your house is probably overpriced. My vote would be to drop the price sooner rather than later.
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Old 06-25-2008, 06:41 AM
 
Location: GA
2,791 posts, read 10,207,800 times
Reputation: 1168
I too would reduce it. I'm finding that buyers (at least in my area) are shopping price, not house. My house is being compared to a recent sale where although the house itself is almost identical, the condition and property are very different. My lot is twice the size, and my house is in perfect move in condition (other house needs a lot of work). Buyers don't understand why I'm asking more for mine.
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Old 06-25-2008, 07:50 AM
 
Location: Just south of Denver since 1989
11,579 posts, read 31,892,926 times
Reputation: 8358
Either that or raise it to 275 an offer 5k in closing cost help.
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Old 06-25-2008, 08:02 AM
 
Location: Oxxford Hunt, Cary NC
4,429 posts, read 10,871,705 times
Reputation: 4152
Quote:
Originally Posted by 2bindenver View Post
Either that or raise it to 275 an offer 5k in closing cost help.
If they are listed at $269K and getting zero showings - somehow I don't think raising the price will help generate interest. Buyers in the OP's area are probably looking in specific price ranges based on what they can afford. A listing with a price increase would probabaly scare people off, especially in this market!
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Old 06-25-2008, 08:35 AM
 
Location: Prospect, KY
5,284 posts, read 19,102,235 times
Reputation: 6639
We lowered our price $25,000 after two weeks and sold the house within a few days. We really wanted to sell and did not think that lowering the price $10,000 or so would get us the results that we wanted.....we received a full price offer of the reduced price.
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Old 06-25-2008, 08:37 AM
 
Location: The Sunshine State!
152 posts, read 415,303 times
Reputation: 59
4 days after being on the market our RE had her entire office of 12 RE's come through for a showing. That day we lowered the price from $180K to $160K. (3 similar homes in the neighborhood are listed at $193-$199 with no traffic)

The drop created a showing frenzy (22 showings in 3 weeks) and 1 offer attached with too many strings attached.

We are hoping another offer will come today from last night's 2nd showing.

Good Luck!
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Old 06-25-2008, 09:20 AM
 
1,831 posts, read 5,015,861 times
Reputation: 671
I didn't wait. I slashed the price and sold it without having to list it ...

Good thing too ... because there's some comps that came in even lower after I sold it.
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Old 06-25-2008, 12:23 PM
 
Location: Eastern TN
415 posts, read 1,419,675 times
Reputation: 206
We dropped our price by 10k after 4 weeks on the market. It sold (for the new full price) about a week later.

We had about 1-2 showings a week during the entire period (for a house in the country, this seemed pretty good). But--we were also motivated to get it sold.
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Old 06-25-2008, 12:53 PM
 
Location: NC close to the MTs and near the lakes.
2,766 posts, read 5,261,779 times
Reputation: 967
Quote:
Originally Posted by mimi2007 View Post
We just listed our home last week. A somewhat comparable home in our neighborhood listed several weeks ago for $274,900. After one month, they did not have even one showing so they quickly reduced their price by $15,00 and the house then sold in one week. My agent is anxious to see the actual selling price.

A second house somewhat comparable to ours then went up for sale three weeks ago at $269,900 making it the lowest priced home in our neighborhood (there are only 4 or 5 other homes for sale in our usually desirable neighborhood). After much discussion with our agent, we decided to price our house at the same price, $269,900. Every home in our neighborhood is semi-custom and each is different, so it is challenging to decide where to price. We didn't want to start too low, because all buyers offer less, and we wanted to leave a lot of wiggle room to come down (significantly if we had to).

After 9 days on the market, and only one 5-minute showing, I feel we should have started $10,000 lower (the other comparable home has also had only one showing - same lookers), but my husband was stubbornly opposed. We are not desperate -- we're going to rent for awhile after we sell -- but we would like to start retirement. Now my husband is willing to drop the price. My agent said to give it a couple of more weeks, but I hate to miss out on buyers during these summer months. She sent me a list of the five homes that have sold since we listed -- all were cheaply-built, larger, development homes in nearby areas and all sold between $254,000 - $265,000. Most young buyers in this area choose size over quality, so that hurts us.

I'm not emotionally tied to the house or price. The area where we plan to move has dropped prices more drastically than here, so what we lose on this end we are fairly certain we will gain on the other. So, how long do you think we should wait before dropping the price? Thanks.

I would drop the price like you and now your hubby wants to. Our first realtor also told us not to drop the price of our house and hubby listened to her and not to me who wanted to drop the price. Well, we followed the market down and after getting a new realtor and hubby was on board with me we sold the house 5 mos later. If we had not listened to the first realtor I am sure we would have sold faster at the price I wanted to sell it for and a lot sooner.
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