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[SIZE=3]Ok I RARELY rant and rave but I am just beyond irritated with some of the buyers in this market. Here again we have a situation where realtors are telling buyers they can get the Biltmore mansion in today’s market for $100 and buyers are believing them. I have had 4 showings in 3 weeks, my house is very competitively priced and according to all the buyers and buyers agents that have come through it shows like a model home. So here is the “feedback” I have been given. From the first showing the buyers had no feedback to give, the second showing they drove into the neighborhood and saw power lines (not anywhere near my house might I add) and did not want to go into the house, the third showing they thought something was wrong with the kitchen/foyer hardwood floor because there was “dents” ummm no the “dents” are in the entire floor and are a part of the distressed look of that series. The buyer’s agent told my realtor she even told the buyer that but the buyer didn’t believe it…are you serious? None of this feedback is constructive and I am starting to believe that many of these buyers are not as serious as some realtors like to think. Most buyers right now want champagne on a beer budget and as a seller who has priced very competitively with sold comps and that has gone the extra mile to make my home extremely presentable it is frustrating when you have buyers who are obviously not that serious coming through your home and leaving the most ridiculous “feedback”. I can understand if someone says the house is too big for my needs, or the rooms are too small or I rather be closer to work bla bla but give me a break….Ok rant done.[/SIZE]
Analyze this, I am finding that the buyers out there right now are looking at EVERYTHING... within their price range (in all our cities). They know that there is a lot of inventory for sale and they are determined to get THE best deal.
Now, specifically your feedback, don't let it get at you. Feedback is a non-exact science at best, and pure CR*P most of the time. You are looking for things you can change and fix if needed. If you keep getting weird feedback though, it might be time to "adjust" pricing....
Shellytc we adjusted our price and right now are the second lowest priced in the neighborhood with more square footage and options than the other properties including the builders homes! It is just frustrating that as a home owner you do everything right (i.e we purchased a home we could afford that was much less than we could have afforded to pay, we put a downpayment, we paid our mortgage on time, etc. etc.) and here we are in situation where we are being punished for way too many factors out of our control. There is only so much price adjusting we can do before it negatively impacts our profitability. My issue is that we are trying to figure out if there is anything more we need to do to the house because regardless I have to move next month and I want to make sure everything is done before I go. Ok sorry for the rant, I definitely understand that buyers have alot to look at but was just expecting more constructive feedback than what we were given. Thanks for listening! :-)
Realtors are not telling people they can get mansions for hundreds. Realtors are trying to keep buyers realistic, it is the news media constantly reporting that it is a buyer's market and that prices are dropping that makes people think they can have it all for nothing.
Analyze, you are absolutely correct!!! This situation is beyond our control and just damn sad... I feel for you as I did for all my sellers this year. I just know that the competition isn't just your neighborhood... but much larger than that. Lets say a buyer comes in looking for 400k house... they are looking in several neighborhoods in Chesapeake and Virginia Beach... so you have to be competitive all over!!! there is just so much inventory. And then sometimes, someone gets that offer.....
I am sending you good thoughts that you will get that offer... then don't let them go....
We're in a similar situation - it's very frustrating to read how some people are gleeful over the fact that "stupid" and "irresponsible" people bought houses they couldn't afford and are now suffering.
We bought a home we could WELL afford, we put down a large down payment, etc. We did buy in an area that prices had gone up quite a bit and had gotten out of line with personal incomes in the area, HOWEVER, we're in Asheville, NC, where a very large percentage of homes are owned as 2nd homes by wealthy people from around the country which can skew that figure. It's also a huge retirement area, so the price to income ratio doesn't reflect that as well. Even at the peak, you could buy a decent 3 bedroom family home in a nice, safe area for $200-250k, so things didn't seem that out of whack to us.
So, with that being said, I don't feel that we were irresponsible or stupid - my husband's company which had been open for 30 years unexpectedly closed, and the economy has tanked, so there are very few jobs in his field available right now, and we can't sell the house. Wrong place, wrong time, definitely, but it's frustrating how many people seem to think anyone who may lose their shirt probably deserved it.
It is a hard, frustrating time for everyone. There are still people who need to move for whatever reason, and don't have the opportunity to ride out this craziness.
Boocake, I am totally with you. We both max out our thrift savings plan, we have NO other debt besides our mortgage and even that is only 25% of our income AFTER taxes. Last January we were thinking of moving to another area within our city and was told we could list at $415K, now we are down to $369.9K and of course are expecting we will have to pay closing costs. Our realtor is saying to even consider offering another 1% to the buyer's agent. I mean really? So take off the huge price drop, the 6% going to the realtors, and the expectation we still probably won't even get our list price and will have to offer closing costs we are coming out with absolutely nothing and may even have to pay a few thousands to clear the mortgage depending on how it all falls. It is just highly frustrating that the responsible homeowners are suffering because greedy, ignorant buyers, some realtors, and mortgage companies fueled an unsustainable housing industry. UGHHHH!!! Ok I'm going to buy a punching bag now and do some tae bo...lol j/k
Analyze, you are absolutely correct!!! This situation is beyond our control and just damn sad... I feel for you as I did for all my sellers this year. I just know that the competition isn't just your neighborhood... but much larger than that. Lets say a buyer comes in looking for 400k house... they are looking in several neighborhoods in Chesapeake and Virginia Beach... so you have to be competitive all over!!! there is just so much inventory. And then sometimes, someone gets that offer.....
I am sending you good thoughts that you will get that offer... then don't let them go....
I'm a buyer but I'm only looking at homes $50K above the target I want. I figure that $50K may be the wiggle room the seller has built in to their listing price.
But there is a glut of homes out there. And builders of new homes are lowering their prices and throwing in lots and lots of upgrades for free or greatly reduced prices.
Hard to make a decision.
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