Sellers - Do you intend to lower your price in the next 60 days? (negotiating, agent)
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There are many houses that have been for sale since last fall as sales dwindled and inventory built. Obviously, sellers had low expectations of sales given the economy and time of the year. I can also imagine that some sellers were holding out to see what Uncle Sam has planned. Now that spring is here, there's not a lot of hope for a quick economic recovery, and we have seen most of Obama's housing plan, how aggressive are you going to be with price cuts to sell your house? How much time to you plan to give it until you start cutting.
I'm not a seller, but I've been watching the listings in my area and starting about two weeks ago, I'm seeing capitulation in pricing and price reductions-- lots of sellers pricing at or below break-even on what they paid post-2000. (Of course, there are also still listings priced higher.)
This is a marked contrast to last spring and fall, when everybody was still trying to walk away with a profit. Now they just want out.
Homes that were bought pre-2000 are showing big drops, too.
There is huge inventory here, particularly in the $1 million+ price range. It'll be interesting to see how far it has to drop before people start BUYING.
Stocks closed today at 1997 levels. "Now how much would you pay?" But wait, there's more.
Where I live (Seattle) most sellers are still desperately clinging to 2007 prices. A few have stepped gingerly into early 2008. Unless they lower prices 20% they likely won't find a buyer. With the Dow back to a 1997 level, sellers are lucky to get any 2000+ price.
In any market there is a buyer for anything, even a home. As long as the price was right....still stands. When sellers realize that it is not their constitutional right to make money in real estate and buyers realize that the media has not given them license to go out and steal a home...that they actually have to have good credit, a job and some of their own money into the deal, then all property, no matter the price break sells.
How big your local bubble grew helps dictate how low you will go on your price. We aren't dropping our price (but we're not way off the mark either). When we look at properties to purchase in certain areas, the prices are not dropping but the houses keep selling. It's all relative...
Yes. My house has been on the market (below comps) for 24 days and I will give it only about one more week before I drop the price. I seriously want to sell.
I'm a seller and I'm not lowering our house. It is already listed at a low enough price which offers a little wiggle room. If we don't get what we want, we just won't sell. Mind you, we don't have to sell, we just would like to.
Our agent suggested we price $10,000 above what our lowest acceptable offer would be...for negotiating room. Please note that is $10,000, on a $360,000 house. (Not 10% lower which would be $36,000) If we listed at the lowest we would accept, someone would offer even lower than that. The homes in my neighborhood have come down considerably since last fall. Personally, if prices are so low that the amount of home equity gained after living here for 23 years, becomes too diminished, common sense says we'll take our house off the market. Just one seller's situation.
We are not lowering either. We have been on the market for a lonnnngggg time. We are now advertising by owner at a price that will just about pay off what we owe. No commissions... no profit. We just want it sold so we can be together again, this living 900 miles apart in different houses in different states.... really sucks... but you do what you gotta do. Some day my buyer will come, or we'll win the lottery !
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