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Are we wasting our time if we try to sell our home in this current market? We would be listing for just what is owed at 260,000$. In our current neighborhood that last few things that have sold have all been SS or foreclosure and are only fetching about 110,000$. Most of these homes are a little distressed and need a little help, but are people willing to not go through buying a SS or foreclosre and get a move in ready house for more money? Just curious. I have seen some homes not SS and not foreclosure on the market and am wondering if they even get looked at.
so would you be asking 150 thousand over what the area has been selling for? I can't imagine anyhouse in the same block being 150 grand more being that much different than the next. if I am looking to buy and the two houses were next door to each other and the more expensive was move in ready but 150 grand more, I would think how much would it cost me to upgrade the bad house. how much would new paint, carpet, some landscaping cost and in most cases it is no where near 150 grand and if I liked the bad house I would buy it and upgrade. houses in my area have dropped way down in value over the last year and it is very sad to see people selling for so much less. if you don't have to sell I would try to wait it out. you could also just put it on the market who knows maybe someone will fall in love with it and offer you your price.
In a word........YES. You are wasting your time if the figures you state are accurate. Doesn't seem to matter how much better the house is, unfortunately comps don't seem to take that into account. If you have a 2500 square foot house with 3 bedrooms and 2 baths for sale, it better be the same price or lower than the last 2500 square foot house with 3 bedrooms and 2 baths that sold. And comps are the only thing that buyers seem to care about anymore unless the comps are literally falling apart. And even then they wouldn't accept $150,000 difference.
That and oh yeah, granite/stainless steel/hardwood floors/painted the perfect colors, etc. etc. All, of course, at the SS and foreclosure prices. Thank you very much HGTV!
Are we wasting our time if we try to sell our home in this current market? We would be listing for just what is owed at 260,000$. In our current neighborhood that last few things that have sold have all been SS or foreclosure and are only fetching about 110,000$. Most of these homes are a little distressed and need a little help, but are people willing to not go through buying a SS or foreclosre and get a move in ready house for more money? Just curious. I have seen some homes not SS and not foreclosure on the market and am wondering if they even get looked at.
Certainly not for that much more money. The foreclosure we are buying needs a new roof and windows, and we are choosing to upgrade the kitchen and floors... all to our taste and specifications, which will place the house above standard for the area (just because an owner is selling a house instead of a bank doesn't mean it isn't distressed to some degree. These aren't small upgrades, and they are costing us $30k.... not $150k.
That is a HUGE spread. I mean if you were to have told me 'the foreclosure are 20% below what we owe" I might say you have a chance of snagging a buying that respects a place that is top notch/ move in ready.
If the SS have gone for far below 50% of what you need to get to break even the short answer is don't do even list.
Wait till prices at least start to recover if you have any ability to do so...
Yey thanks everyone. That is pretty much our thoughts too, just wanted to get some feed back. The house next to us is the same exact floor plan (cookie cutter neighborhood) but they have a corner lot and it is for sale SS at 121,000$ and is not sold yet and has been listed for almost 3 months!! YIKES!! Hopefully most of the SS and foreclosures (we live in FL) will go away soon and we can see what the market will look like then. Probably still not good enough for us to break even though.
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