3 months and no sale yet. Is there optimism for the future? (Tampa: for sale, real estate market)

[grammyR]

3 months and 3 price reductions on my home and no sale as yet. Should I hold on or give up and try again next year. I have already delayed moving for a year.

[LKJ1988]

Don't know where you live, but there are too many homes for sale in the Tampa area.

[Tim Tim Tim]

I have been keeping an eye for homes and still see quite a few from last year..

[stpeteguy]

If you lower the price enough, it'll sale.

[corvidae]

In this market, 3 months doesn't seem like that long to have a house on the market.

[dfrn2112]

We lived in IN, put our house on the market last June 2011, lowered the price 3-4 times and ended up short-selling it. It was one of the worst experiences in my life and really dont care to do it again! We finally sold and closed on it in May of this year.

[algia]

Not in the good areas! The good areas have 2, 3 that are for sale, and are worth anything! Most of the inventory is not in the good areas, or it is far, far away, or they are in complete disrepair, and most that don't sell are also overpriced.

A 3 bedroom is a 3 bedroom...that's it, and cannot sell for more than a 4 bedroom will. If you want to sell, you have to sell at what the market will pay for it, and have some sort of updates; most people would rather move in a place that doesn't need a lot of work to be done. 3 months is a long time...what's the whole story?

A house came on the market here in Lutz last week, and it sold by the end of the week.

Originally Posted by CHASLS2

Don't know where you live, but there are too many homes for sale in the Tampa area.

[LKJ1988]

Originally Posted by algia

Not in the good areas! The good areas have 2, 3 that are for sale, and are worth anything! Most of the inventory is not in the good areas, or it is far, far away, or they are in complete disrepair, and most that don't sell are also overpriced.

A 3 bedroom is a 3 bedroom...that's it, and cannot sell for more than a 4 bedroom will. If you want to sell, you have to sell at what the market will pay for it, and have some sort of updates; most people would rather move in a place that doesn't need a lot of work to be done. 3 months is a long time...what's the whole story?

A house came on the market here in Lutz last week, and it sold by the end of the week.

Price has everything to do with a fast sale. In west Pasco nothing is selling since the price to insure a home is the highest in the country. Now with the state run run Ins they want to charge people 9k a year for sinkhole Ins in Pasco county.

So who would want to buy a 25K home and pay over 9K a year to insure it? I know not all loan comp's will force you to have sinkhole Ins, but some do.

People in west Pasco are just screwed from the crime and insane Ins prices.

[algia]

Exactly, and the school zone matters too; if its not in a good school you lost a lot of buyers right there.

Originally Posted by CHASLS2

Price has everything to do with a fast sale. In west Pasco nothing is selling since the price to insure a home is the highest in the country. Now with the state run run Ins they want to charge people 9k a year for sinkhole Ins in Pasco county.

So who would want to buy a 25K home and pay over 9K a year to insure it? I know not all loan comp's will force you to have sinkhole Ins, but some do.

People in west Pasco are just screwed from the crime and insane Ins prices.

[gulfer]

I have to disagree with some of the posts. There are properties selling around here. If you want to find something for under 100K good luck. Have been chasing properties all week for an investor only to be late on every one that is in average shape or better.
6 properties in my subdivision alone went under sale this month with the lowest was a short listed at 165K (probably go for 180K or higher) all the way up to 320K.
Can't emphasize enough about the price.

OP: While you probably don't want to post where you live on a forum like this, I don't think anyone can give accurate advice without knowing your location, what the market is around your area, etc... Also, nobody here can tell you where we will be with the Real Estate market a year from now. Everyone can give you an opinion and one of us will be right, but even a broken clock is correct twice a day.

If you need to get out of here, can drop the price and still feel good about selling, I see no issue. If you need to keep the price where it is so you can sell for what you owe or a higher profit, that is a difficult decision.

Is your property being showed by your Real Estate Agent? One way to determine if the price is close to what the market will take is the number of people visiting your home.