We've been on the Market 3months tomorrow, it feels like forever but it's only 3months! I told DH last night, we either lower the price enough to get it Sold or we pull it off the market. I think we are priced right but do we want to wait for who knows how long before someone agrees with us or do we Lower it and get it Sold sooner? Since we are lucky and don't have to actually sell we'd originally thought we'll give it 6months and if it doesn't sell then we'll try again in the spring. But 3months of this selling and I'm exhausted with it, it's terribly stressful and it's wearing on me! In the 1st month we lowered it 5000, and now we're going 10,000 so total $15,000 in 3months which I think will put us at the Best Value in Town, But we're still an Older Home with a limited appeal to people so cross your fingers for us that this helps Get Us Sold!! And Peri, Chocolates and Donuts won't help me! http://www.zillow.com/HomeDetails.htm?zprop=2145841767
2stay: my DH & I were discussing this very thing last night (idea of price dropping.)
Question is...how likely is that to make a difference? I went to the MLS link our Realtor gave us & checked to see what all has changed in the last month or so...the ppl who dropped their prices are still sitting on the market...the ppl who have not dropped their prices are still sitting on the market.
I'm a firm believer, also, that quite a few ppl will question a house that is priced way below comps...wondering what is "wrong" with it.
But you're the only ones who know your finances, know your situation etc., so I wish you well with deciding on this. Just throwing in my opinions & playing d*evil's advocate just a little here.
Also ask yourself (I'm sure you have...but just sayin')...how upset are you going to be to drop the price again? Is it something that's going to eat at you? How will you feel if you drop the price & still no buyers...?
So...good luck with your decision...I feel your pain & if chocolate would help, you know I would PM you a whole bag!
You have a beautiful, unique home! I love the landscaping and pond. I like the older style too. I feel your pain. We are approaching day 90 now on the market and have just submitted our 2nd price drop. We have now going down to $20,000 below our starting price. We didn't think we were priced high at all in the begining for the tons of work we have done on the house in the 4 years we have owned it. I agree that this house selling is exhausting...always having to keep the house clean and organized; leaving all the time for showings and open houses and staying on top of things with your realtor. If we don't sell by August 15th, we are pulling it off the market. We have a baby due on October and want some down time to prepare.
2Stay, you have a lovely home! Is it priced with the comps in your area? I can relate to your price dropping, we've dropped ours basically $30,000 in less than 2 months though we were supposedly priced correctly in the first place. No one has even called these past couple of weeks.
I hope this little story helps you to feel better. SIL and BIL getting transfered again after being transfered just 3 years ago. Their current home is now listed at $100,000 less than they purchased it for 3 years ago and so far they have no offers. Makes me want to cry every time I even think about it.
Posts: 406 | Location: Oregon | Registered: Dec 29, 2007
Our home is such a niche market, the only similar home to ours came on the market about 1month ago and it's priced at 186k. Their home does not have a full basement whereas ours does and is finished, we have a full attic that is completed and they have 1/2attic completed. And on a whole the house size ours is larger and has more of a presence and larger lot/yard. Plus ours is just nicer inside with the built in's and fireplace/wood floors/etc. We will be at 179k, so 7000 less than them but they have a better location and you know about the location,location,location issue! Is it going to make a difference? I don't know I hope so, it will open up the people who maybe don't look above 180K, because at 189,900 that we were, we're maybe out of their reach so hopefully Yes, we'll get more people that way. I've not put out a Motivated seller/price reduced/new price anything like that to tell people that we are desperate but for those of us who watch the market I think if someone is looking they will notice the price has dropped. The market is strange and I'm not going to say this is the answer to selling but everything you hear is based on Price, so I'm praying our new lower Price will do it! I'll hopefully let you know!
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Originally posted by JSM0311: If we don't sell by August 15th, we are pulling it off the market. We have a baby due on October and want some down time to prepare.
JSM-I have no reason to vent, I could not imagine going through this pregnant!! Good Luck to you and to your new family!! That pond is one of my favorite areas!!
It's a very lovely home, I'd kill for that staircase. But, I'd be crying constantly if I had to "give" that treasure away. In this market, someone is going to get a steal on your home. But unfortunately, the only thing selling homes right now is price. Are you willing to lower the price to the point of it hurting? In my market, that's what is happening. Absolutely lovely homes are going for a song or they're sitting on the market while bargain priced homes are selling. Personally, I think if you don't HAVE to sell, don't. Wait out the market if you can, because I don't think you're really going to get what that home is worth.
Question is...how likely is that to make a difference? ...
I'm a firm believer, also, that quite a few ppl will question a house that is priced way below comps...wondering what is "wrong" with it.
Now I'm from California so I have a skewed perspective but out here when a home is lower priced than all the others it usually sells and sells first. The only times this isn't the case is there is a incurable defect (for example house on a busy street or next to a parking lot) or all the other homes are really overpriced and the "cheaper" home is merely just overpriced.
quote:
Originally posted by cordovamom: Wait out the market if you can
Because interest rates (which are near historic lows) are going to get better? Lenders will start giving away money again? Unless some big well paying factory is opening nearby I don't understand the rationale for waiting it out. If you want price X and you get price X 3 years later.. you actually get price X minus 3 years worth of inflation (real versus nominal dollars in economic terms).
I understand pricing to comparables and waiting an appropriate amount of time that a wide range of buyers are able to see a home but at some point you just have to fish or cut bait and work to find market price or just stop trying to sell and live in the house.
I would have a long talk with my agent before dropping the price again. If the current price reflects recent sales in your area and comparable homes on the market- I don't see dropping the price.
If you get it too low, you always get the "what' wrong with it" and you will be very resentful when someone does put in an offer - $10 - $20 less than the list price plus want you to fix things.
Talk to your agent and then rethink what you want to do.
We did have a nice long talk with our agent and she roundtabled it with the other agents in the office and to get our house sold in a shorter time period they came up with 177-179k, so our 179k price DH & I had talked about was right inline to their thinking. We have some beautiful older homes in the area that are sitting on the market at 130-139k they have some issues and are not our comps but they should be selling for MUCH higher and just haven't. We're not losing money on lowering the price, we're not gaining alot but we figure when it comes time for us to buy we'll make up the difference on the purchase but getting a better home at a better price than we could afford if we wait for the market to turn! I would not "give" our house away and lose money on the deal, that would not benefit us for buying but we can afford to drop it and still move on at a comfortable level. I'm hopeful that this will be the Key but also cautiously optimistic! REL-Ads are in every week in the paper, we get the paper (small town) so I know they are in there.
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Your home is beautiful.... It sounds like you're priced right from what you've told us - and I love the fact that your realtor worked with other realtors to come up with a new price... When it gets too hard - just take it off the market. It doesn't sound like you're really moving, you have a gorgeous house - why are you moving, anyway???? Might be best to wait a couple years, and take a run at it again....Best of luck!!!!
Posts: 3900 | Location: Northern Virginia, USA | Registered: May 29, 2003
Originally posted by Tallyann: Your home is just beautiful! I have an almost 4 year old little girl who would move right into that playhouse and never come out! Best of luck to you!
I fell in love with the outside before we'd even seen the inside, I just loved that log cabin! It has the cutest loft in it and my kids were too old for it but now we have grandkids who just LOVE it!! Thanks!!!
Update.... We had a Open House last night 5-6pm and 12 couples came through. This was the special open house inconjuction with our "heritage" weekend celebration our town has and so there were 12 older homes having open houses that same night with our realtor company. I was Very pleased with the turnout and our realtor didn't show our house but another agent from her office and she said she had trouble talking to people to see if they were interested because soo many were coming and going and all. But then the couple who lowballed us have come back with an offer, we're meeting with the agent this afternoon to see it. We've got another realtor going to bring a couple through this weekend and tonight we have a couple who came last night and want to come through again tonight! Soooooo hopefully our price reduction is working!
2stay, congratulations! Gosh it sounds as though you've had a whirlwind of activity! I am so happy for you! Please keep us informed. And if you have extra buyers, please send them to my house... :-)
keeping my fingers crossed, too...Old house lovers don't mind the quirks like smaller closets, etc - we all know that is part of the package...I'll take beautiful wood work and that front porch over a walk-in closet anyday!!!
Boy what a busy weekend! We had the Open House Thursday then the offer on Friday which we countered they countered and we accepted!! But it's contingent on them selling their home and we've got the 48hour right of refusal in play there if we get another offer. Then a couple who came through the open house came back Friday evening and she loved the house wants to make an offer but he said they need to see about listing their home before they do all that so don't know where that will lead. Another agent saw the price drop and brought some clients through Saturday and then she called and they wanted a 2nd viewing Sunday so it's been a GREAT WEEKEND!! I'm praying this last couple Doesn't have a home to sell and wants to make an offer! But either way I think the price drop was the thing to do, we've had alot of people driving by this weekend and taking flyers and so I'm hoping for more showings!! I put the fountain in the pool each time they come over, I think it's my good luck charm, it just looks soo pretty!
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