Why Isn't Terrible Market Reflected in Media Reports?
My husband and I find it so perplexing that large media outlets continue to churn out these stories about the r.e. market ticking upwards, when anyone can see this is due almost entirely to foreclosure sales and short sales, and not to sales of new and resale homes picking up appreciably. Where we are trying to sell our home in NC the market is stone cold dead. Our agent, whom we like and who we continue to have confidence in despite our lack of offers after ten weeks on the market, insists she's never experienced anything like it. We believe her because we have sold two homes previously, and we have also never known anything to compare. I have read this forum's posts with interest for a couple of weeks and have noted that almost everything suggested or tried by another weary seller is something we have also tried. Our location is supposedly 'great,' in a high-end development near a quiet lake, with good schools, plenty of shopping nearby, and a good commute to the city. Our house is close to amenities and has a private boat slip on the lake. But since my husband's job ended this spring when his company closed its doors, we've had no choice but to sell and downsize to a tiny place in a cheaper state. The point of the tiny place was to live mortgage-free, as well as debt-free once we sell the bigger place, so we put a big chunk of our savings into painting and professionally cleaning the house once it was empty. Then we listed the house at what our agent suggested was an aggressive price, but only one or two showings followed. We lowered the price over 10K a couple of weeks later. Zilch. Agent went to a seminar on staging and told us it could help if we staged and had better pictures on the net. We borrowed money for the stager, who assured us that such and such a house she staged sold 'in 3 days.' The staging isn't our style, but I think it did give the house better 'flow', and the response from the two agents who brought clients to see it was good. Two showings was all we got. Couple more weeks. Our agent tried an Open House. By now we're feeling sorry for her. A handful of people showed up, only one really interested. We tried a reverse offer on that buyer, but they bought a more expensive place up the road. My husband is so done with this thing that he pushed to reduce the price again. So we lowered it another big chunk -- now this property is listed at 40K less than the original 'aggressive' price. That was a week ago. Instead of dropping the price by $25,000 I probably should have edited the listing to announce that the house was a former meth kitchen -- that's how effective the price cut proved to be. It produced zero showings. Now the kids have gone back to school and there is nothing, nothing, nothing going on. Agents I've known in passing have been e-mailing me asking if I'll refer buyers to them. That's because there aren't any buyers. Not in this time zone anyway. I wish some producer on a national news show or editor of a daily would have the guts to do a story about that. And if anyone has suggestions to bring people in, we'll try anything. We've probably already tried it... (St. Joseph statue -- check. I found him dug up and mauled by a possum. Curb appeal -- spent endless days sweating buckets in the southern sun primping perennials and staging rustic lawn furniture. Check. But now we've started new p/t jobs -- thank God for that -- and I can't make the long drive back every weekend just for the sake of some sun-scorched rudbeckia)... but we'll listen to anything you've got. Thanks in advance, and I've enjoyed all the threads so far.