Sellers - Keep Your Power & $, Refuse to Sell for Lower Price !
I am sure this will bring on quite a few comments. But I feel the same about the fuel prices. If I could afford not to drive I wouldn't do it.
I have a novel idea. What if everyone who has their house on the market who doesn't actually need to sell right now, refuses to sell it for a lower price. Either the buyers take it at their price or leave it. Let the buyers buy all the excess spec homes, foreclosures, or the fixer uppers for lower prices. So what if those houses aren't quite as appealing as the ones where the sellers won't sell for less, let the real estate agents market those homes. Let the buyers buy the houses that are available for less even if they are less desireable.
Then when all those lower priced houses are sold or there is so little inventory of houses, the sellers who can wait it out, can then put their houses on the market for what they feel their house should sell for according to what the market should bring compared to all the sales that have gone before; not what the market had declined to, or what people are saying the market is going to decline to in the future.
Some people's houses have appreciated in value because the market has gone up and others have appreciated in value because they have done inmprovements to them. We are one of the latter. We didn't just buy a house and wait for it to appreciate and are then trying to sell it. We have worked on it for three years making many improvements and updates with the sweat of our brow. We don't feel we should have to lower our price to below what we have put into our house and don't feel anyone else should either. We also don't feel we should have to pay for anyone else's closing costs; no one has ever paid for our closing costs. Now if I could afford to, I would be glad to pay for someone else's closing costs just to be altruistic, but I am not in that position.
After reading many of the post here about sellers being advised to be ready to pay for the buyers closing costs and any repairs and lower their prices even more - that isn't right in my book. We have never bought a house where we were given these concessions and frankly I think that is absurd. I really feel bad for those who must sell because they have been transferred or who have circumstances in their life where they need to sell and are forced to "eat crow" while doing it.
I know some will say I am going through the anger stage and anger is correct. Much of the hoopla about all these price reductions that are needed is perpetuated by the media, bankers, real estate agents, and all the hype about how the "market" is going down and you better sell now for whatever you can get or be prepared to just sit on it for years or really loose your "...".
No wonder buyers are hestitant to buy houses or are backing out of sales. Can you blame them - they are waiting for a $5 hamburger to go for 50 cents and who can blame them. As most home buyers, they work hard for their money and are just hoping for a once-in-a-lifetime deal for their family. But I also bet some of those buyers are buying houses strictly on price and later on down the road they are going to wish they had bought one of the houses that might have been priced a little higher but had more ammenities, more square footage, more land, better roof, paint, etc. It will cost them in the long run, they just don't know it now.
Sellers take back your power and hold your ground!