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Home to Sell

Posted by heidi072964 (My Page) on
Wed, May 5, 10 at 15:00

Our current home has been for sale since October 1, 2009. Our new home is going to be done around June 1 and we have no nibbles on our current home. It is a nice 2-story Colonial, priced right in a great neighborhood on a cul-du-sac. We get good reviews when people tour it but no offers. It shows very well and is updated even though it is 20 years old. We don't have much room to play with the asking price so we don't want to come down much more but we need to sell it quickly. Any suggestions?


Follow-Up Postings:

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RE: Home to Sell

I've always been told that if you're getting lookers and no offers, then the problem is price.

Have you had your realtor pull comps lately? You may be surprised. You may also want to go check out some of the competition in your price range. We sold last summer/fall. Our competition that wasn't willing to price their house competitively is still on the market. We found that basically you had to offer the most bang for the buck to sell.


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RE: Home to Sell

I'll second the pricing. You put your house on the market and the market has spoken. People are not currently willing to pay the price you are asking. You can either lower the price or stay put and hope the market comes up soon.


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RE: Home to Sell

I'll third the pricing, you say you don't have much room, but you need to sell soon.
Time to look really hard at your options...


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RE: Home to Sell

I'm afraid I will have to agree also. When we listed our house in the spring of '08 we asked our realtors what price they thought we should set the house at.....it was not even close to the price we were thinking so we compromised and the house sat for 3 1/2 months with lots of traffic but no offers. Then around July we dropped our price BELOW what the realtors had suggested and it sold by the end of the month!!! I think the total reduction was something like $40k....ouch! You just have to make up your mind what is most important and if you have a new home to move into you are going to have to sell!!! Or maybe you could rent out your house?
Good Luck!


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RE: Home to Sell

Which are you more ... or less....able to afford? Lowering the price on the existing house or paying 2 mortgages?

If you have lookers, I agree that price is the problem.


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RE: Home to Sell

I too am going to say that your problem may be price. If a house is priced right, it will sell. Your house could show fantastically and look like a million bucks. But, no matter how great it may look, you aren't getting offers. This tells me that either it is priced too high, it is competing with others that are better for the same price, or there is some type of issue people are having with your property (IE noisy street, messy neighbors...). Good luck with your sale, but I think sitting on the market over six months makes it scream (to me at least) that it is simply priced more than people are willing to pay. Any chance you could link us to your listing so that we may critique it and offer suggestions?


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RE: Home to Sell

I think it is likely that your house is not outrageously overpriced. It is appearing in the listing like it is close enough in price that people want to look at it. When they come and see it one of two things is most likely. First possibility is that when they see it they realize that it is missing features/amenities/whatever that they see in other houses at that price. This can be cured by a lower price.

The other possibility is that there is something about the house/location that is turning people off. It is possible it could be something you could correct. Although if that is so I would suspect you would know by now. It seems more likely it is something that you can't correct, either related to the location or the house. If so, then there is only one solution, which is to reduce your price. You can sell any house if the price is right.

What you need to get out of the house is really irrelevant. The odds are that you either have to reduce the price to sell it (even if that means you don't get enough or you bring money to the table), don't buy (or sell if you own) the other house, or carry two mortgages and the expenses of both houses. I realize none of these things appeal.

However if your house was priced right it would have sold by now.


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RE: Home to Sell

I think the issue is probably price, even if people are still looking at it. There's a house I saw last month that's in the higher end of my price range. I liked the house itself, too, to the point at which I seriously considered it. But looking at the sold prices, this particular house is listed significantly higher than the highest sold price in the neighborhood in the last 6 months. Would I be willing to pay that dollar amount for a house? Yes. Would I be willing to pay that dollar amount for that specific house in that specific neighborhood? No. And the fact that they've listed for so much higher makes me think that it's not even worth putting in an offer. If they're that unrealistic, I have a hard time imagining that they'd be willing to negotiate down to what's more appropriate for the market. Potential buyers may be applying the same sort of logic to your house.


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RE: Home to Sell

Another option might be to sell the new build now since it may be easier to sell in the current market and stay put in the current house till the market gets better and you have a better chance of getting out of the house what you want, tho that may be some time.


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RE: Home to Sell

Yes, it needs to be "priced right", which is always laughable because what is "priced right" in reality? It is the price someone is willing to pay for your home...And what might that price be? Nobody here knows!!!!! but when it sells, it was THEN priced right...


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