I relocated from NY to Florida thinking I was going to work in Orlando but ended up in Jacksonville. I bought a pre-construction home in Orlando on January, 2005. Put on the MLS in January 2006.
I listed it with a friend of mine because I really don’t know anyone in Orlando. She has been trying to sell the home now for 7 months. A lot of people saw the home in the beginning (from March - May 2006) but no offers. Feedback given was that many people did not like the back yard (position of the house) because it was not private (i.e like a preservation view or lake view). Comparable homes have sold for 450K in March 2005. My home is the third lowest listing price in the subdivision and reduced to 434K (was 449K before). It is on the MLS for over 7 months and for the last two months not one showing. My realtor has had 4 open houses. She claims that there just too many homes in the market now. 5 – 6 homes for every buyer.
I need to have this house sold by this September! What do I do?
2006-07-25 06:48:03 · 3 answers · asked by Rolly 2 in Business & Finance ➔ Renting & Real Estate
Figure out the absolute least you will accept for the house and lower it to just above that mark. People will offer less usually so figure that into it. The problem with most homes above the 300,000 range is you can build one for about the same price. And with all the houses on the market people can afford to be pickey. They can love everything about your house but one wall has a color they hate and they will look elsewhere rather than think about the small cost of painting a wall.
You can also add an option to the house that states the buyer will receive a certain amount of money from the sell (like cash back) so they can put up a fence or something. This way the cost can be included in a way in the loan they get and you don't have to come up with the money for the improvements up front.
I had a similar problem 3 years ago. My Real Estate agen also told me the longer a house is on the market the less likely it will sell. If it sits on the market too long people think something must be wrong with it. I still own my firs home and it is now a rental unit. I don't make much profit over my monthly house payment but it has worked out for the better for me. The Value has increased by over 40,000 in those 3 years so when I do sell it I will make more money.
2006-07-25 07:06:06 · answer #1 · answered by nooodle_ninja 4 · 0⤊ 0⤋
Offer Seller Help - to the BUYER. Offer 6 percent toward closing cost - That is one way for a person to come in with no many down...
Try another realitor - or sell it on your own - that way you will not have realitor cost associated with your loan - and can offer the property at a lower market -
do a yahoo search: for sale by owner - and see if you can list it for free - on there..... - at least you will get more traffic......
Good Luck to you.
2006-07-25 20:03:59 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
The market in that area is crap right now. Your agent did not miss the mark telling you that the market is flooded with homes. And, it is hurricane season.
You can't re-position the house. You can offer some buyer's incentives like paying closing costs, inspection fees, etc.
Good Luck!
2006-07-25 14:20:33 · answer #3 · answered by Sharingan 6 · 0⤊ 0⤋