My friends are trying to sell their house but I believe they are asking to much. Yes the house is pretty and huge but I don't think it will sell. They are trying to move and buy another house but need to sell this one first. Any Ideas besides just letting the real state lady do her thing. They really want to sell ASAP.
2006-09-26 02:44:23 · 11 answers · asked by MAS 2 in Business & Finance ➔ Renting & Real Estate
Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.
It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.
For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).
Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.
Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!
http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
2006-09-26 22:38:54 · answer #1 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
To have a successful transaction you need a willing buyer and a willing seller. The more the buyers, the more likely a deal is made. This exposure bears a cost (agent's fee, advertisement etc). In order to have a happy outcome the seller has to determine where this cut off point is, where additional selling costs now does not warrant the ever diminishing incremental returns. Some demographics favour auctions, others prefer do it themselves. Sellers need to set realistic target whatever the chosen method of sale. Once the happy outcome is achieved there should be no nagging regrets on what might have been!
2006-09-26 10:01:42 · answer #2 · answered by Tom Cat 4 · 0⤊ 0⤋
You could do something like this: www.FastHomeOffer.com My mom is trying to sell her house, too, and it is a good house but in an unpopular city. You have to make the house as enticing as possible, and the realtor should mention all the strong points about it. Another good thing is to maybe rent it out instead of buying it, then they could rent another house until their old house is sold. Or hire a new real estate agent. :)
2006-09-26 09:49:01 · answer #3 · answered by poeticjustice 6 · 0⤊ 0⤋
Either know someone who personally needs a place pretty much like what you are selling...or just list with a good real estate agent in your area...they generally have some contacts that are looking for what you are selling...also...price, condition, and "condition's" of sale will determine a lot
2006-09-26 09:51:04 · answer #4 · answered by basport_2000 5 · 0⤊ 0⤋
Price it 1% to 2% below the going value of similar houses in your area.
2006-09-26 09:59:35 · answer #5 · answered by KYRealEstateGuy 4 · 1⤊ 0⤋
LOWER YOUR PRICE.. GET IT PRICED BY 4 TOP AGENTS IN YOUR AREA, AND PRICE IT BELOW WHATEVER THEY SAY. PRICE IS KING.. WHATEVER YOU SELL IT FOR TODAY, WILL BE MORE THAN WHAT YOU WILL RECEIVE IN THE NEXT FEW MONTHS, REMEMBER WE ARE GETTING INTO THANKSGIVING AND CHRISTMAS AND THEN NEW YEARS, NO ONE WILL BE BUYING HOMES DURING THESE MONTHS.. SELL NOW OR WAIT UNTIL NEXT YEAR, AND THEN TAKE THE BIG RISK THAT RATES WILL GO UP, FORECLOSURES WILL OCCUR AND YOU WILL NEVER BE ABLE TO SELL.
2006-09-26 10:57:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sell it on your own ,through a company like House Hunter @ www.househunter.com ,and sell it at the lowest price that still allows you to get out of it what you need.
2006-09-26 09:49:50 · answer #7 · answered by Petra 2 · 0⤊ 1⤋
The best way to lure whatever buyers there are is to price slightly below market. Knowing stuff like this is part of what agents get paid for.
2006-09-26 12:24:58 · answer #8 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Maybe they'll want to try an auction... they can always reject all bids. They will have to pay regardless for the service, so be advised it might be a quick way to sell but not the cheapest.
2006-09-26 16:41:02 · answer #9 · answered by Mike S 7 · 0⤊ 1⤋
Auction - this defines the time frame with an auction date, but they may get more or less than they hoped originally.
2006-09-26 09:48:55 · answer #10 · answered by pseudo 3 · 1⤊ 1⤋