my ex keeps insisting via his lawyer, to keep dropping the price on a schedule whice ultimately ends in May at 237K.What little profit I receive is,in essence, my "retirement" funds. I have given away all my previous retirement funds and most of my 401K monies to get to this "dream/retirement" home. I want to keep my excellent credit rating. My ex will not directly communicate or cooperate in this situation.I am 60 and have worked a lifetime in the accounting field.I hoped we would sell this custom-built home here in western WI immediately after the divorce but the changing market dictated other issues. Thus, we are "struck" with a beautiful house and unable to sell are a "reasonable" price. In sum, I wish nothing else but a fair shake and to move on with my life and dreams--aborted as they are. I can not afford to litigate further or change real estate agents(I work for a military contractor)--there must be some way to find a equitable and reasonable plan of action for seeking an end.
2006-12-18 06:21:08 · 3 answers · asked by dennisdasaint 1 in Business & Finance ➔ Renting & Real Estate
To find out what your value is, ask your agent to do a CMA... Suprised if they haven't yet
CMA stands for Comparitive Market Analysis
You compare your home to all the other comparables in your market area..
Key Comparables in figuring this out are
Location (school district) - Home values can differ dramitically just from being in different school districts.
Acreage
SQ. FT (compare homes that are 200sqft below -200sqft more)
Bedrooms
Baths (within +/- .5)
Other things can Add or take away value
Make sure you get your realtor to do this for you so you can find out what you are up against in your area...
If you are right around the same as others in the area, Try adding a cash bonus to the Selling agent (it encourages them to bring their buyers to bring through your home first)... an alternative route would be to up the selling side commission by .5%.
If you are well above all comparables... no matter how much you think your home is worth, in this market, it will not sell..
If it is below all comparables, urge your agent to up their marketing of your home, and maybe do a few open houses...
2006-12-18 12:10:04 · answer #1 · answered by MATT Z 2 · 0⤊ 0⤋
If prices are falling - then you MUST get your price down before others do. Drop the price now to a price that will make the house sell. What YOU think it's worth has nothing to do with what it will sell for.
What you don't want to do is drop the price slowly, following BEHIND the falling values and end up selling for $125,000.
2006-12-18 08:12:37 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
Sorry to say, but just because you decided one day to charge $300K, and now had to drop your price by $53K, it doesn't mean that your house is priced correctly? What if you started at $600K and cut it to $300K? Would that be a better deal for the buyer?
You have to lower it until someone thinks it is priced correctly and it sells.
2006-12-18 06:30:42 · answer #3 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋