My home was appraised at $338,000 8 weeks ago. I have dropped the selling price down to $275,000. Still no offers. My market is very soft due to over surplus of homes being sold. I can'f afford to drop into the 260s. I'm thinking of de-listing my home for a month or so. Is this a wise strategy? I'm thinking it will be a fresh, new listing with new potential buyers then.
There is nothing wrong with my home, it's just the market sucks right now and not much is selling unless sellers are willing to really take a beating. What to do?
2007-06-04 16:16:59 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I have a listing right now that is in the exact same situation, it is very frustrating for my sellers and myself as well. I think the best thing you can do is keep it on the market another 8 weeks. Truth is this is the buying season and even though the market is slow this is the best chance you have to sell so I wouldn't pull it just yet. I would try to ramp up your marketing efforts and Open Houses, get some exposure on the new price and advertise that it is below apprasied vaule so for the new buyer they have instant equity!! Make sure your home shows like a model, with so much competion out there you have to really make your home shine!! Best of luck to you, email me at srmheath@yahoo.com if I can be of any more help
2007-06-05 02:53:13 · answer #1 · answered by Rosie 4 · 0⤊ 0⤋
We are going through the same thing with our home. We have dropped the price below value listed and re listed over the past 8 months! We've had broker open houses and all the agents agree the home is priced right. There are very few buyers out there and the ones that are looking also have homes to sell. At this point it doesn't matter how low you price your home. The market really does suck.
The builders are really killing the sellers of resales with them dropping their prices also! However, people don't realize that the new construction prices are for homes that are spec houses and not totally completed. When they add on all the other stuff they can get in a resale the prices go through the roof. There should be a moratorium on new construction when the market is flooded with resales! Try taking it off and going FSBO for awhile. We did get 2 offers when we did. Only problem was they had to sell their homes. Our lawyer advised us not to accept the offers as contingencies. We have kept them on file and are hoping for the best.
We have re listed with a broker who is only going to take 3% if another office sells it , 2% if her office sells it and nothing if we sell by owner. More agents need to do this. With sellers taking the hit on the price they can't afford to pay 5 or 6% to a Realtor.
Good luck to you.!!:)
2007-06-04 23:36:39 · answer #2 · answered by ursaitaliano70 7 · 0⤊ 0⤋
I woud wait to sell your home, as you said this a buyers market.
Being a mortgage broker I am starting to see Lender guidlines loosen up due to the heavy supply of homes. 3 months ago 100% financing was only available to buyers with 700+ FICO scores, just recently within the last 2 weeks 100% financing is now available to FICO scores of 640 and above.
I would wait until the end of summer to place your home back on teh market, but as for now I would take it off and just wait it out. Most likely you will be able to list for $310,000 by the end of summer
2007-06-05 01:14:56 · answer #3 · answered by LA Fan 1 · 0⤊ 0⤋
I would think about selling using non-traditional means. The market is tough right now for buyers AND sellers. This is because banks are tightening their standards, and there are less people qualifying for loans. Make a win-win situation out of it, by selling it with owner financing.
2007-06-04 23:22:57 · answer #4 · answered by Christopher B 6 · 0⤊ 0⤋
Your house has been on the list for only 2 months in this slow market. I would suggest wait for one more month to see how it goes specially with the reduced price.
2007-06-05 03:30:47 · answer #5 · answered by orange_slice 4 · 0⤊ 0⤋