We have had our house on the market for over a mo. and as of yet had no showing.Our house looks like a new house inside and out.With allmost 1Acr. of land and we priced it right.Is any one out there having the same problem.What happen to the real estate market?Any advice? Thanks
2007-07-06 15:26:04 · 8 answers · asked by josie 4 in Business & Finance ➔ Renting & Real Estate
This house is in ct.
2007-07-06 17:17:53 · update #1
There are thousands of homeowners in your same exact situation everywhere. There are more homes for sale in most areas than there are buyers for these homes. Foreclosed properties are bringing property values down a little bit. Houses are sitting on the market for extended periods of time, resulting in sellers dropping prices to below market value, thus bringing values down as well. Mortgage lending guidelines are tightening up and interest rates are rising. Combine all of these factors together and you have a pretty rough housing market right now. It will rebound eventually, but it will take time. If you have time and are not in a hurry be patient and wait for the right buyer for the right price. If you don't have time unfortunately you may have to sell for less to get out of the home. You may want to consider offering an incentive to the Realtor that shows your home to the winning buyer or something to the buyer as extra incentive to choose your home over the hundreds of others they have to choose from.
2007-07-06 15:55:07 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
Had you priced it "right", it would have already sold.
It's a buyer's market in most areas. Many people are in WAY over their head. The property market is a huge pyramid scheme just like the stock market. It is built on the greater fool theory.
All stocks cannot ever be sold without prices dropping.
Houses cannot be sold without prices dropping.
The market will get worse, in many areas MUCH worse.
There is a crisis looming and most people are in denial.
It could easily be worse than the 1930's depression before it is over.
Nobody has a crystal ball, nor can predict the future.
Be prepared for a disaster and hope that it doesn't happen.
2007-07-06 15:47:05 · answer #2 · answered by CommonCents 4 · 1⤊ 0⤋
There are more sellers than eligible buyers and the market is in a glut. Now at about an average of 9 months to sell and this is going to get worse. The housing market bubble is bursting as did the dot com in the 90's.
2007-07-06 15:34:40 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
What you need to do is see what has sold in the last month in your area that is comparable to your home. That is your starting point. Do not go by listed price as obviously these haven't sold. What seems to be working well in CA is pricing the house right and adding another 1% to the selling agents commission. Instead of the selling agent getting 3% offer 4-5%. 1% is usually less then lowering your home thousands of dollars. Agents are hurting for money and your higher commission split will inspire agents to get that home sold. Stand above the crowd not with them.
2007-07-06 19:32:05 · answer #4 · answered by lenderjayne 3 · 0⤊ 0⤋
In my area, houses that are priced appropriately are selling.
If your house isn't getting shown, it is overpriced for your market. Have your agent show you the MLS printout and make sure everything is correct. Do you have good pictures, a virtual tour, what websites is it on? YOu need exposure to drive this internet friendly RE market.
2007-07-06 16:23:50 · answer #5 · answered by godged 7 · 1⤊ 0⤋
We're in a buyers market right now. If it's priced right it will sell.
A house is only worth what someone is willing to pay for it.
2007-07-06 16:10:43 · answer #6 · answered by mister_galager 5 · 1⤊ 0⤋
Where have you been? The market has tanked, there are foreclosures left and right. Hello?
2007-07-06 15:44:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋
We're also thinking of selling. Jus curious, where are you located? We are in California.
2007-07-06 15:56:23 · answer #8 · answered by fern 2 · 0⤊ 0⤋