There are about 10 houses for sale in my neighborhood and they just aren't showing. Some have been on the market for over 250 days. Realtor told us that it is a buyers market right now. I live in a booming suburb of Dallas, but I am getting frustrated. I can't come down from my asking price too much b/c I've only been in the house about 4 years and I don't want to take a hit just to move out of it. A friend works for a nationally known mortgage co and says the average house in the Dallas area is taking 10 months to sell. I can't wait that long! Any insight on the market from experts?
2007-08-06 10:57:01 · 9 answers · asked by Nicky2020 1 in Business & Finance ➔ Renting & Real Estate
Recent housing busts usually last about 2-3 years before they get back to pre-bust status.
2007-08-06 11:07:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sorry to be the bearer of bad news, but home prices are based on what the market will bear. Period. Lot and lots of people are losing money selling their homes these days, especially in markets with many sellers and few buyers. Unfortunately real estate is no longer a sure-fire way to increase assets, and you may well have to "take a hit" in order to sell. If you don't absolutely have to sell right now, it might not be a bad idea to sit tight for a year or two and watch the market correct itself. If you do have to move now, cutting the price might be the only option. Good luck!
2007-08-06 11:46:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You are asking too high for the market value. I live in an area that has a very similar market. It's a buyers market. Sellers are asking what they could've got a year ago, but the market crashed. Where I live, brand new houses are way cheaper than pre-existing homes. The developers are realistic about the value. It seems that sellers are either desperately trying to not lose a lot of money on house they bought when the market was at it's peak, or they are greedy.
2007-08-06 11:09:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The housing market for sellers will improve when the existing inventory goes down and the number of buyers motivated to make a purchase and able to make a purchase increase causing scarcity again. Currently there is a larger inventory available than there is demand. If you can't afford to lower your price and you can't afford to wait. Take the advice about Staging.
2007-08-06 11:08:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your mortgage friend is right on the money. The market is literally flooded with available properties right now, and buyers have a genuine smorgasbord from which to choose.
The only way to make yours move a LOT faster than the others is to CUT PRICE (just what you wanted to hear). Otherwise, you can wait it out and hope that someone happens to fall in love with your particular property and make you a market price offer for it.
2007-08-06 11:02:47 · answer #5 · answered by acermill 7 · 1⤊ 0⤋
If you can't bring your price down, you need to make your house stand out from the others.
Do some staging. Remove clutter and extra furniture and put it in storage (it is ok to put stuff in boxes and keep in your garage or basement). Rearrange furniture to create open "pathways" in rooms. Open all blinds/curtains to let in light on days you know there will be showings. Keep your house extremely clean. Put a vase of fresh flowers in the kitchen.
When we put our house on the market we repainted the kitchen, and then I dabbed a little paint on the wall near the front door, so that when people entered they would smell the fresh paint. (Heh heh.)
Also don't forget about curb appeal. If nothing else, remove weeds and water your lawn.
2007-08-06 11:04:16 · answer #6 · answered by Gen•X•er (I love zombies!) 6 · 1⤊ 0⤋
I expect this to be a great time for investors for at least 18 more months. I would not count on things getting better for sellers before 3-4 years. You may not want to take a hit, no one does, but if you have to sell right now you are going to have to suck it up and take it. Or suck it up and stay put, either way, you are not going to be profitting this year.
2007-08-06 11:12:08 · answer #7 · answered by Landlord 7 · 0⤊ 0⤋
hopefully soon,my house has been on the market in Indianapolis,In for 2 months with very few showings,I feel your pain,my new house is being built and only about a month from completion.
2007-08-06 11:09:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
When people stop asking so much and bring the prices down so people can afford to buy them.
2007-08-06 10:59:42 · answer #9 · answered by Ellie 6 · 2⤊ 1⤋