Okay, my husband and I are currently building on the farm we bought. Our house is up for sale, we are at three weeks today. We advertised, well our agent did, in Wednesday's and today's local paper. We have had information sheets taken from our box, but no calls of people wanting to see it. Do we just wait another two weeks or so, or do we take action now? If so, what action should we take, over buyers incentives, lower price...etc? Thanks for your suggestions.
2007-09-07 08:52:23 · 6 answers · asked by GreeneyedCowgirl 5 in Business & Finance ➔ Renting & Real Estate
Each market is different. Did you ask your realtor what the average days on the market for your area is? If so, about every 1/3 of that would be a good time to lower your price. Also, ask him/her what the average sale to list price is. Then adjust your price 1/4-1/3 of that percentage. For example, if the sale to list price is 95% and your home is listed for 100,000, lower it 1,500 or so. Does this make sense? Also, instead of lowering your price you can offer incentives based on your market or home. Do you have many 1st time home buyers? Offer a down payment incentive. Does your home need carpet? Offer a carpet allowance. There are many creative ideas that you broker should be able to help you with. Good luck!!!
2007-09-07 09:12:36 · answer #1 · answered by sweetsum691 5 · 0⤊ 0⤋
If your considering lowering your price - do it now! Foreclosures , already at record numbers, will only increase over the next year. You'll be competing against houses that can beat your price by tens of thousands of dollars . . .Find the lowest priced home in your neighborhood and drop your price by 10% then expect any potential buyer to ask for an additional 10 to 15 percent discount.
2007-09-07 10:07:34 · answer #2 · answered by CHARITY G 7 · 0⤊ 0⤋
In today's market with the great influx of homes for sale, the lack of eligible buyers, and the prices depreciating, it could be a long time before you sell. Every three months, drop the price until it sells.If you owe what it was appraised at a year ago, then basically you owe more now than it is worth. Could be in a bad spot at the moment if you have no room to negotiate.
2007-09-07 09:06:16 · answer #3 · answered by Pengy 7 · 0⤊ 1⤋
If your house is price at market or above it could take a year to sell. There are tons of houses on the market. I ran a search around my house and there were 119 active listing withing 1 mile. One house in my neighborhood was listed for $300K then It went to $275K and then it went to $265K and I looked again and now it is $259K and its been on the market for 6 months with no offers. Nice 3-bed. 2-car garage, rambler with 2 full baths and the entire house has been updated and it's on the golf course. If you want to sell fast in this market you will have to list below market value.
2007-09-07 12:34:28 · answer #4 · answered by Leo F 4 · 0⤊ 0⤋
Normal time on market used to be 2 to 3 months .
Now the average time on market is 9 months .
Those anxious to sell lower the price below market to motivate buyers .
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2007-09-07 09:03:01 · answer #5 · answered by kate 7 · 0⤊ 1⤋
Well unfortunately right now is not a good market for sellers at all. Three weeks is minimal time. Honestly in the market today, you are probably looking at 6 months, or more.
2007-09-07 08:59:13 · answer #6 · answered by kristen w 2 · 2⤊ 1⤋