I live in the country on 20 acres (about 40 minutes) from a mid-size city. I'd like to sell my home. The issue is my house is appraised at $500K (and that's our asking price) and it seems there is little interest from buyers since it's so far removed from the city. Does anyone have any insight as to what we can do to sell it? Work with large companies who bring in VP's from outside the state and are looking for a new home maybe?
2007-11-20 09:37:21 · 5 answers · asked by bh80 1 in Business & Finance ➔ Renting & Real Estate
Like any piece of property, price it right and it will sell. The real estate market is in decline, therefore, you will not likely sell anything at the 'appraised' value. It will only sell at or below the selling price of 'comparables'.
Best wishes.
2007-11-20 09:46:08 · answer #1 · answered by Doctor J 7 · 0⤊ 0⤋
Appraisals are similar to CMA's, the price opinion can vary, and in your market, potential buyers are telling you the price is too high.
There are major relocation companies that locate homes for people changing cities, but is there a call for corporate relocation to your area? But those companies will require a significant fee for this service.
What are you doing to market the home? Since you are so far out, you are probably limited to retirees (who generally want to be close to doctors and hospitals), or someone willing to take on that commute. You need to find the niche and market to it.
2007-11-20 10:33:03 · answer #2 · answered by godged 7 · 0⤊ 0⤋
What state is this in? That's the median value in California. If your home is "appraised" for an amount and it's not selling then it's not priced at "Market Value". Don't confuse the appraisal, which is just an opinion, with true market value, which is what someone is willing to pay for it. If it's not selling, it's priced wrong.
2007-11-20 09:54:52 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I would call residential development companies and ask them if they are interested in it. If you are 40 mins outside of a city that is growing, someone might be interested in developing a subdivision on a property that size. But builders are in a rough spot right now too with the economy the way it is.
2007-11-20 09:53:42 · answer #4 · answered by HEATHER 6 · 0⤊ 0⤋
If it's in good shape and if you have the money, or find a good realtor, have them advertise it in The Wall Street Journal.
It'll be published nationwide.
Another thing is using websites such as this, yahoo real estate.
Perhaps you need to lower the sales price, base it on current market conditions in order to sell it soon, you might need to reduce it.
2007-11-20 09:46:35 · answer #5 · answered by Fair & Savvy 6 · 0⤊ 0⤋