More selling house questions

Forum guidelines BT super discount
Other Resources My Cup of Joe » More selling house questions Rss Feed  
Moderators: k9car363, the bear, DerekL, alicefoeller Reply
2008-01-08 11:19 PM

User image

Champion
4835
2000200050010010010025
Eat Cheese or Die
Subject: More selling house questions
My wife and I moved the first week of November. Our house has been on the market since the first of October. We have had a lot of showings, but no offers.

We need to sell it. We are going to take a huge hit as it is. We lowered the price 10k in December and I want to go another 5k but the realtor thinks we should stay with where it is. Can lowering the price too much be detrimental? Make people think something is wrong? I know the last quarter of the year is a bad time to sell, but I'd rather have to put a few thousand into the mortgage to be done with the house then keep paying the mortgage and rent.

2008-01-08 11:51 PM
in reply to: #1144305

User image

Elite
3972
200010005001001001001002525
Reno
Subject: RE: More selling house questions

As someone who will be buying a house soon (far from the land of cheese and brats), I would tell you that lowering the price will not be a detriment  (ie raise the question "what's wrong with it?".   It is obvious to me that right now, there are people who need to sell, and the compitition is steep for my buying dollars.  When I make a decision of what house I want to buy based alot on bang for my buck.

Good luck.

2008-01-08 11:56 PM
in reply to: #1144344

User image

Champion
4835
2000200050010010010025
Eat Cheese or Die
Subject: RE: More selling house questions
Thanks.

It's in Philly BTW if any of the BTers over there know anyone looking.
2008-01-09 12:09 AM
in reply to: #1144305

Subject: ...
This user's post has been ignored.
2008-01-09 8:33 AM
in reply to: #1144305

Expert
834
50010010010025
Medina, MN
Subject: RE: More selling house questions
The real question is whether lowering the price will help you sell. In this market, I don't think it's going to make a big difference. Buyers keep reading in the paper about how bad the market is, and they feel like they will get a better deal next month, so they're only going to pull the trigger if they find the PERFECT house. Also, a number of them want to sell their own house before buying a new one, so the slow market feeds on itself. One other thing to consider is that if you're lowering your price constantly, buyers might read into it that you're really desperate, and give you a even lower bid. So by lowering your price 5K, you might cost yourself 15K... Just some thoughts.
2008-01-09 8:37 AM
in reply to: #1144305

Champion
16151
50005000500010001002525
Checkin' out the podium girls
Subject: RE: More selling house questions
Does covering the closing costs for the buyer help? It did when I sold in a down market. I got my asking price, but had to cover his costs. Sure, I paid out $3K, but by advertizing that I would help his costs brought in a no-money down, first time buyer to my sale. You don't specify what segment of the market you're selling in and I'm guessing.

Edited by pitt83 2008-01-09 8:37 AM

2008-01-09 11:05 AM
in reply to: #1144702

Champion
4835
2000200050010010010025
Eat Cheese or Die
Subject: RE: More selling house questions
Sorry, it's in the low 200k range which is low for the area. We finished the basement, and totally upgraded the kitchen. I thought I did a decent job, but after looking at the hack jobs people try to pass off as improvements while we are house shopping in our new location I realized I did a pretty kickarse job, if I may toot my own horn.

It is a first time buyer house, we have an assumable mortgage with a really good interest rate, but the buyer would need to come in with a decent amount of cash which makes it hard for the first time buyer.
2008-01-10 8:36 AM
in reply to: #1144305

Arch-Bishop of BT
10278
50005000100100252525
Pittsburgh
Subject: RE: More selling house questions

I mentioned it in the other house selling thread... have you tried St. Joseph?

-Brian 

2008-01-10 9:04 AM
in reply to: #1147387

Champion
4835
2000200050010010010025
Eat Cheese or Die
Subject: RE: More selling house questions
akustix - 2008-01-10 8:36 AM

I mentioned it in the other house selling thread... have you tried St. Joseph?

-Brian



Is that the little dude you plant upside down in the yard?
2008-01-10 5:10 PM
in reply to: #1144305

Expert
773
5001001002525
Alexandria, NH
Subject: RE: More selling house questions

I would probably consider incentives which may help push things along.  For instance you can offer a big screen plasma TV (http://reviews.cnet.com/4520-6475_7-6311413-1.html) or a Week long cruise (http://www.royalcaribbean.com/dealsandmore/allHotDeals.do;jsessionid=0000MEdSkJrxcCWoqQ5bkkEmiLP:12hbioe0u?dest=SAMER&promoType=1&cruiseTourOnly=falseas )part of the deal.  Neither will likely run you the 5 grand you are considering and it might separate you from the pack of homes crowding the market. 

Imagine that you are in the market for a new home and when touring your house they suddenly are thinking about a Caribbean beach... if you are really looking to make a hit how about offering matching the offer to the agent who sells your home which still might be around 5k. 

Since your goal here is to 1 sell the house and two get a much money as is possible you have to stand out from the crowd which means getting more people on your side and I'm willing to bet you can get more value from offering incentives that people might place more value of than cash.  

 

Good luck. 

2008-01-10 6:16 PM
in reply to: #1147465

Subject: RE: More selling house questions
graceful_dave - 2008-01-10 9:04 AM
akustix - 2008-01-10 8:36 AM

I mentioned it in the other house selling thread... have you tried St. Joseph?

-Brian

Is that the little dude you plant upside down in the yard?

We used St. Joseph when we moved from TX to OH and our house sold in 2 weeks.  We also used it again moving from OH to WI and our house sold in 4 days on the market.

I think selling has a lot to do about pricing it right and how much work will the buyer have to do to move in.  That's what I always looked for when buying - I want to move in, have my furniture delivered and be done with it.  Neutral colors is a big help too.  Also small tricks like upgrading cabinetry hardware/bath/sink fixtures, decluttering and depersonalizing (removing family photos). 

Hope that helps - good luck!

2008-01-10 8:20 PM
in reply to: #1149058

Champion
4835
2000200050010010010025
Eat Cheese or Die
Subject: RE: More selling house questions
House is already empty. We completed remondelling the kitchen and bathroom the night before we left. So they are both brand new. We never even used the kitchen as we left 7 weeks before our stuff did.

It was a fast move. My wife started her job 2 weeks after they made her an offer. I had ripped out all the old cabinetry a couple days before they made the offer.
New Thread
Other Resources My Cup of Joe » More selling house questions Rss Feed