Helen, here is my advice, the real-estate market is not going to get better for a number of years, it is actually getting worse, there are foreclosures left and right and you have to compete with those. There are plenty of resources on the internet to support what I am saying.

If you want to live closer to your family then do everything you need to do to sell your house, or rent it out if that's an option. It sounds like you simply want to move on. At this point if you are not getting offers then your price is too high. That's just how it is. It is very hard for people to obtain financing these days the way they could in the past. if you keep your price too high your house will stay on the market and comps will keep dropping which is not good for you.

Bottom line, to move it you need to price it right and swallow your pride.

Good luck.

Wed Apr 30 2008, 20:33

Thanks to all for the input. We do not want to start over but we do want to move closer to our family, especially to my Mom.

Mon Mar 17 2008, 15:42

Helen,

If you have only 10 years left to pay off this house, keep the house. Do you want to start all over?

By the way, this is a realtor website, and you look "ripe for the pickin" if you know what I mean.

I am not a realtor.

Any advice they give, involves you doing something, because they don't make money if you do nothing.

anyways

good luck

Mon Mar 17 2008, 15:28

Helen,
I do understand how you feel, believe me! We also have put in over $70K in our condo in the last TWO years, only to find that right now we would not profit any by doing so BUT we are enjoying our remodel. Keep this in mind. Also, what you really need to know is that you basically took your home from the 1980's and put it up to 2008 standards right? If you don't have to move right now, wait until prices go up a little. Bottom line, your price has to reflect market prices regardless of the upgrades put in. We are all in this together.

Sun Mar 16 2008, 09:46

Unfortunately, markets don't work that way. What you "deserve" and what it is worth has no relationship. The market has spoken and that is why your house is sitting for over a year. At a lower price, your house will clear the market. It may be at a price you may not want, but it will be how much it is worth.

Sun Mar 16 2008, 09:12

John, I don't know what the spirit is behind your question, but I will answer it in light of your "curiosity". We have been in our home for over 20 years. We have invested a lot in this property, hard wood floors, new roof, updates in bathroom, new carpeting in bedroom and with payments that have averaged over 1000 per month we have thus far paid into this house in principle and interest over $240,000 in those 20 years. Do we deserve $150,000? Yes, we actually deserve more. In the spirit of kindness and understanding, all we want to do is to relocate and have enough to comfortably get us another home in our retirement days. Why did we want to give 10,000 for a fix up fee? I think it would be best called a buyer perk to change and update somethings in the house.

Sat Mar 15 2008, 13:51

The last question is a little blunt however it is valid. I would like to make a 10% commission also,but that is unrealistic. So sometimes we (meaning anyone in the market selling a home) must accept the fact that we may have to clean much less, IF we are motivated and really want to move. Let me ask you this...would you be happy only clearing say $75K? Remember, you will save on the other side when you buy, especially if you use the profit as a down payment. Where is your home (zip code?). maureen.ross@era.com

Sat Mar 15 2008, 11:26

Why do you think you deserve to clear $150K. Just curious.

Sat Mar 15 2008, 00:30

Why do you think you deserve to clear $150K? Just curious.

Sat Mar 15 2008, 00:29

Despite the previous answer, IT IS a good time to sell your home because you will be able to take advantage of all the deals when you buy the new one. Just don't base your selling price on last year's market; have a realistic selling price, and use a realtor that will look out for your best interests. Please e mail me at maureen.ross@era.com and I and my partner will help if we can.

Fri Mar 14 2008, 17:32

It is not a good time to sell your house. Maybe keep the house for a few more years.

Fri Mar 14 2008, 14:05

The most common reason a house does not sell is price. I can't advise you as to the best price since I don't know th home or the area it is in. Why not talk to a local realtor who can advise you ?

Fri Mar 14 2008, 13:24

One problem is location...lots of inventory in south LA. Do you have any reserves that you can probably invest a few thousand to polish your house.... I haven't seen your house but I could only speculate...But, I can tell you this... You have to work harder these days to sell a house. Agent and seller combined. So with that said... Your house has to shine. Meaning, eventhough it may be a fixer, you can do so much now to make it look its best. If you have a lot of clutter or furniture, put most of it in storage... keep things in your house simple and CLEAN. You don't want to have so much stuff in your house that people can't picture their own things in it... that means no personal pictures on the walls, no knick/knacks, no junk on kitchen counter tops, paint walls a neutral color, clean clean clean. Don't forget curb appeal. Keep the lawn kept and plant some flowers. Your house must be in need of some details... I think with this in mind. Your house may get some attention. Email me if you have any questions
ChristinaMortgage@Yahoo.com

Tue Nov 20 2007, 18:54

Hi Helen,

First let me say that I know how frustrated you must be.

Second, forget about that year old appraisal. Appraisals don't tell us what your home is worth to a buyer.

You don't give us much information about the first year your home was on the market so let me ask you some questions. How did you and/or your Realtor come up with your sale price. Is it at least 5% below the last sold comp. Did you meet with your Realtor at least once/month to discuss pricing & strategy? Are you offering a full 6% commission? What type of advertising has your Realtor done? What have been the results. How many showings per month? What type of feedback have the Realtors given your agent when he/she followed up? How often have you had Open House? What has been the feedback? How about broker's tours? Do you have a lockbox on your door?

If you don't have a good answer to each of these questions, you need to interview 3 Realtors to learn what they would recommend selling your home for & how they would plan to do it. I can run comps for you if I have more information.

Now for the tough stuff: Is your home Q-Tip clean? Every day? You mention a $10,000 fix up fee. Is your home freshly painted? The carpet cleaned? All clutter removed?

The GOOD news is that even though you'll make less money on your home than you would have liked, you will be able to pay less for your replacement home than in years past! This is a big plus!

I wish you all the luck Helen.

Karen Miller

Wed Nov 7 2007, 21:55

Helen
Your profile says that you are just looking in Los Angeles. Are you are seller? it sounds like it. Where are you selling?
I would suggest you consult with three Realtors about your situation and see what they recommend. I do not know your situation or your market.
In general I would say that homes that are sitting on the market are over-priced. The amount you paid, your desired net profit, the amount you spent remodeling...none of that matters.

I am willing to bet that homes like yours have sold during the past year. Buyers always buy the homes that they perceive as having the best value. You need someone to help you understand what value buyers see in your home. Minor painting, de-cluttering, staging, etc. can make a BIG difference coupled with effective market, accurate pricing, and a PLAN to get your home sold. In most markets, the longer it sits, the less it's worth...and everyone can see how long your property has been on the market and for what price it did NOT sell.

Don't kid yourself, time is NOT your friend when selling property.

Best of luck to you.

Wed Nov 7 2007, 21:25

Here is a thought. If you price your house too high, people will not feel you are a motivated seller, especially agents who have buyers. If you price it 5% below what others in the area have SOLD for (not ones that are still for sale because that shows they aren't selling) you might be able to have multiple offers that could get you a higher price. I have seen sellers go as low as 10% below and come out breaking even. Another thought is to offer to pay the buyer's agent a 4% commission instead of the usual 2.5 to 3%. Talk about motivating that agent.

Please feel free to contact me and we can talk in detail about the ways I work to get homes sold which can sometimes seem non traditional.
maureen.ross@era.com or maureen@maureenrosshomes.com

Wed Nov 7 2007, 18:32

Helen,
You are not alone in your predictament, that is for sure.

Unfortunately, an appraisal from a year ago, as you now have experienced, simply does not reflect the current value or that price which a buyer is willing to pay.

At this juncture, it seems you need to determine at what price you are willing to sell your current home, i.e. the very bottom line, and then have a trusted local real estate professional provide you with "now" numbers. If the bottom line can be met, then go for it. You'll probably make up the difference on the purchase anyhow. Otherwise, you should probably hold off selling until the market will bare your pricing needs or the pain of staying in your current home becomes too great.

Wed Nov 7 2007, 16:25

Yikes! Your house is not the only house on the market for over 1 year. Have you had any offers? Are there any inspection reports that pointed out items that needed to be fixed? What marketing has been done? How much traffic has the house had?

How does your house compare to others in your area? To answer your questions, it helps to think like a buyer. Why or why not is this house not selling. It sounds like you have made price reductions - but I don't know how realistic your starting price was.

Let me know the answers to the above and I will try to give some positive solutions to getting your house sold.

Wed Nov 7 2007, 16:04