Home Selling in 33948>Question Details

Bambilynn, Home Buyer in 33948

I am trying to sell my home for what I owe, should I lower price again?

Asked by Bambilynn, 33948 Mon Apr 21, 2008

630 Edgemere St has been TOTALLY rebuilt in 2006 from ground up, and my family needs to move now. I feel like I am already in the hole here and am loosing my shirt on this. I don't know what to do anymore? The house is listed at $150K but I can still go a bit lower... The thing is, I started at 169,900. and am already down, if there is anyone who knows of anyone who is looking for a beautiful pool home granite ... the hole 9.... let me know... or if you can give me advice on what to do to get sold before I loose my butt on this. Thank you

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Hi Bambilynn,

You didn't say if you were using a Realtor. My first bit of advice would be to get one if you're not. Next you need to look at how the buyers view your home and where they are coming form. We are finding that our buyers want the most square footage and upgrades for the least amount of money. Most important is price and next is condition of the home. How are they priced compared to other homes nearby?

We are getting many buyers right now from overseas in Canada. One of our best avenues is to market to these penitential customers. Since the dollar is weak right now against other currencies we a selling many of our properties to Canadians, Germans, English, etc. Many of them can purchase homes/condos for nearly half off the already low prices. It's a great position for them to be in.

The Internet is where most people find us. So you really need to have a strong Internet presence as well. And when they get to your website, blog, etc do you have information that catches their eye. There are many companies that offer free or low cost websites. How is your website set up?

How do the pictures look in the listing? What does the description say? Often times this is the first look that a potential customer will get. Are the pictures bright and colorful? Do they showcase the best features? Read the description of the home-does it sound appealing? Look at a few other homes on the Internet in the same area. Which one would you buy if you were a buyer? Why did you pick that one? Was it price? Was it the great pictures? Maybe you can come up with some ideas and take them to your Realtor.

Good luck with the home hopefully it sells quickly!

Shannon Moore, Realtor
Re/Max Anchor Realty
0 votes Thank Flag Link Thu Jun 26, 2008
There is only one basic reason why a home does not sell. Regardless of the condition of the home. location, or type of real estate market at the time....This reason is PRICE!!!! The bottom line is if you keep dropping the price, someone will sooner or later view it as an opportunity.

Unfortunately, in a market such as the one we are in this process will find many, many people up side down...selling for less than they owe.

Good luck
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
0 votes Thank Flag Link Sat May 10, 2008
What you owe on the house is not revelant. How much are the other houses selling for in your neighborhood? How does your house measure up with the other houses? My advice is to contact a Realtor and get a Comparable Market Analysis. You may want to talk to a Realtor and your Mortgage Holder about a short sale.
0 votes Thank Flag Link Mon Apr 21, 2008
I don't believe in selling a house if you must lose your shirt to do it. If you MUST move NOW, how about keeping the house as a long term investment and renting it out through a a property management company?

I read here that "the only reason a house does not sell when marketed properly is the price". That's simply not true. Outside of the fact that no realtor has yet defined Properly Marketed to me (my agent merely defines it as simply throwing a listing on the MLS service), there is the problem of there being more inventory of houses than buyers. That's the real reason that a house doesn't sell.

I've also read here that "If your list price is too low, you will have several agents with clients bidding against each other". There's two things wrong with that reasoning.

1. If priced too low, people will shy away thinking that there is something majorly wrong with the house. And the seller better plan on giving their shirt in the deal since you can bet the bottom feeders will scrounge for the steal of a deal.

And 2. with so few buyers able to qualify for loans today, there might not be two or more buyers lined up for the house.

These are merely my thoughts. I'm not a real estate agent. I'm not a property management person. Just a homeowner.
0 votes Thank Flag Link Mon Apr 21, 2008
It is not possible to price it too low. In a market of rising value’s time is on your side, you can overprice your home and be patient and wait. Eventually the prices will rise and you will get what you asked. In a market of falling values the opposite is true. If you overprice the home will not get the first look let alone get sold. Time will go by and the home will just be worth less. In both the rising and the falling market the strategy is the same. Price ahead of the curve. In the rising market, depending on what your time frame is you would price it at or a little above market value. In a falling market you want to price below market value to insure your home is one that is sold not your neighbors. If your list price is too low, you will have several agents with clients bidding against each other, ultimately the home will sell at today’s market value.
0 votes Thank Flag Link Mon Apr 21, 2008
Assuming that your home is listed for sale with a Real Estate Professional, I would ditto Capt. Bob's reply. However, if it is not, you should have a professional market evaluation completed (at no cost to you) by a qualified Real Estate Professional. Please let me know if you would like a referral to such a person. To contact me off-line, my e-mail address is john@chamberlinteam.com. Good luck Bambilynn!
0 votes Thank Flag Link Mon Apr 21, 2008
That is something you need to speak with your Realtor about he can best answer that question based on feed back from the showings. I am a firm believer that the only reason a house does not sell when marketed properly is the price.
0 votes Thank Flag Link Mon Apr 21, 2008
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