Home Selling in Chevy Chase>Question Details

Gabismama, Home Seller in Chevy Chase, MD

My house has been on the market for approx 40 days, we had a contract and it fell through.

Asked by Gabismama, Chevy Chase, MD Wed Jun 11, 2008

We are considering if it doesn't sell by August to take it off the market ,do an addition and stay for another 5 years. We think it is priced well, no one has complained about the price, just the size. We lowered the price once already by $25k.

Do you think the addition is a good idea or should we leave it on the market and lower the price again? The house is in Chevy Chase, MD, a small Cape in great updated condition.

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6
I agree with the other responses that your price is too high. You might want to try taking it off the market for a couple of months or more as the listing has surely grown stale at this point.
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Every month your house is off the market you're losing equity. It isn't like the old days, buyers will know your house was listed, then it wasn't for a few months and now it is again. Just drop the price to where the comps show it should be and get out as much equity as you can: NOW, not in a few months.
1 vote Thank Flag Link Mon Mar 9, 2009
Sorry you have not sold your home. In this market, the price is key to finding the right qualified buyer. If you have to sell, I agree you must have a serious price reduction conversation with your Realtor. If you do not need the money right now, consider a rent to own contract. Because of the market, I would not recommend any major construction.
1 vote Thank Flag Link Thu Jun 12, 2008
Sorry to hear your property has not yet sold. I'm not sure what price point you are at but if it is not selling - that means the property is overpriced. Houses are selling in the metro DC area if they have the correct price tag on it. I've been in two multiple offer situations in the last month. Both properties went after the first open house. If no one has complained about the condition of your home and no one has made an offer - that means they like the look of it but - based on the price - not enough to write an offer. Even a lower offer. In their eyes you have not set yourself apart as good value yet. If you want to sell right now and in this market, I would highly recommend sitting down your Realtor to rediscuss the price. Good luck!
1 vote Thank Flag Link Wed Jun 11, 2008
I agree with the other responses that your price is too high. You might want to try taking it off the market for a couple of months or more as the listing has surely grown stale at this point. Perhaps look at re-lisiting in May or June with at least a 10% price drop. Also, if your looking alternately at a major renovation (say in excess of 20% of the estimated current market value of similar properties in the area) be prepared to stay at least 5 years, likely more. Take note that the last big crash was 1990. The next peak wasn't reached until the 2006-2007 time frame. That should give you some idea of the cycle between bottom and peak of the market. Perhaps this time its worse because in 1990 it was only the S&Ls that were being bailed out. Now we're looking at restructuring a much broader cross section of financial markets.
0 votes Thank Flag Link Sun Mar 8, 2009
A lot of people through a house with no offers means they expected more house for the price. The reason they just don't make a lower offer on yours is because the want more house!

As for hanging in, if your stockbroker called you and said "ABC is depreciating, I think you should sell it", would you want him to be the first out or ride it down and then wait for it to go BACK up?
0 votes Thank Flag Link Fri Jun 13, 2008
We are in the lower price point in Chevy Chase. Thank you for your advice, we are going to lower the price again and see if that changes things. The weird part is that we get a lot of appointments and great traffic during opens.
0 votes Thank Flag Link Fri Jun 13, 2008
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