Home Selling in 21620>Question Details

Mandm, Both Buyer and Seller in Queen Anne's

My house has been on the market now since last Feb and no offers I switched agents in August and he has not

Asked by Mandm, Queen Anne's Tue Dec 16, 2008

brought us one person to look at the house we have dropped the price 45,000 from where we started and still nothing I am in water access community where most of the houses are older and mine is only 6 1/2 years old with no work to be done... My new house will be ready next month what can I do to sell and should I again look for a new agent ? (at least with the other one I was getting people in the door). And if I don't sell with the new mortgage rules can I rent out my old house or will I loose my money on the new house because I can not close.

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Effective yesterday, (12/17/08) interest rates have dropped BELOW 5% for a 30 year fixed rated mortgage. This has not happpened in decades. It should bring more buyers to the table. Your REALTOR not only needs to find a qualified purchaser for the property, but they must know the ins and outs of financing in this challenging marketplace.

Not only do lenders qualify the purchaser, the property a buyer is looking to purchase is also a consideration in the lending process. A knowledgeable agent has to be able to put the whole package together.

I have many contacts in your area who have been in the business for many years. I would be happy to call them and set up a time for them to make an E-Valuation of your home.

My best for the Holidays.

Monica McNamara
Ocean City, Md,
877-480-7653
0 votes Thank Flag Link Thu Dec 18, 2008
Mandm
I am sorry for your situation.
It sounds to me as though you have not been educated in the home selling process, so please permit me...
First, look at the attached link below. It clearly shows that the market is in a state of decline.
The average price per square foot has dropped 18% in the last twelve months.
But homes are selling. 102 homes recently sold...just not your home.

So here are some facts that you should know:
If homes are selling, but not yours, the most likely culprit is price. What you really need is a top agent in the area to analyze your situation. There are three things that affect the sale of a home:
1. The local market conditions
2. The price value of your home (condition, marketing, preparation for sale
3. Your personal situation (how much you need to net, when you need to sell).

The problem many sellers have is they think that they eventually will get their price. In most areas of the US the buyers control the market. The ONLY homes that sell must ooze value. And unless there are exceptional circumstances, homes will not sell for more than their market value.
Particularly when other homes are selling,

So I would be happy to refer you to a top Realtor that knows your market and can give you advice.

In most markets, a new listing should receive 10-12 showings or one offer in the first two weeks on the market, or a price reduction is in order. Since another Realtor brings the buyer 90% of the time, is the home is not being shown, it will not sell. IF you had sold your home a year ago, you probably would have sold it for more. With the current economic picture, only the BEST value homes will selll

Good luck.
0 votes Thank Flag Link Wed Dec 17, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I am sorry to hear of your predicament. This is, however, not an uncommon problem. Remember, houses tend to sell if they are correctly priced - unless your location has been particularly hard hit.
Are you sure that you are priced realistically? I would suggest that you take a deep breath and then ask your agent (and maybe your first agent also) this question. Please listen to their reply with an open mind before you possibly 'shoot the messanger' and, if necessary, reduce your price. Our prices (in NJ) are back to around 2004 levels.
0 votes Thank Flag Link Wed Dec 17, 2008
I just spoke to a builder last week who lost two buyers with a change in the mortgage rules. To qualify, these folks moved out of their existing home, and had the minimum 6 months of actual rental income history. Now, due a a change in the mortgage rules, they can no longer count the rental income to offset the mortgage payments. They no longer meet the debt to income ratio requirements. The builder is working with them, and will not "stick" it to them.
As Lynne said, speak to your lender first and understand your options. Review your builder contract and understand the position that the builder "can" take. Then open up dialog with them and find out what options they might suggest.
Our current market remains "spotty" with many buyers wanting to wait until next year to see what develops with interest rates.
0 votes Thank Flag Link Wed Dec 17, 2008
a) Read contract on our new home what the out clause is
b) Mortgage broker is your best person speak with regarding leasing your home how your loan is structure.
c) Lending has changed it depends on value of home many families no longer have a down payment purchase a home. NOW with slow period of year Sept - April many home showings slow , most of our listings if they dont sale during business months we take off the market till next busy season.

Sorry to hear about your circumstance.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 16, 2008
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