Take it off the market or leave it up till the end of the new home-buyers credit?

Oceansunfish
Home Seller
30126

We bought our town home for $259900 in 2005 and have it on the market now for $250K (having lowered 2xs from $275K). We are getting very little attention (2 lookers in 4months). Should we keep it on the market until the end of the first time home buyers credit or take it off in October and try again next spring? We can't lower the price anymore b/c it will obliterate our equity and leave us with nothing for a downpayment for the next house.

Answers (3)
Aaron Hofmann
Agent
Atlanta, GA

For the most part, we have seen most of the equity obliterated in Providence. The highest resale this year was for a end-unit townhome a little larger than yours that sold for $234,000. So while you're selling for less than you paid for it, pricing has been hit hard in your neighborhood this year. You're not really competing with other new construction within the neighborhood, but you competing with Legacy down the street. And if you can't come any lower to achieve your goals, you may be wasting your time.

From a marketing perspective, buyers like lots of pictures. It doesn't appear your virtual tour is working, so you'll want to get that fixed and be sure that the virtual tour is included on Realtor.com.

And the old adage of it only takes one buyer is true. First-time homebuyer activity has been brisk and the expectations are that it will continue through November 30th and then expect a drop-off afterwards as many first-time homebuyers are moving up their timeline to buy earlier than they originally planned. It could very well be like the push we saw when 100% financing disappeared. Sales spiked and then dropped dramatically as everyone tried to squeeze in under the deadline.

Tue Aug 18 2009, 10:21
davidwbrower
Agent
Cherokee County, GA

what does your agent say? It's gonna sell for what it's gonna sell for, tax credit out there or not tax credit. If you can't lower it to align with market sale prices or to generate any offers, then it looks like you answered your own question. Discuss your listing strategy and recent sales to establish a list price with your current agent. That's why you hired him/her and that's why they earn their commission. It's not going to get any better by next spring.. most likely will be worse. Best of luck to you.

Tue Aug 18 2009, 09:25
Carl Snyder
Mortgage Broker
or Lender

San Diego, CA
FIRST ANSWER

You might consider withdrawing the property temporarily and re-listing it in a couple weeks.
This will attract fresh attention to the property from homebuyers and realtors checking new listings, and still be within a reasonable timeframe for a buyer to take advantage of the homebuyer's credit.
It also helps to get around the perception that since the listing is now "stale", there must be something wrong or unattractive about the property.

Tue Aug 18 2009, 09:25

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 59
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback