Home Selling in 12180>Question Details

Vnrussell, Home Seller in 12180

my house has been on the market in Troy Ny since April. The market has dropped since then. i have 2 offers

Asked by Vnrussell, 12180 Tue Jul 28, 2009

on my house 20k less then my asking price. i am asking 155,900 and i need to walk away with 152k in order to pay my realtor and walk away with something to put down on a new house. should i continue to hold out for the market or should i pull my house off the mls?

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Catherine Graziano’s answer
The only way to answer your question is with more questions. Did your agent do a market value analysis to help determine the correct price for your home or is that your price based on what you feel you need. Is your home priced right? What is your asking price per sq ft vs other properties on the market or recently sold. For example if a similar condition home in the neighborhood is 1800 sq ft and another 1750 sq ft and sold for 207,000 & 204,500 (same number of bedrooms & baths etc.) that is approx $116 per sq ft. If yours is 1875 sq ft X 116 =$217,500. Have the buyers offered reasons for their lower offers? Do you need a new roof or is your furnace older? The bottom line is that although you set the asking price of your home, the market conditions set the value of your home. First through the buyers eyes & then through the appraiser & bank's opinion. If your home has gotten several offers $20,000 less than your asking price then that is what the market is telling you is the current value. On the bright side consider this. If you are planning to purchase a more expensive home, that home is also worth less in the current market. 155,000 -20,000 =13% less/ new home at 250,000 minus 13% =26,000 You actually save $6000 by buying now!!
0 votes Thank Flag Link Tue Jul 28, 2009
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