Nanci Leichi…, Home Seller in Somers, CT

We have had our home in torrington ct for sale for 8 months now. We HAVE to sell it! It currently shows

Asked by Nanci Leiching, Somers, CT Fri Aug 22, 2008

like a model home as we have already moved out and just left key pieces of furniture. I understand the market is horrible right now but last year our house appraised at over $400k, we started selling it at $379k and it is now $2k less than what we paid (and LOTS of sweat equity) for it four years ago at $300k. It is an absolute steal and I just dont understand the buyers out there - we would have leapt over burning buildings to buy the bargains out there now and they all seem to be spinning in circles instead. Question is what do you think the market is doing? We have already moved and are going broke with mortgage and rent. House price can go no lower (we are already putting about $15k out of pocket if it sold at 300k). We want to give it two more months but are unsure if this will make the slightest difference. Any opinions/advice? Much appreciated! Nanci in Torrington

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I feel for you. The market has lost equity and we are now in 2001 pricing. Buyers have so many houses to choose from. It 's like a buyer buffet.
If you haven't sold it by now, chances are slim that you'll sell it at your price any time soon. Values are well low town assessments now. You may have to lower the price and bring money to the closing.
It's like the stock market... it doesn't matter what you paid. Market value is market value.
3 votes Thank Flag Link Mon Sep 1, 2008
You were greedy 1 1/2 years ago, now you are desperate. You "chased" the downward market and now you are paying for it. Your house is worth whatever someone will pay for it, and you've got some competition. You refuse to lose money ie "House price can go no lower", but you're losing money monthly. How much is 1.5 years of mortgage payments? Maybe you can view it like this. Whatever you lose on the sale of this house will be gained when you " leap over burning buildings to buy the bargains out there now". Good luck
2 votes Thank Flag Link Fri Aug 22, 2008
Honesty your home needs to be price 10-20% below market. In this market that is what it takes. You may want to condider renting it out. Most REALTOR will not tell you this cold hard fact because they simply want the listing!
Jessica Kimball
1 vote Thank Flag Link Wed Sep 24, 2008
Good Morning Nanci.

The problem is the banks just are not lending money, there are people who want to buy, but they cant. The banks haved up the minimum credit score to be considered an "A" borrower to get the best rates and terms. It is upwards of 720-740 right now. The other problem is most people who would consider your home are in the same boat, they can not sell their home to move upo to a larger home or relocate to another town, city or state. You need to make sure your home is getting the maximum exposure it deserves and wait until a finacially secure person comes along. Good luck with your sale.
Web Reference:
1 vote Thank Flag Link Fri Aug 22, 2008
Have you seen the taxes? That scared me away! Hope it all works out for you. It's a beautiful neighborhood, but taxes are insane!
0 votes Thank Flag Link Tue Jul 5, 2011

I hate to answer aquestion with a question, but..... Has the house been shown a lot during those 8 months? Your Realtor needs to do things different than the old conventional real estate (list is and wait for someone to sell it). You have to be proactive to sell. Check and see if your home is showing up on plenty of major search real estate sites. People don't just walk into an office anymore, they are atarting there search on line.
Another thing you may want to do, is raise the price up above waht you paid. Sometimes, it's not the price at all. Everyone is bottom feeding and think the entire world is at a fire sale, so they will low ball you anyway. No matter where you price it.
Lastly, I hate to say it, but what you paid for it has nothing to do with what it should sale for now. The bottom line is, How much are like houses selling for? That's where you need to be priced at. So if you're still not there, either take it off the market or lower it to those numbers. What you paid doesn't mean anything for you, me or anyone else.
0 votes Thank Flag Link Sun Jul 12, 2009
I wouldn't pay too much attention to the 'Appraisal' as I would the RECENT sales in the neighborhood and the CURRENTLY ACTIVE competition. If your house is 'the best' and 'the cheapest', it should certainly be the next sale. Also make sure your agent has included LOTS of photo of your property on the MLS and, otherwise they may not even make it to the home to understand how nice it actually is.
0 votes Thank Flag Link Fri Dec 26, 2008
The issue is that your home is settled in a rurual area. I grew up around the corner from there and it is a nice neighborhood, but everyone is flocking to the east end of town near target/walmart. Its ashame. Keep in touch!
0 votes Thank Flag Link Tue Dec 9, 2008
Yes, good luck. If you are all set, we would like to know how it went. Best of luck.

Sonia Holmes
0 votes Thank Flag Link Sun Nov 2, 2008
Hi Nanci,
From what I can tell from the MLS, it looks like you have finally made some progress and have the house under contract! Congratulations!
Gina Sartirana
Prudential Premier Homes
0 votes Thank Flag Link Sat Oct 4, 2008
Why not live in your home until it sells? That would alleviate having to pay rent in addition to the mortgage payment. It is also my opinion that a home that is lived in sells easier than one that is left vacant. However, it seems to me that the only homes selling are the very elaborate and expensive luxury homes, although, I am no expert and have no experience in the art of buying and selling real estate. I still live in my first home, which was built in 1983 and renovated in 2007. I often think about selling and buying a more elaborate home, but then reality sinks in and I say, "why bother!" It all seems way too time consuming. Good luck with the sale of your home. I hope things work out to your advantage.
0 votes Thank Flag Link Fri Sep 12, 2008
I am not a realtor but now that Fannie Mae et al bail out I would think you "might" see people more willing to look for homes. Mortgages are supposed to be more available to people. I feel for you, our mortgage goes adjustable next month..and we intended to refinance but we owe more than the appraisal will now come back at. So we are stuck too. GOODLUCK.
0 votes Thank Flag Link Tue Sep 9, 2008
Hi Nancy,
I looked at the virtual tour, and would like to offer an opinion as a home seller/buyer there where things I noticed in the tour that should have never been shown. One is that there was painters tape left on a ceiling fan near the foyer I believe. And showing a picture of only the wood floor in one segment made the floor look as the the seams didn't line up. I also probably would not have shown an unfinished basement, that just means more work. And most in this market will pass that up for something that is finished even at a higher price. I know I would my husband travels a lot and after remodeling our current house we are not interested in doing that again. But will if the house we find has the other things we are looking for.
That just my opinion, my husband and I are relocating and have a house for sale in Woodstock. We have looked at many virtual tours because he is already in his new job in the midwest, so we have been looking on line a lot. We have passed up looking at houses because of the way the show on the tours. That is not all we consider but sometimes if a house at the same price impresses us more...
We had 4 showings this weekend, we were thrilled.
May we both have good luck selling our homes!
0 votes Thank Flag Link Mon Sep 1, 2008
We are only renting insead of buying because no one will buy our home now!!! Trust me - we are very experienced home seller/buyers and if we were not losing all our money in our home for sale we would be purchasing immediately because there are bargains galore out there right now - when we bought our home it was not over-priced - in fact we bought in a very reasonably priced neighborhood at a time when real estate wasnt all that high for the area. We completely understand that prices need to be lowered to sell - that is why our house is priced almost $50,000 lower than similiar houses in our town. We are not "wishful thinkers" on the price, in fact we interviewed six realtors and they all came within $20,000 of our asking price and we didnt choose the realtor that gave us the highest price. We got a bank appraisal done about a year and a half ago for over $400k. Today's buyers would be getting a heck of a house for the money we are asking for it - take a look at - my house is without question worth the money we are asking. If we were looking in my area we would buy my house within 2 hours of looking at it. I appreciate your opinion but generalizations and assumptions do not really answer my situation appropriately or accurately.
0 votes Thank Flag Link Fri Aug 22, 2008
From yor description it looks like yours is the house on Cardinal Cir. The house does look beautiful and seems to be priced right. You can ask your agent to add a few more pix, and possibly replace a few of darker ones.
In your price range, only 2 houses have sold in the last 90 days, and there is1 under deposit (all are smaller than yours. One of the ones that sold was also on Cardinal Cir and was on the market for 324 days! It started at $327, 500 and sold for $265k. It was 8 years older than yours and needed new carpets (I showed it a while back).
The bottom line is that there isn't a lot happening in Torrington in that price range, but if you maximize your internet exposure, yours could be the next one!
I hope this helps.
Web Reference:
0 votes Thank Flag Link Fri Aug 22, 2008
There are currently 8 homes in torrington at that price point. Which is yours? The one on Fairlawn only has 1 picture and a very generic, short test description. A listing like this will not sell as quickly as one with a lot of pix and a more emotional description.
In today's market, presentation is everything. The internet is today's curb appeal: It is a prospective buyer's first look at the house. If there is nothing in the ad to catch their attention, then they just keep on clicking on to the next listing.
How many websites is the house on? If it's only on, then you are missing out on a large sector of the internet shoppers. Every listing should be on ALL of the major real estate websites (Trulia, Zillow, Courant, OpenHouse, CTReal, Century21, etc.)
The 2 biggest factors in getting a house sold quickly are pirce and exposure. Since you are out of options for price, make sure your agent is maximizing your exposure to the broadest possible market!
Web Reference:
0 votes Thank Flag Link Fri Aug 22, 2008
My brother and his family live in CT and I know homes are selling there. What does your realtor say?
How many showings have you had? It usually takes about 10 showings to receive an offer.
What feedback have you gotten from the buyers and agents who have viewed your home?
Have you talked with your agent about using a professional stager? This will cost a few hundred dollars but well worth it considering the higher price staged homes sell for (and the speed).
Also ask your agent about having an agent tour, adding a home warranty,and using a landscaper to improve your home's curb appeal.
0 votes Thank Flag Link Fri Aug 22, 2008
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