http://www.trulia.com/voices/Market_Conditions/Is_a_late_summer_early_fall_pick_up_possible_prob-143394My impression from having a house on the market and Trulia and Zillow is that most of the buyers out there want a steal. They see all the news about foreclosures and seem to expect that they can get a move in ready home at a foreclosure price. I see many sellers at least in my neighborhood willing to wait it out rather than drastically drop their price. I do wonder if with the $8k tax credit set to expire Dec 1, if more buyers will get a little more urgency as we enter the second half of the year. Before I get slammed about 2005-2007 prices aren't coming back, I am realistic and not expecting that at all. Our house is already 10% off what we could have sold it for during that time frame. If not desperate, I don't think many sellers are willing to drop that much more. Sort of like a game of chicken and each side is waiting to see who blinks first.en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Richmond_VA-749522/http://www.trulia.com/voices/profile/Real_Estate_Pro-Richmond_VA-749522/Dear Randomness: I do believe a late summer/early Fall pick-up is possible, if not likely. It will probably be driven by buyers trying to take advantage of the 1st time home buyer tax credit. I think the biggest concern here is that your home has had only one showing in 45 days. That's due to one, or a combination of the following factors: 1. Price; 2. Condition; and/or 3. Marketing. PRICE: You say you are realistic on price, and are 10% off what it could have sold for in 2005-2007. Well, you need to be 5%-10% off what things are selling for NOW. So, have your agent re-pull comparables and look at what has pended and sold in your neighborhood in the last 3 months. Then, price competitively against THOSE numbers. CONDITION: Is there anything simple and inexpensive that you can do to make your home show better? For example, could you paint the interior, stage, or bump up the curb appeal with some flowers and a nice, neat lawn? Look at the MLS photos of the comparables in your neighborhood that are selling. How does your house match up? MARKETING: I am sure you and your Realtor discussed marketing strategies when you signed the listing agreement. But maybe it's time to re-evaluate that marketing plan. If you don't have a formal, written marketing plan, get one. Is more being done than MLS, brochures, yard signs, and Open Houses? If not, why not? Impose time lines. Bottom line is it's a tough market, but if you price aggressively, keep your home in tip-top condition, and market through multiple channels, your home should sell. Good luck!Fri, 17 Jul 2009 08:23:20 -0700http://www.trulia.com/voices/profile/Home_Buyer-23058-357255/http://www.trulia.com/voices/profile/Home_Buyer-23058-357255/I have been renting, waiting out the market for a couple years, I am that buyer looking for a deal. If you are not in a "Good" school district, I would say you aren't going to get many showings, unless you view your home as a "starter" home. the 8K tax credit is only for people who have not owned a house in the last three years AND meet certain income limits, it's not available for everyone. If you can wait it out great, I have seen homes in the 400-500K+ range which have been on the market over a year, but I also see 350-500K homes that have nice kitchens and otherwise updated sell pretty quickly, especially in the desirable school districts. If you are in the City I think people are turned off by the high taxes. I am not a realtor, but have spent the last few years carefully watching the market. I would save yourself the stress and take it off the market at the end of the month. Living with little ones in a house that you have to keep show ready is a real pain.Fri, 10 Jul 2009 13:34:01 -0700http://www.trulia.com/voices/profile/Home_Seller-Richmond_VA-807954/http://www.trulia.com/voices/profile/Home_Seller-Richmond_VA-807954/We have a Realtor and our house has been listed for the past 45 days with only 1 showing. We are the lowest price house of comp in the neighborhood, so it raises some questions about leaving the house on or pulling it off the market. Our goal when listing was to take advantage of interest rates and to relocate to a better elementary school. We still have a few years until Kindergarten, thus the debate. With the 8K tax incentive running out 11/30/09, I would think that an increase in buyers would be seen by September. Just trying to figure when we cut bait and put our house back to a home instead of in show prep.Wed, 08 Jul 2009 12:47:25 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-23233-223538/http://www.trulia.com/voices/profile/Real_Estate_Pro-23233-223538/Hello, There are many thoughts about the real estate market today. I know that there still is a lot of negative news out there on the media, but as someone who has worked the Richmond real estate market (and is actually having a better year than last year!), I find that the market here is still quite active. However, many of the buyers that are buying homes are the first time homebuyers. Much of this is driven by the $8k tax credit. If Congress does not extend this credit then I think you will see the market be quite active up until around beginning to mid October, since the lenders & settlement attorneys will need closer to 45 to 60 days to get the loans processed & closed, since all loans have to be closed by midnight November 30 in order for the buyer to get the tax credit! You are right that prices will not come back to the highs of the seller's market, but Richmond prices never rose to the level that they did in other areas; therefore, they are not falling as quickly or as deeply as they are in other parts of the country. If the house is priced right to begin with, sellers are still getting 95% of their asking price. However, new listings coming on the market may try to undercut your price and it becomes a question of how low do you want to go. This is why you never want to be chasing a falling market; rather you want to be under the market value. When I meet with sellers, I always give them the fair market value, as it stands today, but then suggest coming in lower than that in order to make themselves the best deal out there! Price & condition in today's market are the guiding forces in getting a home sold today, so not only do you have to be priced well under the current market value, you also want to be the "best buy" out there! Sometimes, when you do get an offer that you may consider insultingly low, it is many times a buyer trying to see just how motivated the seller really is. Negotiate this offer, even if it means that you may end up taking a lower than desired price for your home. Remember, you will be buying another home, and then you will have your buyer hat on and will be negotiating pretty aggressively on the home you will be buying! Always ask yourself, where do you want to be when the market comes back and appreciation comes back - in the house you are trying to sell, or the house that you want to be in for the next 5 to 10 years! Please feel free to let me know if you have any questions! Good luck to you. Barbara Reagan Long & Foster Realtors 804-869-1191Tue, 07 Jul 2009 11:13:33 -0700http://www.trulia.com/voices/profile/Other-23456-205861/http://www.trulia.com/voices/profile/Other-23456-205861/Why do you want to sell the house? Maybe you can keep the house. You like it, right? Good LuckTue, 07 Jul 2009 09:42:26 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-44145-286030/http://www.trulia.com/voices/profile/Real_Estate_Pro-44145-286030/In OH, in the Greater Cleveland Metropolitan Area, we are starting to see a stabilizing of the market prices. As you said you are reasonable & not expecting the price inflation of 2005-200, you should be ok. I suggest that you interview several Realtors in your area to obtain their opinions. You need to find a practical Realtor, who is not hyping the market, one who can do a CMA & explain the reality of the market. If you do not know a Realtor to speak with, even if you are not ready to sell right away, please feel free to send me an e-mail, & I can refer you to several. You may send me an e-mail through my web site listed below.Tue, 07 Jul 2009 08:23:56 -0700