Market Conditions in Duck>Question Details

Mary Wasiele…, Home Seller in Stony Point, NY

When do you think the market will change and sellers will be able to sell their property?

Asked by Mary Wasielewski, Stony Point, NY Tue Oct 16, 2007

I wish to sell the home I bought in 2005 but seems like I would not be able to sell it for my purchase price. Any suggestions?

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SOunds to me like you are asking agents to look into the "crystal ball" and give you a prediction.

Predictions are like opinions and everyone has one of those.

You want a real life prediction?

Unfortunately, it probably will not be a Seller's market again until mid 2009.

So hold on.
0 votes Thank Flag Link Wed Oct 17, 2007
There is always one way to sell a property ... thats to lower the price and to choose an agent that does good marketing. Yes, the market is SLOW and we have fewer buyers then sellers right now - which if very frustrating for those looking to sell. The market is making a Correction - homes values went sky high in many areas over the last 5-7 years and now the prices need to come down some. When this happens I believe the market will be revitalized. I also feel there is an overall sense of fear in our society about buying and once confidence is restored buyers will make their move! Good Luck with yoru property.
0 votes Thank Flag Link Tue Oct 16, 2007
I beleive that the only problem in this market is the lack of confidence in the loan market. My sellers are totally ready to make deals but you have to get buyers to visit.

Think about changing realtors as sometimes fresh ideas inspire a new energy into the home. I also love the negative ad.... Take the worst feature in the home and sell the heck out of it.

Here is an actual ad I ran that sold the condo in two days for full price...

"This must be the worst condo in Austin

Any fair or outright crazy offer considered. Please offer me anything! You may be surprised what I accept.

Pretentious features like stainless steel appliances, granite counter tops, slate bathroom and tiling, custom cabinets, 2" miniblinds, scored concrete floors, and contemporary hardware. Centrally located, this place is minutes away from downtown, the Domain, Whole Foods, Central Market, and a ton of other great places to grab a bite to eat or meet up with friends. The cold but colorful sealed concrete floors are one of those yuppie hip features that also makes this condo extremely pet friendly, so rest assured that your furry bestfriend is welcome here too.

Help me get rid of this thing by the end of the month and I'll give you a 42" plasma tv."

Try to think out of the box and sales energy will come to you.
0 votes Thank Flag Link Tue Oct 16, 2007
Hi Mary,

I haven't seen too many Realtors from your area participating at Trulia Voices, as we are still growing. I can't really speak to your direct market area, and your question really does require someone familiar w/ Duck, WV.

If your market area has slowed and you want to sell now, you might have to sell for less than you would like. Buyers will choose the property that provides for them the biggest bang for their buck. Overpricing in any market will cause you to loose potential buyers and lose valuable time. That is true for any geography. Overpricing almost always results in a seller selling for less, not more. Do keep that in mind, as it is tempting to want to price high. It will be a mistake. You will compete with the other sellers trying to market their homes. If those homes look better for the same or less price, there will go your potential buyer down the street to the competition.

Good luck......perhaps we will have a RE Pro or two from WV chime in.

Regards
Deborah
0 votes Thank Flag Link Tue Oct 16, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
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