Question Details

JD Hawkins, Both Buyer and Seller in 36535

Should I Hold tight or discount more?

Asked by JD Hawkins, 36535 Fri Jul 13, 2007

I live 8 miles inland from Orange Beach Alabama and the Gulf of Mexico . My house is on the 4thTee of Glen Lakes Golf Course. It is single story brick and has been completely (near 2600 sq. ft) remodeled (less than a year ago). Housing has slowed down. I have already discounted from $325000. to $294000. and I still can not get any one to look at the property. Should I hold or discount more?

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JD, you do not state whether your home is listed with a real estate agent or not. The reason I mention this is because it is important to make sure you are discounting only after your home has been marketed appropriately, both on the MLS and other venues that a professional uses. If your home is with an agent and being marketed by a pro, then the market has spoken and both Jon and Kaye have provided valid points: 1) the market value is determined by the buyers out there and 2) don't waste valuable time chasing down a market. It must be priced right. If your home is not listed with a pro then your home really hasn't been exposed to the market accurately and may need to be before you consider a further discount. Best of luck with the sale!
4 votes Thank Flag Link Fri Jul 13, 2007
The market will ultimately determine where your home will sell. I know it's painful, but if you aren't getting showings or offers, the market is speaking to you. Have you pulled comparable sales recently? That will give you a good indication of what the sale price should be.
1 vote Thank Flag Link Fri Jul 13, 2007
Keep in mind that it is not a discount if your home is not moving. Sellers often have a hard time making necessary price adjustments because they feel they are "giving away" that money. If your price is not getting it done, it was never in your pocket in the first place. The goal is to find market value, and you haven't found it yet, so make the necessary adjustment.
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0 votes Thank Flag Link Fri Jul 13, 2007
I think you should forget what has closed as these are two - three months behind the time.. take a look at what is listed. If four properties that are similar to yours are listed at $289,000 then you need to be at $279,000. You will always lose if you chase a down market.. you need to make the market... believe me it will cost you more to not sell and slowly inch your way to a lower price then to price it agressively and get it sold and take your money. If you are not the first to make a move you will be behinnd the competition.. If Joe moves to $279,000 and sells before you do.. you might wind up at $275,000 or $269,000 as others get on the bandwagon..
0 votes Thank Flag Link Fri Jul 13, 2007
Kaye Thomas, Real Estate Pro in Manhattan Beach, CA
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