Here are the facts, within a THREE TO FOUR mile radius of your home there are 202 homes on the market. 49 of those homes are within your price range. 141 of them are below 200K. This does not include condos.
In your price range, 52 of those homes have gone to "pending" or "sold" in the past 8 months. 6 homes per month are going under contract. Per those statistics, the expected time on market in your conditions is 2 years.
Chris, I know you are hurting and in a situation where you need to move this place. Ultimately, there's a ton of competition in your immedate area vying for attention from buyers and their agents. The photos are great. We can all see that you have a beautiful, well prepared home. Congratulations!
More than 80% of all home buyers (based off of 2007 statistics) use a REALTOR to find their home. Those statistics would lead me as a seller to know that I have to have a REALTOR who is a top producer in your marketplace.
According to the 2008 numbers for your area, John Jones at Coldwell Banker Snow & Wall is the top. He's a great guy with an amazing personality and care for his customers. Currently, in the entire REALTOR population in middle Tennessee (including Nashville, Clarksville, Murfreesboro, Franklin, Brentwood, Cookeville, etc) he is ranked #8 out of 8000+.
Over 530 homes have sold between April and June in your area...see link.
So the problem is not that homes are not selling...your home is not selling.
So how could other homes sell...and yours not. The most common answer is VALUE. In most markets homes with the most value sell FIRST, leaving the rest to sit, accumulate market time, and lose value.
You say you cannot go lower. What if the value IS lower? The price a buyer will pay is not based on:
How much you need to net, how much your paid, or how much you owe.
So what to do:
1. Stay in the home and lose the new job
2. Rent the home out (see a CPA immediately about the after tax consequences of being an "accidential real estate investor"
3. Go into foreclosure... or try to have a short sale
Just reading your post , here are a few reality checks.
1. Values shift, like any other market---not your Realtor's fault
2. Unrealistic expectations - might be your REaltor's fault. 10-12 showings in the first two weeks or lower the price 5%...but YOU priced based on your obligations.l
3. Wake up. If the market is declining, sometimes YOU LOSE.
My family went through this. When values go UP 10% no one writes posts like this.
Good luck. Talk with a CPA, if you need a referral (but you need to promise to LISTEN) I might have one.
I quickly looked up some sites. http://www.forsalebyowner.com is one, http://www.listedbyowner.com another, http://www.resultsmls.com, and there's also housebuyernetwork.com which advertises that it purchases houses...I might personally leave that one off unless really desperate as I'm guessing they would offer much less than it is worth. Anyway, hope that helps....
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Or get one from a hardware store and DIY???
Please feel free to call if you have queastion.
Just from what I have read in your thread I believe that there are 3 options that could get you out of that house without costing you money out of your pocket now or in the future.
I encourage you to give me a call anytime 615-469-5056.
BY THE WAY FOR ALL YOU REALTORS out there: If you have any clients that might go into foreclosure before you can sell the house or even houses you don't want to list because the foreclosure is imminent ... My partner and I pay 10% of our net profits as a referral bonus for leading that client to us AND we will let you list the house when we make it ready for a retail sale at 85 to 90% of the comparable sale value.
We are experts at creatively solving real estate problems. Call me for more info.
Differentiation is critical in a competative market, outside of price what are you doing to differentiate your home from the 202 other properties advertised in the local area? If you are looking for a great way to showcase your home in a way that no one else in your area is doing try using youvu.com.au - its an online Virtual Showroom that Real estate agents around the world are hearing about...
No two properties are the same, why should your ads be?
YouVu Virtual Showrooms differentiate your property with a greater level of content controlled by you.
25 locations, 150 images, 25 videos/virtual tours and up to 10,000 words for just $40.00.
Once you have created your Vurtual Showroom attach it to all of your online property ads including your agents website, listing portals, email etc...
If you can attach an image to an email you can use YouVu!!!
I believe your problem is that you're competing against 1) new construction, and 2) homes in the same price range that have a bonus room....which is much more desirable.
Really, you have three options:
1) Rent or lease/purchase the home (and yes, I know how to do this...sigh!);
2) Short sale the home - you have to get approval from the bank to do this so that you don't come to the closing table bringing $$$;
3) Bring money to the table at closing!
Call me if you'd like some help....Kimberly
Web Reference: http://www.tennesseesmls.com
"It is what it is................"
Everything points to a home that is over priced for the current market. Since we are in a general real estate decline, it is likely that, if you go below the $166,000 mark that you will be able to mark it up with a smart purchase on the other end, when purchasing in your new area. Home values may be ceclining there as well.
No one likes to lose money, but your options are limited, sell for a real price taking into account the current market value, leave it vacant and list it to be sold, or rent it out.
The "Eckler Team"