How can anyone selling a house even compete with all the foreclosures that are on the market?

Asked by Jennifer, Massachusetts Wed Oct 15, 2008

I have a really well maintained home, with many updates on the market. We have reduced the price significantly after only 2 weeks...but still no showings. I am starting to think we can't compete with all of the foreclosures that are on the market. Our list price is really low for our home (according to more than one realtor) What happens if the market gets so bad that the house is worth less than we owe!!!!

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The Moores', , Templeton, MA
Thu Oct 16, 2008
Dear Seller,

Yes You Can! For one; I’m going to take a guess that your home is being lived in and cared for on a daily
basis. This means that your property’s heating, cooling, electrical and plumbing systems are functioning and will be for the new buyer at closing.

If the market drops out from under you just try not to get greedy. Real Estate is only worth what a buyer is willing to pay.

Good Luck!

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Territory.c…, Agent, MA,
Thu Oct 16, 2008
It is not the foreclosures so much as it is the real estate market, mortgage world and buyers dictating what your property is worth (if it sells).

Foreclosures are very difficult sales to close so I can't imagine that they are real "competition ... The only effect they will have, unfortunately, is the more foreclosures and short sales to pop up in your area the more your home will drop in value.
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Keith Sorem, Agent, Glendale, CA
Wed Oct 15, 2008
What does your Realtor say? Not the others, YOUR REALTOR?

The rule of thumb in home sales is 10-12 showings or one offer in the first two weeks or lower the price. Homes that sell in the first 30 days sell closest to asking.

No showings, lower the price
Showings but no offer, lower the price
Showings, low offers, lower the price

The truth is that buyers are shopping. How many homes are you competing with right now? The average home is competing with 10-12 comparable listings. Take the CMA your Realtor did, drive around and look at those homes. If they go into escrow before yours, then you know you've got a pricing problem.
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Deborah Del…, Agent, Centerville, MA
Wed Oct 15, 2008
Hi Jennifer,

It does seem overwhelming and discouraging but please don't fret. The general rule remains the same, as long as you are priced well and your home is in great condition, you will sell. Yes, there are many folks out there specifically looking for foreclosues and short sales but there are also just as many who do not want such a transaction as they can sometimes be difficult.

Now, I hate to say it but if you haven't had one showing in two weeks, I'd have to revisit your price. Of course I haven't seen your home but unless it's in a poor location, you should have had a couple showings anyway.

Price it well so you don't end up chasing this market.

I wish you well with the sale Jennifer..
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Belinda Arro…, , 02038
Wed Oct 15, 2008
Jennifer ,
You seem to be really worried and I do sympathize with you. The economy has a lot to do with why buyers are not buying.. Some buyers are afraid to take on the responsibility in this economy, some can't get the financing,etc. I would suggest aggresive,aggresive marketing ,and of course staging your home. I hope your home is priced correctly.The good news is that homes are still selling.Don't despair.
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