Massachusetts housing market...

Asked by Jerry Colton, 01851 Wed Sep 5, 2007

My wife and I are ready to call it quits and take our home off the market. We have sunk a ton of money into updates and upgrades to make our home sell. We even dropped the price by 20K. I don't know a lot about the national housing market but I know these are bad times, according to the news reports I hear.
We have "staged" our house for the open houses' we have each Sunday and its getting to be a pain keeping the house spotless for the weekends.
Should we give up or does anyone think the market will get better? Its very frustrating......

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Rob Goodwin, Broker/Owner,ABR,CRS,e-PRO,GRI,SRES’s answer
Rob Goodwin,…, , Easton, MA
Thu Sep 6, 2007
BEST ANSWER
Good morning Jerry:

Look at your goals and decide what is important to your family. It is never just about selling a property, it is about moving on with your life.

If you don't have to sell , take it off the market for a few years. If you are buying something else make up what isn't available on the sell side on the buy side.

If moving on is important for your family quality of life, price the home to sell , take the loss and move on.

Regards,

Rob
Web Reference:  http://RobertDGoodwin.com
1 vote
Jeffrey Chal…, , Arlington, MA
Wed Oct 17, 2007
Jerry,

Don't work harder, work smarter. Check out the link to see if this helps. Otherwise, give me a ring for some free answers. Hope I can help.
0 votes
Jerry Colton, , 01851
Thu Sep 6, 2007
Is that you Honey? ..... Just kidding. Yes, my home was built in the 1900's and I have people come in and say, "Geeze, I don't know, it's kinda old"... Well DUH...... The whole area is a Historic district.
Anyhow, thanks for the comment Pat!!
0 votes
Pat, Both Buyer And Seller, 01826
Thu Sep 6, 2007
I thought my husband wrote this, we are doing the same thing each week and have done it since March, We have had plenty of foot traffic, have dropped it 30,000 since last years Realator priced it, and have not had an offer, feedback is bedrooms to small, now thats something we can't change.
0 votes
Jerry Colton, , 01851
Thu Sep 6, 2007
Thank you all for your advice. I think I agree with Rob (Goodwin). I think this Sunday will be our last Open House and we are taking our place off the market. I have a 2 family in one of the nicest neighborhoods and have it priced accordingly. Right now it's at $359,900. If I can sell it for $350K I'll be good, otherwise we just won't make enough to buy another place and have a similar mortgage. (I don't want to go from bad to worse!)
I appreciate the answers I have received here on Trulia! Great service and very good people. We have decided to wait a year or two and try again... Thanks Rob.... good advice.
0 votes
DebOnTheWeb, Agent, Medford, MA
Thu Sep 6, 2007
Hi Jerry,

You've already received a lot of good answers, but I have one point I'd like to add. . . Where are you moving to? If you are staying here in Massachusetts and are moving up to a larger home or more expensive neighborhood, then most likely the property you'll be buying for your new home has come down even more in price than your current home. In a situation like this, you can still make out even if you end up selling your house for less than you'd prefer.
0 votes
Greg Kiely, Agent, Newton, MA
Thu Sep 6, 2007
Jerry,

First, even in the "most desirable" (i.e. Back Bay, Brookline, Beacon Hill, Newton) markets the end of July and all of August slow down. Very few properties go under agreement when compared to the other monthly averages. The fact that yours didn't could be a simple reflection of that.

Second, as everyone said before me, do a new "CMA" and find out what properties have sold since you listed and try to ask why your agent thinks they have gone under agreement. Your agent should be your teammate here, and it's important to lean on them to get you the answers. You should be getting at the very least a monthly market analysis anyway.

Third, 20k seems like a very significant amount of money to us all (rightfully so, it is!) but in terms of swaying the market, it might not be as significant as you hoped. I don't know anything about your price, but a 20k drop on a $600,000 listing is not nearly as significant as a 20k drop on a $300,000 listing.

Last, and most importantly, you have dropped your price 20k, but take a second to compare that to the rates buyers are being quoted for mortgages. See how much it would have cost monthly for a buyer to buy your home with the original rates at the original price and then compare to today's rates and today's price. Where a lot of my clients in Brookline and Boston missed out is in this comparison. We had one property drop $40,000 yet the monthly payment for a buyer putting 20% down actually went UP because of the 3/4% increase in rates.
0 votes
George Polit…, , 01810
Wed Sep 5, 2007
hi Jerry,
Good advice from the other responders.
You have quite a bit of multi-family competition in Lowell right now, so it's critical that you be as competitive as possible to try and stand out from the rest. Sit down with your realtor and discuss ways to do this. Hang in there ... we also just went through what is historically a slow cycle in real estate -- summer -- so hopefully we'll all see a bit more buyer activity in the next couple of months before the holidays. Good luck!

George Politis
CBRB-Andover
0 votes
Pam Winterba…, Agent, Danville, VA
Wed Sep 5, 2007
I would ask your Realtor to redo the comparable sales and available property. Review your marketing plan. Make sure you have a good internet presence. Price the property aggressively. In our area open houses do not sell the property. Ask your Realtor to hold a Broker's open for the Realtors.
0 votes
Mr.P, , Arizona
Wed Sep 5, 2007
Don't give up.... Do new comps. Review the Internet Marketing your agent is doing for you.
What Kind of Feedback are you getting? Feedback is very valuable make the changes, do what they say.
The National housing market is rather quite. Price is everything review the comps, price it to sell.
Good Luck
0 votes
Deborah Madey, Agent, Brick, NJ
Wed Sep 5, 2007
Hi Jerry,
I have a few questions.....Are you listed w/ a Realtor? What has your Realtor recommended about pricing? Who is doing open houses every weekend....you, your Realtor, or another person from your Realtor's office? What kind of turn out are you getting at these open houses?

Depending upon your list price, 20K may be a little, or may be a lot of price drop. In our area, we have seen price drops over 100K. I know that is hard to swallow, but it does represent dollars that were actuall never had.

Depending on how long you have been on the market and what has been done to promote the property, my recommendations may vary.

If your property is show ready, you have to evaluate your pricing and the marketing exposure given to your property. You cannot advertise your way to a sale of an overpriced property. If you ave gotten good exposure and no buyers, it clearly speaks to price. If your marketing efforts have not been up to par, you need to get the word out.

Last question........when is the last updated CMA you received?

The longer you stay on the market, the more the clock ticks on your DOM (days on market.) While the DOM meter should not be an accurate reporter of value, the truth is that most buyers will discount more for each month on market.

If you can provide a bit more insight, I am sure the responses from all RE Pros can be a bit more specific. I will ck back for further info, also.
0 votes
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