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Abc, Home Seller in Austin, TX

Follow up on sell date

Asked by Abc, Austin, TX Sat Aug 25, 2007

Thanks for the replies to our last question. We were showed information in which the last four houses in our area sold between 7-17 days. With our new house not ready until mid november (84 days!) Do we ''really'' want to put it on the market now? We want top price foremost but avoiding a double move (to an apt then to the house) is a high priority too (we have 5 kids and a dog). So are we likely looking at a lower price than we want?

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If you trust your REALTOR then follow their advice. 7-17 days sounds great, but your home may be the exception. It also sounds like you want to have your cake and eat it too, but that will not help get your home sold, you will have to be more flexible with your terms. I understand not wanting to have a double move, but if you get a fantastic offer then what will you do? Perhaps you want to look into one of the companies who promise to sell your home or buy it from you. 84 days maybe, but weather and unforeseen circumstances may further delay your new home. You stated that you were shown info about the last four houses being sold between 7-17 days, did you ask to see the longest time on market for a home comparable to your home in the area?
1 vote Thank Flag Link Mon Sep 10, 2007
There is a lot of inventory out there right now that is not moving. Typically, for every $100K in value, expect 1 month to sell. Yes, you really want to put it on the market now. That data doesn't factor in non-tanglible items like "does the house smell like dogs", "does it show well", and is the house going to survive the move out. Another big "what if" is the current loan market which a dried up for homes over a million. The last thing you want to worry about when you have a new house is the wondering if an offer is going to come.

Consider offering the property as a "fixer upper", no matter the condition. It'll attract a lot of buyers who always think they can get a deal and start the offers coming in. Any low ball offers can be countered or held back as a plan "b".
1 vote Thank Flag Link Wed Sep 5, 2007
ABC.....I would put it on the market now. If will be easier to have a buyer in hand and negotiate your terms and occupancy with them rather than wait. If you wait and no buyer comes along you may be sitting they with no buyer in hand. Get an experienced professional to help you with pricing and marketing.
0 votes Thank Flag Link Wed Sep 5, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
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Put in on the market now. More buyers will seek to close before the holidays to get settled in their new home for family and friend gatherings. Those buyers will be looking now or begin shortly once summer wraps up. Even if you get a contract in 17 days, there is still time needed for appraisals, mortgage approvals, inspections, survey and title work. The end of Nov is not as far away as you think. Blink, and it will be here!
0 votes Thank Flag Link Wed Sep 5, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
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Dear ABC
You want to list it now (as soon as it is ready), and sell it ASAP.
You did not mention the List Price to Sale Price Ratio of those four sold homes. Can you find out?
Homes that sell in the first 30 days usually sell for the most net to the seller.

If I were your Realtor, I say get it sold as soon as possible, keep escrow (no property is really SOLD until escrow closes, so just because a property opens escrow does not mean it's really sold) to a normal length.
I would suggest renting back with a provision to extend if your new home is not ready. How is the builder's track record on timely occupancy? What if it snows and no one can get to work?

Good luck
Keith
0 votes Thank Flag Link Sun Aug 26, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
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I still don't think that you have to compromise the price. I am not sure what the market in your area is (sounds like properties are still moving quickly). Lets just assume that you wait another months which will take you closer to the completion date of your new home. I would want to know if the market slows down in your area as you get closer to the holiday season. Will you need the proceeds from the sale of your current home to close escrow on the new home? If you don't need the proceeds and you feel confident that you'll be able to find a qualified buyer in the first 3 weeks, wait another month before you put the property on the market. If you are not confident that the property will sell as quickly as the others, then put it on the market a.s.a.p. and negotiate a move date that will work for you. Being able to avoid having to move twice will save you quite a bit of time and stress and you can drop the price by the amount that you save because you don't have to move twice. Lastly, are you certain about the completion date of your new home or is there still a possibility that the move-in date may be postponed?
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Sat Aug 25, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
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Abc,
So far our advice is the same. Put it on the market now. It is easier to negotiate for more time, without losing money, than to worry about it not selling at all! As we close in on the holidays, people who don't have to move will put off looking until after the holidays! Put in on the market now!
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Sat Aug 25, 2007
When ABC says the houses "sold" within 7-17 days, I am assuming he means they found buyers for these homes. Either that or it is a record! Here you're lucky if you close 30-60 days after a price agreement. But to ABC, my advice is, if you want to sell LIST IT NOW. The market is not moving up, and if you wait too long you're going to sell for too little. Especially if, as you say, you want to get "top price". List it right the first time and the sooner it sells, the higher the price will be that you get. If you get lucky and find a buyer right away, you can ask for a closing price in November. If it's a deal breaker you will have to rent or hope you get another buyer.
0 votes Thank Flag Link Sat Aug 25, 2007
Hi ABC:

First, please make sure the 4 houses you mentioned are recent sales as market has turned recently, both due to real estate supply and demand in general and also because of problems with lenders. If the sales are not recent, then we will need to adjust the dates.

Assuming the 7-17 days are current, and we can use the numbers, then we can count the days again. To get top dollars, you will want to have your house in the tip-top condition Let's say it takes two weeks to get it all cleaned up, declutter; stage (if you want); landscape and what not. Add 2 weeks to get into escrow. Now you have 2 months before moving into your new home.

On the escrow, you might want to negotiate a 60 days (or a date works with the 84 days) close, which is not uncommon. The question is you can find a specific buyer that can work with the 60 days, but that should not affect the offering price.

If I was you, I would not postpone the sale on purpose because of worries about the price. 7-17 days to get into escrow is pretty fast in today's market, and I would not want to wait for it to slow down. It's easier to negotiate a move in date than it is to find a buyer. If you can't find the buyer before your new house is ready, you will be looking at carrying two mortgages, I presume. You will also be looking at September to November and then then you push into Thanksgiving and Christmas; so I won't wait too long to get it going.

Goo luck!
Sylvia
0 votes Thank Flag Link Sat Aug 25, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
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