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Last Summer in Az you had multiple offers within hours on the market. You had to say we are taking offers until say Saturday and then we will make our decision. They didn't care about inspections or anything they would bid against any bid. I should have sold my house then. Some of the Realtors got really greedy and were posting commissions on the MLS at at like 1% or 1 and a half. These same jokers are now offering 5-6% to sell some of the listings. Greedy builders too offering a flat fee 2500.00 now they are giving big commissions. I lost at least 50,000 by not selling last Summer. My house goes on the market in July and we'll see what happens.
My house has been on the market since the end of March. I'm not even getting lookers. I have already reduced it $5,000 and will reduce it again in the next week. I am not over priced based on other properties for sale in my area and development. Nothing is moving around here. New home builders around me are charging $400,000 and up. You are right saying we missed the boat on this one. My realtor said that the builders around here are now offering realtors an 8% commission to bring in the buyers.
The other downside is that the snowbirds are gone and who is out shopping for a house in 100+ temps.
Best of luck to you in putting the house up for sale in July.
How are these offers compared to *last years* offers?
Last year's offers were very close to asking price, not to mention bidding wars were also common. Last year was the prime time to sell. Now it's all a game with the buyers because they know it's their market now.
My house has been on the market since the end of March. I'm not even getting lookers. I have already reduced it $5,000 and will reduce it again in the next week. I am not over priced based on other properties for sale in my area and development. Nothing is moving around here. New home builders around me are charging $400,000 and up. You are right saying we missed the boat on this one. My realtor said that the builders around here are now offering realtors an 8% commission to bring in the buyers.
The other downside is that the snowbirds are gone and who is out shopping for a house in 100+ temps.
Best of luck to you in putting the house up for sale in July.
Yep and 90,000 in incentives in Marley Park..........what a big flop that turned out to be. The market is flooded with investors that have dumped. In my subdivision alone 38 houses for sale. Can I go on the Az site and peddle my house to potential transplants?
Wow, I don't know how all of you have been doing this so long, I've had my house on the market for 1 week now, and it's driving me crazy! We aren't even with a realtor, because we've been told our house is in such demand (not many ramblers in our area), that we should sell it on our own. We just have a sign in the front yard. We've had 2 couples stop by, and 2 phone inquiries so far. I think we're a little high though. I don't know how long to wait and lower it, we need all the $ we can get for a new house. I'm getting nervous, because schools start so much earlier in N/C and S/C. Stress!! . And here's the clincher. I had a phone call today from a man who wants our house, but is only pre-approved for $265. We are asking $289! But, he's disabled, needs a rambler (none around here), because he can't walk up stairs, and was soooooo sweet! Talk about guilt! I've decided this is no fun!!
My house has been on the market now for 3 weeks heading into its 4th. Had a few couples very interested in it but need to sell their house first. Have another couple who made a low ball offer. We rejected it with a counteroffer and now we're waiting to hear back. I understand what you mean by guilt, but be careful because some of them will try and make you feel guilty so that you can drop your price. Just keep in mind that despite the guilt, you need to buy your new house and you're the one responsible for that mortage so if you can't get your money's worth with your current house, how can anyone expect you to cover the costs for your new house? Plus, it's not very good to sell below fair market because that will bring the other home prices in your area down.
I think we're a little high though. I don't know how long to wait and lower it, we need all the $ we can get for a new house.
Crunch your numbers carefully.
If you wait too long, or lower it insufficiently, you could be 'chasing down the market' (and that's a classic). Get a Realtor mod cut to try to get an idea for what the "average" price is for "comparable" houses.
Try this:
If there are 300 comparable houses listed BELOW your asking price, do you think your house will sell?
What if you price your house lower than the comparable houses?
Edit: Wait. You're moving to a new town, without a job lined up, and you're going to put 40% downpayment into a new home? How much of this 'equity' can you afford to lose in the coming years? Let's consider a bleak scenario: your husband can't find job in reasonable time frame (let's hope it doesn't come to that), and you have debt piled up, will you be able to sell your house and recover your loan amount (forget positive equity for the near future, and figure in the transaction costs too), or will be 'upside down'? If you can sell your current house for a good profit, why not put THAT profit away for rainy days? Rent, and forget about having to pay property tax, HOA, insurance, etc.
Unless you want something really unsual that the current glut of available houses don't offer (oh, say, a sculpture to live in?), then a house is just another roof to put over your head. It's not something to get overly attached to.
“‘We should start to see a stand-off as buyers offer lower prices and homeowners refuse,’ said analyst Paul Ashworth. ‘After a period of frustration, sellers should become more realistic about what their homes are worth.’”
“‘We are at a turning point in the housing market,’ said Nicolas Retsinas at Harvard. ‘But this does not mean that we are going to take a nose dive, except in selected areas of overbuilding and highly inflated valuations.’”
It sounds like you guys bought your NC home while you were still living in Mass. Is that right?
If so, I'd like to use your lender. I've often been told that in order to get a mortgage in say, another state, you have to be employed in the new state.
Anyone else shed some light on this? I'm operating in the dark.
You don't have to be employer in the new state, but you have to be employed. The lender will check with your current employer if they are actually going to keep you employed after you relocate. So if you're planning to resign you probably won't get the loan.
Hi backfist,
I can't help you there. I paid cash for my house with the equity from my house in MA. ( home equity loan).
Len
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. And here's the clincher. I had a phone call today from a man who wants our house, but is only pre-approved for $265. We are asking $289! But, he's disabled, needs a rambler (none around here), because he can't walk up stairs, and was soooooo sweet! Talk about guilt! I've decided this is no fun!! 
