Quote:
Originally Posted by silverc4s
.........................................
Been on market for about 2 months, reduced price 3 times, about 10% total
Reasonable traffic, 3 open house days, 2 Realtor tours
Only offers have been verbal, and about 10% below my asking price.......................................@72, so it's pretty much my current focus..   |
We're currently in the market to buy in our area (Northern Va) but are very cautious after being 'schooled' in the housing boom/bust. We watch the market every day and have been to a few open houses where we'd like to buy. My observations based on fact:
If I see a new listing and do comps, I mostly see overpriced
and under-prepared for sale homes. Further, if I see the asking price reduced 2 or more times in 60 days or less, the property was clearly over priced initially and the buyer is starting to panic already. As a potential buyer for that property, I'm certain the property will continue the reduction in asking price until it meets realistic market level.......................which may or may not be where I want to be.
Also, I see most sellers in our area trying to wring every last effin dollar and then some out of their home with-out spending any to do even minor updates and maintenance. I see properties de-listed and then re-listed on the MLS sometime with price improvements, sometimes not - but as to appear as a .......................wait for it.........a BRAND NEW listing. It's the same ploy the used car dealers do by moving the same cars around in their lot to the front row so as to appear their inventory was always 'fresh'.
This time of the year is not popular for sellers traditionally. Comps in the last 60 days are much different then this past spring when the 30 year fixed mortgage was .3-.4 tenths of % lower. May not sound like much, but everyone has a budget whether it's $1000 / mo or $10,000 / mo. If the cost of borrowing goes up, even slightly, it may price some people out of your home.
By not pricing your home correctly to begin with coupled with the time of year, you may have missed the boat altogether. I see Realtor's many times agreeing to above market listing prices by greedy sellers just to get the listing / contract.
Open houses do generate foot traffic but mostly for the curious and 'window' shoppers. What can be gained is
listening to comments from the 'walkers' about the homes' condition and pricing.
Finally, this a real-estate. Verbal offers are nothing more than fact finding for the lowest denominator. If anyone has real interest, they will sign an actual offer to buy contract.
