smokin5s Posted September 13, 2009 Report Share Posted September 13, 2009 so we got an offer on our house and it's considerably lower than what we'd like to see (we have to bring 15k to closing!!!) so I wanted to get some advice from someone who knows market trends and see if they think I should wait to sell... my realtor is telling me that she doesn't think it will ever go any higher and will get lower and I want to find out if she's just trying to make a quick buck or is telling me the truth. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted September 13, 2009 Report Share Posted September 13, 2009 If you want the name of our realator, I will forward it to you. My wife and I were HIGHLY impressed with her on both the buying and selling end of things. She was a pit bull when she needed to be, great researcher, and didn't back down from some of the unfair BS we had to deal with. If it wasn't for her, we wouldn't have been able to buy this house. She was also able to get our condo sold pretty quickly (when the unit directly below ours is still on the market...through the same realty company but a different realtor, and it is a nice unit). From what I see that is hurting you (some of which there is nothing you can do) - There are at least 5 other houses you have to drive by in your neighborhood that are also for sale before getting to yours. Pricing for everything there seems to be within 25k of eachother. Lots of similar homes in the area for sale. Competition makes things difficult. - Your pricing doesn't seem out of line for what everyone else is asking...I didn't see any that had more square footage for less money. - Property wise, I think you have the back yard landscaping looking good. The living room displays well. The front, though landscaped well and looking tidy, doesn't "pop" but some of the neighbors don't either, so I wouldn't take that to heart. - If keeping white appliances (you are in the price range where it is acceptable to), you should score a used over the range microwave off Craigslist for under $100 and install it. Kitchens & Master Baths are uber-important, and that's a cheap/easy improvement that will do nothing but help. - You realtor obviously doesn't understand realty search engines. $1 less could put you in a whole new search catagory depending on where you are searching. Has she told you to knock the price down little by little since it has been listed (I hope not)? - No pictures of the Master Bath...you NEED them. The basement is kind of "cold" feeling in the pictures. Some cheap to free decorating (hanging some pictures could even help) would make it feel a bit more at home. - The wallpaper trim in the kitchen above the cabinets is a bit taste-specific. I won't say it is hurting you, but it isn't helping. Honestly, it is hilarious how people get picky about easy cosmetic fixes. We had people go through our place and nit-pick about stuff we had never even noticed before. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted September 13, 2009 Report Share Posted September 13, 2009 I forgot to add...your realtor is LOVING the idea of the 15k closing. Why? Keeps the price the same, so she still gets the same comission. She wouldn't like you taking nothing to closing and dropping 15k on the house price. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted September 13, 2009 Report Share Posted September 13, 2009 In our area, for our home, we have been told NOW is the time to sell by our realtor. Will will not be getting what we paid though If you would like her contact info, let me know... KillJoy PS - The $8,000 Tax Credit should help at least somewhat???? Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 13, 2009 Author Report Share Posted September 13, 2009 the 8k tax credit is pushing ALOT of people through the house, and we've had 2 offers this weekend... the issue is, our realtor originally led us to believe that if we sold for 142,500 and paid sellers closing, we would have to bring 15k to closing.... now I'm finding out with the offer of 146 that we got on friday, we have to bring almost 17k to closing.... when I told the realtor this wont work for us, she told me that the prices will do nothing but drop in my area and if I don't sell now, I will be selling the house for 135 next year... so the question is, is she lying to me so that she can make a quick buck or is she being honest with me and trying to help me make the most I can out of my house.... BTW, when the house was new it was sold for 16xk and it was appraised for 181 when I bought the house and since then have replaced all flooring, fininshed the basement, and added a brick paver patio and all landscaping... Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 13, 2009 Report Share Posted September 13, 2009 This is why I have never signed with a realtor. Anyway to get away from this lady? Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 13, 2009 Author Report Share Posted September 13, 2009 This is why I have never signed with a realtor. Anyway to get away from this lady? not for 6 months.... Quote Link to comment Share on other sites More sharing options...
KillJoy Posted September 13, 2009 Report Share Posted September 13, 2009 the 8k tax credit is pushing ALOT of people through the house, and we've had 2 offers this weekend... the issue is, our realtor originally led us to believe that if we sold for 142,500 and paid sellers closing, we would have to bring 15k to closing.... now I'm finding out with the offer of 146 that we got on friday, we have to bring almost 17k to closing.... when I told the realtor this wont work for us, she told me that the prices will do nothing but drop in my area and if I don't sell now, I will be selling the house for 135 next year... so the question is, is she lying to me so that she can make a quick buck or is she being honest with me and trying to help me make the most I can out of my house.... BTW, when the house was new it was sold for 16xk and it was appraised for 181 when I bought the house and since then have replaced all flooring, fininshed the basement, and added a brick paver patio and all landscaping... How much is left on your Contract? KillJoy Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 13, 2009 Author Report Share Posted September 13, 2009 6 months.... or maybe it's 5... she's been our realtor for about a month Quote Link to comment Share on other sites More sharing options...
KillJoy Posted September 13, 2009 Report Share Posted September 13, 2009 not for 6 months.... Ouch. I would look for a new realtor and see if there is someway to legally break the Contract... KillJoy Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 13, 2009 Author Report Share Posted September 13, 2009 so do you guys think she's pulling my chain about the market not going to go back up? Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted September 13, 2009 Report Share Posted September 13, 2009 Find a way to get rid of her. Say she made a sexual advancement towards you and you just dont feel comfortable anymore. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 13, 2009 Author Report Share Posted September 13, 2009 Find a way to get rid of her. Say she made a sexual advancement towards you and you just dont feel comfortable anymore. lmao! Quote Link to comment Share on other sites More sharing options...
Twistedrx7 Posted September 13, 2009 Report Share Posted September 13, 2009 the market is actually going back up. Quote Link to comment Share on other sites More sharing options...
abuseU1300 Posted September 13, 2009 Report Share Posted September 13, 2009 This is Brandon's wife-I am a real estate agent. It is not possible for an agent to accurately tell what's going to happen 6 month or even a year from now. We have found that the market is stabilizing however if people purchased their homes at the top end of the market they may have to bring money to closing. The area's mostly hit have been the newer subdivisions that are still building. You may be able to get out of the contract if you are unhappy with your agent but you must bring these complaints to their broker and give reason's why you are unhappy. They may be willing to refer you to another agent within their company. Not sure the details of your property however you don't have to take any offer that comes in. If you were willing to take a $15k hit but not a $17k hit then don't do it. Another option would be to rent your home and wait it out. If managed by a property management company you should still be able to purchase a new home. Alot of owners are finding this to be a good option so they don't lose a ton of $. Good luck! Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 13, 2009 Author Report Share Posted September 13, 2009 the rental problem is, I've had a few property managment companies stop by my place and said they can only rent the house for 1k a month... I'm paying 1300 now for a mortgage.... I don't want to give away 300 a month for someone else to live there.... Quote Link to comment Share on other sites More sharing options...
LJ Posted September 13, 2009 Report Share Posted September 13, 2009 the rental problem is, I've had a few property managment companies stop by my place and said they can only rent the house for 1k a month... I'm paying 1300 now for a mortgage.... I don't want to give away 300 a month for someone else to live there.... You would be saving $1,000/month Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 14, 2009 Author Report Share Posted September 14, 2009 not paying someone to live in my house Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted September 14, 2009 Report Share Posted September 14, 2009 we just had our house appraised a few days ago...value is down about 20k from last year... if we sold now, we would be down 15k as well Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 14, 2009 Author Report Share Posted September 14, 2009 did the appraiser say anything about values ever going up? Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted September 14, 2009 Report Share Posted September 14, 2009 did the appraiser say anything about values ever going up? no idea...i dont think theres any way for them to be able to tell whats going to happen 6 months from now Quote Link to comment Share on other sites More sharing options...
Bam Posted September 14, 2009 Report Share Posted September 14, 2009 I think she is saying that you will lose some interest in the next 6 months for multiple reasons... 1st, as you stated, the $8k credit is bringing a lot of people and interest to your house, but it expires in November, so what then? You'll lose out on quite a few potential buyers... 2nd, its nearly winter time which has always been a slow time in selling a house, so be prepared to sit tight until next March/April probably if it doesn't sell before November. 3rd, the interest stuff is REALLY unstable at this time because of the economy and the fed pumping money like its their job, therefore if come spring time home mortgage rates have gone up 3%-4% to 8/9/10% interest, you'll have even less potential buyers available to you because they suddenly can't afford as much house anymore... You have to figure out what is worth it to you, but if you're paying $1300/month to own a house you don't use/don't want, and have to hold it until March to sell it, you've already pissed away $7800 in mortgage payments during those 6 months plus something could break/whatever and you would have to pay for that as well. That's not including taxes/insurance on the property if not included in the $1300/month. It very well could cost you $10k + to own that house for the next 6months, whereas you certainly won't see an improvement in value of $10k in that short period. Just my .02...hindsight is always 20/20, and I know that I've missed the boat before by refusing to a quick sale for slightly less than I want, and then having to take that much or less later down the road. Good luck. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 14, 2009 Author Report Share Posted September 14, 2009 10k... that's fine... we're talking 17k.... that's a HUGE chunk of change! Quote Link to comment Share on other sites More sharing options...
Bam Posted September 14, 2009 Report Share Posted September 14, 2009 10k... that's fine... we're talking 17k.... that's a HUGE chunk of change! I don't think you understood what I'm saying....in reality it'd be $27k down, compared to selling at at $17k loss now. Your carrying costs for the next 6months could be $10k, meanwhile it wouldn't pay that much down on prinicpal, maybe $1000, and your house value probably wouldn't change that much. So in theory you'd be out around $27k, as compared to $17k. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted September 14, 2009 Report Share Posted September 14, 2009 I don't think you understood what I'm saying....in reality it'd be $27k down, compared to selling at at $17k loss now. Your carrying costs for the next 6months could be $10k, meanwhile it wouldn't pay that much down on prinicpal, maybe $1000, and your house value probably wouldn't change that much. So in theory you'd be out around $27k, as compared to $17k. I see it the same way.... KillJoy Quote Link to comment Share on other sites More sharing options...
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