Can anyone give me some tips on selling a house in the 800,000 price range in a very slow market?
January 8th, 2010 by admin
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4 Responses to “Can anyone give me some tips on selling a house in the 800,000 price range in a very slow market?”
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As a REALTOR, I can tell you that most sellers are in the same boat as you. This is a buyers market as you are aware, so it’s like a beauty pageant out there for homes. Only the prettiest and best- priced houses will sell. I am in Nor. California and can tell you that the only homes selling here are the LOWEST PRICED IN THE NEIGHBORHOOD. There is no great mystery or lack of marketing by your broker. It’s the PRICE and PRICE alone. Lower your asking price or keep riding the market down to the bottom – your choice.
Rancho Mirage,Ca location location. Who want to live out there by the prison??
Put your so called 800k home to 650k and then maybe.
What was last years AC bill?
You’ve hit the nail on the head! We are in a “slow market.” While I can’t guess how good/bad your agent is, a slow market requires us to adjust our thinking in terms of value. Look back two to three years ago. Do you think O.C. homes (all homes for that matter) were worth what they are today? I believe an agent commits a gross misjustice by inflating a seller’s concept of what property values are by pointing to comp’s that are over 6 months old! Do some research on your own and actually drive by the homes that sold in the value range that you believe you should sell your home for.
If your home is extremely similar in square footage, condition, and (more importantly) location, then advertising and holding special open houses can help. Key words in the advertising can help. Offer incentives for prospective buyers: assist in closing costs, vacations, even a car. It’s not so much the agent’s ineptness, but more a matter of market conditions.
Know this much, the longer you have your home “over priced” the lower the value becomes as the market continues to “correct” itself. Variables such as rates, competition, foreclosures, and media promote down turn in market value. This correction was on its way for more than a year ago in the O.C. I’m a Broker in North O. C. and have been tracking the market for over 15 years and the strongest factor in market conditions is foreclosures. In May of 2005, there were only 42 in the varying stages of foreclosure for North O.C., now there are 1393! This creates a surplus which drives down prices by making more available to prospective buyers.
Lastly, once your listing contract expires and you’re still motivated to sell, try your hand at selling your home without an agent (FSBO). Reduce your asking price by the amount you were willing to pay out in commissions! Advertise in the Penny Saver and the O.C. Register. It will cost you a few pennies and might produce satisfying results. Once you find a serious buyer, contact your local escrow company to guide you along with contracts (some may not be so willing to assist you).
People are still buying- it’s real real estate investors. And there are so many good deals on the market right now, the above advisors nailed it- it’s about the best price per square foot.