Are foreclosure homes making other homes hard to sell? Other question about agents too...?

Question

Long story please bare with me. My husband and I are selling are home. It has been on the market for about 2-3 months now. About 5 people have come to look at it. They all say it’s a wonderful, beautiful, clean house “which it is with the baby being here and everything” I know the economy is bad right now. With all these foreclosures going on does anything think its hurting the selling of regular homes? Since people can kind of get better deals even if they half to fix it up a little bit. Im asking because I just don’t understand why no one has made a offer on our house yet. We have brand new almost everything including the roof. I think its over priced by looking at other houses in our city, but my husband is being a difficult and I can’t seem to get him to drop the house down lower so what I also need to know is when people come to look at your house do they already know that they can offer what ever price they want for it meaning has there real estate agent already told them that.

Answer 1

Ask your agent what feedback she is getting from the people who look at the house.  If they are all saying it's too highly priced, and if your agent says comparable houses in your area are priced lower, then you need to lower the price if you want to sell the house.  With all the houses on the market you need to lower your price to where qualified buyers pick it over another one.

Having a house on the market for 2 to 3 months is nothing in this economy.  Our house, which was a very good one and which we priced extremely low, was on the market for over nine months.  We had a bazillion viewers, but there are just too many houses on the market right now.  We finally had to take out another mortgage on our new house in order to go to closing on the old one.  We sold at a huge loss, but we sold.  In this market that's the point.

You and your agent are going to need to make your husband see the light on the price of the house, or you're going to be wondering why it doesn't sell for a long time to come.  Don't even think of making a profit.  Just think about getting it off your hands before the fall, because if you don't sell it in the next couple of months you will still own it in the spring.

Answer 2

everybody is bargain hunting, your house is just as valuable now as it ever was.it's the market that is lagging.true all those homes entering the market means homes are cheep many supplied ,few demanded,so to sell now you lower the price. if you are willing to wait say 2 yrs ,you might get your price,but if it has to be now ,well,it's a buyers market.............tom

Answer 3

Overpriced houses don't sell and they get a bad reputation so fewer people will even come look.  Ask your real estate agent to do a comparative market analysis.  Then price the home 5% BELOW that.  The market is falling so rapidly in many locations that you must take strong action.

You hit the nail on the head.  Foreclosures really do affect the marketplace, but you can still sell your house if you price it correctly.

Answer 4

the ONLY reason a property doesn't sell is price, price, price.

If there have been 5 people looking, what does your agent say is the reason they didn't offer to purchase.

Answer 5

If other houses in your area are selling for less than your asking you should  think about dropping the price. people  should be making offers. you have to be patient.  in this market houses will not sell as fast as they did 5 years ago,

Answer 6

You do realize you are trying to sell into one of the worst housing market in a long time, then you say your house is on the high end of houses in your neighbor for sale? if that is the case you will not get any serious looks at this point

yes foreclosure are a problem they increase inventory simple supply and demand at this point their are more houses for sale then buyers

at this rate your house could sit over a year before even getting a bite