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WWYD? My house has been on market 6 long months. Out of competition past 6 months, only 1 sale. Others have either reduced when we reduced, or have withdrawn from market entirely. Here's my dilemma: reduce another 30K, which would have to be our rock bottom can't go lower price, or hire big area agent and use that 30K to pay her (assuming we ever sell!). No qualms with hiring agent, but house on MLS already and everyone says price sells. Just seems like market in crapper and nothing we can do. Sigh.
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Are you currently using a broker or trying to sell it yourselves? (If so, hire a broker but try to negotiate a lower commission, drop the price another $10K immed and maybe another $10K at the end of September). Summer is a bad time for RE, people MIGHT start looking again in the fall. I'm sorry to hear about your loss.
[ Reply | Options ]Thanks. My FIL is our "Agent". He's been an appraiser for over 30 years so he really knows what houses are worth, and used to be an agent, so that's how we get on MLS without a commission. He's very frustrated as well and can tell he feels horrible. Really don't think it's him. Just trying to do all I can and wondering if big agent is answer but can't afford to lower if we hire her.
[ Reply | Options ]Sadly, I'm sure your FIL knows what the house is n"worth" but that doesn't mean there is a buyer. I'm assuming you don't want to wait another two years to get what it's "worth." Think about what it will cost you (mortgage taxes maintenance) to carry the house for the next two years. I would immediately drop the price by that amount. I see you've listed the house for rent but although that might make you feel better... you're not a landlord and you have enough stuff to worry about. Where/how has the house been advertised? I
[ Reply | Options ]I understand completely. Not looking at all to get what we think it's worth, really. Just need to unload NOW. Advertising has been MLS and we had open house. Also was on craigslist but no action there. What else do you recommend? Thought print advertising kind of a waste in this day.
[ Reply | Options ]The value of an agent IMO is that they can show your house to ANYONE looking in that price range. I know buyers can get MLS listings on their own but then they have to do the legwork and organization to actually get in to see the house. Plus your MLS listing can be on a good realtor's sight-- use someone with a big name in the area so that people go to the website. You want as many people to walk in through that front door as possible. Unless your FIL has an active selling business, his RE expertise isn't going to do any good. The main issue though is the market-- unless someone is forced to move, or unless they are buying their first property, it isn't actually a good time to buy. The economy is terrible and people are afraid to do anything. GOOD LUCK!@
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