Quote:
Originally Posted by Just Susan
Just curious Largorick, have any of the houses you have sold even come close to the original asking price?
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RE come close to asking price.
This is a question that has a complex answer. Some of these homes have been for sale for more that four years with various Real Estate offices locally.
Here in Michigan, the only homes that are selling are either bank owned or priced where the buyer has a perception of a deal.
I just sold a house that was listed for 2.5 years originally listed at 995000. It just sold for 650000. This was a 6000 square foot ranch with a full walk out lower level and not included in the square footage located on a gorgeous one acre lot. This house had offers on it in the mid 700's and the value was there but the appraisors would not give it the value due the Michigan being listed as a declining economy.
My most recent sale, yesterday was a 3500 square foot 5 bedroom hardwood floors on first floor, stamped concrete for drive and a 4 car garage was originally listed at 499000 3 years ago and sold for 266000 this week.
There is no magic bullet here and there are a lot of buyers out there with cash but they are guarding their cash like Pit Bulls.
Locally here there are homes that were listed for over 1.2 Million dollars are are selling for under $300 thou.
Does anyone think it is easy to sit with wonderful people and then educate them that their house is worth less that 40% of what they owe or what they have paid? It is tough and the success I have had is from understanding and educating people to what
is.
There is no more "I need" or "I want" when the house is priced, it is," here is the very grim reality". Not fun at all for the poor seller or the Real Estate agent who is the bearer of bad news.
I love my business but lately I hate my job.
Hope that kind of addresses what is going on here. To share what is getting results in my area with other areas that are just as hard hit is good for everyone to know and use it if they wish.
I really prefer to be there in my Villa, everyone at least has a more optimistic attitude in Florida.
Largorick