Quote:
Originally Posted by wlou
Opinions needed...House up in VA has been for sale 2 months..Lots of lookers, no offers yet...Realtor thinks its priced too high...Those of you who recently sold up north to move to TV, did you have to take a large reduction in price? Dilemma, do we wait it out hoping the market gets better...or Reduce now and just get out and to our place in TV??? Hard decisions...On the one hand you dont want to "give your house away"...but on the other, keep paying those monthly mortgage payments for another year as you wait??? hmmmm
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Our experience:
We just got a signed contract on our condo in Fairfax. We didn't sell it last year, but rented it out instead because we thought prices might stablize. Unfortunately, they have only gone down more.
I am of the mind that if you don't get offers early but have a reasonable amount of traffic, then more than likely you are priced too high. I tried to bypass this problem by asking our agent to list our condo for less than the others in our complex even though I knew ours had upgraded appliances and wood floors and was spotless, but guess what happened... we received lots of traffic but only one offer which was lower than our asking. After checking the most recently sold units of similar size, etc. we realized that their offer was close. Most of what is selling in our situation were short sales. We had only 1 comp in our very large complex that was a regular sale. We countered and got a signed contract in less than 1 month. We lost over 100k but I have been reading that the market is still in a downward trend and lot more people who have 3 and 5 year ARMS are going to be in trouble soon which means even more foreclosures and short sales. Even though these sales should not affect a regular sale they do, IMO, because the preception of the buyer changes when they see all the LOW prices, no matter what type of sale it is.
You have to know what you can live with, make a decision, and not look back. We figured Ithat we had made $$ in many other sales, so we are not going to waste our time wishing thing were different from what they are. Life is full of opportunities!!!
Good Luck with your decision!