Zillow Advice: Home Buying - If a house has been on the market for 2 years, started at 424,000, now priced at 385000, what would

There are so many questions ...

Sat, 01 Aug 2009 11:31:00 GMT

There are so many questions you wold want to get answers to FIRST. This is where a good realtor comes in for sure. Have there been offers on the the home that fell through? Was it just so over priced for the eighborhood and market conditions that it wasn't getting shown? Are there issues that you may not be able to see from the outside...like structral or tons of uprades needed The list goes on. I woud recommend you find a good agent tat can help get these questions answered and can help you make the BEST choice for you and your family.

????? Is this guess and complete ...

Sat, 20 Dec 2008 00:43:00 GMT

????? Is this guess and complete the sentence???

There are many factors contributing ...

Fri, 19 Dec 2008 21:13:00 GMT

There are many factors contributing to why a property has not sold after 2 years. In Charleston, this will depend where you are specifically located, whether you are competing against new construction, or better homes, or homes near a special feature such as CofC or Downtown or the Airport, or historic districts.
So, have you asked a Realtor to give you some insight as to why your property has not sold? If you're not using a Realtor that could be the first step. Most homes (nearly 95-Percent) in the Carolinas are sold using a Realtor. So if you're not using a Realtor, then you're missing out on 95-percent of the buyers who are searching for homes.

This market doesn't change ...

Thu, 18 Dec 2008 00:15:00 GMT

This market doesn't change the basic concept of making an offer on a home. You look at the comparables in the area and that determines the price. Lenders will only allow a mortgage based on an appraised value and most appraisers will be using the same comparable homes. I also recommend that you have your realtor show you a list of all of the properties that sold in the area within the last two months. Not just the ones that were used in the comparative marketing analysis. You should understand why she/he used the ones selected to determine the price. Information and education is extremely important for both buyers and sellers in this market.

Wed, 17 Dec 2008 22:58:00 GMT

First of all, there are lots ...

Wed, 17 Dec 2008 22:28:00 GMT

First of all, there are lots of things to consider here! Its not as black and white as your question sounds. You really need more info in order to make an educated decision. Things like, has it been on the market every day for 2 years, is it currently owned by individuals or is it owned by a mortgage company, has it had any offers or contracts on it, have you seen disclosures, is there something wrong with it? I could go on and on. In our area the higher priced properties can be on the market longer. You have lots of questions that really need to be answered by a professional. Good luck!

It really depends on a lot ...

Wed, 17 Dec 2008 22:26:00 GMT

It really depends on a lot of factors, not just an arbitrary percentage adjustment. The main factor, as always, is location, location, location!

There is no set response ...

Wed, 17 Dec 2008 21:41:00 GMT

There is no set response regarding how much too offer. It really depends on how the home compares to recently sold homes and homes currently under contract. A list price is not market price. The seller may not be realistic about the homes worth. The Realtor representing you should present the offer with the back up on the current information

Has the owner updated the ...

Wed, 17 Dec 2008 21:26:00 GMT

Has the owner updated the house. I find most owners who have lower the price could have made some minor to major updating to improve the over all look of the house. Special attention to the Kitchen... You might do the updates and then add the cost back to the house and it you might find a different group of buyers then.

The sellers are probably ...

Wed, 17 Dec 2008 19:44:00 GMT

The sellers are probably not realistic on the market conditions. There is a difference between what you "List" your house at, and what your house is actually worth. Do what Toula said. Have your realtor pull everything that has sold in the neighborhood over the last 60-90 days. Make an offer based off that. Some sellers maybe delusional, but once they get an offer, they may end up going with it just to get it off their hands. Good luck!