My mother put her house on the market, and had three offers within a day, she took the one for $1K over asking. I conclude that she was asking too little. If you can afford it (i.e. you have not already bought the next one), start high and see if you can get the high price for the guy who wants that specific house, if not, lower the price gradually until someone bites, or it is not worth your while. Though it is a pain to have the house presentable for a long time.
No Luck Selling House
- Thread starter check_mate
- Start date
I think having the correct price in the first place while the listing is fresh is important. This is where a great agent who knows the area and the market is important.
None of us know if your price is right, having us will only make your second guessing escalate. Try to stay cool.
None of us know if your price is right, having us will only make your second guessing escalate. Try to stay cool.
The difference between where you are and where you want to be has grown faster then the increased value on your present home.That is why it is a more expensive area.Trying to get the same return on your present home,in comparison to what the home in the expensive area went up won't work.Now if you had bit the bullet on the more exp home 8 years ago,,,,,,,,,,hindsite,20/20check_mate said:
But if you could not afford it back then,what has changed?Unless a person doubles up at the least on mortage payments,after 8 years you owe maybe 5 to 10 grand less then when you started.
lickrolaine said:
Realestate investments are a fragile one. Were buy based upon need and want, yet we hope others agree.
When the do we profit. When they do not we accept our losses and move on. BTW 7 to 10 years is typical for turning a profit.
asking price
Didn't your agent do the research for you, like show you similar houses in similar areas, what they asked for and what they actually sold for? I'm actually selling my house as well, and we came up with a good price based on all the available information (comparison with over 20 other properties) - it's been listed for just over a week and I've had 5 showings so far. It also depends on supply, there are lots of houses in my neighbourhood for sale, for instance, so it tends to make the pricing that much more competitive.
Didn't your agent do the research for you, like show you similar houses in similar areas, what they asked for and what they actually sold for? I'm actually selling my house as well, and we came up with a good price based on all the available information (comparison with over 20 other properties) - it's been listed for just over a week and I've had 5 showings so far. It also depends on supply, there are lots of houses in my neighbourhood for sale, for instance, so it tends to make the pricing that much more competitive.
Kbear: it is totally relevant when he ultimately sells and when he sets his asking price. Yes, he can only get what the market will support (just like an sp setting her prices) but someone somewhere has to set a higher price for the prices in that area to either go up, stay the same, or go down. If he has a "gem" then he can ask more for it. If he overpaid when he bought, he might have to adjust his goal of what his ROI will be. If he wants to break even on the sale and make a lateral move to a more desireable area (closer to work, family, or strip club) then that is relevant also.
Lick: The area he wants to move to isn't necessarily more expensive because it has realized a higher increase in price, it could have been a more expensive area 8 yrs ago also and is just in a more desireable area. In fact, I believe that the higher end areas haven't realized such as high an increase as some middle areas. For eg: If his current home is downtown, and he wants to move to scarborough, then your theory isn't true. The downtown core has (in some areas) realized a tripling of price in the last 7 yrs. where there are some other areas which haven't realized that dramatic increase.....
One of the main problems I see when ppl try to sell their home is they think they have the Bentley of homes in their area and think everything else is in the league of a chevette. Dude: you have to be realistic in your goals and really step back and take a look at what your property is really worth on the market. Then you can assess what you can actually get for your place and that will give you an idea of what you can spend on your next place.
As noted: paint is the cheapest and easiest way to immediately increase the value of your home.
other areas that will affect the price dramatically:
- New upgraded bathrooms and kitchens
- hardwood floors or new carpet
- Curb appeal or landscaping (even if the plants only last 2 months, if it looks good on the outside when the buyer's see it, that will make them more eager to purchase).
By the way: upgraded Kitchens bathrooms and paint are the only areas that you are guaranteed to get your money back when you sell. For some reason these areas have consistantly given you the highest ROI.
I also said that the house he bought 8yrs ago did not keep up with the area they are looking at now.
Also included if it was affordable back then,,,,
My theory is true,if they own downtown now,paying 300,000 8 yrs ago,then they now have 900,000 by your calculations.Since 900 grand would pretty much by them anything they could want,I would say that scenerio is not true.
300k 8 years ago would probably average about 420-450k now, depending on upgrades etc.. That kind of price range should not be that difficult to sell. Currently, the 600 to 800k homes are difficult to sell. The theory is that below 600 you can still manage with a mortgage easily. Above 800 most people don't have to rely on a mortgage to buy.
Also, find out what buyers are saying after a showing when they didn't like it. Too dark, old windows, old carpet etc... and try to address these issues.
Also, find out what buyers are saying after a showing when they didn't like it. Too dark, old windows, old carpet etc... and try to address these issues.
All comes down to price...
No matter what the current market condition, it all comes down to price. If it's priced "properly" it will sell within two weeks to ten weeks. The trick, of course, is finding the "proper" price. List it at $99,000 and you'd have a line-up of buyers...list it at a million, and you'd get no one. So, somewhere in between is the right price - the price a prudent buyer will pay to a motivated seller who is not under undue pressure to sell.
No matter what the current market condition, it all comes down to price. If it's priced "properly" it will sell within two weeks to ten weeks. The trick, of course, is finding the "proper" price. List it at $99,000 and you'd have a line-up of buyers...list it at a million, and you'd get no one. So, somewhere in between is the right price - the price a prudent buyer will pay to a motivated seller who is not under undue pressure to sell.
This is also a tough time of the year to sell a house.
If you go to the Canada mortgage and housing website, you can buy for a small fee the data on the houses selling in your area. You will always see that the number of closings falls drastically in November and December and January and doesn't start to pick up till March.
It's the end of the year thing / Christmas bill thing.
If you go to the Canada mortgage and housing website, you can buy for a small fee the data on the houses selling in your area. You will always see that the number of closings falls drastically in November and December and January and doesn't start to pick up till March.
It's the end of the year thing / Christmas bill thing.
Yes, Rosedale is more expensive, Ritz Carlton, 5th Avenue and Beverly Hills is even more expensive, so what's your point? We are talking average house prices here and a standard 3 bedroom det. house averages around 400 to 600k depending on location. These ones should be easy to sell. After that it is tougher to sell because people think twice about taking on a 500k mortgage for 2 reasons:ontario said:
Can I continue to rake in the dough to afford this?
As the US is cranking up rates is Canada following suit and put a damper on prices?
Just to give u an idea a 2 bedroom rental i owned in The Film District sold for 325 i bought it 7 years ago for 154. I spent maybe 20 grand over the last 7 years.
ontario said:
From the CBC:
"Across the city, the average price increase for a two-storey home was 4.7 per cent to $463,738."
http://www.cbc.ca/cp/business/050706/b070665.html
Whatever!
Just keep talking about those multi-million dollar estates. Maybe it gives you a hard-on or something.
btw, your arrogance just makes you look like an idiot.
Curb Appeal brings them in, TREB for comparison, don't go stale
TREB shows how many days house on market and if price been changed. House on market too long or dropped too much gives buyer indication may be problem with house or difficult sell.
If it's been on market more than 1 month, pull it off market and re-enter when house renov or market better with reasonable price.
As investor, best ROI for cheaper house on street match your interest.
Kitchen & bathrooms appeal to women and they're the one dictate the sale and price. Even thought Real estate is biggest investment for most of us, it's still comes down to emotional sell. Our Real estate agent helped my buddy & I decorate house and brought in artwork to attract buyer. Don't over do it with removable decorations as don't care for house but artwork.
Open house are waste of time. Our agent was smart in timing multiple showing close together for buyer to feel motivated as others are looking at house. If it's too quiet may think problem with house. Just like hobby, people follow bee-line.
Good luck. Let everyone know you are selling as potential buyer may be neigbor's relatives or friend of friend...
TREB shows how many days house on market and if price been changed. House on market too long or dropped too much gives buyer indication may be problem with house or difficult sell.
If it's been on market more than 1 month, pull it off market and re-enter when house renov or market better with reasonable price.
As investor, best ROI for cheaper house on street match your interest.
Do nice job with fresh paint, no patchy work as indication of leaks or defects.tboy said:
Kitchen & bathrooms appeal to women and they're the one dictate the sale and price. Even thought Real estate is biggest investment for most of us, it's still comes down to emotional sell. Our Real estate agent helped my buddy & I decorate house and brought in artwork to attract buyer. Don't over do it with removable decorations as don't care for house but artwork.
Open house are waste of time. Our agent was smart in timing multiple showing close together for buyer to feel motivated as others are looking at house. If it's too quiet may think problem with house. Just like hobby, people follow bee-line.
Good luck. Let everyone know you are selling as potential buyer may be neigbor's relatives or friend of friend...
Doesn't it look bad that a house has been on the market a long time?
I remember when I was looking for a house, my agent would always tell me this one just been listed (i.e. a good thing) or this has been sitting there for 1 or 2 months (i.e. something wrong it, and/or the asking price is unrealistic).
I remember when I was looking for a house, my agent would always tell me this one just been listed (i.e. a good thing) or this has been sitting there for 1 or 2 months (i.e. something wrong it, and/or the asking price is unrealistic).
Yes, homes on the market for over about 45 days would be picked second, with the newer properties being picked first to be shown.mmouse said:
