Consumption and Real Estate
If your house is BEAUTIFUL stone/brick castle and it won’t sell would you lower the price?
Question : If your house is BEAUTIFUL stone/brick castle and it won’t sell would you lower the price?
The market is slow, we want to build. We are currently only asking the price of the house that includes what we put into it and what we paid for it – no appreciation even though we have been here 9 years! It hasn’t sold yet! Should we lower it even more???? It is a unique home that looks like a castle and is beautiful – located just outside the city of Chicago in an amazing neighborhood with excellent schools. It is priced at the same price as some homes that have a bit more square footage but it is really custom and amazing, you could never get another one of these. What would you do?
Also, we have lowered it 29k so far. We have had a good number of showings and most people don’t say anything about it being priced too high. They say things like the would like a family room off the kitchen (which we don’t have). Most people love the house but would rather pay the same for more square footage rather than an amazing unique older home.
chicago custom homes
Best answer:
Answer by Joel C
Good finance question! I know of an organization that gives up to $ 1500 to people to help them with their rent or mortgage. It’s available in most US cities, I highly suggest you check it out.
http://www.help-with-your-rent-mortgage.org
Best of Luck.
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#2 written by buterbuny2 1 year ago
Chicago’s market is a little harder to sell in right now given the media scare and higher prices. Where I am from (SC) we have a lot of people relocating from up north or Florida where the market is tough and moving south where they can get more bang for the buck. I know it’s frustrating trying to sell a home so hang in there. A couple of questions to ask yourself are, do you have a real estate agent? If so how are they marketing your home? If not, you better get one. Your real estate agent should be able to tell you a typical time frame of selling in your area, sometimes the right person just hasn’t come along yet. There is a buyer for everything! For your question on price……my question to you is, how bad do you want to sell?
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#3 written by Ron Berue 1 year ago
In real estate there are two very old expressions:
1] You [the Seller] names the price.
They [the Buyer] names the terms.You [the Seller] names the terms.
They [the Buyer] names the price.Somewhere in the middle there might be an agreement on price and terms.
2] A property – any property – is ONLY worth what the Buyer is willing to pay for it AND what the Seller is willing to sell it for – not one dollar more or less!
AND, when financing is involved, what the lender will appraise the property for and lend money for the mortgage.
THE ONLY way you’re going to find out what the Buyer’s bottom line is, is to look at and consider ALL written offer on the property.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name! -
#4 written by hollywoodmelody 1 year ago
Because of the location and the house being unique I wouldn’t think to lower it unless the square footage that you are comparing it to is significant. You may rethink how you priced it however. I know that is contradictory but you never do get back all that you have put in to it that is the way it usually works. Are you working with an agent? Have you had an open house and does the agent’s office know about your property? How long have you had it on the market? These are questions that you need to ask yourself. Have you had any offers?
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#6 written by endorphin_boy415 1 year ago
As you’ve indicated, there are lots of reasons why a property isn’t selling:
1. It may be over-priced.
2. It may be in a bad neighborhood.
3. It may be in need of repair.
4. It may not “show well”
5. It is not being marketed well.Your home, however, doesn’t appear to have any of these faults.
If you believe your home to be fairly priced or even under-priced, you may be only hurting yourselves to lower the price. You may be better off in accepting the fact that it is a Buyer’s Market right now and that there is some uneasiness about the economy.
Also, keep in mind that Winter is traditionally a slow time for real estate, and that things generally pick up during the Spring. Perhaps you need to simply exercise a bit more patience.
One final thing… before you over-react and lower the price of your home, you might run some “comparables” of other homes in your area. This will show you their original Asking Price, the final Sales Prices, Square Footage, Location, and tell you how long they have been on the market. You may find that your home is “on average,” in which case you may be just over-reacting to things right now.
Good luck.
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When people say things like “I wish it had more square footage” or “I would buy it if it had one more room”…think about what they are saying. They are saying that they are comparing your home against larger homes and deciding to take the larger home…they are saying that they think your home is overpriced.
You should not ever come up with your price by adding what you paid and adding what you put into it. In some markets that will be way to low and in other markets that will be way to high. Your home is worth what a willing buyer and willing seller will agree to in an arms length transaction. A good experienced Realtor can help estimate what that is in this current market and that will allow you to decide if you want to sell know or live there for a few years until the market changes.
you say yourself that it is amazing, so be happy and stay there for a while.