Ritchie loses house, keeps balls.....

[RitchieDarling]

Well, after months and months of trying to sell my condo I have decided to give up the new house and move back in.....

The housing market is SO bad that even after dropping the price from $168,000 to $136,000 we still could not find a buyer.

And finally yesterday we agreed with the realtor to pull it off the market.

Lucky for me it was on contingency. So, it has no effect on my credit! WOO HOO!

And best of all, barring some unforseen catastrophe, my Dargie and Buttercream appear to be safe from being sold.

Thanks for all the good vibes!

I gotta go play now.....

R

 

[Eggman]

Happy its working out - sorry it didn't work like you wanted. Glad you still have your balls!

 

[silverburst]

I'm sorry about all the hassles with that, Ritchie.

It has to be a load off your shoulders to have a decision made.

 

[mynan]

Ritchie,

I'm glad you got to keep your basses, but sorry about your house. More good vibes headed your way.

 

[kbaim]

Sorry about the house Ritchie.

 

[T-bone]

Dang it Richie,

You were so proud of that house. I remember when you first posted pics.

First off, you've kept a great attitude throughout this ordeal and for that alone, you should be commended (or committed). We all feel your pain, and many (I'm afraid) are in the same boat.

And second, congratulations on having a backup plan. Most don't, and for them we can only hope this nightmare ends soon.

tbone

 

[Hutton]

All the best man!

 

[Frantic Slayer]

im soo sorry man!

our family tried to sell our house and we couldn't find any buyers either, the real estate market is down for a while i guess. well you know what they say what goes down must come up (in most cases)

buttercreams & dargies are the best (see my sig )

 

[RitchieDarling]

We are actually quite fortunate that we had agreed with the realtor to do contingency.

We were renting, basically.

Under an agreement that we would close escrow on the same day as the condo sold.

And since we didn't sell, and our contract with the realtor runs out the end of May, all we have to do is move back.

I'll keep it on the market. But, I will get a new realtor.

Knowing my luck, I'll get a buyer 2 weeks after I move back in!

R

 

[Sweat]

Sorry and well, Congrats, nice way of doing it, yea the housing market sucks everywhere, we want to move to a townhome but cant get squat for our house and it is pretty new.

 

[Smakbass]

Sounds like some sound thinking Richie.

 

[TNT]

Ritchie

If you want your condo to sell, simply price it at "market value"!!
Not, last weeks comp's either!

The way you achieve this is like any other commodity - supply & demand:

1. Make sure all potential buyers out there are aware of your condo.
2. Continue to lower the price slowly and deliberately over the course of a scheduled amount of time until an offer is made.

There, you've just found the market value of your property.

Now you can decide at this point, do you want to sell your property, this is what it's worth.

 

[Aussie Mark]

Wow, $136K and it didn't sell? You couldn't buy a garage in Sydney for that price.

 

[Smakbass]

hah same where I live Mark,,,,

 

[BrandonS]

That stinks, but if you can remain even (financially) then other opportunity will strike. Glad you are no homeless (or condo-less) and still have your EBs!

 

[bigvissch]

Wow, $136K and it didn't sell? You couldn't buy a garage in Sydney for that price.

And I suspect like the U.S. market we will see a housing "normalisation" occur in the not too distant future in Oz. Housing affordability is a major problem! The prices can't continue to spiral at the rates they have been.

My son and his girlfriend had to move back home because the rental market was just too tough to stay in. Availability and affordability being the major issues.

Ritchie, as T-bone said, congrats on a backup plan. I'm sorry it didn't go as you would have liked.

 

[Aussie Mark]

And I suspect like the U.S. market we will see a housing "normalisation" occur in the not too distant future in Oz. Housing affordability is a major problem! The prices can't continue to spiral at the rates they have been.

Actually, Sydney prices have been very flat for 2 or 3 years now, so other than in the outer burbs I can't see prices falling at all. Perth is where prices will tumble soon, having skyrocketed in the past 3 or 4 years.

 

[AtomicPunk]

Maybe listing it with a new realtor will do the trick. I had a guy I work with sell his house in 2 weeks after listing it with a new guy. Just have to get the right person to see it. And new listings get realtors motivated. Make sure the guy is a listing agent AND a sellers agent, he might take sellers to it and get the whole 6% for himself !!

 

[RitchieDarling]

Ritchie

If you want your condo to sell, simply price it at "market value"!!
Not, last weeks comp's either!

The way you achieve this is like any other commodity - supply & demand:

1. Make sure all potential buyers out there are aware of your condo.
2. Continue to lower the price slowly and deliberately over the course of a scheduled amount of time until an offer is made.

There, you've just found the market value of your property.

Now you can decide at this point, do you want to sell your property, this is what it's worth.

Actually, for where I am, $136,000 is well below local trends. In fact, I have had several realtors tell me they thought I was giving it away!

Maybe listing it with a new realtor will do the trick. I had a guy I work with sell his house in 2 weeks after listing it with a new guy. Just have to get the right person to see it. And new listings get realtors motivated. Make sure the guy is a listing agent AND a sellers agent, he might take sellers to it and get the whole 6% for himself !!

Oh yes! Definitely going with a different realtor!

R

 

[SteveB]

Ritchie,

As part of your listing agreement, make sure the new agent will do more to promote your listing than enter it into a web site.

I've found in the last several years that very few realtors want to do more than that anymore. The don't want to do open houses, agent tours, or other traditional marketing, claiming that those things don't bring buyers. But anyone can list a property in an online database, so I like to make sure I'm getting more than that for my commission (which is generally 7% here in Pennsylvania).

All we see realtors doing now (besides taking photos for the internet multilist sites) is sticking an 'info sheet' bin on the for sale sign with some printouts of the multilist database info in it. That infuriates me.. I say make 'em work for their money!

That said, be a good seller too. Follow your realtor's advice for showing the place. If you have wildly different ideas than what your realor suggests, don't list with that realtor.