Kylie, thank you for taking the interest and your help in keeping things in check. I did check the site, and i'm #9, with a listing price of $424,500. I changed a couple of weeks ago as the MRV was only bringing in low offers.

I just heard from my agent this morning, and he said she's still mulling it over, and may even be a little 'iffy' about buying anything with the market as it is. I've though of calling her realtor and letting her know i'll keep that price 'open' to her buyer until Friday. Would that be ethical in the world of realestate?

I don't intend to make this offer to all intersted parties, but only those who are coming close to what I want to get. IMO, they're getting a deal, if they've looked at all the other condos in the complex.

patty cakes, how long are you willing to wait for a buyer to accept "your price"? Don't you want to get on with your life and move to Texas? I don't see the market picking up anytime soon. In fact, I think that in many areas the bottom has not yet been reached. Are you going to wait until the 2 offers that you have gotten start to look really good? You may think that you are offering a good deal, but apparently buyers aren't so sure. You keep comparing your condo to the others in your complex, but have any of them sold? What is selling in your area? Compare your place to actual sold properties.

Kylie, thank you for taking the interest and your help in keeping things in check. I did check the site, and i'm #9, with a listing price of $424,500. I changed a couple of weeks ago as the MRV was only bringing in low offers.

I just heard from my agent this morning, and he said she's still mulling it over, and may even be a little 'iffy' about buying anything with the market as it is. I've though of calling her realtor and letting her know i'll keep that price 'open' to her buyer until Friday. Would that be ethical in the world of realestate?

I don't intend to make this offer to all intersted parties, but only those who are coming close to what I want to get. IMO, they're getting a deal, if they've looked at all the other condos in the complex.

Terri, I must have been typing my post to Kylie when you posted. The fact is, nothing has sold here since July after 90 DOM.

If the young woman who was very intersted, but offered way lower than I could go, has put an offer in on anything, I won't know until it closes escrow~haven't heard any news on that in 'the 'hood'. Terri, I *can't* help but make comparisons since others have NOT updated, and my price is far lower per sq ft~ex: 1226 sq ft@$389K. There is one unit that is my exact plan with no upgrades and the asking price is $399K-$415K, and has been on the market for 75 days. The place needs a little love, but how can I reduce *my* price when I see that?

You're not telling me anything I don't know re:the market, and YES, I do want to get on with my life and make the move to Austin. You keep repeating yourself about my making comparisons, my thinking it's a great deal and such. What would *you* do if you were in my shoes? What tactics can I use at this point? Open houses? Forget it. Let me hear some positive feedback, please!

patty_cakes,

Comparing your condo to your neighbors' unsold condos is meaningless. It doesn't matter whether the others are 'upgraded', or not. What matters is that all of you are UNSOLD. You've had two written offers & a third potential buyer showing real relunctance to bite at what you're describing as a "deal". Clearly, she doesn't share your enthusiasm for the price.

So, what would I do? Based on comments you've previously made regarding equity position & desire to relocate to Austin...I would immediately lower my price point BELOW $400K. I would, probably, go with $398,900 & be willing to accept a 94-95% offer.

Also, limiting your comparisons to just your complex is too narrow. Potential buyers have slews of condos to choose from in your neck of the woods. You may believe yours has an ideal location & whatever...but, a buyer may either be driven by other desires than yours or might just be price sensitive. Your competition is anything within a 2-3 mile radius. Ultimately, you are doing yourself a disservice by not looking at broader based competition.

Even if you're only dropping at a rate of .05%/month that equals $2,000 each & every month you stay on the market. IMO, the deflationary pressure is likely to be more than .05%/month. Get it sold & head to Austin.

/tricia

There is one unit that is my exact plan with no upgrades and the asking price is $399K-$415K, and has been on the market for 75 days. The place needs a little love, but how can I reduce *my* price when I see that?

You reduce your price if you really want to sell. What the other units are listed at is meaningless if they are not selling. You need to compare your condo with units that have actually sold.

I have been on this forum long enough to remember several sellers who wished that they were still getting offers like the ones that they once thought were too low. I really hope that you get close to your asking price, but I don't think that the odds are good in this buyer's market.

Yeah, I have to agree with tricia and terriks, and I've been down the same road. At some point, I just said f**k it, I want to move on, let's dump this anchor that's dragging my life down.

And we did, and it stung, and three years later, we're so glad we made the tough decision, because it opened up lots of wonderful opportunities for it.

I had to stop looking at my house like it was awesome and start looking at it like a cancer that needed to be cut out of my life, and then I could make the hard choices.

So, what would I do? Based on comments you've previously made regarding equity position & desire to relocate to Austin...I would immediately lower my price point BELOW $400K. I would, probably, go with $398,900 & be willing to accept a 94-95% offer.

So that would put her at about $375,000 - $379,000. Both her previous offers were for $377,000 after seller contributions - right in that ballpark.

If you really want to move, you'll be willing to drop your price below what you think it's really worth, to make it happen.

We moved away from SoCal last fall. Had an offer of $602 net (after paying their closing costs) the first week. Unfortunately, it fell through in escrow, and the next offer didn't come for about 6 more weeks. We jumped at it - market was still falling, husband had been transferred to Oregon and had already left. I needed to get the house sold and move on.

Ultimately it worked out to about $575 net - $27k less than the first offer. Ouch - that hurt! But we could work that offer or watch as the market kept tumbling.

The house directly behind us was listed at the same time, started at $650k, is still on the market, a year later, and now listed at $480k. Their house is bigger than ours and maybe nicer - I didn't see inside. But they wouldn't drop their price for a long time.

I never thought we'd sell below $600k but we didn't want to be on the the backside of the downward curve - wanted to stay ahead of it and price aggressively. Now we can see that it was the best decision to make, if we wanted to move.

By the way, that was the first time I'd sold a house and I never would have known what to do about a lot of the issues if it hadn't been for this board. I read here constantly and posted when I had a question - always got good, straight-up answers and I listened and learned.

Make your own decisions, but listen to the others' advice. If you want to move soon, then take the offer. If you are content with waiting it out until you get your desired price, then settle in and be prepared to wait for a while. Who knows how long - no one knows. Could be next year, year after that, year after that. It's a risk, no matter which way you go.

6 or 7 years from now we may look at our old SoCal house and see that it's now selling for $800k. And think, "Gee, if we'd only waited it out!" But we didn't want to wait. We wanted to leave, and so we did the best we could at the time. That's all you can do.

Good luck!

patty_cakes the others have given you very good advice. Remember the market does not care what you want or need, your condo will sell when the price is right.

From your posts I would guess you have a price in your head that you feel the place is worth and you don't want to go a penny under that. In the mean time, you rail about the offers, your agent, etc. The offers are fairly consistent and have told you what your place is worth. Drop to that price point and move on with your life before the next offer that comes in is even lower.

There's not too much worse in real estate then chasing a falling market.

There's not too much worse in real estate then chasing a falling market.

I've heard it described as "trying to catch a falling knife".

Based on what everyone is saying, upgrades, sold properties, and even comps are 'meaningless'. Granted, i'll give you one with the upgrades, but comps and sold properties are what an agent and lender institutions use as a basis for price. So what you're saying is I should just ignore what the comps and lenders 'lead me to believe' what my property is worth, and settle??

At a $405 price, I would realize $380-$385 when all is said and done, and that is not paying for closing cost on the buyer's end. The offer from the teacher was $379, with $10K of that toward closing. After com., that would have netted me under $349. The first offer was $399 plus 19k for closing, another $20k com, which would be about $360 when all is said and done. From where i'm sitting, with the $405 price, that could be another $20-$25k.

I've been watching all the other condos in my zip, and not one price has dropped except mine. I keep being told by various agents that this is a very desirable condo complex, and because the market is slow, are not selling AS QUICKLY~DUH! One of the units was bought by a REA as an investment~it's been listed for $389 since mine has been on the market. It's sitting, staged, but the price has not dropped once.I can't believe the 'upgraded pergo floors'(gasp)she had installed can't profit her at least $20k. Reality check~she probably paid $355-365, and was prepared to laugh and dance all the way to the bank. Point:I just can't price my condo the same as a 'wood floor wannabe.'

Give me time folks, I may resort to biting the bullet, and forget all the sleepless nights, aching muscles, days of junk food, splintered fingers and sore hands, finding handymen to do various tasks, and I haven't even included the money I spent.

I know all of you are trying to help me 'in spite of myself'. ;o)

Patty_cakes,

I understand where you're coming from but it's not going to help you sell.

You can either stay stuck in rationalizing your unit's current price against others you perceive as worth less; or, you can stop thinking about the competition and rather focus your energies on what it will take to get YOURS sold.

The market has already given you an appraisal. However, that appraisal is now about 30 days old & your market is still falling. It's really just all about whether you want to sell. You can't change the market's climate now. The only thing you have control over is your price.

You are actually one of the fortunate sellers. You have room to lower without taking cash to the closing table. I've no doubt many condos owners in the SD area don't have that luxury. So, they sit there unsold at a price point well above real-time market value. They will either pull from the market or if under pressure will lose to foreclosure.

You can leave your price where it is for as long as you chose. That's not the point. The question & point is what will it take to get it sold. I believe in free markets. They are efficient. I believe them. They have spoken.

Unless you believe the SD condo market has hit bottom & prices are rising, time & DOM are not your friends; so I don't understand the "give me a chance" mentality?

/tricia

One thing you should really keep in mind: Nobody here has a stake in your condo. So this is probably the most unbiased counsel you will get.

"Yeah, I have to agree with tricia and terriks, and I've been down the same road. At some point, I just said f**k it, I want to move on, let's dump this anchor that's dragging my life down.

And we did, and it stung, and three years later, we're so glad we made the tough decision, because it opened up lots of wonderful opportunities for it.

I had to stop looking at my house like it was awesome and start looking at it like a cancer that needed to be cut out of my life, and then I could make the hard choices."

Good post! I agree completely. DH and I have sold two houses this year...one in February and the other in July...and it was the toughest thing we've had to do in some time. We put money and sweat into these houses and made them nice, but we never reaped the rewards, unless you consider SELLING to be a reward. You gotta fall out of love with your house in order to move on. You got to throw aside everything you think you know about house selling and buying. Doesn't matter. Buyers call the shots, and if they don't like your price, there are a dozen other houses--or condos--available for purchase. If you REALLY want to sell in this market, you've got to give until it hurts.

Comps (what has SOLD) is all you should care about. What other For Sales are priced today is worthless..(as they are sitting as well).

Spend $300 TODAY and get a certified appraisal. Then set your price accordingly so you sell around that price. This $300 spent today can save you many months on the market. Also, it could allow you to get the max possible price (not too high, not too low) for your place without dropping the price too low just because you sat on the market too long and now just want to dump it.

Patty_cakes

You're in a tough position. You're encountering the same basic question facing thousands of sellers across the country: After a boom busts, what's the right price?

I faced the same question a year ago so you have my empathy.

If comps sold are no longer a valid guideline and comps listed aren't selling, how much of a price drop will attract buyers? Do I chase the market down incrementally? Or do I lower very aggressively and hope for the best? What's my home really worth to me?

Maybe we need to pull back from the comps and look at our overall market...where it's been and where it might be headed? Your housing market, like my market, inflated over 100% in 7 years (give or take). Incomes didn't keep pace. What's the median income in San Diego? $60K? Your condo is priced at 7x median income. After the last boom/bust cycle, SD median housing cost about 4x income. Sounds like there is plenty of room for prices to fall further.

If alternative lending played a large part in a market boom, what happens when we return to normal lending standards and higher interest rates? Interest rates have already increased 1-2 percentage points from 2004-2005. Doesn't it all boil down to what buyers can actually afford?

Some will claim that high home prices can be supported by buyers bringing huge amounts of equity from having sold their inflated homes. I think the math undermines that viewpoint but okay. Where do you fit in the trade-up chain? Are your potential buyers equity rich? Are they first time home-buyers? How does the possible mortgage payment on your house compare to rents?

As a buyer, I can tell you that I'm not trying to steal, bargain, or lowball anybody's home. To a seller, their home appreciated. But to me, as a buyer, homes hyper-inflated. Those very opposite perspectives will have to be reconciled eventually.

The heart of the matter is affordability and every seller has to struggle with that question based on their individual market and circumstance. Many major markets will not move again until price and income come back into alignment. I think that finding the balance will be a slow, painful, long process. Where do you want to be on the continuum?

I don't know the answers for anybody but I do think sellers and their realtors need to discuss how affordability fits into their market.

It's easy for me to say this, but were I a motivated seller in my market, I'd start by pricing well-under my competition even if I had the best house on the block. And then I'd be prepared to drop based on what the market (ie: potential buyers) was telling me. Take the competition out of it for a moment and ask yourself, what's my goal? What level of sacrifice will it take for me to achieve that better life in Texas?

In 2006, I had to answer all those questions. I came on the market priced 10% lower than my competition. I sold 15% under the lowest list and 8% under the most recent (six months) comp. But I sold...in 60 days...all of my competition sat and were still on the market a year later. It was a tough bite at first but 12 months later, I'm so relieved to have gotten out.

We all wish you well and best of luck in finding that right price point. Frankly, I want you to sell because I want to hear all about Austin.

Here is a link that might be useful: Do you ever read Rich Toscano's View on the SD Market?

patty_cakes (Trish) -- consider that at some point one or more of those other condos will sell for far less than asking price. That will drop the comps and everyone else will start adjusting down. Me, I'd want to be the first one sold, not the ones forced to lower their prices to meet the new comps.

novahomesick,

That was an excellent anaylsis & post. Very thoughtful & balanced.

/tricia

Nova, I think that was one of the Blog sites I sent her a few weeks ago. I gave her as much info as I could find because I've been reading it knowing she's trying to sell in it. I was getting worried for her.

Give me time folks, I may resort to biting the bullet, and forget all the sleepless nights, aching muscles, days of junk food, splintered fingers and sore hands, finding handymen to do various tasks, and I haven't even included the money I spent.

How are the foreclosures doing there? Have you been keeping an eye on those?

Patty, I know how it is. We've been in this market a little longer than you. We have a time frame, then we will start doing what we feel we need to do. The problem for us is the stinking counters haven't come yet (it's taking so long!) and now it looks like we have to repair / replace the boiler :( We're in the process of estimates to find out exactly what needs to be done.

patty-cakes,if i recall properly, you said you have a good chunk of equity in the home, so don't be greedy,sell the house, and get on with your life in texas...as others have noted, you may wind up chasing the market down, if you needed to get your price so you wouldn't have to bring $$$ to the closing, your logic "might" be somewhat understandable.But, you are committed to moving to texas,so let it go

Thank you(again!)Tricia, drldh, Terri, sweet_tea, novahomesick(thank for the read!!),canobeans(Jill), roselvr(Sue), and qdognj!

Tricia, the 'give me a chance' mentality is the confused little voice in my head, hearing things I really *don't* want to hear, but in reality, know it to be true.

Jrldh, and right you are! The objective opinions and personal experiences of other sellers is only to my advantage. It can be a tough pill to swallow.

Terri, i'm sure the word 'sting' is not even close to what you really felt when selling under value! I would never have related 'hurt' to selling a home, but it does make sense. Obviously it WILL hurt, and even moreso, knowing I could have put it on the market when it was in the up phase. I talked about selling and renting a place. until I knew where I wanted to re-locate. What is that saying about hindsight? Oh well, what is, IS. Now i'll deal with it.

Sweet_tea, would you believe I was just thinking about that last night?! It just popped into my head!! Maybe it's a 'sign', but with the market being what it is, it's just a piece of paper saying what your house is worth. It still isn't a guarantee that you'll get even close.

Novahomesick, thank you for your empathy. The market has been soooo overinflated, and initiated by G-R-E-E-D! It makes me sick, and now the price for it has to be paid by people who genuinely WANT to sell. I thank you for your words of wisdom having been there, done that, and the good 'read'.

Jill, BINGO! I already thought of that, too. Maybe it will be me to start the trend.

Sue, yes, I read the blog~feel free to send emails re: anything about the CA market, or the market in general. I'm not really watching the forclosures, but I know *you* are. There were also the 150 D R Horton homes that were being marketed way under value, but I don't know the outcome or how many sold.

Qdognj, yes, I do have a 'nice' chunk of equaity, but still have a mortgage. As i've said from the get-go, the word *greed* isn't in my vocabulary, and I don't appreciate your inference of 'don't be so greedy'

The realization in the scenario is, after paying off the mortgage on the condo, i'll have to take out a small mortgage to build the new home just to keep a few extra $$$ in the bank. This is what i'm been trying to avoid.

So people, what *realistic* price are you recommending I list, with room for negotiations?

The comment "don't be so greedy" wasn't intended to offend,so not need to be so offended..That said, what do you call it when you ride the hyperinflated market up, but when it goes down, you don't want to give some back? I'll spell it out for you G-R-E-E-D....You ARE moving,you aren't staying, so you NEED to sell...You've had several offers, all sort of similar, so that should tell you what the "market" thinks of your home..If you had just purchased and didn't have the advantage of appreciation due to a raging housing market,perhaps,i'd do what you are doing now..But after the significant home value increases of the last 5+ years, just sell it...

But how many buyers are really out there, that's what I want to know. Last time I used one site, it told me there were 35 people looking for homes in my area, plus what they were thinking to spend.

I'm hearing that there aren't many lookers around here. People are afraid to come out.

I feel for you. I guess the bottom line is time - you may very likely be the one to sell near full price if you wait, as its been said several times in in other threads - there are people who do actually need to move and buy, -and price.

I really dislike it when people here say oh you have equity just give it away - hey that equity was hard earned cash that people need for retirement and things! Especially for those of us in flyover states where that equity was actually paid in, it didn't come from house market increases. Regardless, to make people feel greedy is just BS especially for those of us who have to really worry about money, its not just "how comfortable and bullet proof can we be". Volunteer to give your own money away.

So its hard. Very hard.
No one can answer this but you.

Are you willing to wait (how long)? Do you think the market in SD is going to worsen considerably? Or do you just want to get it over with and take the financial hit? 2 options, 1 variable.
Sympathy,
Mary

Mary, for those whose equity is based entirely on THEIR $$ as oppossed to those that have seen INSANE price appreciation,i would feel for them, if they were in this predicament..However, just because you ride the bubble up, it doesn't mean your home is worth that value NOW...Since most of the value is from appreciation and not your own hard earned dollars,i wouldn't be overly concerned about "losing" a few $$$,as you really aren't losing anything...

Sue, where can I find that info on buyers? Incidentially, these are the stats for my zip:pre-forclosures/543, auction properties/182, bank owned/272, resale/54, FSBO/24, new homes/12. I'm afraid there aren't many 'takers' here either.

Mary, I wish it were that easy, but how LONG do I wait? Every day that goes by is one more day on the market that my home doesn't get sold. Yes, I do feel fortunate that I have the option of wanting to move versus needing to move, but it still doesn't make the situation of selling any easier. I have my 'dream home' picked out in Austin, and here I sit, playing the waiting game. But qdognj is right about the appreciation of a property. Sure many of us have worked our butts off and put in upgraded this and that, but the reality has nothing to do with those upgrades, it's about the over inflated appreciation of the market, and more specifically CA. Or maybe I should say this is where the bubble started going UP, and now it's one of the hardest hit on the downside, which makes perfect sense.

And Mary, from what i've been reading, yes, it will worsen, considerably. How sad.....

Patty...is Tricia's suggestion to drop to $398,900 and to be prepared for 95-94% at all doable for you? Will it leave you with the amount you need to move to TX? By the way, don't feel like you need to tell us the answer to those questions. I don't think anyone can give you the right number but it's bold and it's a start.

roselvr said: "But how many buyers are really out there, that's what I want to know. Last time I used one site, it told me there were 35 people looking for homes in my area, plus what they were thinking to spend."

Where did you get info like that? I've never heard of being able to know this. That would be very helpful...

Wish I could remember. Everything is on my other computer, the master boot record was lost. I have yet to recover the hard drive yet. I think it was on one of those sites like Home Gain, and I realize it was info that either the agents that are signed up added, or buyers added. It helped either way.

I wish it were that easy, but how LONG do I wait? Every day that goes by is one more day on the market that my home doesn't get sold. Yes, I do feel fortunate that I have the option of wanting to move versus needing to move, but it still doesn't make the situation of selling any easier. I have my 'dream home' picked out in Austin, and here I sit, playing the waiting game. But qdognj is right about the appreciation of a property. Sure many of us have worked our butts off and put in upgraded this and that, but the reality has nothing to do with those upgrades, it's about the over inflated appreciation of the market, and more specifically CA. Or maybe I should say this is where the bubble started going UP, and now it's one of the hardest hit on the downside, which makes perfect sense.

And Mary, from what i've been reading, yes, it will worsen, considerably. How sad.....

But you have knowledge of what's going on in your area and at some point it will hit you what needs to be done. I understand your situation totally. We need our equity too.

Truthfully, I haven't had time to read much since sending you the links; I also sent you enough that if you wanted to read you could, I didn't want to be a pain; was trying to help. We have to stick together, if we had not been posting together for the last few months, the CA market wouldn't be as much of an interest to me. I was at another place when I found the links I'd sent you & after reading them, thought I would share because I want you to be one of the ones that does sell. You've come close. I know what it's like to start over, you need every cent. I didn't want to see you with lower offers then what you have had. It gets to the point where you may not be able to sell because now you have no equity. I didn't want that to happen to you.

Without getting too personal, you have the condo & hubby has the house. Would it be worth it to liquidate both properties so that you both come out with the same amount to start over with? Maybe selling the house will make up for the condo loss? Or, maybe the house will sell faster then the condo?

Patty_cakes:

GET AN APPRAISAL. As you say, it is no guarantee that is what you will sell for. But it will tell you the current market value..so you will know what the PRICE it at.

For now, you are asking folks on a forum for the price. GET AN APPRAISAL. It will get you the info that you need in order to correctly set the price. It will also help you in the negotiations (it will help you decide how far you are willing to go, etc.)

I sold a few months ago, FSBO, in a terrible downfalling FL buyers market. Guess what I did? I got an appraisal. (It came in a bit lower than I expected). After an hour of shock, I priced accordingly and SOLD. Almost every other home that was For Sale at the same time as mine is still For Sale, and most of them were listed with realtors. The money spent on that appraisal was the best $300 I spent this entire year. I could still be on the market today if it wasn't for that appraisal.

GET AN APPRAISAL!!!

Patty, I feel so bad for you. I know what you are going thru after selling our home and three rentals in a declining market to move to Austin. You are getting lots of very good advice here. We had all our homes in turn key condition when we put them on the market and had professional appraisals done. We spent between twenty and thirty thousand dollars on each home with new a/c's, landscaping, roofs on some, paint inside out, carpeting, fixtures, appliances etc. They were also in the MLS. The rentals sold in the low $200's. They all sold below their appraisals. We listed them below their appraised values too, and they still took several months to sell. (we listed one at $235 and appraisal was $265) The loan appraisals came out around the same price as our appraisals did per the realtor. One good thing was that the buyer's didn't try to bargain us down because they knew they were getting a good price. If we would have sold a year earlier, we probably would have come out $75-100,00 ahead with the three rentals. Yet I hope the homes have all held their value this past year for our three buyers. And I've heard the market in the Central Valley is still depresssed. I do feel bad about our residence though. I posted about it before. I loved our home. It was unique with a stunning 1/2 acre landscaped backyard, oversized beautiful pool, coastal redwoods, huge covered patio and balcony with a view of the mountains. Also a farmer's field behind us. We had the house on the market from November to June 2006, when it sold. Activity super picked up in June 2006 when a home down the street on the opposite side (no view, smaller yard) with a different elevation but the same floor plan was listed for $80,000 more. Our realtor couldn't believe it. The family who bought our home told our realtor how much nicer it was than the one down the street. We never thought the other house would sell. We moved to Austin. The neighbors lowered their price $30,000 and ended up selling in 3 mos after our move for $50,000. more than we got. Patty-cakes, I've got to tell you, that really stung. I can see why you don't want to sell your condo for less when it is so much nicer than the others. And it is so hard to see into the future and wonder if that right buyer will come along. I'm glad we sold and moved when we did because I'm the proud grandmother of twins here in Austin and having a ball. We still haven't found a house to buy yet, but we're looking. Thanks for keeping us informed.

Sue, you're NOT a pain. Thank you for taking the time to send me all sorts of info. I'll check out that site you mentioned in your email.

Sweet_pea, it's gotten to the point where comps OR appraisals don't really matter. It's what the buyer wants to spend, and if you're not in that price category, adios amigo. Acording to zillow, if that's anything like a 'real' appraisal, my home's value is between $445-$455, yeah, right.

Mpp, yes, it's certainly not a great time for selling. Your experience makes me shudder! I'm doing another drop in price before the weekend~down to $415 whcih still leaves me a little room for negotiations.

I can't wait to make my move to Austin~do you love it? Have you looked out by Manor? It's a rural area, but there's a beautiful development called Shadowglen~you can find it online. I have a Grandson there, but will be leaving 3 other Grands here in CA. I'm leaving next week for a visit~Oct.15-21. Haven't been there since summer so sure hope it cools off!

I sold a few months ago, FSBO, in a terrible downfalling FL buyers market. Guess what I did? I got an appraisal. (It came in a bit lower than I expected). After an hour of shock, I priced accordingly and SOLD. Almost every other home that was For Sale at the same time as mine is still For Sale, and most of them were listed with realtors. The money spent on that appraisal was the best $300 I spent this entire year. I could still be on the market today if it wasn't for that appraisal.

I wonder how much doing FSBO helped you with being competitive / better priced? If we did FSBO, we would be able to lower even more and would be sold for sure. I don't doubt Patty would have thought twice about any of her offers if she wasn't paying commission too.

GET AN APPRAISAL. As you say, it is no guarantee that is what you will sell for. But it will tell you the current market value..so you will know what the PRICE it at.

Does an appraisal really mean anything when no one is out looking? IMO someone will want it if you give it away but really who can afford to lose money? Not every area had major price increases yet every area is feeling the effects.

I made the call this afternoon~the new listing price is $415. Do you approve? Am I happy? I think i'm over the initial shock, and knew I would have to drop the price, more than once or twice, but really hope this new price pulls in a more realistic buyer. I knew going into this market my expectatons might not be fulfilled. I'm still remaining optismistic and see the glass as half full, rather than empty, and ain't crying' in my beer.LOL

My realtor is planning an agents caravan next Wed., and has told me he's expecting about 20 agents. Of course i'll be in Austin, but DD is good at keeping the house clean/'model-like' when i'm not here. He said they're providing everything, but i'm wondering if I should at least put out plates/napkins/glasses, and have DD make her yummy lemon bars. Any thoughts?

My agent provided the "spread" at his cost..He had a catering place provide finger sandwiches,drinks, and all necessary paper products for the caravan.. It amazed me how many agents come for the "free lunch"...

but really hope this new price pulls in a more realistic buyer.

What's a realistic buyer? One that will give you what you want? Unfortunately, in a buyer's market it is the sellers that must become realistic.

Qdognj, thank you. He didn't give me the scoop on what would be provided, so i'll talk to him. I'm sure most of the agents DO come for the free food, I would.LOL

Terri, YOU'RE KILLIN' ME!

I'd stick around San Diego, instead of going to Austin, if you really want to sell. Unless you have a big reason as to why you need to be in Austin.

When we moved out of SoCal last year DH went on ahead, because of his job. We'd hoped to have the house sold and go together, and would have if our first buyer had made it through escrow. As it was, he ended up moving almost 2 months before I did.

It wasn't fun or easy. I was still working full-time, taking care of the dogs, having health problems and medical tests *and* keeping the house up to show-ready condition as much as possible. But I wanted to be on the spot and able to learn as much locally and be ready to go when the buyer came along. Able to make decisions quickly rather than waiting.

In a bad selling market, I'd do as much as possible to make it easy for your realtor and the buyers and their realtor. Including being readily accessible.

Minet, I *won't* be leaving for Austin until I sell~I don't need to move, I *want* to move. DD/DH were transfered in the Spring. I've been 'looking for an excuse'to get out of CA for a number of years, and their moving has finally given me four good reasons. Not only did my DD/DH move with my new Grandson, but my youngest son also made the decision to relocate.

I'm as easily and as accessable as possible, a phone call away. DD lives me and was here both times when the two different buyers came thru, and subsequently made offers. She may be my good luck charm since i'm leaving for Austin on Monday, and coming back the following Sunday.

"Unfortunately, in a buyer's market it is the sellers that must become realistic."

Ain't that the truth! I never want to sell another house ever again...

Please don't take Zillow seriously. Their values are seriously overinflated in many areas. I think their evaluation algorithm doesn't work too well in a falling market.

Good luck!

Agree with the "don't take Zillow seriously" comment.

The house I mentioned above - which is now listed at $480k after being on the market for a year - has a Zillow estimate of $643k.

Some markets appear to be more accurate on Zillow, but I think the SoCal dive has just made its estimate feature go haywire.

patty_cakes - I wish you all the best. I lived in Austin for 12 years and loved it. I hear it's different now, more crowded and not so laid back - I left in 1997 - but that's the only area in Texas I'd go back to. The small towns around there are great, too.

Mpp798, I wanted to send you an email, but you don't provide and email addy.

Terri, it will be a cold day in hell before I ever sell again also! As for the buyer versus seller being realistic, it's a horse-a-piece. One may have an over-inflated imagination, while the other has an imagination run amuck.

FF and minet, that's what i've been told re:zillow. FF, I *already* love Austin! Traffic??? You haven't lived in SD, CA! ;o)