House not selling

[Anonymous]

We may be going to an Open House this weekend. There are definitely people around.

If your realtor thinks you need to lower I would do it hope people bid higher. I am definitely more willing to bid above if I love the place and think the price is reasonable. I see some places I would consider if the price were lower, but the price seems so unreasonable to me for what they offer I don't want to get involved because if they are that delusional, I don't want to deal with them at closing. I can think of one in particular that is still on the market where the sellers just won't budge on the price and I think it would have flown if it had been priced right.

[Anonymous]

Sounds like my former neighborhood in Silver Spring.

[Anonymous]

Anonymous wrote:House was put in the market two weeks ago at a good price but so far only one private showing. Realtor is suggesting an open house this weekend (Memorial Weekend?!?) and we may lower the price soon.
Is a Memorial weekend open house a good idea? [/b]People are likely out of town?[b]
When should we lower the price?

I am not a realtor, but wouldn't this be a likely weekend for people who want to move to the area to travel here and look at houses? And a lot of locals stay here for the weekend.

[Anonymous]

It can't hurt, right?

See if there's anything you can do inexpensively to make your house look better than the competition, do a price drop.

[Anonymous]

Five houses sitting on the market? Uptick in crime? Everything will sell for a price. Schools?

[Anonymous]

Anonymous wrote:

Anonymous wrote:House was put in the market two weeks ago at a good price but so far only one private showing. Realtor is suggesting an open house this weekend (Memorial Weekend?!?) and we may lower the price soon.
Is a Memorial weekend open house a good idea? [/b]People are likely out of town?[b]
When should we lower the price?

I am not a realtor, but wouldn't this be a likely weekend for people who want to move to the area to travel here and look at houses? And a lot of locals stay here for the weekend.

Not a Realtor, but I would think so. We are looking for a new home, and no way would we go to the beach. We want to find out new home ASAP and would be happy to attend multiple open houses this weekend.

[Anonymous]

Anonymous wrote:Sounds like my former neighborhood in Silver Spring.

Things are still selling well in close in silver spring. My guess would be Gaithersburg or Montgomery village which have brutal commutes for people back in the office five days per week.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP can you share the zip?

I prefer not to but to give you an idea it is the MD side of the DMV

I was going to say this sounds like parts of Silver Spring that were always middle class feds but have recently become hotspots for lower income immigrants (nothing wrong with that either - American dream is for everyone).

What OP describes is also very common right now in parts of Nova not zoned for McLean, Langley, and meridian. Some real bargains right now if you’re willing to send your kid to falls church or justice hs. So definitely not limited to MD. This is the K shaped economy we hear about where the rich have gotten richer while others are struggling.

[Anonymous]

Anonymous wrote:OP here, the price is in line with comps but the neighborhood is changing rapidly. Most people in the area were middle class government employees and were laid off or moved away. Before the last administration houses were flying off the market in few days. Now there are in the neighborhood at least other five similar homes sitting for several weeks and priced below the market. Crime is increasing too (we went in few years from virtually zero issues to cars stolen, vandalism and lately even a shooting)

That was the market price year ago. You need a major price drop if you want to sell. No one is wanting to move into a declining market. Maybe you could rent it to a bunch of singles?

[Anonymous]

Anonymous wrote:

Anonymous wrote:House was put in the market two weeks ago at a good price but so far only one private showing. Realtor is suggesting an open house this weekend (Memorial Weekend?!?) and we may lower the price soon.
Is a Memorial weekend open house a good idea? [/b]People are likely out of town?[b]
When should we lower the price?

I am not a realtor, but wouldn't this be a likely weekend for people who want to move to the area to travel here and look at houses? And a lot of locals stay here for the weekend.

I guess if you are poor which is OP’s target market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP can you share the zip?

I prefer not to but to give you an idea it is the MD side of the DMV

I was going to say this sounds like parts of Silver Spring that were always middle class feds but have recently become hotspots for lower income immigrants (nothing wrong with that either - American dream is for everyone).

What OP describes is also very common right now in parts of Nova not zoned for McLean, Langley, and meridian. Some real bargains right now if you’re willing to send your kid to falls church or justice hs. So definitely not limited to MD. This is the K shaped economy we hear about where the rich have gotten richer while others are struggling.

“Real bargain” aka $750K to $1.1M and you’re zoned to Justice.

[Anonymous]

Anonymous wrote:
That was the market price year ago. You need a major price drop if you want to sell. No one is wanting to move into a declining market. Maybe you could rent it to a bunch of singles?

OP again. We thought about renting but got discouraged by some bad experience of acquaintances. Basically if you get a tenant that is not paying or is trashing the place or even subletting, it is very hard to get the person out without a long legal battle

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP can you share the zip?

I prefer not to but to give you an idea it is the MD side of the DMV

I was going to say this sounds like parts of Silver Spring that were always middle class feds but have recently become hotspots for lower income immigrants (nothing wrong with that either - American dream is for everyone).

What OP describes is also very common right now in parts of Nova not zoned for McLean, Langley, and meridian. Some real bargains right now if you’re willing to send your kid to falls church or justice hs. So definitely not limited to MD. This is the K shaped economy we hear about where the rich have gotten richer while others are struggling.

“Real bargain” aka $750K to $1.1M and you’re zoned to Justice.

A million bucks to attend one of the worst pyramids in Nova. A steal!

[Anonymous]

Interest rates on 30 year fixed are at around 6.75 and potentially heading higher. Affordability is just out of reach. And it’s not worth it for investors either because properties cannot rent for enough to cover the mortgage wirh such high rates.

[Anonymous]

OP as potential buyers looking to buy in Montgomery County my recommendations are:
1. Lower your asking price. If there are 5 houses in your neighborhood sitting on the market for a while, they are over priced. Too many sellers are still hoping to get what their neighbors got a few years ago. Sellers of Houses located where school boundaries are changing are trying to sell and price their houses with the current school and not price in the new school boundary (Old Farm, Lux Manor, Rockshire/Wooton area, etc.) Sellers are still advertising the current school not the new school.

2. Have an Open House this weekend. Interested Serious buyers will come. Why waste a weekend to potentially sell?