Reply to Has the market cooled down drastically?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Maybe it's as simple as you're priced too high. There are some homes listed at the moment (I'm looking in N. Arlington), and I just laugh at the delusion of some sellers. [/quote]

Ours was based on neighborhood comps [b]and the upgrades we had compared to the last sold house[/b]..I wouldn't say insanely priced..The house is very recently built and in a decent school district. Wouldn't people still want to come view it an open house? We went to open houses even when they were 50K over our budget just to get a feel for what a home that price had to offer when compared to the homes available in our budget.[/quote]

Unless your house is at a high price point, my guess is that you overvalued your upgrades.  [/quote]

House is at high price point and houses in that price range in the same zipcode have been sitting on the market for 2 months and more. The last sold house was built by same builder same time frame..We paid 27K more for a large sun room upgrade (with a room beneath it), 15 K more for an expanded and upgraded kitchen (they had standard kitchen), 15K more for backing to trees, 10K more for walk-out - all these features the other house didn't have. Their additional options were a family room expansion (10K), tray ceiling (3K), hardwood stairs (3K), hardwood in one room (4K) totalling 20K which we don't have. Difference between ours and theirs 67-20=47K. We priced it 30K more since buyers won't care about how much we paid for premium lot backing to trees etc. I would say we priced it competitively, but listed at the wrong time.

There is also another 30 yr old house in nearby neighborhood, same schools, less sq.footage, kitchen upgraded, no sunroom, listed just 20K less than ours and been sitting on the market 2 months without any price reduction. We also saw another house 30yrs old, same schools, priced 30K more than ours and for sure thought anyone in the market would prefer ours over that (it has an outdated kitchen, outdated everything,tiny rooms,apartment like closet space and baths, no upgrades whatsoever). The only redeeming quality was a huge backyard and a nice porch. That has been sitting on the market too.

Like PP said, it may be just better if we pulled it off market and relisted in Jan/Feb. Forget about getting an offer..The fact that no one even showed up for an open house tells me the market has really cooled off..

The only good thing is we are not desperate to sell and can hold on till the market picks up..

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