Help! Home for sale
By Les Christie
Home price increases have slowed nationwide and even reversed in many markets. Inventories are up and new home builders are cutting back. More and more sellers are having difficulty selling their properties.
We’ve profiled some of these sellers and that has produced a flood of reader emails from other troubled sellers.
K. Gordon, Amarillo, Texas: “I bought a brand new house in Amarillo. Unexpectedly, 4 months later I had to move back to south Florida . . . ‘Not to worry,’ I thought. A new, fairly priced house will sell quickly.
14 months and 3 agents later, the house has not sold. I’ve tapped out my credit making payments on that house as well as my current rent.
Tom Shipp, Seattle: “My partner and I purchased a new home in Seattle, before we listed our current home on the Eastside. Our agents were confident that our current home would sell in 2 weeks and advised that we not make a contingent offer on the new house. . . . [the bid] was quickly accepted.
Ninety plus days, a second mortgage, and a bridge loan later we are still trying to sell our Eastside property! We just made our first double mortgage payment and are feeling desperate and depressed. We are supposedly still in a “hot” market and our property has what the agent’s say are the three mandatory factors for a quick sale; price, location, and condition.”
Pat Berry, Virginia: “Our house has been on the market in North Springfield [near Washington, DC] since July 15. In that time, only two people suggested any interest by taking time to tour the property. My husband is due to retire on Sept. 30 and at that time, we will be carrying two mortgages on 1 and 1/2 incomes. Needless to say, my fingernails are chewed to the quick.”
A reader in Central Florida: “We put our house on the market at the beginning of July 2006 for $289,900. Since then we have dropped the price to $267,000 and have only had 2 showings. Our agent keeps telling us that there is a lot of inventory in our neighborhood and that price will be the thing that makes our house stand out. Our problems is that having only owned the home 1 year there is very little equity so dropping the price much lower will result in us actually having to pay to sell our home!”
Rick Weaver, near Charlotte, North Carolina: “The house has been on the market for 1 year and one month. I have had one offer on the house and they wanted me to sell it to them for $20,000 less than the asking price. This was the first and only offer. All of the realtors I have talked to say that I can ask more than the 133,900 for this house. But I am afraid to ask for more. It’s not selling or even being seen for that matter.”