About Brettney Gunning-Rausch Expertise I am a licensed real estate agent for RE/MAX in Pennsylvania. I am available to answer any question you may have regarding buying or selling a home.
Experience Residential
Organizations PAR- Pennsylvania Association of REALTORSŪ
MCAR- Montgomery County Association of REALTORSŪ
Education/Credentials The Accredited Buyer Representative (ABRŪ) designation
Executive Club Award 2006
Question I have a house in a suburban area where houses are going up all around it int eh 300-5--K range. My house is in the Downingtown Borough in PA, on a desireable cul-de-sa - no crime, little if any noise, good neighbors, no renters, all owners. My house appraised for $265,000 back in april. My house is on the market since June for #265,000, and although I've had 35 people walk through it, I've not had one offer. I have it with a broker who seems to think it is correctly priced for the neighborhodd and should sell eventually.
My questions are, when is eventually? When should I expect an offer? What can I reasonbably get for it? Should i hold out for close to a full offer, or just take what I can get?
I'm currently living in a $239K house in Louisiana - I put 10% down and borrowed 90%. If I sell the house for 265$, I'll have about $100K in equity have I pay off the first and second mortgage. I'm also paying a fortune in insurance on it.
The house in PA is empty. Should I consider renting it for 6 monthd, then try to sell it again nrxt spring?
It's obviously costing me a lot of monehy every month for upkeep, maintenance water and electric, not to mention my house note and second mortgage. And to add insult to injury, if i don't sell by may, ny interest rate will go up by probably 2-3%.
In the meentime, I've borrowed money from my 401K, and nowI've had to borrow money from credit cards to pay off both loans. I'm bleeding cash flow in the amount of $1500 a month, and that ain't gonna last forever.
In addition, I have $45K in credit card debt, and another 16K to pay off my car, and need another $22K to pay donw my loan so I don't have to pay PMI.
Any of you experts got suggestions on what to do.?
thanks,
carl, all expert in christian youth issues.
What should I do??????
Answer First what is the feedback that your agent is getting from the agents that show your house? Too high, priced just right, do they not like the location, need work, are their certain things that need to be done(carpets/paint)?? This is a good place to start this will help you find out why those 35 people did not put in an offer. In this Buyers market the avg time a house is on the market is 5-7 months. I can not tell you what you can get for it since I have not seen it myself. This market you will rarely see multiple offers or full price, buyers know that this is their market.Since you are not living there is the house empty..you might want to think about getting it staged? Sometimes buyers have a hard time to visualize how a house will look with furniture. If it is empty it can give a cold feeling to some buyers. What is the commission you are offering the buyers agent? Are you giving a full 6% which gets split 3% for buyers agent? Have you tried a selling bonus to a buyers agent? Example: you will give a bonus of $1,000 to an agent that brings in an accepted agreement of sale by December 1. You should maybe have your agent withdraw your listing in the mls and put it back in new with the price of $264,000. There are many things you can try. Talk with your agent and ask your agent what he or she thinks your next step should be in your situation. Open houses? Brokers open? Hope this helps.
