About Al Romero, Ltrs. Expertise I can answer questions relating to general Real Estate in Pennsylvania including questions relating to Real Estate Investments and Landlord issues. I cannot delve out of my expertise ie;as in the practice of Law.
www.yorkhomeguide.com
Experience 5 years as an Investment property Advisor with a local Investment firm and 3 years of general practice.
Organizations National Realtors Association
R.A.Y.A.C
Pennsylvania Realtors Association
H.A.R
Publications york listings
Central Pa Real Estate Investors guide
Education/Credentials Center of Real Estate Law and Sales Practice.
Ltrs certified.
housevalues agent certification.
Expert: Al Romero, Ltrs. Date: 10/29/2007 Subject: can't sell house
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 Carl,
4 things sell homes price, location ,housekeeping, condition.
Good thing is we can control 3 out of 4 of those if your home is in good shape clean and the realtor says the price is in range it should sell, on the otherhand if their are some differed maintenance issues , carpets have the scent of buster or fifi left behind that will deter buyers. from what you are saying it sounds like it is a price issue, what your Realtor may not be telling you is the market has changed and you need to adjust your pricing to compensate for the market. You made mention that new homes are going up in the 300k range but you may not be aware that those same builders are giving away ,cars,$50,000 in upgrades and free mortgage payments for a year. Right now buyers are sending a clear and distinct message that the home is over priced your agent may not want to tell you because when you hired her she was excited and telling you she could sell the house quickly for close to list price armed with the facts at that time she was telling you the truth, now it seems that won't happen she may feel it is something she did or didn't do but its not her fault and may not want to tell now you need to drop the price; but I Will!! Just lower the price before that next mortgage payment or it may only make your financial condition worse, What price you ask We use a pricing target if you are getting showings and no offers you should drop price by 3% The National association of realtors say that a home priced correctly should get an offer every 10 showings. Hopefully that helps.
~AL Romero
