Just listed my house for about $200k under market value, mostly because other homes for sale here are smaller and pricier, so it was hard to know the exact right price. It’s been a week, and my realtor hasn’t received a single call—not one. No one showed up to the open house, and no messages at all. Is this normal? Could it be because of the upcoming elections? We’re in a booming suburb near Charlotte, but it feels like everything’s on pause.
It’s not the election, it’s the season. The only people moving between October and March have to for their jobs/other high stress situations.
Not only, but you’re right, primarily. It’s not a buying season and mortgage rates just shot up very quickly so people are pussying out.
As far as I know, there’s a small window of buyers who missed out over the summer and are looking to purchase now. If they can close at least a week or two before Christmas, there tends to be a spike in sales.
@Riley
Right, but that’s a small window. You’re not in peak buying season, election or not.
Gonna be honest with you: I’m looking to buy. BUT: all the prices I have seen are over the top. Sellers seem to think there are a huge number of people with a lot of money willing to buy, and that’s just not the case. I make ~$7000 after taxes and where I am, people are trying to sell CONDOS for 400k. The sellers market has yet to come to terms with reality. I can’t afford 42% of my take home on a mortgage. Until this corrects, the sellers market is going to have to keep decreasing.
I’m in this same boat. Pre-approved but looking at absolute garbage if it’s under 225k. And they want that for 1100sq ft where I am. My husband and I are absolutely demoralized right now.
Reeve said:
I’m in this same boat. Pre-approved but looking at absolute garbage if it’s under 225k. And they want that for 1100sq ft where I am. My husband and I are absolutely demoralized right now.
They’ll come down in time. Real estate currently is a bubble. These buyers at 3% are going to have to realize they can’t sell for 150% of what they bought at, and if we all stand our ground, they will sell at the correct valuation.
@Riley
Genuinely don’t think prices will go down (at least more than 10%) but is more likely to stay stationary for a few years.
Maybe. The prices in my area have come down 15% already earlier this year; and still nobody is buying.
Houses are expected to rise about 17% over the next five years. Not huge but no downturn either. Owning a home almost always beats inflation.
Wishful thinking. Still a massive shortage of houses available for sale. You aren’t seeing huge price drops anywhere.
This just doesn’t add up. Either you’re in the twilight zone, or you’re not 200k under market.
Van said:
This just doesn’t add up. Either you’re in the twilight zone, or you’re not 200k under market.
Everybody thinks they’ve priced under value.
Van said:
This just doesn’t add up. Either you’re in the twilight zone, or you’re not 200k under market.
These answers are correct and it’s not up for debate, OP. The market has spoken. OP, you have listed your home for OVER market value. By definition.
Van said:
This just doesn’t add up. Either you’re in the twilight zone, or you’re not 200k under market.
If you haven’t got any offers, it’s probably not below market value.