Great 3/2/2 only minutes from the medical school I am graduating from, but can't sell it. The house is listed with a reputable realtor and posted on student housing pages. What gives?!?!? Anyone have any novel ideas?

yeah, lower your asking price.

Well Doc its like this:-
A Lot of greedy SOB's went out and got every fool they could find to sign up to "lie-loans". They agreed that if they "Lied" about their income they be given the house of their dreams.

Sad truth was at a Lettus picker on $14 K a year is not going to find a Home Loan for $730 K (yes, it happened!) easy going. Now factor in the fact that we are looking at the worse Housing collaspe since 1929 and you not want to hold your breath!


Mega

The market is dead!

I work in that market around the Atlanta area. It went south last summer and hasn't come back yet.

I was in a subdivision today. 36 lots, 2 sold, 19 sitting, 15 not built. the first house was started in late 2005.

It's a buyer's market!

To many ARM's and not enough valid buyers. Lower the price or stick it out!

Speak to your realtor about listing as a Lease-option or a rental. Although you might not be looking to become a real estate investor by renting, all the folks who are selling their houses have to live somewhere and this will inevitably stimulate the rental market. Another possibility is to auction the house, a tactic that will generate a sale but you may have to bring cash to closing.
Best of luck with your residency.

Where are you trying to sell?

I just signed with a realtor and will list my house on MLS by the end of the month. The market is really dead and from all my reading, and I read a lot!, all indicators are fulfilling Mega's dreams.

The books I have had on my shelves for years are quite hard to find and I have finally found time to read them.

I really enjoyed "The Death of Common Sense: How Law is Suffocating America." And "Dope, Inc." took a real push to get through but it informed me fully of how corrupt we are. When a third or more of the world's economy is in illegal drugs, there's got to be corruption from top to bottom to support an enterprise that HUGE!

And my book on the coming Great Depression written circa 1988 has provided a most interesting history lesson. For one, it dispelled the myths commonly taught about the Great Depression of the '30's and Stock Market Crash of '29. While I was taught in school that it was due to 'too tight money' and that we should have no fear because the Federal Reserve will save us today from that, the fact is that it was the apposite:

The Crash of 1929 was preceded by "easy money." The Prime was 4.5% and was dropped twice in one month to 4.0% and finally 3.5%. I find it interesting that long term mortgage rates then were about what they are now.

Moreover, they didn't have these new fangled swindler's instruments [What do they call them? Sub-prime.] we have today. Nor were the governments in such bad shape as they are today.

I fear the piper is due and he's going to collect.

Currently, I am reading the "Unauthorized Biography of George Bush," that's senior, and I am astounded at what has transpired during the last century:

Our President's family fortunes were amassed during its support of the 'Hitler project' and Kissinger-Bush and their backers [Dope, inc.] took out Nixon because Nixon was going to wage a real war on drugs and go after their money supply [read: British bankers]. Oh, and Dope, Inc. killed Kennedy and got away with it!

I am hoping I can sell and relocate up north near family. While I have serviced my Avalon and intend to keep it, I'll be holding onto my cash while I rent, evaluate various locations and scenarios and while I wait and see.

These increases in Porsche prices are minuscule. They don't equate to the current inflation and from what I have seen it is doubtful that our leaders will avail themselves of an inflationary track to get themselves out of this mess, but rather a deflationary track. That means all values in tangibles coming down--including fine automobiles and houses.

That said, the recent up-leveling in the price of gold may indicate we are past the beast and all may be fine. However, during the mania in real estate pricing in the Phoenix area my house went up to about $400,000-440,000. But I am only asking $349,000 [Ken might mention our classifieds at this point.] as I really do not want to sit on it for long. Just this winter smaller houses in my neighborhood were closing for $365,000. Mine has a lot of improvements, so I expect I will be grappling with myself soon not to buy that Porsche. As I have done in the past, I anticipate holding onto my cash for about a full year before I decide to buy.

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Don't miss scraping my master's windshield, winter oil, winter tires, chains, pluggin' in the car over night--block water heater! and interior warmer. And having to put anti-freeze in my GAS!

Do miss slippin' & slidin'.

Lower the price. My wife and I are closing on our house in a week. The seller wanted $630K, we got it for $460K.

Check to see if rental fees will cover or nearly cover your monthly costs. Keep in mind if you rent you can deduct all your expenses, not just interest, to offset against any income you decide to report.

If so, it may actually be a better idea to hold onto the property and buy a house separate using the old house as collateral. Even if you go negative on a monthly basis, it might be worthwhile to do so for maybe 2 years till the market rebounds.

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Rent it out, make some money.

There are no novel ideas when it comes to selling real estate. As others have said, it always comes down to price. One thing that comes to mind is that since the house is listed near a medical school, you will likely have more potential buyers later in the summer when new (and returning) students start coming to town. If you can hold out until then, you will really be able to see what's up in the local market. Right now everyone is bailing out, like you so unless some investor comes along looking for a "cheap" deal, it is going to be a difficult time right now.

So, while price is the key I would not reduce it right away unless you really need to sell right now. I'd go through the returning student season first.

Also, talk over some strategy with your realtor for a reality check. Find out what's happening in your local market. Overall, it is a buyer's market based on all the foreclosure activity going on; finally there is generally a glut of houses on the market. Your local area may be more, or less, like the general market.

Finally, there is also something to curb appeal. If the house has it, great. If not, consider spending a few bucks (or your own labor) on paint, sod, flowers and mulch. The closer the house is to "move in" appearance the better.

Hope this helps.

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