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If you're selling your house, have you gone down on your asking price yet?

We're trying to figure out what to do, my husband thinks we should go down but I think we live in a great, desired neighborhood and we don't have to lower our price. Any thoughts out there?

Wed. Mar 12, 10:20am

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We lowered the selling price on our house. Beautiful house (six bedrooms, three baths, sauna, finished basement), but we had a small yard and lived on a main street, and of course it was in a slightly bad part of town. As soon as we dropped about ten thousand, a family snatched it up. We also switched real estate agents, if that helps.

Wednesday, March 12, 2008, 10:41 AM

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RESEARCH YOUR AREA! The national averages and trends are heavily driven by what is going on in "bubble" markets that were present in California and Florida. Where you live things might be entirely different. I know that where I live and also where my parents live (totally different parts of the country) home values were not inflated to begin with and have continued to rise.

Wednesday, March 12, 2008, 11:41 AM

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We recently sold our home in Seattle area, even with the market slowing down =, there was a bidding war. 4 bd, 5 ba, den, fm rm, updated kitchen, loft, great rm, nice yard w/ spa, 4000 sft and 2 car g. We paid $400,000 for it 4 years ago, put about $50k in it and sold it for $792k

Wednesday, March 12, 2008, 11:59 AM

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Definitely research the area. You can do that on Zillow.com and see what comparable homes in your area have sold for.

A couple of guys did research on home selling and found a few things -
1) It's better to price lower vs. starting high with the idea that you will come down to what you really want. I believe it was all about generating more interest in the house and ideally working your way up to a more desirable price. Whereas the higher priced house attracted fewer potential buyers.

2) When choosing a price, consider what price range you want your house to fall under for those doing internet searches. You will attract more potential buyers if you price within a lower price range for those who do internet searches. So, for example, pricing at 299K to stay within the pool of houses priced at 150-299K vs. pricing at 300K and bumping your house up to the pool of houses in the 300-500k range.

Good luck!!

Wednesday, March 12, 2008, 2:14 PM

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Have your agent ask the people who see your house what they do and don't like about it.

My parents are trying to sell their home, which started close to $1M, and is now down to $799k, in an area where it's definitely worth more than that, but they've moved out and now have 2 mortgages, so they really just want to sell, and can't seem to do it.

In their case, people are tending to not like that the wood in the kitchen (cabinets, etc.) is oak, instead of maple or something else with less grain lines through it. Maybe it would've made more sense for them to renovate their kitchen than to drop the price by close to $200k. Not sure, but at least, if you know what people dislike, you may have the opportunity to make an inexpensive change and suddenly your house will sell.

Wednesday, March 12, 2008, 2:53 PM

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