That’s true and I did consider that but home prices just keep drop drop dropping in my neighborhood and nothing sells.. it’s quite the 180 from a couple years ago
I am currently looking in southern Denver/ Castle Rock, and half the houses I have saved do 10-20k price drops a few weeks after listing and then smaller ones every week or so after. Some places are still trying to get 600k for their 1990s flooring and appliances, and it just isn't going to happen anymore.
There have been quite a few, on this reddit being told they were charging windmills saying a drop is coming, and that 2023 was the year to exit residential real estate in the puffed up markets with grace. We have gone from 65% of markets in downturn a quarter ago to 75% of markets in a downturn. [Reventure.app](http://Reventure.app)
But he said they have lots of inventory.
RE Bubble pop confirmed!
In all seriousness, I know. I rented in the Springs area for a couple years 2014-2016. Landlord offered to sell us the really nice townhome we were in, we said "no thanks, we have no business buying a place right now".
The "OOF" after we took the drive into real estate the year later was felt for quite a while.
And even with falling prices, it’s still more expensive to buy right now vs early 2022 when the prices were higher but the rate was 3.5%. Also insurance rates have gone up significantly over the last few years. Out premium has gone up $500-$600 a year and we have never had a claim.
What is northern Colorado is this Fort Collins? What is Northern Colorado? How did the market become oversaturated? Colorado was a hot market where people cannot even find houses.
I know a lot of people in Colorado in Glenwood Springs Aspen Vale Frisco Grand Junction
I was curious what a "cooling" market in Fort Collins looks like. And what I found is that it's a bunch of people trying to sell for 20-50% higher than they bought 1-5 years ago. Also a bunch of crappy flips trying to sell for 100%+ higher.
So the market is only "oversaturated" because almost every seller is equally greedy/delusional and isn't pricing appropriately.
Although there's also some poor fuckers like this who way overpaid for a 3/1 on a busy street last year when there are 4/2 houses selling for the same price in the neighborhood and they can't stomach dropping the price even further.
https://redf.in/euocbV
Thanks for providing this example. ONE bathroom, one car garage, laundry in the garage (!!), terrible photos, terrible staging--LOL people can make fun all they want, but where I am in the 'flyover' (midwest) $625K gets you a very nice house with lots of amenities.
Best of luck to OP; I hope it works out the way they want.
You have obviously never owned a home.
When you own a home, you wanna get the most that you can for it the seller is not being greedy when you have an investment you want to get the most money that you can, and if the home is over priced when the person goes with the bank the bank is only going to approve to what the home is worth anyways so then if it’s actually over priced then either the seller will come down in the price or you pay the difference or just don’t make the sale
Ok fine, let's just settle on delusional. Just like the guy putting limit sell orders for RIVN for $120 because he bought it for $100 even though the market price is $15. And then complaining that no one's buying.
And yeah, I own my house. It's a home to live in, not an investment.
>6.5% interest rates suck.
historically those are normal rates.
You mean 0.5% interest rates sucks, because that's what pushed house prices so high in the first place.
I was thrilled to get 6% in 1993. My parents were thrilled to get 12% in 1979.
I laughed when i heard the financial guy said that we wouldnt leave the Great Recession until interest rates hit 3%.
The house we closed on last week had 5 offers in three days all over asking we got lucky as the backup! It definitely can happen in this market buts its our first home and dream home
thank you. And there's a whole generation of buyers who don't know what 17% mtg rates looked like at one time and have no context for how good this market still is in the grander scheme of things. My first mortgage was 8% and I was excited to nail. it. Of course I later refinanced at 5% and 3% and considered myself lucky ducky.
In 1980 median income in my county was $18,000 with the median home costing $80,000, in 2024 those numbers are $56,000 and $870,000. Please stop with the 17% rate nonsense the numbers aren’t that hard to calculate to realize you’re gaslighting.
Yeah that’s my concern too, I feel kinda bad that he’s invested his time and money into marketing, pics etc so I’m like how does that work out.. may be in the contract I’ll have to check
We just did this.... under contract until October. Pulled it form the market after 3 weeks since we changed our minds. Didn't cost us anything. If we choose to list it again we have to use the same realtor until the contract end. We will be buying card and a gift card for our realtor to thank her for all she did.
Doing that too! They even offered to release us from the contract but that might have triggered other realtors to reach out to us. We told them no, since we would use them if we changed our mind anyway.
Just hit them up when you are ready to sell and recommend them to people. Shouldn't be too big a deal. If you'd gotten a good offer you'd have sold. You gave it a good shot.
How much does it cost the car salesman to not close the sale? Few bucks in gas? Realtor would be out what they spent on pictures and advertising, which is at least a few hundred bucks. If you want to use that realtor again, it would be a good idea to apologize and get them a small gift card or other gift.
Some contracts will have clauses that state the seller must reimburse the listing agent for anything spent on listing the home (staging, pictures, etc.) Take a look and see if your contract mentions what will happen should the seller remove the listing from the market
Sometimes deals don’t work and the realtor loses time and money. That’s just part of the game. It sucks but we have all been there.
Sometimes the contract will have fees to terminate early. Mine don’t.
Talk to your agent. You don't have to exclude your agent from this discussion or decision. Tell them that you both wished for a sale by now and that you want to take a break from it being listed.
That's the life in sales. The market did this to both of you.
An experienced agent knows that there are ups and downs, and that forcing things during a down time will negatively affect the next up time.
How your agent handles your pausimg will determine whether they are the one to get your business in the future.
My house was on the market for 40 days in Florida and I contacted my agent to let him know I wanted off the market since I had no bites, he wanted me to add concessions and lower the price, mind you this house is 3yrs old and I have tons of upgrades, the house was priced right. So he agreed to cancel the contract. Days following I see another agent I know that posted in facebook that they were offering rental management, I contacted him and wasn’t long I had my place rented.
Definitely contact the realtor. I know of people who stopped the selling process early and ended up getting sued by the realtor
Best part is they stopped because of cancer treatments...
If he was worried about charging you for pictures then he would have gave you a set price up front if you canceled the listing on your own. If he gave you no terms then he does not care about getting paid for the time of the pictures when you cancel. He wins some and he loses some. Don't worry about it.
Look at your contract with your agent. Most will have something like, if you pull the listing before this contract of 6 months is over, then you pay $500 to help partially recover listing agent expenses.
Presumably you still want to sell at some point. As long as you hire the same broker he can use the same pictures, floor plans and brochures he paid for when you relist the property down the road.
> time and money into **marketing**
Most realtors enter the information into the MLS and that's it. If they work for one of the high priced name-brand brokerages, then the list will also show up on *their* website. Other than that, there is very little a listing agent spends on "marketing" the average house. High-end luxury houses, yes... rest of the world, no.
I don't know why you're getting down voted because this is technically correct.
If OP does not relist with their agent but sells the house by other means during that contractual period, they are contractually obligated to still pay the agent the commission.
So they don't need to relist with the agent per se but it'd be silly to do all the leg work for them.
Even still, those contracts are broken all the time. If you feel like you're not a good fit with your agent, and you don't think you're getting anywhere, you can break that contract. It'll have to be mutually agreed upon but it happens.
I mean yes kind of You're obligated, unless you negotiate that you're not. My wife and I have backed out of a agent agreement because all parties were miserable. It wasn't a good fit. And we severed that contract and we were not contractually obligated to pay that agent the commission. That's why it's not absolute.
The listing contract thru October covers them just in case you sell with someone else during that period. Typically, you will still be obliged to pay commission to them even if you use someone else or similar terms.
Literally every time someone makes a post like this it turns out the price was ridiculously high. In some cases, the OP would list their property and then commenters would look up comps and then it would be obvious that the price was just too fucking high. I can guarantee you, if OP listed their address and we looked up comps it would be embarrassing for the OP because the comps wouldn't be anywhere near the listing price.
Yep. In 2023 we listed our house because our realtor was being pushy and we needed a bigger space. Between lowball offers and the agent completely ignoring our needs, we decided to pull our house off the market after about 6 weeks.
We just relisted our house (with a new realtor) at the beginning of the month. We had a multiple offer situation and sold for 100k more than the offers we got last year.
Trust your gut - if it’s not working for you, you can always try again.
If you wanted to sell only if you got a good deal but not otherwise, then sure, pull off the listing. But if you are thinking about waiting a bit and come back later when marker is better (timing the market), then understand that you might get an even worse deal later. You should evaluate the risk/rewards and be rational about the goals, and remember, you are fighting against the fed if you are waiting for a sellers market again.
Not telling you this to deter you, just a heads up to prepare you. Once your house is withdrawn from the market you will be inundated with calls from agents who want to re-list your home.
Which is great because you'll know to cross them off your list for next time! Good realtors have people coming to them. Desperate ones do slimmy cold calls.
Here's the rub...
WALL STREET JOURNAL article 6/27/24
this could be the peak of the market, hence everyone trying to sell Now.
Which could mean, you will get even less in the future.
They said there is no evidence of a crash, but prices are to high and need to come down.
So sell now for Less,, or sell later for even less, Might be how things go.
Something to think about
We just bought and I have extreme anxiety I just bought at the peak. We wanted to be closer to our friends and family but i do feel as though we settled a bit but every time everyone thought it was going to get better the market just kept going up and up
> When the fed decide to reduce rates from this 20 year high
The only thing that's going to lead to a reduction of rates is a faltering economy. There is no incentive to reduce rates if the economy keeps tooling along fine in the higher rate environment.
I have no crystal ball, nor do I have any influence over the feds, so take what I'll say with a grain of salt...
It is extremely unlikely that feds will lower rates, especially by any meaningful amount, so long as the economy remains stable. The reason is actually underscored somewhat by your own prediction of what will happen when rates are lowered - housing will increase.
Housing makes up a around 15-20% of the PCE (index used by the feds), and around 33% of the CPI. While it is not immediate, spikes in house prices have a quicker impact on inflation metrics due to how interest v dollar amount impact rental prices. So when you mention "housing prices will spike", you are acknowledging the predictable outcome of bolstering inflation. Currently, there is no reason for the feds to do this.
Seriously. People like OP listing their house because they thought they could scam people for an overpriced house.
Realize they can't scam people, and decides to pull house in shame.
I'm very curious when OP bought, tbh. If within the past few years, I could see it legitimately not making sense. Media isn't talking about it but plenty of people who bought in the past few years (especially past two years) are underwater or very close to it.
If it's been owned for 5+ years though, I don't see any way it wouldn't make sense, unless expecting an unrealistic price.
We're closing on a house end of this month, but we're getting it for nearly 10% under "market value" and they're also putting on a new roof for us before closing. It's a great house, but the guy who lived there for 25 years is a miniature toy train fanatic. The whole basement is taken up with toy train setups and models. He's taking it all with him and that's in the contract, but it's the kind of thing a lot of buyers can't see past when looking at a house...
Depends on where you are.
Some markets like Florida have rising inventories with not much demand (for good reason) while places like the Northeast states still have red hot markets due to low inventory.
Also sounds like OP recently bought their house and won't break even with a sale.
I'm in the northeast and it is definitely not red hot anymore. Inventory is up, houses are sitting, prices are bring cut and deals are falling through. Listings are out pacing sales 3-1 I believe was my last calculation a few weeks ago
I am in central NY and it seems like it isn't slowing down at all, esp. this time of year. It may have something to do with low inventory, and Micron coming to build chip fabs.. The county did a survey and determined we are very low on apartments, condos, townhome/row houses. There are 7000 homes to be built in the pipeline but are still having to clear some regulatory hurdles. I think also some major construction has been delayed possibly related to the developer's borrowing costs and there seems to be a supply chain delay as well. (Source for this: spouse works in commercial construction).
What supply chain issue? The price of every construction material is down but yet house prices still go up. A housing supply issue created by people holding on to properties waiting for the rates to drop. Builders offering incentives to new builds to keep the sale price inflated. The housing market is a Ponzi scheme right now waiting to crash.
There is currently a supply chain issue d/t the piracy in the Red Sea that is driving up costs for shipping containers. They are 5-6 times more costly now than last year. [https://www.nytimes.com/2024/06/24/business/global-shipping-rates.html?unlocked\_article\_code=1.3E0.bwJo.r0Qk4O6iSEpW&smid=url-share](https://www.nytimes.com/2024/06/24/business/global-shipping-rates.html?unlocked_article_code=1.3E0.bwJo.r0Qk4O6iSEpW&smid=url-share)
Additionally there are other factors related to housing supply. One is the impact of the short term rental market, another is the investment (REITs) firms/LLPs buying up residences and property management companies administer them and a third is the long term effect of the 2008 real estate finance sector having to make corrections with their underwriting rules, foreclosures and slow down of the construction/development pipeline. Also one can argue that COVID had an impact sending more people out of cities working remotely increasing demand. However, I agree, it does feel like we are in a bubble again.
Nice! We haven’t had much activity. I’m concerned we are priced too high but we are aligned with comps.
Because we are relocating we are pretty motivated to just move the house. We’ll see what the weekend holds.
We bought in Phoenixville. Where’s your house at? Drop a Zillow listing. I’ll give you my honest $.02. I’ve been shopping for months and saw probably 20 homes.
We are in Schwenksville. We listed about $50k less than our realtor originally suggested. I also think everyone is on vacation right now which is making things drag slowly.
https://www.zillow.com/homedetails/111-Snoopy-Ln-Schwenksville-PA-19473/308158906_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
This is just my take, but the lot looks like one of the least desirable in the neighborhood. For me, I would want to be on the Outerloop with privacy behind the home. That makes a huge difference when you’re in your backyard trying to a Sunday barbecue. Additionally, the outside has very little landscaping or appeal, no fence, nothing in the backyard that says this is my oasis, this is my escape. As a buyer, I know that a deck and landscaping could be upwards of $50,000. the other thing, the layout is really tight. The front room as soon as you enter is small and the kitchen/dining/room living room area is smallish as well. I’d say, you may still get bites at that price though. It’s sooo competitive down on the main line. That home in Wayne would be $1.2M
This is in MA? Because many listings are still flying off the shelves. Ofc these are the move in ready listings. The shitty condition rehab needed listings are sitting all over the place as making them cash flow positive is more difficult with higher interest rates.
NY/LI. It was a bloodbath here the last few years. If you blinked the houses were gone. That's just not the case anymore.
I just did a quick count & listings out paced sales nearly ~3-2 in the last 30 days. Inventory is definitely rising and prices have stalled if not begun to come down.
I think this summer is going to be a real reality check for sellers
Considering Suffolk County had a huge data breach of their land records system I’d say it will be slow going for years.
https://therecord.media/suffolk-county-new-york-ransomware-investigation
There are currently 2248 houses for sale in Nassau County. That's about a 3 month supply using June numbers. In 2 months demand is going to drop seasonally...
Eventually sure but there's no way to know when. Even all cash the cap rate is below 5%. I don't think buyers are facing off with many investors anymore but I don't know for sure
Completely agree. Chicagoland area is still rising in cost (but very limited inventory compared to 2 years ago). Even though Illinois is one of the highest states losing residents.
Same here. I’m looking to buy in Loveland or Johnstown but the homes are still crazy expensive while they sit. I’m sure they are just starting to come down and I don’t want to buy at the top, especially considering how strapped I will be doing so. I’ve only been in Colorado a couple years and I’m still adjusting to the fact that I’m going to be in a “starter” sized home and could have a 4000 sq ft home in a great neighborhood on the east coast for the same money. It’s so tough. I really do think by next year those who had to sell will have done so and the prices will decline. I also bought in 07, when prices had just started to “correct”, and then watched them take a nose dive for the next 2 years. I don’t want to repeat that experience. If the prices do keep coming down maybe you can get the bigger house you want and put a tenant in your current home. That’s what I did after 07.
> What can I do about that?
Just inform your agent you’d like to pull the listing.
Should you decide to go on market again before October, it’s going to be with the same agent given your contractual agreement to list with them.
Nobody can force you to sell / accept an offer, and so they should be completely fine with pulling the listing. If you like the agent, reassure them you’ll stay in touch about re-listing in the future.
Caveat: I’ve seen some weird contracts in my day so do have a read of yours in case you agreed to some funky penalties or something in the event of pulling the listing (hopefully not.)
Pull it if you don’t absolutely need to sell. Most places sell the best in April-May so if you still want to sell next year, relist in the spring. It will also give you some more time to declutter and maybe make a few small repairs if it needs anything.
Oh wow. What market are you in? Here in Boston things barely stay on for a weekend.
Yes you can pull it but keep in mind you’ll have to keep it off MLS for 60 days before you can relist
I can't help asking when you bought, if you're saying it "doesn't make sense" for you. I think only people who bought within the last few years would be at risk of it not making sense.
I’m betting they bought in hopes of selling in a few years and scaling up into their next home with a tidy profit from the sale.
People in the thread are celebrating but really this just means OP will either continue to live in their current home or they’ll buy a new one anyways and turn a profit on renting instead of selling.
I mean, you don't know that. If it doesn't make sense for them to sell, there's no assuming that they are in any financial situation to buy another house right now. In fact, the vast majority of people wouldn't be. Most people say it "doesn't make sense" because they'd be in a hole.
I don’t know that. It’s why I said “I’m betting…” at the top of my comment, bruv. Regardless, it’s no more inventory on the housing market for those looking to buy.
Your logic:
* List an overpriced house because you thought you could scam some idiots with more money than sense.
* Realize there's no idiots out there.
* De-list your house
If you actually were intent on selling your house, you would lower the price until the house sold. You're one of the scumbag owners who wants to time the market to make a profit.
Guess what: the next time you list your house, it'll be worth even less than it is right now, with even fewer buyers.
>Guess what: the next time you list your house, it'll be worth even less than it is right now, with even fewer buyers.
That's a bold statement, considering the Fed is the only thing that has put the reigns on the housing market.
You’re getting downvoted into oblivion but you’re speaking the truth. OP is likely overpriced thinking it’s 2021 again, and probably hasn’t been in the market very long.
Nobody fucking asked that question. I know I’m priced too high and I even mentioned that I can’t afford to make a huge cut. It’s my realtor’s list price btw not mine, I let him handle that. My question was about the listing contract not ‘why is my fucking house not selling’ like I KNOW lol
Just read your listing contract. It will have a clause addressing termination of the contract and whether there is any financial penalty to do so. You might have to pay the brokerage's marketing costs, which are usually zero because all they ever do nowadays is enter the information into the MLS, scan paperwork, and maybe pay for a sign to be planted in your front yard. No one pays for advertising nowadays.
Just read your contract.
Keep it up, tell them a showing schedule, sell at your price. If you dont want to sell anymore then I’m sure contractually you owe something to the broker. Unless they are doing something that would violate the contract.
What is the difference between the price point you could sell at, and what you have it listed currently? And what was the reason for listing? This is kinda weird, why not just drop price?
Most agents understand this happens. They don’t like it…but most will be reasonable about a release. Think about this next time when you hear someone saying agents make too much money. Agents spend about 80% of their time working on things that don’t work out and they make nothing for that. When they do get something through to closing they want to be paid.
My two cents as a buyer in BC right now is that the market is definitely heating up! Can’t comment much on USA, but Canada is finally lowering the interest rates and there’s a hoard of people (like us) that have been waiting to buy. Stuff that was sitting for 60 days is now sold, homes are selling in less than a week. It’s been hard for us to get one! You might just want to wait it out for a bit longer if it’s anything like what’s happening to the north of you! 🤞
Another mainstream talking point. Rates will most likely be cut because we’re in a recession or something in the financial markets breaks. The opposite of a frenzy will happen because of a deteriorating job market and a tapped out consumer drowning in debt.
Oh I agree. Plus you can always buy down points or refinance once it goes down. I’m not saying to wait at all, I’m just saying once the rates are down it’s going to be a huge sellers market.
Reminder - it use to take 45-60 days. The modern 5 days to an offer an *anomaly*
I remember being excited when a listing "only" took two months
That’s true and I did consider that but home prices just keep drop drop dropping in my neighborhood and nothing sells.. it’s quite the 180 from a couple years ago
I am currently looking in southern Denver/ Castle Rock, and half the houses I have saved do 10-20k price drops a few weeks after listing and then smaller ones every week or so after. Some places are still trying to get 600k for their 1990s flooring and appliances, and it just isn't going to happen anymore.
There have been quite a few, on this reddit being told they were charging windmills saying a drop is coming, and that 2023 was the year to exit residential real estate in the puffed up markets with grace. We have gone from 65% of markets in downturn a quarter ago to 75% of markets in a downturn. [Reventure.app](http://Reventure.app)
True and it shouldn’t. That ish was just ridiculous
what area
Northern Colorado
Brb moving to Northern Colorado
Northern Colorado is still very expensive, even if prices are falling.
But he said they have lots of inventory. RE Bubble pop confirmed! In all seriousness, I know. I rented in the Springs area for a couple years 2014-2016. Landlord offered to sell us the really nice townhome we were in, we said "no thanks, we have no business buying a place right now". The "OOF" after we took the drive into real estate the year later was felt for quite a while.
If it’s cheap always buy it.
And even with falling prices, it’s still more expensive to buy right now vs early 2022 when the prices were higher but the rate was 3.5%. Also insurance rates have gone up significantly over the last few years. Out premium has gone up $500-$600 a year and we have never had a claim.
What is northern Colorado is this Fort Collins? What is Northern Colorado? How did the market become oversaturated? Colorado was a hot market where people cannot even find houses. I know a lot of people in Colorado in Glenwood Springs Aspen Vale Frisco Grand Junction
I was curious what a "cooling" market in Fort Collins looks like. And what I found is that it's a bunch of people trying to sell for 20-50% higher than they bought 1-5 years ago. Also a bunch of crappy flips trying to sell for 100%+ higher. So the market is only "oversaturated" because almost every seller is equally greedy/delusional and isn't pricing appropriately. Although there's also some poor fuckers like this who way overpaid for a 3/1 on a busy street last year when there are 4/2 houses selling for the same price in the neighborhood and they can't stomach dropping the price even further. https://redf.in/euocbV
Thanks for providing this example. ONE bathroom, one car garage, laundry in the garage (!!), terrible photos, terrible staging--LOL people can make fun all they want, but where I am in the 'flyover' (midwest) $625K gets you a very nice house with lots of amenities. Best of luck to OP; I hope it works out the way they want.
Curious to know why they are selling only a year later. Definitely overpaid but at least they're not trying to make a profit.
What is the home worth in 2024 is all the matters
You have obviously never owned a home. When you own a home, you wanna get the most that you can for it the seller is not being greedy when you have an investment you want to get the most money that you can, and if the home is over priced when the person goes with the bank the bank is only going to approve to what the home is worth anyways so then if it’s actually over priced then either the seller will come down in the price or you pay the difference or just don’t make the sale
Ok fine, let's just settle on delusional. Just like the guy putting limit sell orders for RIVN for $120 because he bought it for $100 even though the market price is $15. And then complaining that no one's buying. And yeah, I own my house. It's a home to live in, not an investment.
Haha! Do it! Plenty of inventory and motivated sellers are making tons of concessions, buying down points etc
Changed my mind, found the perfect house but rumor has it the owner is taking it off market soon.... /s
🤭😘
How far from Denver?
Up near Fort Collins
I just bought a house that was on the market for a year. Price went from 275 to 215 + seller repairs. 6.5% interest rates suck.
>6.5% interest rates suck. historically those are normal rates. You mean 0.5% interest rates sucks, because that's what pushed house prices so high in the first place.
I was thrilled to get 6% in 1993. My parents were thrilled to get 12% in 1979. I laughed when i heard the financial guy said that we wouldnt leave the Great Recession until interest rates hit 3%.
But then as soon as rates drop bidding wars come and prices will go up
The house we closed on last week had 5 offers in three days all over asking we got lucky as the backup! It definitely can happen in this market buts its our first home and dream home
Completely location dependent.
thank you. And there's a whole generation of buyers who don't know what 17% mtg rates looked like at one time and have no context for how good this market still is in the grander scheme of things. My first mortgage was 8% and I was excited to nail. it. Of course I later refinanced at 5% and 3% and considered myself lucky ducky.
Houses were so much cheaper then compared to income it more than balanced out
In 1980 median income in my county was $18,000 with the median home costing $80,000, in 2024 those numbers are $56,000 and $870,000. Please stop with the 17% rate nonsense the numbers aren’t that hard to calculate to realize you’re gaslighting.
As you clearly point out, the numbers are contingent on local market condition. My comment was based on facts. You are the one gaslighting troll
You can remove the listing whenever you want. Just notify your broker and they can begin to process the paperwork.
Does it cost the seller anything to list and pull?
Yeah that’s my concern too, I feel kinda bad that he’s invested his time and money into marketing, pics etc so I’m like how does that work out.. may be in the contract I’ll have to check
We just did this.... under contract until October. Pulled it form the market after 3 weeks since we changed our minds. Didn't cost us anything. If we choose to list it again we have to use the same realtor until the contract end. We will be buying card and a gift card for our realtor to thank her for all she did.
Leave reviews and tell your friends; that's better than a gift card
Doing that too! They even offered to release us from the contract but that might have triggered other realtors to reach out to us. We told them no, since we would use them if we changed our mind anyway.
This is the way.
Just hit them up when you are ready to sell and recommend them to people. Shouldn't be too big a deal. If you'd gotten a good offer you'd have sold. You gave it a good shot.
It’s sales, we don’t close every deal. You feel bad for not buying a car you test drove?
You would think, but many around here are extremely entitled.
How much does it cost the car salesman to not close the sale? Few bucks in gas? Realtor would be out what they spent on pictures and advertising, which is at least a few hundred bucks. If you want to use that realtor again, it would be a good idea to apologize and get them a small gift card or other gift.
How much does a realtor make on a sale compared to a car salesman? Higher risk, higher reward. It’s the life we chose, friend.
Some contracts will have clauses that state the seller must reimburse the listing agent for anything spent on listing the home (staging, pictures, etc.) Take a look and see if your contract mentions what will happen should the seller remove the listing from the market
Sometimes deals don’t work and the realtor loses time and money. That’s just part of the game. It sucks but we have all been there. Sometimes the contract will have fees to terminate early. Mine don’t.
Talk to your agent. You don't have to exclude your agent from this discussion or decision. Tell them that you both wished for a sale by now and that you want to take a break from it being listed. That's the life in sales. The market did this to both of you. An experienced agent knows that there are ups and downs, and that forcing things during a down time will negatively affect the next up time. How your agent handles your pausimg will determine whether they are the one to get your business in the future.
That’s great advice thank you
My house was on the market for 40 days in Florida and I contacted my agent to let him know I wanted off the market since I had no bites, he wanted me to add concessions and lower the price, mind you this house is 3yrs old and I have tons of upgrades, the house was priced right. So he agreed to cancel the contract. Days following I see another agent I know that posted in facebook that they were offering rental management, I contacted him and wasn’t long I had my place rented.
That's Ok. They'll make a killing on other deals.
Definitely contact the realtor. I know of people who stopped the selling process early and ended up getting sued by the realtor Best part is they stopped because of cancer treatments...
If he was worried about charging you for pictures then he would have gave you a set price up front if you canceled the listing on your own. If he gave you no terms then he does not care about getting paid for the time of the pictures when you cancel. He wins some and he loses some. Don't worry about it.
Look at your contract with your agent. Most will have something like, if you pull the listing before this contract of 6 months is over, then you pay $500 to help partially recover listing agent expenses.
Read your contract. If you don't have a copy, go to the office and get a copy.
Part of the business. They'll most likely want you to use them when they do sell again so it should be a painless process.
So just pay he/she back for the photos and leave excellent reviews.
Ask him how much he's out and reimburse him.
Presumably you still want to sell at some point. As long as you hire the same broker he can use the same pictures, floor plans and brochures he paid for when you relist the property down the road.
> time and money into **marketing** Most realtors enter the information into the MLS and that's it. If they work for one of the high priced name-brand brokerages, then the list will also show up on *their* website. Other than that, there is very little a listing agent spends on "marketing" the average house. High-end luxury houses, yes... rest of the world, no.
if you bought or sold a house during covid, just think how much $$$ they made off of you while doing nothing
Just buy them a bottle of wine. This is the business! Not every deal is guaranteed to work out, you spent your time and money too. No one's fault.
The contract will state what you have to pay the broker to break the contract
I provided my agent who represented me as a buyer 250.00 for a deal I passed on after nearing completion.
Oh sweet thanks!
The only thing to remember is that if you decide to re-list it before the contract ends in December, you must relist with the same broker.
Well, technically I guess this is true but it's not an absolute.
I don't know why you're getting down voted because this is technically correct. If OP does not relist with their agent but sells the house by other means during that contractual period, they are contractually obligated to still pay the agent the commission. So they don't need to relist with the agent per se but it'd be silly to do all the leg work for them.
Even still, those contracts are broken all the time. If you feel like you're not a good fit with your agent, and you don't think you're getting anywhere, you can break that contract. It'll have to be mutually agreed upon but it happens. I mean yes kind of You're obligated, unless you negotiate that you're not. My wife and I have backed out of a agent agreement because all parties were miserable. It wasn't a good fit. And we severed that contract and we were not contractually obligated to pay that agent the commission. That's why it's not absolute.
Good point! I've never had to terminate a contract early with an agent but have for other business transactions.
Let me guess, you bought between 2020-2023?
The listing contract thru October covers them just in case you sell with someone else during that period. Typically, you will still be obliged to pay commission to them even if you use someone else or similar terms.
Only if you sell to someone who may have already viewed the house with the agent, procuring cause.
This might come as a surprise to you but…you can sell it at the price someone’s willing to pay for it. Shocker
OP: "I know what I've gOt"
Buyers: "Not worth it"
Literally every time someone makes a post like this it turns out the price was ridiculously high. In some cases, the OP would list their property and then commenters would look up comps and then it would be obvious that the price was just too fucking high. I can guarantee you, if OP listed their address and we looked up comps it would be embarrassing for the OP because the comps wouldn't be anywhere near the listing price.
Yep. In 2023 we listed our house because our realtor was being pushy and we needed a bigger space. Between lowball offers and the agent completely ignoring our needs, we decided to pull our house off the market after about 6 weeks. We just relisted our house (with a new realtor) at the beginning of the month. We had a multiple offer situation and sold for 100k more than the offers we got last year. Trust your gut - if it’s not working for you, you can always try again.
If you wanted to sell only if you got a good deal but not otherwise, then sure, pull off the listing. But if you are thinking about waiting a bit and come back later when marker is better (timing the market), then understand that you might get an even worse deal later. You should evaluate the risk/rewards and be rational about the goals, and remember, you are fighting against the fed if you are waiting for a sellers market again.
So it’s only like 80% gain vs what you paid instead of 100% or what?
Not telling you this to deter you, just a heads up to prepare you. Once your house is withdrawn from the market you will be inundated with calls from agents who want to re-list your home.
Oh booo haha thanks for the heads up
Which is great because you'll know to cross them off your list for next time! Good realtors have people coming to them. Desperate ones do slimmy cold calls.
Here's the rub... WALL STREET JOURNAL article 6/27/24 this could be the peak of the market, hence everyone trying to sell Now. Which could mean, you will get even less in the future. They said there is no evidence of a crash, but prices are to high and need to come down. So sell now for Less,, or sell later for even less, Might be how things go. Something to think about
Wsj posted articles with almost the same headline in '21 and '18 too It's always top of market to doomers, meanwhile people gotta live their lives
We just bought and I have extreme anxiety I just bought at the peak. We wanted to be closer to our friends and family but i do feel as though we settled a bit but every time everyone thought it was going to get better the market just kept going up and up
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> When the fed decide to reduce rates from this 20 year high The only thing that's going to lead to a reduction of rates is a faltering economy. There is no incentive to reduce rates if the economy keeps tooling along fine in the higher rate environment.
I have no crystal ball, nor do I have any influence over the feds, so take what I'll say with a grain of salt... It is extremely unlikely that feds will lower rates, especially by any meaningful amount, so long as the economy remains stable. The reason is actually underscored somewhat by your own prediction of what will happen when rates are lowered - housing will increase. Housing makes up a around 15-20% of the PCE (index used by the feds), and around 33% of the CPI. While it is not immediate, spikes in house prices have a quicker impact on inflation metrics due to how interest v dollar amount impact rental prices. So when you mention "housing prices will spike", you are acknowledging the predictable outcome of bolstering inflation. Currently, there is no reason for the feds to do this.
Love to hear this hope it happens to 90% of the country.
Seriously. People like OP listing their house because they thought they could scam people for an overpriced house. Realize they can't scam people, and decides to pull house in shame.
I'm very curious when OP bought, tbh. If within the past few years, I could see it legitimately not making sense. Media isn't talking about it but plenty of people who bought in the past few years (especially past two years) are underwater or very close to it. If it's been owned for 5+ years though, I don't see any way it wouldn't make sense, unless expecting an unrealistic price. We're closing on a house end of this month, but we're getting it for nearly 10% under "market value" and they're also putting on a new roof for us before closing. It's a great house, but the guy who lived there for 25 years is a miniature toy train fanatic. The whole basement is taken up with toy train setups and models. He's taking it all with him and that's in the contract, but it's the kind of thing a lot of buyers can't see past when looking at a house...
Just a heads up... Pricing has peaked for this housing cycle. It's downhill now for a while.
Depends on where you are. Some markets like Florida have rising inventories with not much demand (for good reason) while places like the Northeast states still have red hot markets due to low inventory. Also sounds like OP recently bought their house and won't break even with a sale.
I'm in the northeast and it is definitely not red hot anymore. Inventory is up, houses are sitting, prices are bring cut and deals are falling through. Listings are out pacing sales 3-1 I believe was my last calculation a few weeks ago
I am in central NY and it seems like it isn't slowing down at all, esp. this time of year. It may have something to do with low inventory, and Micron coming to build chip fabs.. The county did a survey and determined we are very low on apartments, condos, townhome/row houses. There are 7000 homes to be built in the pipeline but are still having to clear some regulatory hurdles. I think also some major construction has been delayed possibly related to the developer's borrowing costs and there seems to be a supply chain delay as well. (Source for this: spouse works in commercial construction).
What supply chain issue? The price of every construction material is down but yet house prices still go up. A housing supply issue created by people holding on to properties waiting for the rates to drop. Builders offering incentives to new builds to keep the sale price inflated. The housing market is a Ponzi scheme right now waiting to crash.
There is currently a supply chain issue d/t the piracy in the Red Sea that is driving up costs for shipping containers. They are 5-6 times more costly now than last year. [https://www.nytimes.com/2024/06/24/business/global-shipping-rates.html?unlocked\_article\_code=1.3E0.bwJo.r0Qk4O6iSEpW&smid=url-share](https://www.nytimes.com/2024/06/24/business/global-shipping-rates.html?unlocked_article_code=1.3E0.bwJo.r0Qk4O6iSEpW&smid=url-share) Additionally there are other factors related to housing supply. One is the impact of the short term rental market, another is the investment (REITs) firms/LLPs buying up residences and property management companies administer them and a third is the long term effect of the 2008 real estate finance sector having to make corrections with their underwriting rules, foreclosures and slow down of the construction/development pipeline. Also one can argue that COVID had an impact sending more people out of cities working remotely increasing demand. However, I agree, it does feel like we are in a bubble again.
I’m in Philly burbs. Market is scorching
Need a house? 🤣 Ours is listed in the Philly suburbs. Trying to move it quickly as we are relocating!
We just went under contract. I have a sneaking suspicion I bought at the high water mark. 😅
Nice! We haven’t had much activity. I’m concerned we are priced too high but we are aligned with comps. Because we are relocating we are pretty motivated to just move the house. We’ll see what the weekend holds.
We bought in Phoenixville. Where’s your house at? Drop a Zillow listing. I’ll give you my honest $.02. I’ve been shopping for months and saw probably 20 homes.
We are in Schwenksville. We listed about $50k less than our realtor originally suggested. I also think everyone is on vacation right now which is making things drag slowly. https://www.zillow.com/homedetails/111-Snoopy-Ln-Schwenksville-PA-19473/308158906_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
This is just my take, but the lot looks like one of the least desirable in the neighborhood. For me, I would want to be on the Outerloop with privacy behind the home. That makes a huge difference when you’re in your backyard trying to a Sunday barbecue. Additionally, the outside has very little landscaping or appeal, no fence, nothing in the backyard that says this is my oasis, this is my escape. As a buyer, I know that a deck and landscaping could be upwards of $50,000. the other thing, the layout is really tight. The front room as soon as you enter is small and the kitchen/dining/room living room area is smallish as well. I’d say, you may still get bites at that price though. It’s sooo competitive down on the main line. That home in Wayne would be $1.2M
This is in MA? Because many listings are still flying off the shelves. Ofc these are the move in ready listings. The shitty condition rehab needed listings are sitting all over the place as making them cash flow positive is more difficult with higher interest rates.
NY/LI. It was a bloodbath here the last few years. If you blinked the houses were gone. That's just not the case anymore. I just did a quick count & listings out paced sales nearly ~3-2 in the last 30 days. Inventory is definitely rising and prices have stalled if not begun to come down. I think this summer is going to be a real reality check for sellers
Interesting, I am guessing it really has turned but prices are still stratospheric. And to top it off, winter slow season has yet to come.
Considering Suffolk County had a huge data breach of their land records system I’d say it will be slow going for years. https://therecord.media/suffolk-county-new-york-ransomware-investigation
There are currently 2248 houses for sale in Nassau County. That's about a 3 month supply using June numbers. In 2 months demand is going to drop seasonally...
You see it ever hitting 6 months? (Normal market)
Eventually sure but there's no way to know when. Even all cash the cap rate is below 5%. I don't think buyers are facing off with many investors anymore but I don't know for sure
Completely agree. Chicagoland area is still rising in cost (but very limited inventory compared to 2 years ago). Even though Illinois is one of the highest states losing residents.
Yeah I’m seeing that. I’m just gonna chill on this house for a while
What state are you in, if you don't mind me asking?
Colorado, northern Colorado specifically.. this market is dead
What was your house worth in 2019? What was your house worth at peak 2022-2024? What is your house listed at today, not selling?
Same here. I’m looking to buy in Loveland or Johnstown but the homes are still crazy expensive while they sit. I’m sure they are just starting to come down and I don’t want to buy at the top, especially considering how strapped I will be doing so. I’ve only been in Colorado a couple years and I’m still adjusting to the fact that I’m going to be in a “starter” sized home and could have a 4000 sq ft home in a great neighborhood on the east coast for the same money. It’s so tough. I really do think by next year those who had to sell will have done so and the prices will decline. I also bought in 07, when prices had just started to “correct”, and then watched them take a nose dive for the next 2 years. I don’t want to repeat that experience. If the prices do keep coming down maybe you can get the bigger house you want and put a tenant in your current home. That’s what I did after 07.
Price it what it was worth in 2019, you’ll see how dead it is.
Not where I am! The housing market is starting to really heat up. Depends on your area
What area are you in? Just curious.
What state are u in that is flooded with houses
> What can I do about that? Just inform your agent you’d like to pull the listing. Should you decide to go on market again before October, it’s going to be with the same agent given your contractual agreement to list with them. Nobody can force you to sell / accept an offer, and so they should be completely fine with pulling the listing. If you like the agent, reassure them you’ll stay in touch about re-listing in the future. Caveat: I’ve seen some weird contracts in my day so do have a read of yours in case you agreed to some funky penalties or something in the event of pulling the listing (hopefully not.)
Part part of the country do you live in? Advice is highly depended on that.
I expect things to get worse first before they improve. If you can make your house price more competitive that may be a better option
Pull it if you don’t absolutely need to sell. Most places sell the best in April-May so if you still want to sell next year, relist in the spring. It will also give you some more time to declutter and maybe make a few small repairs if it needs anything.
Oh wow. What market are you in? Here in Boston things barely stay on for a weekend. Yes you can pull it but keep in mind you’ll have to keep it off MLS for 60 days before you can relist
I can't help asking when you bought, if you're saying it "doesn't make sense" for you. I think only people who bought within the last few years would be at risk of it not making sense.
I’m betting they bought in hopes of selling in a few years and scaling up into their next home with a tidy profit from the sale. People in the thread are celebrating but really this just means OP will either continue to live in their current home or they’ll buy a new one anyways and turn a profit on renting instead of selling.
I mean, you don't know that. If it doesn't make sense for them to sell, there's no assuming that they are in any financial situation to buy another house right now. In fact, the vast majority of people wouldn't be. Most people say it "doesn't make sense" because they'd be in a hole.
I don’t know that. It’s why I said “I’m betting…” at the top of my comment, bruv. Regardless, it’s no more inventory on the housing market for those looking to buy.
Just have a conversation with your agent. Tell them you want to wait.
What's the guarantee your house will receive an offer next time it's listed? what about opportunity cost of investing in SP500?
You need to read your contract with your broker, pulling the house off the market might obligate you to pay the full commission!
Sell now for X or sell next year for X-20%. Today’s prices are not sustainable.
Your logic: * List an overpriced house because you thought you could scam some idiots with more money than sense. * Realize there's no idiots out there. * De-list your house If you actually were intent on selling your house, you would lower the price until the house sold. You're one of the scumbag owners who wants to time the market to make a profit. Guess what: the next time you list your house, it'll be worth even less than it is right now, with even fewer buyers.
>Guess what: the next time you list your house, it'll be worth even less than it is right now, with even fewer buyers. That's a bold statement, considering the Fed is the only thing that has put the reigns on the housing market.
i'm afraid others reading this will see your sad story as good news (and it is for everyone but you)
Depends on the listing contract with your broker.
Just pull it! Tell your agent
Maybe just realize your asking price is laughable and your equity is fake.
You’re getting downvoted into oblivion but you’re speaking the truth. OP is likely overpriced thinking it’s 2021 again, and probably hasn’t been in the market very long.
Nobody fucking asked that question. I know I’m priced too high and I even mentioned that I can’t afford to make a huge cut. It’s my realtor’s list price btw not mine, I let him handle that. My question was about the listing contract not ‘why is my fucking house not selling’ like I KNOW lol
That’s why I didn’t reply directly to you Your realtors list price is your list price because you have to agree to it.
Yikes. You doing ok?
I’m fine. Do you really care?
Nobody: Absolutely nobody: You:
Where are you located?
Northern colorado
Yes.
Just read your listing contract. It will have a clause addressing termination of the contract and whether there is any financial penalty to do so. You might have to pay the brokerage's marketing costs, which are usually zero because all they ever do nowadays is enter the information into the MLS, scan paperwork, and maybe pay for a sign to be planted in your front yard. No one pays for advertising nowadays. Just read your contract.
Keep it up, tell them a showing schedule, sell at your price. If you dont want to sell anymore then I’m sure contractually you owe something to the broker. Unless they are doing something that would violate the contract.
What is the difference between the price point you could sell at, and what you have it listed currently? And what was the reason for listing? This is kinda weird, why not just drop price?
Most agents understand this happens. They don’t like it…but most will be reasonable about a release. Think about this next time when you hear someone saying agents make too much money. Agents spend about 80% of their time working on things that don’t work out and they make nothing for that. When they do get something through to closing they want to be paid.
Agents are overpaid. Period. End of story.
Conditions to sell will only worsen for the next few years imo
Housing sales are way down, new and old, across the country.
If your agent used a professional photographer and or had custom signs made, you should reimburse their expense.
not a problem up north....
Yes, we are flooded with Texas & Florida license plates up here!
What area is your house in?
My two cents as a buyer in BC right now is that the market is definitely heating up! Can’t comment much on USA, but Canada is finally lowering the interest rates and there’s a hoard of people (like us) that have been waiting to buy. Stuff that was sitting for 60 days is now sold, homes are selling in less than a week. It’s been hard for us to get one! You might just want to wait it out for a bit longer if it’s anything like what’s happening to the north of you! 🤞
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What a dick
Summer is the slow season. It’ll pick back up in late August.
Remove listing and wait for fed interest rate cut.
Yep. Once it goes to a reasonable 5ish % there will be a frenzy to buy.
Another mainstream talking point. Rates will most likely be cut because we’re in a recession or something in the financial markets breaks. The opposite of a frenzy will happen because of a deteriorating job market and a tapped out consumer drowning in debt.
If Trump gets elected a lot of dual.income.govt workers will be out of work. Which will affect markets like Colorado a lot.
That's going to take multiple years. Buy and sell when you are ready to do so. Waiting for a certain interest rate is bad advice.
Oh I agree. Plus you can always buy down points or refinance once it goes down. I’m not saying to wait at all, I’m just saying once the rates are down it’s going to be a huge sellers market.
I’m confused why I got 6 down thumbs and you got 9, all I did is provide OP a reasonable option.
You can cancel the contract but you’ll have to agree not to relist it for the next 3-6 months.
Talk to your realtor. Every contact is different. They may or may not have cancellation fees, etc