Torrid tales of a house seller in Austin, TX

[amy]

These are just the type of thoughts I was hoping for. We actually owe about $200K on the house, and property taxes are included in what I referred to as our $1700 monthly mortgage payment (and yes, they are high – about $6500 annually). My husband thinks keeping it as a rental propery might make financial sense – he agrees that there will probaby be some loss of value in Austin, but because houses are so much cheaper there & so much more aligned with salaries, that it won’t be as severe as we’re seeing here. And he may be right, but why play with fire? I would rather just sell and get out while we can. Any suggestions on what we should lower the price to? I talked to my realtor today & she thought $339,900 if we are “serious about selling it quickly”.

[gn]

Many seasoned realtors have the following rule of thumb:

– If there are people looking at your house & you get offer(s) within the 1st month of listing, your asking price is within 10% of the “market price”.

– If there are people looking at your house & you have no offer. Your asking price is at least 10% higher than the “market price”.

– If there no one looking at your house, your asking price is at least 20% higher than the “market price”.

I think this is especially true with places like Austin where the supply is not too high compared with the demand (the market is “soft”, but it’s not that bad). The fact that you haven’t got an offer within the first month despite pricing it agressively is “telling”.

With that said, it’s likely that the current market value your house is $315k or less.

Prices in Austin will likely go down for the next 2-3 years (may be not much, but still the direction is downward). Then, even when things pick up, it’ll take another few years for prices to get back to today’s level. Are you willing to rent for that long ?

[gn]

Many seasoned realtors have the following rule of thumb:

– If there are people looking at your house & you get offer(s) within the 1st month of listing, your asking price is within 10% of the “market price”.

– If there are people looking at your house & you have no offer. Your asking price is at least 10% higher than the “market price”.

– If there no one looking at your house, your asking price is at least 20% higher than the “market price”.

I think this is especially true with places like Austin where the supply is not too high compared with the demand (the market is “soft”, but it’s not that bad). The fact that you haven’t got an offer within the first month despite pricing it agressively is “telling”.

With that said, it’s likely that the current market value your house is $315k or less.

Prices in Austin will likely go down for the next 2-3 years (may be not much, but still the direction is downward). Then, even when things pick up, it’ll take another few years for prices to get back to today’s level. Are you willing to rent for that long ?

[gn]

Many seasoned realtors have the following rule of thumb:

– If there are people looking at your house & you get offer(s) within the 1st month of listing, your asking price is within 10% of the “market price”.

– If there are people looking at your house & you have no offer. Your asking price is at least 10% higher than the “market price”.

– If there no one looking at your house, your asking price is at least 20% higher than the “market price”.

I think this is especially true with places like Austin where the supply is not too high compared with the demand (the market is “soft”, but it’s not that bad). The fact that you haven’t got an offer within the first month despite pricing it agressively is “telling”.

With that said, it’s likely that the current market value your house is $315k or less.

Prices in Austin will likely go down for the next 2-3 years (may be not much, but still the direction is downward). Then, even when things pick up, it’ll take another few years for prices to get back to today’s level. Are you willing to rent for that long ?

[gn]

Many seasoned realtors have the following rule of thumb:

– If there are people looking at your house & you get offer(s) within the 1st month of listing, your asking price is within 10% of the “market price”.

– If there are people looking at your house & you have no offer. Your asking price is at least 10% higher than the “market price”.

– If there no one looking at your house, your asking price is at least 20% higher than the “market price”.

I think this is especially true with places like Austin where the supply is not too high compared with the demand (the market is “soft”, but it’s not that bad). The fact that you haven’t got an offer within the first month despite pricing it agressively is “telling”.

With that said, it’s likely that the current market value your house is $315k or less.

Prices in Austin will likely go down for the next 2-3 years (may be not much, but still the direction is downward). Then, even when things pick up, it’ll take another few years for prices to get back to today’s level. Are you willing to rent for that long ?

[gn]

Many seasoned realtors have the following rule of thumb:

– If there are people looking at your house & you get offer(s) within the 1st month of listing, your asking price is within 10% of the “market price”.

– If there are people looking at your house & you have no offer. Your asking price is at least 10% higher than the “market price”.

– If there no one looking at your house, your asking price is at least 20% higher than the “market price”.

I think this is especially true with places like Austin where the supply is not too high compared with the demand (the market is “soft”, but it’s not that bad). The fact that you haven’t got an offer within the first month despite pricing it agressively is “telling”.

With that said, it’s likely that the current market value your house is $315k or less.

Prices in Austin will likely go down for the next 2-3 years (may be not much, but still the direction is downward). Then, even when things pick up, it’ll take another few years for prices to get back to today’s level. Are you willing to rent for that long ?

[jficquette]

I know Austin is a booming place. Tons of jobs and people moving there. Because of that I would suggest that if you can’t breakeven on the house then just keep renting it. If you can breakeven then sell it.

Austin will eventually stabilize because wages will grow faster there then in most other areas.

John

[jficquette]

I know Austin is a booming place. Tons of jobs and people moving there. Because of that I would suggest that if you can’t breakeven on the house then just keep renting it. If you can breakeven then sell it.

Austin will eventually stabilize because wages will grow faster there then in most other areas.

John

[jficquette]

I know Austin is a booming place. Tons of jobs and people moving there. Because of that I would suggest that if you can’t breakeven on the house then just keep renting it. If you can breakeven then sell it.

Austin will eventually stabilize because wages will grow faster there then in most other areas.

John

[jficquette]

I know Austin is a booming place. Tons of jobs and people moving there. Because of that I would suggest that if you can’t breakeven on the house then just keep renting it. If you can breakeven then sell it.

Austin will eventually stabilize because wages will grow faster there then in most other areas.

John

[jficquette]

I know Austin is a booming place. Tons of jobs and people moving there. Because of that I would suggest that if you can’t breakeven on the house then just keep renting it. If you can breakeven then sell it.

Austin will eventually stabilize because wages will grow faster there then in most other areas.

John

[DCRogers]

Reduce it and sell. Texas ain’t gonna be immune to what’s coming.

[DCRogers]

Reduce it and sell. Texas ain’t gonna be immune to what’s coming.

[DCRogers]

Reduce it and sell. Texas ain’t gonna be immune to what’s coming.

[DCRogers]

Reduce it and sell. Texas ain’t gonna be immune to what’s coming.

[Author]

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