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Discussion Starter · #1 ·
No, not buying, trying to sell! I know it's getting chilly up there now, and the market typically slows down during the winter. We have a townhome on the market, and I don't think we're getting any showings at all. I don't know if it's because there's something wrong with our unit or the price or what have you, or if there is just no one buying at the moment. Trying very hard not to freak out, but I'm anticipating we'll be holding onto it until spring at the earliest...<br><br>
So are people looking, buying, anything up there? Or hunkered down for the season? I was sort of hoping that there might be some off-season bargin hunters, but it seems not. I know everything's depressed up there, but this could be a great time to get a deal, theoretically... I'm trying to decide if another price reduction might stir up interest or just make us seem desperate. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol">
 

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Pretty much anyone selling in MI <i>is</i> desperate. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"> The market is horrible and is not showing signs of improvement for quite a while. My dad has been in real estate for over 35 years and this is the worst he has ever seen. He said the only things selling are priced way below what they should be. They also have to be in tip top shape since there is so much available right now.
 

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I think that the Ann Arbor market is really seasonal. I don't think that you should lower your price, unless the other prices in the coop are lower too. What you might have to deal with, though, is the idea that it won't sell until spring or early summer.<br><br>
Lots of people come into town then for new jobs and it seems that the housing market picks up considerably.<br><br>
Have you considered renting it out?
 

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We sold a house in June. The price we sold for was sickeningly low given previous estimates of value, but it was what the market would bear. We'd also sunk in serious money to replace most of the carpet and paint most of the walls. But it did sell in less than a month. And the people who bought it sold their house in two weeks. The market is horrible. The season isn't great. But things will sell if they're priced right.<br><br>
How much will it cost you to hold onto it for six months? That's the payment and the taxes and the electricity, etc. Right there is thousands of dollars in carrying costs when you probably won't get what you're asking anyway.<br><br>
Our strategy was just to cut and run. But our backup strategy (and what we nearly did) was rent the place out, which I've heard has worked for several acquaintances.<br><br>
Good luck! If it's any consolation, we bought in Ann Arbor and most of the (many) houses that were for sale when we were looking have been sold. The same number are for sale, but they're newer on the market.
 

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Discussion Starter · #5 ·
We can't really hold it as a rental property long-term (It's in The Village Co-op if anyone knows what that is.) We would rent it otherwise... there are tons of units for sale there, it might be easier. Many are updated, ours is not. But it's a duplex with an awesome location... You can change the kitchen but not the location, kwim?<br><br>
We can afford to hold onto it for as long as we need to, though we would seriously consider any offer on the table. But b/c it is all so seasonal, I feel like even a great price wouldn't help.<br><br>
So I guess we're hoping for a sale this spring... *sigh*
 

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We are priced $30K below what we purchased at and about $5K lower than other units and we still have no bites. Condos are especially hard to move rigth now because houses are so afforadable. We just have to hunker down and stick with it. It is hard making 2 payments though and it has been for sale since June!<br><br>
Best of luck to you!<br>
Kelly
 

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You have to lower the price significantly to make it really attractive. Hiring an aggressive agent and offering the agent a juicy commission can help a lot. The condo market in AA has been flooded with listings since 2004, and now with all the bargain-priced foreclosed properties on the market (which you won't see in the real estate ads), the market is even softer. And the number of foreclosures is projected to skyrocket in 2008. The buyers are there, but you have plenty of tough competition.
 
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