Selling a house in a buyer's market - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Selling a house in a buyer's market

Dana and Dan Flood Dana and Dan Flood

By Michelle Paynter - bio | email

RINCON, GA (WTOC) - Imagine trying to sell your house right now, in a buyers market. Many are still trying. There are "for sale" signs is practically every neighborhood.

Dan and Dana Flood are desperate to sell their home in the Laurenwood neighborhood in Rincon. It's a great starter home for any family. There's a spacious kitchen and living room, three bedrooms and two bathrooms.

But this home no longer meets their needs. "It's too small," said Dan. "The family has grown so much."

The Floods have two boys, a dog and would like to have another baby soon. Their home sits on a quiet cul-de-sac. The "for sale" sign has been out front since last fall.

Two years ago, other homes on the street were selling fast and for a lot more than the $139,900 the Floods are asking.

"Two years ago we weren't ready, now we are ready but no one else is," Dan said.

They've done all kinds of home improvements. They pressure washed the outside of the house and landscaped the yard. They built a privacy fence in the back yard. Inside, they repainted, de-cluttered and cleaned the carpets. But still no takers.

"I know we need to spend to try to sell the house, I won't say we are wasting it but if we don't sell the house I guess it makes it better to live in but we do want to sell it."

Time is running out for the Floods. When they put their house up for sale, they started building a new home. They signed a contract with the contingency that they sell their current house. But now the new house is almost finished.

"Our heart is here, but it's there now," Dana said. "We don't want to get too attached to that new home because come May 1, if we don't sell this house then we have to walk away and it's kind of heart breaking."

Starting May 1, the homebuilder can sell the new house to another family.

The Floods say they don't know what else they can do to sell the home they live in now. Local realtors like Justin Singletary, said the problem is there are so many homes for sale right now. Especially in the price range of $150,000 to $210,000.

Singletary works for Century 21/Fox Properties. He said it's a buyers market and buyers are being very picky. "The buyer wants it a lot less, they think there's a recession pricing but a lot of sellers have reduced their homes to the current market values," he said. 

Singletary said the best advice for folks trying to sell their home is to keep it in tip top shape and price it to sell from the start. Don't start high and keep reducing the price.

The Flood family has done all of that and now are just crossing their fingers that someone will buy their home and they can move into their new dream home.

Friday on THE News at 6:00, we're going to look at the housing market from a buyer's perspective. Find out what types of incentives are there to buy a house right now and who is buying.

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