Dear Edith: Our home has been on the market since August; we have had one person come through. Do we quit trying or what else can we do? We are building a home that will be ready in about two months, we really want to sell, and according to stats, it is not priced too high. Is this just the market now? -- Via e-mail
Answer: It doesn't matter what statistics say. It doesn't matter what you think your place is worth. It doesn't matter what the most skillful appraiser reports as your market value. It doesn't matter what price your agent recommends. It doesn't really matter what kind of market it is right now either.
In the end, only one thing counts: The value of your house is determined by the buying public. It's had six months to vote that the place isn't worth what you're asking. You'll have to pay attention to what buyers are saying.
No matter what your local market is like, some houses are selling. Take a good look at what else is in competition with your home. Then drop your price below the others so that your property cries out "Bargain! Snap me up fast!"
If you don't do that, you'll end up paying to carry a vacant house as well as your new one. You're under the gun now. No more fooling around.
Buying Two Houses
Dear Ms Lank: My husband and I currently own a house together. When we retire we would like to sell it. Then we each would buy a house so we can be close to our children from our first marriages who live in different states. We would occupy each house probably six months each year. Also, we would like each house to go to our own child after death. Can we legally do this and if so would it be a good idea to put the child's name on the deed or have it specified in a will? -- P.McD.
Answer: What you propose is perfectly legal, though there may be extra considerations depending on different state laws. Go together to a lawyer who specializes in estate planning. The attorney can analyze your situations and advise on the best way to accomplish your goals.
Dropping Escrow Account
Dear Edith: I have been a homeowner for the last three years and never missed a mortgage payment. Before I closed, as is usual, I had to put money in an escrow account for my property taxes and insurance. Now I feel like this money is a loan to my mortgage company that I should be saving in my own account. Do you think it is time to stop putting money into the escrow account and take on the responsibility of paying my home insurance and property taxes directly? -- F.M.