Shaver Lake Market-Parents house for sale for 13+ Months, Advice?
Hi all, I'm new to the forums so please be patient. I'd like to first start off with a quick background.
I've recently started looking into real estate investment in order to try and understand what's going on with my parents house up in Shaver Lake, CA. They've been trying to sell their house for the past 13 months now, and have had only one offer which was ridiculously low. They've had a real estate agent for the entire time...however my parents are determined it's not the real estates agent's fault, it's just a horrible market in this area. They've kind of given up trying to sell this place at this point, and recently pulled it off the market until they figure something else out. They're well into debt for this house since they bought in 2006 for around $600,000 on an interest only loan and a second HELOC in shaver and a second HELOC on their house in Clovis, CA. They're also cnovinced renting it out isn't an option up there since it's more of a vacation spot. When trying to sell, their asking price was still $20,000 below Zillow's estimate (which is an additional $20,000 lower than what they bought it for) and still weren't getting any responses except for that one low-baller (who asked for around %50 of their asking price)! They're trying to move out of California and this house is pretty much the only reason they're still here:/. Is the market up there really that bad??
My initial thoughts were this real estate agent stinks at marketing. So i'm going to look into marketing this myself using the strategies I've read about (via the ultimate beginners guide on biggerpockets along with other podcasts I've listened to).
The property can be found here:
http://www.zillow.com/homes/for_sale/Shaver-Lake-C...
Any further advice on how to help my parents would be much appreciated!
Best Regards,
Joe