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Old 06-02-2009, 07:57 AM
 
27,466 posts, read 44,959,956 times
Reputation: 14046

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selling in this market is so neighborhood specific that for people not familiar with your area to give you advice is just taking pot shots
what does your realtor say
what experience does your realtor have in YOUR neighborhood and immediate area
WHAT justification did you have to list your house so much higher per sq ft than comps in your area?
what were those houses LISTED for in MLS prior to selling--how much of a price difference per ft was there between the two
Did your realtor have an open house for other realtors before it went into MLS
Memorial Day was probably not good time to go into MLS--this is graduation and getting out of school time--people with kids are not going house shopping

are you located where there is good drive-by traffic in front of neighborhood or are you inside your neighborhood where there are fewer cars going by--makes a difference on casual shoppers--
Frankly I think you waited too close to closing on your new house---
will your builder consider taking a trade for your current on the new one
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Old 06-02-2009, 08:17 AM
 
Location: Bella Vista, Ark
69,297 posts, read 79,469,982 times
Reputation: 38650
Quote:
Originally Posted by arizcats13 View Post
I wanted to throw my situation out there and see if anybody else has any opinions or ideas.

My home has been on the market for about 10 days now. We listed it right before the memorial day weekend thinking that may be a hot weekend to show houses. Nothing. We have had exactly 2 showings since the initial listing, both of which occured on one day last week.

The house is definitley listed more than what it comps out for. I would say that it is roughly $5 more per square foot than the comps. However, it is also one of the nicest homes in the community. More importantly, my wife and I did not anticipate a slightly highter list price being a problem because we figured people would want to negotiate anyways. In absolute terms, the house is only listed 10-12k above what similiar homes have sold for in the neighborhood that aren't nearly as aesthetically pleasing.

Any suggestions??? We're thinking about dropping price... we have another home we're supposed to close on in July and need to sell!
Remember, throughout the country, even in Texas the market is slow right now, yes, people will offer less, but as an X realtor, I will assure you, if you house is overpriced it will sit there for months and you will get less than you would have if the house was priced right to start with. Drop the price, now, I don't care if it is the nicest one in the neighborhood, it is still worth the going rate, that is all.

When we sold in Texas, I knew the house was over-priced, it was the realtor that insisted we try for more. Well, that was a good market, we did have showings but no offers or even return lookers. Finally after a couple of months and 2 price drops we got 3 offers in one day. The problem, we ended up selling for about $5000 less than we should have. If we had listed it correctly to start it would have sold in a second. Like yours, it was in very good condition and one of the better homes in the area. Our granddaughter is facing the same think in OKC right now. There house is listed at the top of the scxale for the neighborhood. They are getting some action, but not what they had hoped.

Nita
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Old 06-02-2009, 08:20 AM
 
Location: Lewisville/North Carrollton
81 posts, read 174,728 times
Reputation: 47
I agree that I've "painted myself into a corner" with the impending close on the new home. Suffice to say, there were some personal issues that influenced this poor business decision.

Specifically, my home is in far north carrollton... not in castle hills but close. Schools, neighborhood, etc. are good to very good.

I guess my question on price "only" being 10k above is this: my wife and I looked at many houses that were 20-30k above what we were looking to spend. In fact the house that we're purchasing was gotten for 40k below its original list, and 26k below its current list.

I think we're going to drop about 3% on the price... I just didn't think it would preclude so many people from even looking. There ARE people looking, right?!

Also, we have all the "bases" covered as far as pics, staging, etc. The pics came out very nice, and the house honestly is super clean and well appointed inside and out.
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Old 06-02-2009, 08:48 AM
 
27,466 posts, read 44,959,956 times
Reputation: 14046
whether the pics look nice (which is important) and how well your staging is done
if people think the house is overpriced--and I use THINK because it is about perception--then they won't come to look...simple as that

I know that some realtors will price a house just under market comps to generate interest and hope to get multiple offers--which is happening in some parts of the Metroplex

I just wonder how knowledgeable YOUR realtor is about your area...
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Old 06-02-2009, 08:51 AM
 
Location: Cincy
252 posts, read 860,118 times
Reputation: 104
The market is just bad right now, but I agree you have to price it right. Weve had our house listed here in Ohio for 3 weeks. Weve had about 10 showings, which is pretty good, no offers or second looks though. This is the exact reason we are going to rent in DFW first and not buy until our house sells, even though several mortgage officers said we qualified for a comparable house even with this mortgage.
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Old 06-02-2009, 09:01 AM
 
3 posts, read 13,234 times
Reputation: 12
Cincylifer,

My husband and I are doing the same thing. We live in Indiana and put our house on the market 4 weeks ago. We will be renting in the DFW until our house is sold. I'm afraid with this market and economy we're in for a bumpy ride.
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Old 06-02-2009, 09:18 AM
 
Location: Lewisville/North Carrollton
81 posts, read 174,728 times
Reputation: 47
Clarification on the realtor situation... it is family that we're working with. Again, not the best idea I know LOL.
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Old 06-02-2009, 09:55 AM
 
Location: Bella Vista, Ark
69,297 posts, read 79,469,982 times
Reputation: 38650
Quote:
Originally Posted by arizcats13 View Post
I agree that I've "painted myself into a corner" with the impending close on the new home. Suffice to say, there were some personal issues that influenced this poor business decision.

Specifically, my home is in far north carrollton... not in castle hills but close. Schools, neighborhood, etc. are good to very good.

I guess my question on price "only" being 10k above is this: my wife and I looked at many houses that were 20-30k above what we were looking to spend. In fact the house that we're purchasing was gotten for 40k below its original list, and 26k below its current list.

I think we're going to drop about 3% on the price... I just didn't think it would preclude so many people from even looking. There ARE people looking, right?!

Also, we have all the "bases" covered as far as pics, staging, etc. The pics came out very nice, and the house honestly is super clean and well appointed inside and out.
It appears you have 2 thinks going for you: you are in a very nice part of Carrollton and you realize the price is high,thus are willing to come down. What does your agent say?

Nita
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Old 06-02-2009, 10:17 AM
 
Location: Mostly in my head
19,634 posts, read 53,495,108 times
Reputation: 18538
When I tried to sell my house last year, I got a lot of traffic and one woman came 3 times, but no offers. So I know how you feel.

Before I listed, I thought my house was super clean and looked good. I had ruthlesly de-cluttered and stored off-site all the pictures and collectibles, and extra furniture. The other realtors at my agent's company toured and had some negative comments about how "personal" it was. She told me this was code for "not staged right." So I hired a feng shui person who made amazing changes in placement of furniture, things I would have never thought of, and the house looked so much better.

All the comments were one of 2 varieties: a beautiful house but (1) I don't like the commercial behind it or (2) I don't like the master being on a different floor than the other bedrooms. Since I can't do anything about either of those things, I took it off the market and will wait until next year at least. I must admit, the Arby's and Baskin-Robbins across the back alley didn't thrill me when I bought but I was desperate. It turned out that I don't hear them. Go figure!

So amybe hiring a stager would be a good choice as well as lowering the price. Good luck!

Last edited by SouthernBelleInUtah; 06-02-2009 at 10:18 AM.. Reason: added
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Old 06-02-2009, 10:27 AM
 
Location: The Big D
14,874 posts, read 36,248,249 times
Reputation: 5787
Quote:
Originally Posted by arizcats13 View Post
Specifically, my home is in far north carrollton... not in castle hills but close. Schools, neighborhood, etc. are good to very good.

Also, we have all the "bases" covered as far as pics, staging, etc. The pics came out very nice, and the house honestly is super clean and well appointed inside and out.
At least you have the pics and staging. That goes a LONG ways.


Quote:
Originally Posted by nmnita View Post
It appears you have 2 thinks going for you: you are in a very nice part of Carrollton and you realize the price is high,thus are willing to come down. What does your agent say?

Nita

FYI, not ALL parts of North Carrollton are in a great area. Some are in very close proximity to the Lewisville landfill. Some are near or next to railroad tracks. Some back up to commercial areas or apartments and even low rent & Section 8 apartments. Some back up to the major roads or on a corner lot of a major road. Some are on teeny-tiny lots w/ not much of a backyard. One good friend lives in FAR N. Carrollton but just a few doors down from the RR track (they can see it from their front porch ) and the houses around them are not kept up on the outside at all. And this is in a fairly new area. Just saying "North Carrollton" does not automatically assume that a house is in a great location. If any of these apply it automatically brings down the desire for someone to look at the property much less buy it.
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