Help! Bad realtor, great house lowered the price $150,100 how can I market it myself? (fit in)

[emanon]

I really think you know what the problen is, you are just a victim like many others of a bad market. The fact that you got many offers at a good selling price tells you that many people think your house is worth the money. You can "bite the bullet" and take a big loss, there are always "bargain hunters" out there with cash on hand willing to "steal" your home or you can stay there untill the market comes back. It always has and it will come back again.

Not an easy decision and you are not alone.

Good luck
E

[Kevin1975]

Its a tough market to sell in and its been a tough market for higher priced homes for the past few years. Realtors like to give you a skyhigh list price so you get excited and give them your listing. There aren't many houses in Fair Lawn in your price range. Its definitely on the high end of the value range. Typical house in Fair Lawn is a cape cod with an average price of around $400k. Usually utilizing a realtor is the way to go over selling it yourself. You get a lot more exposure on the MLS than marketing it yourself. Plus, when you sell a home yourself, potential buyers know you aren't paying any realtor fees and want a big discount. Don't know exactly what to tell you, its just a bad time to sell.

[sarimcg]

My section of town is near Glen Rock and Radburn and there are many houses in the 600 - 700,000 range and some in the 800 - 1,000,000 + range. I don't know how anyone will sell a house for 1,000,000 in this market. I have an outstanding offer for $650,000. This offer was made last February (right before signing with a realtor) and my realtor said it was an "insult" and a ridiculous offer when I told her about it. Granted, it was the same time someone offered $860,000 as well (they couldn't sell their house either to buy ours). If you look on the internet, it is sooooo depressing to see most of the houses going for that range in comparison to what our house has to offer. We could have sold it at that price before we redid the kitchen and baths and put a $150,000 third floor addition on the house. That is what the other houses in the area that look like ours did originally are selling for. I read an article about Jumbo loans (anything over 417,000 and how Bank of America, Wells Fargo and E loan are increasing rates on their Jumbo loans by 200 basis points or 2%... this makes a huge difference between a 6.25% mortgage and a 8.25% mortgage especially on a larger loan amount. My husband thinkd we should bite the bullet and settle for the 650,000 at this point and get on with our lives...it is such a hard decision to make - I don't think the housing market will bounce back that quickly and I am not in the position to wait 2 - 3 years to move.

[CuCullin]

Originally Posted by sarimcg

If you look on the internet, it is sooooo depressing to see most of the houses going for that range in comparison to what our house has to offer.

Their listing price is meaningless. Has your agent shown you comparable properties in your area, and what they *sold* for in the past few months? Not from February, but recently - say the past three months. Thats what you should be looking to as a guide.

Good luck

[Roselvr]

Originally Posted by sarimcg

My section of town is near Glen Rock and Radburn and there are many houses in the 600 - 700,000 range and some in the 800 - 1,000,000 + range. I don't know how anyone will sell a house for 1,000,000 in this market. I have an outstanding offer for $650,000. This offer was made last February (right before signing with a realtor) and my realtor said it was an "insult" and a ridiculous offer when I told her about it. Granted, it was the same time someone offered $860,000 as well (they couldn't sell their house either to buy ours). If you look on the internet, it is sooooo depressing to see most of the houses going for that range in comparison to what our house has to offer. We could have sold it at that price before we redid the kitchen and baths and put a $150,000 third floor addition on the house. That is what the other houses in the area that look like ours did originally are selling for. I read an article about Jumbo loans (anything over 417,000 and how Bank of America, Wells Fargo and E loan are increasing rates on their Jumbo loans by 200 basis points or 2%... this makes a huge difference between a 6.25% mortgage and a 8.25% mortgage especially on a larger loan amount. My husband thinkd we should bite the bullet and settle for the 650,000 at this point and get on with our lives...it is such a hard decision to make - I don't think the housing market will bounce back that quickly and I am not in the position to wait 2 - 3 years to move.

Since you had that buyer before signing the contract, were they excluded from the contract? What I mean is, what would happen with your agent and what fees will you owe her if you took the offer?

The problem with the $650k offer is it may not be good any more, the buyers may not be able to get financing; so you'll have to do some leg-work. It may pay to follow up. They may be waiting for you to get desperate enough to accept the $650k offer, but since the market is bad, they may think / know they have an advantage; if they even qualify to buy the house.

Without seeing your zillow page, it's hard to offer advice. Right now you have 2 places and are moved & settled. Will you have to bring money to the closing table?

You have to decide what you want to do. You may be able to get out of the contract, or you may have to wait a few weeks to sign with someone new. I would not sign with the same agent for sure after what you've posted. I'm not impressed with how they are marketing a house for that price. Not sure if I said it in one of my other posts but going to realtor.com and looking up houses in the ballpark of $500k - $1,000,000k then seeing which agents use the enhanced listings is a good place to start. There should even be some that are advertising open houses. I would then choose a few agents to interview this weekend since you will be there any way.

[sarimcg]

Originally Posted by CuCullin

Their listing price is meaningless. Has your agent shown you comparable properties in your area, and what they *sold* for in the past few months? Not from February, but recently - say the past three months. Thats what you should be looking to as a guide.

Good luck

My agent said nothing has sold in the 700,000 range in fair lawn recently. My husband and I did research and found 4 houses in July and 2 in August that sold in the 700,000 range. She must think we are incompetent and can't find out the info on our own!!!

[sarimcg]

I spoke with the 650,000 people a month ago and they still were interested. If we wait until the contract expires I don't think she has any $ rights because they were on our list of exclusions. They acknowledged that the house was worth in the high 7 - 8 range and that unfortunately this was all they could afford. they said last month that they were certain we would have a buyer for more $ and not get desperate enough to take their offer...well I guess we're desperate! I just hope they don't try to go down in price even further. They absolutely know it is a steal. My husband thinks if we go with another agent who sees we've been on the market for 5 months, they'll try to put it on for lower than the 724,900 and by the time we get an offer and give out a 5% commission, we'll only be 15,000 away from the 650,000 figure anyway...and have to continue paying $3,000 a month for the mortgage not to live there! We did not buy another house yet, I am settled in for the time being at my mother in Law's. It is 5 - 10 minutes from the community we will be living in eventually.

[Roselvr]

Originally Posted by sarimcg

I spoke with the 650,000 people a month ago and they still were interested. If we wait until the contract expires I don't think she has any $ rights because they were on our list of exclusions.

Read your contract. I've seen it that the exclusions only lasted 90 days, so technically, if the contract expires, you do not relist with someone else & sell to them, she is entitled to commission for say maybe 90 days. I can't stress how much I feel that posting on the real estate forum would help you more then in the NJ section.

[esthermv]

Unfortunately when you do upgrades in your home, you must keep in mind that they are for you to enjoy. The buyers may or may not like what you did. Price and location IS top priority in their mind. I can tell you from personal experience, you have to stop giving ideas as to what to do with the space where you had your business. Why? because the buyers is subconsiously hearing that you are still emotionally attached to that property thus giving mixed signals. Also, if you haven't already, fresh coat of paint in neutral colors, no personal pictures and furniture might help detach your home from who you are when potential buyers come to see it.

[sarimcg]

Thanks for everyone's advice. I am thinking that maybe the other problem is that the realtor just wasn't sure how to market it with the school scenario vs. home...it was confusing for us as well. I do think the realtor gave it a good shot in the beginning but the pictures and virtual tour did nothing to showcase the home. I am sure she wants the commission and to sell our house, and she probably is at a loss for how to market it. I will speak with her this weekend - Despite everything, she is a nice person who just didn't know how to market my house properly and I am sure she feels badly that it is taking so long and that is why she had various excuses, etc... I never wanted to use this forum to "talk negatively" about her, I am just at such a loss for what to do from here on. I had some responses from the real estate section and they seem to say the virtual tour and pictures are not showing the house well.