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Old 08-22-2007, 02:37 PM
 
Location: Up above the world so high!
45,270 posts, read 86,054,517 times
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Quote:
Originally Posted by the Parkies View Post
Absolutely! What we have learned is that our "beautiful, clean home" is DATED (except for a 2003 kitchen). The bathrooms are "ok"--but not new or modern--they've got 20-year-old cultured marble instead of natural marble or granite, and they look "tired." The paint's in good condition but not "fresh." The carpet looks "fine" but will have to be replaced when the furniture's moved out.

Most of the homes we're competing with were recently remodeled, some from the studs out, as if owners knew they wouldn't be able to sell without remodeling first. So we've many times thought of changing out bathrooms, painting, carpeting--but decided we'd be putting in all that time, money, and hassle only to have the new owners rip it all out because it doesn't suit their needs or tastes. Realtors see this happen all the time, so have not encouraged us to update anything. PLUS: even those remodeled houses aren't selling!!--which further discourages us from remodeling. Besides, how can we know what BUYERS would want? About the time we put in an elevator between floors ($30K), buyers would say they'd rather have had a funicular ($70K) to get from the driveway to the front door.

SO......... As of today we're offering the buyer a $100K cash bonus to do whatever HE wants to do to the house--elevator, bathrooms, funicular, whatever. We can hardly believe we've arrived at this point, but that's today's market. We're also bumping up the buying agent's commission (again).

Our reasoning was that we could reduce the price of the house (again) by $100K, but that would give the buyer only a smaller monthly payment (assuming a mortgage). It would NOT give him big bucks to update as he pleases.

OR he can invest that $100K OR improve his cash flow OR buy all new furniture and furnishings--whatever.

It's been seven months, and we're about to "run away from home." Please, someone, tell us this expensive strategy is going to help us sell SOON!

Jan

Jan, you and Bill continue to be in my prayers, and others here I'm sure.
In the market you are living in isn't 12 months to sell kind of the norm right now? If so, I'd say where you are isn't surprising. I know this has been a long drawn out process, but I can't help but think how much more rewarding it will be for you to actually get to NC once you do sell

I think it is wise to be as realistic as you are being in this situation. An older home that has not undergone a complete remodel does need some extra incentive to sell. Sounds to me like what you have done now should bring you a buyer much quicker. Hang in there!!!
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Old 08-22-2007, 04:58 PM
 
43 posts, read 136,838 times
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Quote:
It's been seven months, and we're about to "run away from home." Please, someone, tell us this expensive strategy is going to help us sell SOON!
Nobody is in a hurry to buy a depreciating asset, or in the case of a home, a depreciating liability. I don't know how far you are from the 2003/2004 value of your home in SD, but I've read that's a reasonable target for where prices are headed in the near term. You seem like nice people and I wish you the best.
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Old 08-22-2007, 05:25 PM
 
Location: Steilacoom, WA by way of East Tennessee
1,044 posts, read 3,525,477 times
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Jan,

Take a look at Piggington's Econo-Almanac | Southern California Housing Bubble News and Analysis it is a San Diego Real Estate specific website, you might get some specifics on the SD market.

What did your Realtor say at your meeting? I didn't know about the "dated" comments, ouch, it hurts when someone looks at "your" stuff and gives a harsh review.

As to whether or not to remodel or at the very least spruce up, there are two camps. One, let the buyer do the upgrades and the second is the home has to be in "ready to move in" condition. That is new carpet, new paint, ready to go condtion, no work to be done, this is especially important on a million dollar property. I'm in the second catergory.

I hope you have a good realtor, who is spending money on massive amounts of advertising, especially putting the word out on the realtor network about the bonuses. You many want to put in fresh carpet and fresh paint, it'll cost $5k - $10k, more?? If your realtor is not busting his/her butt, you can always fire them or threaten to fire them unless they make it happen.

I don't know what your price is, but people shop in blocks, say if they are looking for a $600k house, their realtor (if smart) will pull houses up to $650k to show them what a little extra will cost. But if they are shopping for $575k and you are priced at $605k, you might as well drop it down to $599k to capture the $575k lookers as well. If you are over $1mil (I think you might be) then that's a whole nuther market.

Good luck, and I'll tell you like I tell everyone that I know that is in the selling market right now.....either price it and do what you need/have to do to make the sale or take it off the market and reduce your stress level......nothing that I can do to make selling in this market easier or even possible.

Good luck, God bless, I'll always be available for questions, hopefully your realtor can help to get it sold.

Tony
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Old 08-23-2007, 04:46 AM
 
Location: East Asheville
758 posts, read 2,052,911 times
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Default SELLING: SHARING FROM THE HEART (Wait. Could this be the title of a new soap opera??)

Quote:
Originally Posted by Tony1790 View Post
Jan,

Take a look at Piggington's Econo-Almanac | Southern California Housing Bubble News and Analysis it is a San Diego Real Estate specific website, you might get some specifics on the SD market.

What did your Realtor say at your meeting? I didn't know about the "dated" comments, ouch, it hurts when someone looks at "your" stuff and gives a harsh review.

As to whether or not to remodel or at the very least spruce up, there are two camps. One, let the buyer do the upgrades and the second is the home has to be in "ready to move in" condition. That is new carpet, new paint, ready to go condtion, no work to be done, this is especially important on a million dollar property. I'm in the second catergory.

I hope you have a good realtor, who is spending money on massive amounts of advertising, especially putting the word out on the realtor network about the bonuses. You many want to put in fresh carpet and fresh paint, it'll cost $5k - $10k, more?? If your realtor is not busting his/her butt, you can always fire them or threaten to fire them unless they make it happen.

I don't know what your price is, but people shop in blocks, say if they are looking for a $600k house, their realtor (if smart) will pull houses up to $650k to show them what a little extra will cost. But if they are shopping for $575k and you are priced at $605k, you might as well drop it down to $599k to capture the $575k lookers as well. If you are over $1mil (I think you might be) then that's a whole nuther market.

Good luck, and I'll tell you like I tell everyone that I know that is in the selling market right now.....either price it and do what you need/have to do to make the sale or take it off the market and reduce your stress level......nothing that I can do to make selling in this market easier or even possible.

Good luck, God bless, I'll always be available for questions, hopefully your realtor can help to get it sold.

Tony
SOAP OPERA?? Picture a doting older couple, happily married for 37 years, shouting things like "YOU DRIVE ME CRAZY!" (yes, this very morning) so loudly they wonder if the neighbors heard. Yeah, yeah, all couples have their "issues," but--trust me--you haven't lived 'til you've tried to sell "the homestead" together at our age in today's market while "negotiating" your shifting-sands dreams about the place you can't wait to live in--IF you ever will--in the mountains of NC. Two weeks ago we almost bought a house in Weaverville. Yesterday we decided to rent a house in Hendersonville and to go there to find that house this very October (we actually booked the plane). Today we questioned (and confirmed--whew!) our earlier decisions. Tomorrow--will we be buying a hut in the middle of Africa? Hmmm... maybe HE will. I might like Iceland better, myself.... Uh oh--fasten your seatbelts, old-timers, 'cause here we go again: "YOU DRIVE ME CRAZY!!"

OH MY. Without our sense of humor, we'd have no sense at all!

We just visited for three hours with our realtor and her husband, who happen also to be our very dear friends and neighbors-next-door (lucky us!). We all shared our individual views. We played “devil’s advocate” as we challenged one another’s views, studied fresh and sobering “comps,” shared philosophies, values, mindsets, psychologies, strategies, experiences, hopes, and dreams. And we laughed so hard we were passing around the Kleenex box. The evening was a heart dance. The results were a total surprise.

#1 We decided NOT to offer a cash bonus to buyer. Why? Because we significantly lowered the price of the house (for the third time) just two months ago and tweaked it by $25K just one month ago. And because our plan is to lower its price significantly again in just a couple of weeks (so that the MLS information will bear a September rather than an August date, in order to distance it more from the last price change). With all the price-slashing, our realtor does not recommend that we also offer a cash bonus to buyer at this time. She suggested, between giggles, that people are going to wonder if there’s a mine under this house. (Somebody already asked, after the last price slash, “What’s wrong with it?”)

Of course. That makes total sense. But I had so hoped to inject new life into this old listing with an exciting Buyer’s Cash Bonus. SIGH.

#2 We decided NOT to raise the commission to buying agent from 3.5% to 4%, since (our realtor pointed out) nothing happened after we raised it from 3% to 3.5% a few months ago... and she never thought we should have done that then, as she told us then. She had just humored us. We had been so hopeful. It had been a small price to pay for hope. Today, her broker volunteered his opinion as well—“NO—do not raise commissions again.”

Of course. That makes total sense. But I had so hoped to inject new life into this old listing with an exciting increase in Buying Agent’s Commission. SIGH.

#3 Our opinions were split (2/2) over how to improve curb appeal. We considered planting bamboo between us and the house next door, since that house is an eyesore totally out of character with the community. (You didn't know about that, either, did you, Tony?--oops). We split our sides laughing (you can imagine) about planting bamboo, how tall we could buy it, how fast we could grow it. For those of you who don’t know, bamboo grows very fast to be very tall and is actually used for this purpose here, though usually between contentious, spiteful neighbors who end up in court. We considered it half-seriously as a practical solution to a problem. Unfortunately, bamboo wouldn’t improve much except the horrible view of our neighbor’s house from our downstairs second bedroom. So we agreed that instead maybe we should just plant some tall flowers (fuscia?) outside that window... and petition the owner of that house to allow us to paint her front retaining wall, which is badly streaked from rusty railings above it. Repeat: this house is definitely one-of-a-kind here. It just happens to be—lucky us—right next door. SIGH.

Bottom line: Bill and I were all fired up today about these new strategies we had privately agreed to implement (after much serious discussion—you can imagine), only to have them blown away by loving, caring friends and neighbors who just happen to be our realtor and know infinitely more about real estate marketing than we do. And why would we pay professionals good money if we aren't willing to take their advice? Of course. So we did. Are we a wee disappointed tonight? To be honest...yes. The air's been let out of our fragile little balloon again. SIGH.

But I'm sure it's only another little "down" part of the roller coaster we're riding, and an "up" part is sure to follow. There's a prospective buyer coming over tomorrow, in fact. His realtor asked if we were flexible about our price. Our realtor answered that we are indeed. HOO-ray.

We are buoyed also by your very thoughtful suggestions, which we realize come in a sort of vacuum (since you don’t know us, our house, or our area code’s market). We value you all the more because you dare to dive into the abyss where we, with all our nearness, fear to tread. (Oh my. Was that Keats?)

I only mean to say that you all have wonderfully caring and generous spirits, and we can’t thank you enough for your input during this extremely difficult time for us. We hope you’ll write again and again! ... and hope that some day we may return the favor!

Blessings,

Jan
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Old 08-23-2007, 04:57 AM
 
Location: East Asheville
758 posts, read 2,052,911 times
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Quote:
Originally Posted by Pixie Dust View Post
The market here in Miami is terriable. I have had my home with a realtor for over seven weeks. We have had an open house every weekend which puts our family for a spin. Everytime we have had a showing atleast one person shows up but no offers. I have my home 20k under market value in my subdivision with 5k towards closing and it still doesn't sell. It is in a great area. Alot of people need to sell there condo/townhouse before being able to purchase and the market is super slow. I can't wait til it sells to be NC bound!!!! Patience is not my virtue, I was hoping to put up my x-mas tree up in a new home with a mountain view.
Pixie Dust... have you sold yet??

Jan
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Old 08-26-2007, 12:44 PM
 
2 posts, read 4,324 times
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Quote:
Originally Posted by TornadoAlley View Post
Yes. The seller does pay "on paper". That's the only way to collect right? Can you imagine getting money from the buyer? But as you stated after, the 6% is in the price of the home. No doubt. That means the buyer pays it. I am actually surprised your RE teacher never taught you that?

Who gets the 6% on a FSBO? The seller not the Realtor. Ask a seller if its a good idea He keeps more money?

Having your cake and eating it too isn't bad is it? If your a Realtor watching 3% (or 1.5% depending on your agreement with your Broker) going away, maybe.

I understand where your coming from. I really do and I am in no way saying anything bad about your job. Really. Just IMHO correcting you is all.

I did FSBO and sold in two days! I was able to sell my house quicker because I did not use an agent. We listed the house a few thousand less because we did not have to pay someone 6%. SO please, don't insinuate that people who do FSBO are just being greedy. If I had used an agent I would have had to sell my house for at least $12,000 more, this way the buyer got a great deal on my house.
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Old 08-26-2007, 01:25 PM
 
29,462 posts, read 33,705,926 times
Reputation: 11093
Tony wrote about chasing the market down and he is oh so right, oh so right. Thats the danger of comps in this market they give the market price of your house over the last six months not the next six months. That keeps you constantly overpriced. It took us 7 months to sell and we kept lowering based on comps. The houses that sold were below the comps and were setting the new price. Had we priced lower from the start we are confident we would have gotten more and not had to put as much into the house. This is hind and now with the slump being as deep as it is more evident. Glad we didn't take the advice of everyone and pull it off of the market and wait until this fall or next spring.
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Old 06-20-2008, 08:51 AM
 
Location: Florida
1 posts, read 2,195 times
Reputation: 10
Default just to let you know...

I am looking to move to Talladega in about six months and have been looking on-line at houses. I've noticed that a lot of FSBO seem to be overpriced compared to others in the same area by Realtors and I've noticed that with Realtors I find the same houses over and over again which means that more people will be seeing your house because they can post it on many websites. I know it seems hectic and harrassing but at the same time if you're not having any luck on your own maybe it's worth it....
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Old 09-06-2008, 10:10 AM
 
5,706 posts, read 12,821,195 times
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Quote:
Originally Posted by lovethecarolinas View Post
hmmm....I am not a realtor...but if what you are doing is not working (FSBO)...and realtors are coming out of the woodwork and telling you that even with their commision once they sell the home you will still retain what you want out of the house....why not jump on their bandwagon (in my mind I'm thinking they already have some potential customers for you)?
Realtors are getting desperate. A realtor may indicate you will get the money you expect but what happens when you have to lower your price to meet an offer?
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Old 01-22-2009, 07:52 PM
 
1 posts, read 8,282 times
Reputation: 10
I agree with all of you! The clean cabinets are the big ticket item!!. One of the other things that I found helped was stopping looking at the house as mine, and trying to make it generic. ehow and hgtv are good sites for this as is StageThisWay.com

Good Luck everyone! I know your house will sell quickly.
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