I can't sell my house in Central PA, any suggestions? (Harrisburg: bank owned, for sale by owner)

[judd2401]

I have a beautiful property in Perry County, it's pristeen, 10 acres of wooded land, best commute to Harrisburg [30 mi] along the Susquehanna river valley with no stops or congestion and have had no showings for a month! I'm working with a privately owned local realtor and am concerned that the company doesn't have the reach to Harrisburg or from out of the area, to people who are moving into the area and may want to live "out" and have land. I'm considering a change in realtors, but are there any free websites to increase your exposure to potential buyers? Am I off base thinking a privately owned local realtor doesn't have the same reach as a large national company? Any other suggestions?

[desertsun41]

No body is selling. You have to sit back and wait and wait and wait. Maybe a couple years even. Most cities have 20,000 homes or more for sale. All cities have all those bank owned foreclosures selling for 60 cents on a dollar so why would anyone pay you going rate? Further more the house prices are dropping like a rock so why would anyone buy today when tomorrow the home will be worth thousands less?

To make that worse, lenders have tightened up so hard that only the most squeeky clean highest credit scores can qualify for a mortgage. And how many people do you know with FICO scores above 750?

To make it even worse yet, even if you found a buyer, your home would not appraise. Banks no longer take a Realtors CMA or an Appraisers estimate of value. Lenders are now using foreclosure auctions average sales figure for your house. So you think its worth $350K because your neighbor sold his for $350K? That other neighbor down the road with the same home foreclosed, and his house was sold at auction sold for $200K. So that is the estimate of value the lender is using for your home.

Seems like we are all damned no matter what we do. We cant win but I laugh all the way to bed every night watching the banks lose.

I do wonder though. All these people selling now....will be buyers when theirs sells. So no one can move unless some one buys. What gives here?

[judd2401]

Thanks for your detailed reply. I appears you're located out west, the PA market is fairly stable, there are houses selling here, especially in the town we're attempting to move to, sometimes before we have a chance to view them. The retail prices are up 3% here despite an otherwise dismal market as you describe. There is a fairly steady stream of people relocating to Central PA from NJ, NY, MD because it's a lower cost of living and real estate. Do you have an opinion about working with a privately owned local realtor vs a national chain? Are you aware of any websites that sellers can post their properties?

[Bazzwell]

Small operators tend to have a limited budget for outside avertising, probably a problem in your case. I've seen local RE agencies compete quite well, others that simply take the listing and hope for the best. One area agent even told a client they shouldn't have a directional sign on the main road to direct potential clients back to his dead end street. Seriously, his response was "somebody might want to see it".

Don't be afraid to talk to your agency. Ask how they've advertised it, what kind of buyer have they tried to reach. Their answers should tell you a lot.

[judd2401]

And the answer wasn't welcome. Basically local advertising and my requests for outside advertising was met with "we only have so much money to advertise a home that has been on the market for 2 months." My realtor on the other end thinks we need to get a national realtor that "has more reach." I'm not sure how to get out from under my current realtor, the agent sold me this home 15 years a go, she's a go getter, and it's not her, it's the company she's working for. I signed a 6 month agreement, my other realtor said to compose a letter to the broker/owner and express dissatisfaction and ask to be released from the agreement, is that how it's done?

[Christian2003]

This website will let you list your property for free: 'www.zillow.com'

[BackToTheCityMouse]

I've seen homes 'for sale by owner' in MLS online databases, so the size of your agency isn't an issue. Is your home on the internet? If not, it has to be!

Most homes in my neighborhood sell within a few weeks, although there have been a few that take months or even a year. The difference is the slow selling homes never appear online, even if the agent is part of a national realty service. I always check for listings near me to get an idea of the asking price, how long it takes to sell, any price reductions etc.

Have you checked any online MLS sites to see if comparable homes in your part of Perry County are selling? While it's true that out-of-state buyers find Central PA appealing for its (relatively) low property taxes and uncrowded natural beauty, rising gas prices are going to influence buyers at some point.

I thought we would never find a buyer for our former home in Juniata County, but it turned out we sold it to someone we knew. There is a buyer out there for you!

[desertsun41]

Im from your part of the world. To answer your question about a local VS a national Realtor. It makes no difference. Even though C21 might be nation wide, your local C21 office is just that....local. Some of the national companies have RELO services but I dont think your area is place for big companies who hire from the national level and relocate people.

The RELO is nothing more then a person knowing Joe Smoe Realtor in Boston and telling friend Joe that he is moving and needs a Realtor in PA. Friend Joe Smoe gets a peice of the commission for referring home buyer to the Realtor who sells your home.

Weichert is about the biggest in NJ and PA. I always hated them but they get the job done. Coldwall Banker and C21 are national with local offices in your area. ReMax are the most professional for the most part. Only the best Realtors work there because only the best can survive under the costly rules. They rent their desks, pay for their own phones and advertising. But they get the entire commissions only having to share with a selling agent if there is one.

Good luck to you...........

[Bazzwell]

Originally Posted by judd2401

Basically local advertising and my requests for outside advertising was met with "we only have so much money to advertise a home that has been on the market for 2 months."

An unwelcome answer to you but most likely an honest answer. Remember, everything is out of pocket with no guarantee of return. Your house may be listed for six months with no takers. That means all money spent on it is gone forever. You'll find most agencies operate with the best of intentions to get your property sold, that's how we make money. But there are limits.

See, this is where a forum like this can sometimes not offer a true picture of any given situation. We're dealng with only one side of the story. The agency's side of things would offer a way to balance our answers. Your home is your castle to you and you see it as such. Your home to us is inventory and we view it quite differently, in realistic bottom line terms. Usually we can find a balance in the middle where an owner expresses great fondness for their home but understands that it adds no value to the sale price. And then sometimes we can't.

[sharris]

You need to have your Realtor put your property on as many web sites as they can right away. I do this with all my listings. People are shopping online today. You need to have this property posted anywhere and everywhere. Most of the clients I am working with are from these web sites. NO kidding I have my listings in all 50 states. You have no idea where your buyer will be. However I feel sure they are not just going to ride by your sign. Those days are gone.If the Realtor you are using can not put this online maybe you should consider a more web friendly one next time.
If you or your Realtor have questions let me know i will help you in any way I can.
By the way does this property have a pond? I have someone looking for a farm house with a pond .