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Here is the newest story in my long history of attempting to sell and would like some expert feed back please....
My for sale sign has become a historical marker here and since the original listing we have gone from 385k (appraised for) to 269K. There is only 1 site that has been getting inquiries and it is $75/3 mon., it has now expired so my agent doesn't want to put it back on with out another reduction due to her "budget per listing". A "suggestion" of dropping to 250K was made or another 19K!
So here is what is going on in my area...1 sold comp., 131./sq.ft....my place is at 106./sq ft. now this is the sold for the past 120+ days, not good. Most listings are sitting for over 400+ days on a resale. The current listings for like homes with 5+ acres are ranging from 258K to 409K mine like I said is 268K and there are only 8 total. BUT my place has 4 rail fencing, horse barn and in ground pool the others do not. IF I drop the land back to 3 acres instead of 5 then I am still at the lowest price point at the current listing....Now all the agents here keep telling me I am price below what they recommend and it is just the market for rurual land. I just do not understand why another BIG drop is required to put it back on the site when it is the ONLY one getting interest, or if nothing is moving here and I am already the lowest then what difference it is going to make, considering any offers are gonna come in yet lower....Opinions please!?!?!
Rural land is pretty much a "special case" -- the average length of time it takes to find the right buyer even in boom times is very long.
My first thought is situations like this is to seek out a specialist in rural property. In some regions there our normal run of the mill home selling real estate agents and then an agent or even an office that goes the extra mile to expose these kinds of properties to folks that may want a development opportunity or maybe just a big change in their life. Yet given as how there are apparently many home with listing times of over 400 days even that strategy might not be all that productive.
The second thing that might be worth pursuing is talking to a firm that specializes in auctions of rural property, sometimes the added exposure that such firms generate will be enough to reign in the kind of buyers that are prepared to make a deal with the excitement of a gavel to speed things along.
I also thing that there are probably ways to do some marketing on the internet that would cross promote your property to buyers who may be looking for generic rural parcels. Some folks will probably click on a link even for a place many states away if the value seems attractive...
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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If your property is that stale, I'd suggest taking it off the market for 2 or 3 months. Then come back with your current price and see what happens. The downside to this brilliant advice is that those who are out to capture the current incentives to purchase will be out of the market by then.
Marketing budget per listing?????? Find a different agent, at least the signage will be new and maybe the new agent has some ideas that the other one didn't.
DMenscha, Did that and this agent has had the listing for 3 months now, sad thing is she is 100% better than the last one, lol. I don't understand the budget per listing either but....
Chet, While I was off the listing I tried my dangest to find a specialist to no avail. Even looked into the auction possiblility but it doesn't seem very popular here in the Panhandle.
I just rec'd a new list of listing comps from her, trying to justify the price drop. From what I gather and hope to clarify later is that my barn, pool, wood fencing and add'l acreage has no add'l value...hard for me to understand. This list includes houses with 2-3 acres at 240k-270k and another couple with 4 acres but the houses are not built so they are listed will build at xxxx. The one place she is pointing out as the main competion is 270K, newer with granite, ect. I can say it is 15k-20k to do that here at my house but it would be another 75k if you added the land, pool and barn to that one.....do I make sense? There are no apples to apples here in the farm land, lol....
Tampa....Will do, did but it kinda irks me considering its contracted with 6% commission plus an add'l $2500. bonus to selling agent. Makes the 75 bucks sound silly to be worried about.
Painter, same thought, why not pay the 75, and if it sells, have in the contract, that it's taken off the commission. i understand it's only 75$ but i know what you've been through and the "principle" of it, it may make you feel better to do it like this. im rooting for ya, girl!!!
Painter, same thought, why not pay the 75, and if it sells, have in the contract, that it's taken off the commission. i understand it's only 75$ but i know what you've been through and the "principle" of it, it may make you feel better to do it like this. im rooting for ya, girl!!!
An excellent idea. It hurts to pay stuff up front out of pocket when there is no guarantee she'll recoup it. However, if you pay it and get reimbursed at closing, now as an agent I find that a lot more agreeable.
Rural properties are tough. Sometimes you just have to bite the bullet and "give" it away. FMV is what the buyer is willing to pay, even if it hurts.
The $75 is not the big deal, it is the fact that this site is providing leads where no others are. It is a specialty site for horse farms. In my mind if I was an agent with a proven site and I wanted to sell a listing then 75 for 3 months is not worth loosing a 15k+ commission, or in a split any part of it. And she was told at the beginning that this site was necessary...she agreed to it.
As to the other problem, the list of current comps, I am still waiting for answers from her. And to head off the bite the bullet, give it away situation...I will be dropping the price yet again when her and I have a talk about this list she sent me. Talk not email that is!
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is that those who are out to capture the current incentives to purchase will be out of the market by then.
