U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-18-2012, 10:07 AM
 
80 posts, read 128,007 times
Reputation: 68

Advertisements

I have had my house on the market for three months (since mid-March). Getting a few showings a week, but no offers. (got a lowball offer that I am not counting as such)

Prior to listing the house our agent asked three other agents for pricing advice. Based on their feedback we priced the home at $489,000. A month later in April reduced to $469,000, after another month in end of May reduced to $450,000. Now it is still listed at $450,000.

Consulted an appraiser that confirmed that our house was priced correctly when at $469,000 (but we still decided to lower the price to $450,000 after the consult in hopes to get sell sooner).

There are several reasons why the house can appeal to a smaller pool of buyers (just as us when we were getting it, we were looking for specific parameters).

Now I am not sure what to do, and looking for suggestions.

My concern that if we do not get an offer by end of July our sale chances greatly diminish. Is this concern warranted? Is there a sale season for suburbs?
Should I keep reducing the price every 2-3 weeks? How much?
Should I remove it from the market say in the end of July or August? When & for how long? When should I put it back on the market (February-March)?
Is it advisable in general removing house from the market? Or should I keep it there no matter what no matter for how long

Any suggestions are appreciated. Thanks.
Reply With Quote Quick reply to this message

 
Old 06-18-2012, 10:12 AM
 
Location: Lakewood Ranch, FL
5,113 posts, read 7,639,834 times
Reputation: 5990
Two quick questions...what are the reasons that you think the house has limited appeal and have other homes sold in your area during the time you had it listed? Ok, three questions...what was different about those properties?
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 10:13 AM
 
Location: Mostly in my head
19,631 posts, read 53,468,042 times
Reputation: 18533
Are you still living there? If not, staged houses sell quicker but cluttered ones do not. The advice I've seen here was that if you have showings but no offers, your price is 5-6% too high. I'm not an agent but I am struggling through the same thing myself. I know what is holding my potential buyers back: I have master on the main and other bedrooms on the lower level and I have small commercial stores across the alley behind the house. If your house has some factors that affect its desirability, all you can do is lower the price or wait until "just the right buyer" comes along.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 10:26 AM
 
Location: Gorham, Maine
1,815 posts, read 4,266,828 times
Reputation: 1240
If you are getting a few showings a week, thank your agent for doing her/his job. With that kind of activity, and no offers, there is usually something getting in the way and the two of you should work it through. Taking your house off the market and putting it back on will not solve that problem.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:00 AM
 
Location: The Triad (NC)
26,833 posts, read 57,830,396 times
Reputation: 29215
Quote:
Originally Posted by WhoFanMe View Post
With that kind of activity, and no offers, there is usually something getting in the way
and the two of you should work it through.
^^This.

Buyers of $300,000+ homes KNOW what they want.
If they don't see it... they're moving on. Quick.

Apparently the property is appealing enough to get viewings...
find out why the property isn't appealing enough to get offers.

I have no idea what this means:
There are several reasons why the house can appeal to a smaller pool of buyers
(just as us when we were getting it, we were looking for specific parameters).

And regardless of what the appraiser told you...
that "low ball" (as you characterize it) may just be the market.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:22 AM
 
80 posts, read 128,007 times
Reputation: 68
Quote:
Originally Posted by bbronston View Post
Two quick questions...what are the reasons that you think the house has limited appeal and have other homes sold in your area during the time you had it listed? Ok, three questions...what was different about those properties?
bbronston - When buying the house I was looking for no HOA, small community if any, large lot, good location, easy access to a highway, newer home, large (at least 5 bedrooms), full daylight basement.

Here what was important to me, but might not work for someone else:
* It is a very small community of only five houses. No HOA. No pool, tennis. Although we have a very large 0.7 acre yard that can accommodate a pool easily, and there are parks with tennis cours nearby. Still several families quoted that they want more of the neighborhood. It is suited for more independent families which is actually the case with all of the homes in our community.

Negative that I was able to overlook because of other factors that worked for me.
* The negative that can not be changed the backyard backs up to a road. We improved it with building a brick wall, and planting trees. You can not see a road.

Quote:
Originally Posted by SouthernBelleInUtah View Post
Are you still living there? If not, staged houses sell quicker but cluttered ones do not. The advice I've seen here was that if you have showings but no offers, your price is 5-6% too high. I'm not an agent but I am struggling through the same thing myself. I know what is holding my potential buyers back: I have master on the main and other bedrooms on the lower level and I have small commercial stores across the alley behind the house. If your house has some factors that affect its desirability, all you can do is lower the price or wait until "just the right buyer" comes along.
SouthernBelleInUtah - Everybody states that the house shows beautifully. So it is not a problem. Plus it was completely renovated this year. marble vanities, granite, frameless shower, etc.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:23 AM
 
80 posts, read 128,007 times
Reputation: 68
My questions are:

My concern that if we do not get an offer by end of July our sale chances greatly diminish. Is this concern warranted? Is there a sale season for suburbs?
Should I keep reducing the price every 2-3 weeks? How much?
Should I remove it from the market say in the end of July or August? When & for how long? When should I put it back on the market (February-March)?
Is it advisable in general removing house from the market? Or should I keep it there no matter what no matter for how long
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:38 AM
 
3,777 posts, read 7,163,842 times
Reputation: 4129
Quote:
Originally Posted by mpstat View Post
My questions are:

Should I keep reducing the price every 2-3 weeks? How much?
It depends on whether you need to sell or just want to, and on how low you can afford to go. If you really want to sell, go ahead and lower the price again. If it hasn't sold by mid-summer, either go as low as you can or wait until next year. Only you know your whole situation.

It may be that the "lowball" offer turns out to be closer than you thought. Several years ago we ignored a lowball offer, but after a few weeks decided to see whether we could come to an agreement. He came up $20,000, and we had an offer we could accept.

Something about the listing is getting people's attention, even at the current price. Did your agent write an accurate description, or are people showing up and getting disappointed? Ours started out with a description that drew lots of lookers but didn't describe the house well. So even though we had plenty of traffic, they were looking for something different. We changed it and no longer have the traffic - but hopefully, when we do, it will be someone who will like it.
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:45 AM
 
Location: Florida -
8,238 posts, read 9,990,552 times
Reputation: 15072
Did you counter the 'lowball offer' or simply ignore it? If a potential buyer is interested enough to submit an offer, why shouldn't they try to buy the property for less money ... in today's market? That doesn't mean it is all the money a potential buyer has or that they will not raise their offer ... or even that the 'buyer' really has a good handle on the local market. On the other hand, Sellers who allow themselves to get 'insulted' by a low offer are too emotionally invested in their property --- and somewhat out-of-touch with reality. If nothing else, ask the buyer to 'justify' or help you understand their 'lowball offer' -- you might learn something!

BTW, the fact that you "consulted an appraiser who said your property was properly priced at $460K" ... along with $5.25, will get you a latte at Starbucks!
Did he actually do a detailed appraisal or just give you his opinion? If the former, what did he use for comps? --- The market value of a property is NOT determined by opinion, purchase price, upgrades or even an appraisal. It is determined by what buyers are willing to pay (as evidenved by what they have recently paid for similar/same properties in the area). You may be able to sell your property for more, but, one thing I've seen while 'shopping the market' is that there are a lot of sellers out there living in an alternate universe ... where it is still 2005!

Last edited by jghorton; 06-18-2012 at 11:56 AM..
Reply With Quote Quick reply to this message
 
Old 06-18-2012, 11:53 AM
 
80 posts, read 128,007 times
Reputation: 68
We did counter offer. Lowballoffer was from an international investor that did not even see the house. Their agent did see it though. When our agent asked for justification they could not respond with any reason. It seems that they just did not have enough money to go higher.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top