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 07-02-2012, 03:07 PM
 
1,794 posts, read 4,585,076 times
Reputation: 1524

Advertisements

My house has been on the market and on Realtor.com FSBO since 3/1/2012 with no inquiries so it's time to lower the price because it needs to sell. It's listed at $549,000 (but cost 600K to build). It's in a remote area and there are zero comps. Normally, with a standard "city" house would do $20,000 reduction but wonder if dropping the price to just below $500, say $498. would draw some real interest and make more sense in today's market. Any suggestions?
Reply With Quote Quick reply to this message

 
Old 07-02-2012, 03:47 PM
 
Location: The Triad (NC)
26,886 posts, read 57,997,675 times
Reputation: 29332
Quote:
Originally Posted by Townandcountrygal View Post
My house has been on the market and on Realtor.com FSBO since 3/1/2012 with no inquiries so (I've concluded that nothing else could possibly be the issue, so...) it's time to lower the price because it needs to sell.
That may be true and certainly a low enough price will sell anything, but...
Quote:
It's listed at $549,000...
It's in a remote area and there are zero comps.
What are the specs on the highest price homes (within 3 miles and same school district) near you?
How about the "comps" for the last 10-15 homes that HAVE sold near you?
Quote:
Any suggestions?
You have a special snowflake property that will need a special snowflake buyer.
If they aren't knocking on your door you will need to seek them out.
(that's called sales and marketing)

Go back to what drew YOU to buy an over large home in a remote area, with no comparable properties nearby,
and with that thought in mind try to find this years edition of you.

And seriously reconsider the whole FSBO thing.
That's tough enough in a tract development... it's not for special snowflakes at all.
Reply With Quote Quick reply to this message
 
Old 07-02-2012, 04:06 PM
 
Location: Florida
198 posts, read 368,986 times
Reputation: 173
And as it has been said before, it really does not matter what you paid for it....the market value is what someone will buy it for today. Where are you advertising now? Think global and make a free website at webs.com, advertise on Craigslist but get a lot of qualifying info before you let them come see it. Good Luck!
Reply With Quote Quick reply to this message
 
Old 07-02-2012, 05:13 PM
 
1,794 posts, read 4,585,076 times
Reputation: 1524
Quote:
Originally Posted by vtallison View Post
And as it has been said before, it really does not matter what you paid for it....the market value is what someone will buy it for today. Where are you advertising now? Think global and make a free website at webs.com, advertise on Craigslist but get a lot of qualifying info before you let them come see it. Good Luck!
Yes, sadly, the building cost will not determine the selling price--whoever buys the house gets a bargain BUT I get OUT of the Land of Entrapment!! The house is advertised on many FSBO sites plus Realtor.com.
Reply With Quote Quick reply to this message
 
Old 07-02-2012, 05:29 PM
 
1,794 posts, read 4,585,076 times
Reputation: 1524
Quote:
Originally Posted by MrRational View Post
That may be true and certainly a low enough price will sell anything, but...

What are the specs on the highest price homes (within 3 miles and same school district) near you?
How about the "comps" for the last 10-15 homes that HAVE sold near you?

You have a special snowflake property that will need a special snowflake buyer.
If they aren't knocking on your door you will need to seek them out.
(that's called sales and marketing)

Go back to what drew YOU to buy an over large home in a remote area, with no comparable properties nearby,
and with that thought in mind try to find this years edition of you.

And seriously reconsider the whole FSBO thing.

That's tough enough in a tract development... it's not for special snowflakes at all.
You're right about the need to find that special buyer. We live in high desert ranch country--there are, truly, zero comps. May try advertising in Seattle area newpapers to appeal to those who want to escape rain, traffic, & crime. Had the house listed with the one realty willing to take on the listing but cancelled that contract as I did all the work (photos, wrote description, show house). We have interviewed all realtors within 2 hours of us and a few beyond that. To sell this house with a realtor, I need one who wants to drive 2 or more hours to get here and is aggressive like the realtors on "Selling New York"!
Reply With Quote Quick reply to this message
 
Old 07-02-2012, 05:39 PM
 
Location: The Triad (NC)
26,886 posts, read 57,997,675 times
Reputation: 29332
Quote:
Originally Posted by Townandcountrygal View Post
To sell this house with a realtor, I need one who wants to drive 2 or more hours to get here and is aggressive...
That describes the buyer you're looking for as well. Good luck.

Getting back to the original topic question... try raising your price instead of lowering it.
The buyer you're looking for today will be dismissive of anything under 750,000 or even a mil.
Reply With Quote Quick reply to this message
 
Old 07-03-2012, 07:36 AM
 
Location: Columbia, SC
8,857 posts, read 17,461,540 times
Reputation: 6234
Who cares how much it cost to build? If you have haven't had a call in 4 months you need to drop the price. Also, how are you Realtor.com if you're a FSBO?
Reply With Quote Quick reply to this message
 
Old 07-04-2012, 01:09 PM
 
1,794 posts, read 4,585,076 times
Reputation: 1524
Quote:
Originally Posted by Brandon Hoffman View Post
Who cares how much it cost to build? If you have haven't had a call in 4 months you need to drop the price. Also, how are you Realtor.com if you're a FSBO?

I paid a realtor to list the house on Realtor.com. We are reducing the price and the realtor agreed that, in the current market, it should help to generate serious interest.
Reply With Quote Quick reply to this message
 
Old 07-05-2012, 01:11 AM
 
Location: Florida Gulf Coast
4,091 posts, read 5,511,450 times
Reputation: 6418
Wow....houses in the middle of nowhere are going for half a mil? Seriously, what is the attraction that would justify such a high price? Who is your target buyer? Is it a luxury vacation property? It's not really a couple hours from the nearest town....is it? What about schools if a buyer has children? I'm no expert, but I do watch a lot of House Hunters and Million Dollar Listing, etc., so I have a pretty good sense of property values around the country.
Reply With Quote Quick reply to this message
 
Old 07-05-2012, 10:14 AM
 
Location: Randolph, NJ
265 posts, read 463,513 times
Reputation: 204
Quote:
Originally Posted by Townandcountrygal View Post
...if dropping the price to just below $500, say $498. would draw some real interest and make more sense in today's market. Any suggestions?

A dramatic drop will attract buyers... it will either get offers at that price, or if it is a great value you might get more than one offer and sell it for over $500K. Not a bad strategy, but I would suggest doing this with a Realtor who knows what he/she is doing.

The $25-30K in commission can more than be justified by the pitfalls that a good broker will help you avoid.
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