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Old 07-12-2012, 08:58 PM
 
Location: El Dorado Hills, CA
3,671 posts, read 7,983,425 times
Reputation: 3748

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We had the same issue when we sold our last home in Texas. We had done some nice renovations and had a bit higher price than the similar homes without the updates. The house showed great and we had a ton of compliments and no offers. What we found out was that in our higher price range, people were also looking at new construction that was just a little higher priced and parts of ours seemed dated in comparison. We dropped the price and it sold right away.
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Old 07-12-2012, 09:08 PM
 
126 posts, read 218,496 times
Reputation: 55
Nina - I think you have the answer! You seemed to have described our home - and our market.
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Old 07-13-2012, 06:52 AM
 
Location: The Triad (NC)
26,878 posts, read 57,960,239 times
Reputation: 29317
Quote:
Originally Posted by NinaN View Post
We had the same issue when we sold our last home in Texas. We had done some nice renovations
and had a bit higher price than the similar homes without the updates. The house showed great....
We dropped the price and it sold right away.
Most buyers are still looking for the classic "worst house in the best neighborhood"
A new roof or HVAC system is one thing but few will want to pay for decorating choices.

Quote:
Originally Posted by bluecar View Post
I didn't address offers in my original post. Yes, we've had 3 offers, all in the first week.
This was a decent offer (in hindsight) but we didn't accept
Two more offers came in that week...
Oi. Pertinent details like this in the first post would have produced very different comments.
The 32 other lookers when considering a reduced offer were told (approximately):
"the seller has already refused three offers"

Quote:
...both about $50,000 under our asking price.
If that means $450,000 offered vs a $500,000 asking... that 10% is still within normal range.

Have your agent go back to these previous offers.
If they can't be resurrected then yeah, lower the asking and probably by this amount.
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Old 07-13-2012, 09:06 AM
 
1,239 posts, read 1,325,878 times
Reputation: 3277
We purchased two years ago and looked at several houses we really liked, but couldn't make work because of one detail...not quite enough storage, wee bit too small of a yard, short a bedroom etc., so I could see your feed back being for real.

That being said, I am actually concerned about your realtor. Did they suggest you take that first decent offer? In this market, you should have been strongly encouraged to entertain their offer. If not, you may not have the best realtor.

As far as price, we also ran into the same issue as other sellers here. We had a five year old house competing against never lived in homes in the 'new' neighborhood across the street. We listened to our realtor, priced as advised and it sold in one day before the sign was even in the yard. We pocketed our profits and moved on. Other houses in our neighborhood (directly across the street, in fact) had been for sale for two years.
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Old 07-13-2012, 09:27 AM
 
9,464 posts, read 15,037,563 times
Reputation: 15440
I would question the "feedback". why are they even looking at your home if it doesn't meet their requirements? They can tell before they go if the house doesn't have enough bedrooms, too many stairs, one/two story, etc. Yes, some of these must be seen to appreciate, but seems to me agents are just trying to rack up as many viewings as they can without listening to the buyers needs.

Being on the other side, I would be very specific and even write down what I would consider, such as ONE STORY ONLY I can't climb stairs. I would be taken to at least 3-4 two story homes. When I say I can't climb stairs, LISTEN and dont' make me prove the point. Also, I stated gas heat only, no electric and no electric oven. So, we drive up to all-electric homes

YOu need to question the feedback as a seller. Why were people being taken to your home only to find issues they could have screened before going? To make the agent look busy, and make the buyer appear picky---clinet has turned down X number of homes...
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Old 07-13-2012, 09:36 AM
 
90 posts, read 232,036 times
Reputation: 73
This sounds exactly like a post I would have liked to write! Our house has been on 1 1/2 months- was shown 10 times in the first 30 days, no offers, only negative thing our realtor tells us is "the yard is to small" you would think the realtors showing our home (as one has shown it like 4 times) wouldn't bring potential buyers to a house with a small yard if they want a bigger one. We have moved out of state so have no idea how the house is doing now as they do not need to contact us for a showing, and our realtor still has not responded to an email I sent over a week ago. Kind of frustrating and hard being far away now.

We have that "worst house in the best neighborhood" as Mr.Rational described. Ours is listed for 82,900 and there are houses directly next to us for sale for 230,000. Ours is much older and smaller of course, but very charming with character and still in a very desired neighborhood.

How long to you have it listed before lowering price? We are so anxious to get it sold since we have mortgage and rent now, but also want to make some money off it! Sorry to rant on about my situation on your post, lol- but like I said, almost same situation. Good luck to you- hope you get it sold soon!!!
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Old 07-13-2012, 09:42 AM
 
Location: The Triad (NC)
26,878 posts, read 57,960,239 times
Reputation: 29317
Quote:
Originally Posted by Midwest1628 View Post
Ours is listed for 82,900 and there are houses directly next to us for sale for 230,000.
How long to you have it listed before lowering price?
No offers at all?
What is the job situation in that area? School district?
At that (rather low) price point you might try to interest investors.
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Old 07-13-2012, 10:15 AM
 
Location: NJ
17,579 posts, read 38,333,874 times
Reputation: 16099
Quote:
Originally Posted by MaryleeII View Post
I would question the "feedback". why are they even looking at your home if it doesn't meet their requirements? They can tell before they go if the house doesn't have enough bedrooms, too many stairs, one/two story, etc. Yes, some of these must be seen to appreciate, but seems to me agents are just trying to rack up as many viewings as they can without listening to the buyers needs.
This has been discussed a few times. There are many reasons why someone would look at a house that doesn't meet all their requirements.
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Old 07-13-2012, 10:36 AM
 
Location: Columbia, SC
8,857 posts, read 17,455,857 times
Reputation: 6234
35 showings with no offers? You either need to improve condition or lower the price, or both.
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Old 07-13-2012, 10:47 AM
 
5,469 posts, read 6,137,743 times
Reputation: 13992
As was pionted out already, this is a strange market.

If your area is 'strange normal', i guess you know now that you got bad advice to not accept or at least negotiate with a 90% offer.

But, now your buyers are gone. The other 30 or so showings were mostly the looky lookers who show up at every listing just for something to do.

So now the long slog to a sale begins. In this strange market that means around a year to 18 months. You can fiddle with price, new paint, spruced up landscaping, but the element which you can't control is time. You just have to sit and wait.

At some point another buyer will emerge, and you can hope they can get financing. Then a few months further along another, better qualified buyer will emerge, and that deal might get done. You can beat your head against the wall, and try to figure out 'where you went wrong', but it is mostly a function of time.

On a recent sale i made to a buyer: "i loved your house right from the time i saw it listed. I just jumped right on it (twelve months after it was listed)." The buyers know things are going nowhere fast, and so the process has slowed to a snails pace. What used to take days now takes months.

Just buckle in and don't get frustrated by the ride. Sadly, your initial burst of interest is gone and you didn't, for whatever reason, hook the fish. Now you wait and the numbers will catch up with you...or you with them.
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