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Old 10-14-2014, 04:28 PM
 
Location: Pluto's Home Town
9,982 posts, read 13,701,476 times
Reputation: 5689

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Real estate gurus,

I could use some advice and fast.

I am struggling with selling my little 2 br/1 ba 1000 sf. home in a very nice western resort town. It is up the street from a park, a safe, beautiful neighborhood with a nice school down the street. I also dumped about $20k into it, with new floors, paint, wiring, etc. before listing it. After several months on the market, I am getting a decent number of showings, but no solid offers. I am a bit flummoxed because the town is very desirable and many people would give a favorite body part to live there. We lived there 11 years, and loved living in that house that neighborhood. Idyllic. We moved for a job and bought a home elsewhere, and I am now carrying two mortgages and sinking fast. The house is listed in the low $200s, and I know houses in the $300-400k range are selling briskly. I have cut the price to very close to what I paid for it in the early 2000s, so I don't think the price is excessive, but perhaps the market has become so gentrified no one wants it. I did receive one lowball offer, which would be a $10-20k loss for me, all considered, so I am trying to figure out whether I should take that or rent it this winter and try again in the spring.

What would you do?

Any and all idea / strategies welcome!
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Old 10-14-2014, 04:58 PM
 
13,057 posts, read 20,718,302 times
Reputation: 21229
Maybe it shows like a stale garbage pile. If other houses are selling and your's is not, and you are price below those houses, it most likely is how it shows. Can you post a picture of the main living area, the kitchen and possibly the exterior.
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Old 10-14-2014, 06:24 PM
 
Location: The Triad
34,091 posts, read 82,473,972 times
Reputation: 43648
Quote:
Originally Posted by Fiddlehead View Post
Starter home won't sell in a hot, gentrified market
ANYTHING will sell if it's priced right.
Quote:
little 2 br/1 ba 1000 sf. home in a very nice western resort town.
How many young couples, retirees or middle aged singles around there?

Quote:
We lived there 11 years, and loved living in that house that neighborhood.
What were YOUR life circumstances when YOU bought a "2 br/1 ba 1000 sf. home"
Your buyer is likely to be similar.

Quote:
I did receive one offer, which would be a $10-20k loss...
So? Maybe that's the market. Besides your costs have NO BEARING.

In any case...$10-20k vs $220k is bupkis.

Quote:
What would you do?
Get an honest objective valuation done.
Pay $300 for a real appraisal. Know.
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Old 10-14-2014, 06:44 PM
 
5,075 posts, read 11,007,724 times
Reputation: 4664
In a hot gentrified market you'd expect someone to buy it and tear it down. What's the land worth? Maybe you're better off selling it with permitting in place for a new build. There was one old shack down the block from me that sold (uninhabitable) for $280K. Someone bought it, leveled it, permitted it and sold the land without a house on it for $390K.
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Old 10-14-2014, 07:08 PM
 
988 posts, read 1,731,010 times
Reputation: 1078
The # of BRs you have is probably a main factor; realistically, that's eliminating almost every family that would be looking. The # of baths could also be a huge deterrent, as well. As someone already mentioned, your buyer is most likely going to be a young couple just starting out or a retired couple looking to downsize. Change your marketing strategy to target those demographics and you should have better traction. And as previously mentioned, if your price has dropped to rock-bottom, then it's most likely the condition of your home; are you sure it's presentable to sell?
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Old 10-14-2014, 07:47 PM
 
7,672 posts, read 12,724,961 times
Reputation: 8030
Was the 20K spent recently as in the last few months or over the 11 years? Any feedback from the showings? What is your realtor suggesting you should do?
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Old 10-15-2014, 07:01 AM
 
79 posts, read 152,636 times
Reputation: 98
Show us the listing.....you'll get some interesting feedback at no cost. A "nice western resort town" could be Bullhead City or Reno. If is a place people go to escape the cold; then you are a month or two early. In Arizona, the flocks of pigeons didn't arrive in force until after Christmas, although the golf courses would jack up the rate on November 1, but then even more on January 1. The retirees liked to spend the Holidays back with their kids/grandkids back in their home states.

A second bathroom is worth its weight in gold in a 2/1. A 2/1 is just slightly better than a 1/1 in a resort area, and about equal to a 1/1 with a den. A 2/2 would allow two couples to share feasibly.
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Old 10-15-2014, 08:27 AM
 
Location: Pluto's Home Town
9,982 posts, read 13,701,476 times
Reputation: 5689
Thanks for the comments so far. Much appreciated.

Here is the listing.

478 Ray Ln, Ashland, OR 97520 is For Sale - Zillow

It is alone at its price point. The cheapest in town.
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Old 10-15-2014, 08:30 AM
 
Location: Pluto's Home Town
9,982 posts, read 13,701,476 times
Reputation: 5689
Quote:
Originally Posted by momtothree View Post
Was the 20K spent recently as in the last few months or over the 11 years? Any feedback from the showings? What is your realtor suggesting you should do?
About 1/3 when I moved in, and 2/3rds this spring before listing. I wish I had done some of the improvements earlier, for us to enjoy!
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Old 10-15-2014, 08:34 AM
 
Location: Pluto's Home Town
9,982 posts, read 13,701,476 times
Reputation: 5689
Quote:
Originally Posted by MrRational View Post
ANYTHING will sell if it's priced right.

How many young couples, retirees or middle aged singles around there?


What were YOUR life circumstances when YOU bought a "2 br/1 ba 1000 sf. home"
Your buyer is likely to be similar.


So? Maybe that's the market. Besides your costs have NO BEARING.

In any case...$10-20k vs $220k is bupkis.


Get an honest objective valuation done.
Pay $300 for a real appraisal. Know.
I'll just answer the bolded. We had a kid on the way, and I was in my second year of a solid, professional job. We wanted to buy a home, and we loved the town. Still do, but the housing bubble was ramping up, and we could only afford about $210k, and that meant a 2/1. That was fine for two adults and an infant, and the house afforded a lovely lifestyle for a long time.
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