Welcome to City-Data.com Forum!
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 10-17-2014, 01:53 PM
 
Location: Englewood, FL
1,268 posts, read 2,989,539 times
Reputation: 1117

Advertisements

Quote:
Originally Posted by ocngypz View Post
What's wrong?

Two words:

Corner Lot

People don't like them.
That is your opinion. When I pulled up Google maps and saw it was a corner lot, I thought it was an asset. I lived on a corner lot once and loved that the garage was on the side of the house. One downside to this particular corner, though, is it appears to be the main in/out of the neighborhood. I would rather live on a corner than an interior lot any day.
Reply With Quote Quick reply to this message

 
Old 10-17-2014, 02:14 PM
 
Location: Denver CO
24,204 posts, read 19,082,638 times
Reputation: 38266
I grew up in a house on a corner lot and a sibling, who is a realtor, owns one now. Definitely a personal preference issue but there are probably just as many people as not who like the extra space, fewer direct neighbors to deal with, etc.

Having said that, I think there are other location concerns as I mentioned in a previous post - this house looks very close to what appears to be a somewhat major highway, and not that far from an even bigger interstate.
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 03:00 PM
 
9,891 posts, read 11,704,117 times
Reputation: 22085
Quote:
Four of them are way above our selling price, ours is 332,000 for a four bed 3 bath 2313 sq foot house. The others are much bigger but 400,000+. Why does t matter how many other homes are for sale in the neighborhood. it is a fairly large neighborhood and I think 14 homes is not that many for the size neighborhood we have. Any opinions?
When there are 14 homes in a neighborhood for sale, you have a lot of competition. Your home is being compared against the other homes, and the buyers will accept the one they think best fits them. With that many homes on the market and some have been on the market for several months to a year or more, it is not a sellers market that draws multiple offers. It is a hard sale area, and that must be taken into consideration.

It is similar to a woman going into a dress store, and deciding which dress looks the best on her. Or going into a furniture store, and selecting which sofa you like the best. You do not just look at one sofa, but several or all of them in your price range to make your decision. (I spent 10 years in the furniture business being very well paid, so I understand this.) Home buyers do the same. Lets look at how home buyers work.

1: They select the neighborhood they like, and chose a home in that neighborhood.

2: They then look at the MLS listings on them, to chose which ones they like the best, eliminating the ones they do not like. They will also compare the prices of each home, and the ones that are the best bargains will be the ones they select to visit. A home a few thousand dollars more than other similar homes, will be eliminated and they will not buy it. They may visit the home (a showing) they do not like the price of, to get ideas of what the other home would need to compare. If both are similar, they will buy the cheapest one every time.

3: After selecting the ones they like the best, they will visit those homes (showings), to select the one they like the best.

4: They will then compare those they liked the best, and select one of them to make an offer on.

Problem to sell them a home:

If a home is priced above similar homes, they will eliminate it and not buy it. A big reason to price not for the amount of money you need, but price it to be at or below the similar competing homes. The ones above the competition lose every time. You have said, that your price is set at what you need to be able to walk away from it. You indicated if it was priced much lower, you would have to talk to the lender and go the short sale route. If your home is overpriced in a neighborhood with 14 homes for sale and some of them will still be for sale after a year on the market, it will not sell. Doing what they will learn in real estate classes........Agents will use your home as an example, to show buyers what a good buy another home is. These homes get lots of showings, but do not get sold. Either your home is priced to sell, or it is priced to use as the bad example to show how good a bargain another similar home is.

Speaking as a long time real estate broker from 1972, till I finally retired.
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 03:29 PM
 
5,290 posts, read 5,208,389 times
Reputation: 18655
You've started several threads on this house, and the general consensus has been, on all of them, that the corner lot on a busy street is your main issue. All things being equal most people will not choose a house on a corner lot which is on a busy street, if theres a lot of homes in the area for sale that are not on a busy street.

You've had it on the market long enough to know this. You will have to lower the price enough to make it more appealing, corner lot or not.
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 05:31 PM
Caa Caa started this thread
 
940 posts, read 2,482,003 times
Reputation: 261
Quote:
Originally Posted by emm74 View Post
I grew up in a house on a corner lot and a sibling, who is a realtor, owns one now. Definitely a personal preference issue but there are probably just as many people as not who like the extra space, fewer direct neighbors to deal with, etc.

Having said that, I think there are other location concerns as I mentioned in a previous post - this house looks very close to what appears to be a somewhat major highway, and not that far from an even bigger interstate.
we are close to a major street, but that actually has never been a complaint, nor the interstate a complaint. We can hear the interstate a bit, but not much. It is actually situated pretty well as far as locations. but I see what you mean for sure. You all have been great with your advice! One other issue I failed to mention. We have a carport which has an automatic garage door that opens, now when it does open, it is open to the backyard and that, my friends, is what I think is giving us the issue.....we have had some that loved that, some have hated it, but we cannot close it in, that would be too hard to do from here and we are not willing to do it either. I think that garage/carport is what may be the problem, nay thoughts???
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 05:32 PM
Caa Caa started this thread
 
940 posts, read 2,482,003 times
Reputation: 261
Quote:
Originally Posted by Squirl View Post
If all else is equal -- price, lot/location, schools, age of house, etc. -- then its simply your floor plan or finishes. The only way to overcome those issues are by reducing the price or "blinding" up the house.
what does blinding up the house mean please?
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 05:33 PM
Caa Caa started this thread
 
940 posts, read 2,482,003 times
Reputation: 261
Quote:
Originally Posted by berniekosar19 View Post
If you're that low equity-wise that you can't afford to drop your price to where it will most likely sell, have you considered renting until prices in your neighborhood catch up to where you need to be in order not to bring money to the table at close?
thought about renting, kinda scary though, but a thought for the future....
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 05:38 PM
Caa Caa started this thread
 
940 posts, read 2,482,003 times
Reputation: 261
Quote:
Originally Posted by emm74 View Post
Your house is lovely. Yeah, yeah, the purple bedroom, I'm sure people mention it. But it's one room, not the whole house. And that huge window in there would more than offset having to repaint it IMO.

Honestly, I think it's the location. It looks like you are pretty close to the highway, and I also couldn't tell what those large buildings/parking lots were that are between the house and the highway. What's the noise level like there? And have you looked at comps that are really similarly located if you factor that in?

I recently sold my townhouse. I was in the front of the complex, facing the main road and that was a pretty substantial hit in value, about 5% compared with a unit that was not quite as nice as mine (slightly smaller, less nice finishes) but a better location within the complex.

I know it's not what you want to hear, but I think unfortunately, it really is the price. Is there any way you can borrow enough money to do a substantial drop and still get out quickly without turning it into a short sale?
the large bulidings is just storage and one area is to dump wood off to turn into chip, no big deal, but the noise level, in my opinion, is fairly low, I would sit our back at night and have a beer, and it never really was an issue. We will think about price again, it mostly my husbnad that is wanting to keep it at this price, I would lower it by 3,000 tomorrow if I could! But also , don't people say to lower it by at least 5 percent to really make a difference. Two more showings this weekend yaay!
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 06:00 PM
 
988 posts, read 1,733,603 times
Reputation: 1078
Quote:
Originally Posted by Caa View Post
thought about renting, kinda scary though, but a thought for the future....
I only bring it up because you seem unwilling and/or unable to bring $$$ to the table. At a certain point, I'm sure the carrying costs on this house will end up bleeding you dry, so renting might be a way of forestalling that until your neighborhood bounces back. Even if you rent it out and lose a couple of hundred per month, that's still gotta be a better situation for you, financially. Hopefully your home sells soon and it's a non-issue!
Reply With Quote Quick reply to this message
 
Old 10-17-2014, 06:14 PM
 
151 posts, read 183,064 times
Reputation: 274
Personally I like a corner lot. Give me a choice; and I'll take the corner lot every time!

When I was a young Realtor I made a cold call on an old German woman who lived on a very busy road. (I had to be careful not to lose a door while I was getting out of the car in order to talk with her!)

When I commented that it might take awhile for the house to sell because of the very busy road it was located on, she nonchalantly replied, 'Some people, like me, prefer to live on a busy road.' 'It's easier for the police and ambulance to find you; and I like to watch the world go by!'

So ....... I, kind 'a, screwed myself out of that listing! Of course the property sold in less than 90 days, too; and that was the last time I ever ventured a forthright opinion on busy roads to a listing prospect!)
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

All times are GMT -6. The time now is 12:31 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top