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Old 10-18-2014, 12:56 AM
 
Location: Boise, Idaho
213 posts, read 340,415 times
Reputation: 315

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Quote:
Originally Posted by Caa View Post
we cannot go quite that low without being upside down, we can maybe go down to 327,900. Problem is, what if, upon inspection, there is an issue that we are not aware of that may cost us 1,000 then we are stuck because we went down too far in the price you know what I mean?
You purchased the house in 2007 for $321,400 and in 7 years haven't paid down any principle? Seems to me that you should have at least $70,000 in equity in the house by now. Where did the money go?
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Old 10-18-2014, 05:10 AM
 
1,096 posts, read 1,041,194 times
Reputation: 1745
You will have to lower the price. You are too emotionally tied to your former house. You value it higher than its market value.
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Old 10-18-2014, 07:29 AM
 
Location: Copenhagen, Denmark
10,931 posts, read 11,680,281 times
Reputation: 13170
A home you love may not be worth as much as the shelter, security and happy memories it brought to you. You have two choices: wait or lower the price.
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Old 10-18-2014, 08:17 AM
 
1,334 posts, read 1,662,414 times
Reputation: 4232
Default Drop the price and get it sold

Quote:
Originally Posted by Caa View Post
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???
The street, the carport, the corner lot, the paint in the bedroom: all these are things prospective buyers will factor in, either consciously or unconsciously, when they decide whether to make an offer on your house. So it isn't any one thing, it's the whole package. As others have pointed out, if it isn't selling after 6 months, your asking price for this package is too high.

You have to bite the bullet and be prepared to take a loss. Either you lose the money all at once by accepting a selling price that won't cover what you owe, or you are going to lose an equal or even greater amount incrementally in carrying costs. Drop the price to slightly below the $/sq ft of similar homes in the area and get it sold, for your own peace of mind. If you are 1000 miles away, don't try to rent it out. You will be lucky to cover your MITI, you will lie awake at night wondering what the tenants are doing to the place, and you will still have to face selling it at some time in the future -- but then you're going to have to put more money into it to correct all the problems that occurred while it was being rented. Been there, won't do it again.
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Old 10-18-2014, 11:23 AM
 
Location: Raleigh, NC
19,385 posts, read 27,654,653 times
Reputation: 36024
Quote:
Originally Posted by semispherical View Post
The street, the carport, the corner lot, the paint in the bedroom: all these are things prospective buyers will factor in, either consciously or unconsciously, when they decide whether to make an offer on your house. So it isn't any one thing, it's the whole package. As others have pointed out, if it isn't selling after 6 months, your asking price for this package is too high.

You have to bite the bullet and be prepared to take a loss. Either you lose the money all at once by accepting a selling price that won't cover what you owe, or you are going to lose an equal or even greater amount incrementally in carrying costs. Drop the price to slightly below the $/sq ft of similar homes in the area and get it sold, for your own peace of mind. If you are 1000 miles away, don't try to rent it out. You will be lucky to cover your MITI, you will lie awake at night wondering what the tenants are doing to the place, and you will still have to face selling it at some time in the future -- but then you're going to have to put more money into it to correct all the problems that occurred while it was being rented. Been there, won't do it again.
Best advice you've received in this thread, as well as the others. And yes, we've been there, done that - but didn't rent. We took the loss and walked. We have several neighbors who wish they had done the same, but are now unhappy landlords.
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Old 10-18-2014, 03:39 PM
 
9,891 posts, read 11,704,117 times
Reputation: 22085
Quote:
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???
You are your own worst enemy to sell the house. If that is the problem, you say you are not willing to do it either. You are not willing to do whatever it takes to sell the house. With that attitude, you may never sell the house.

If the garage being open is the reason the home is not selling, it would require closing the garage, or adjusting the price below similar homes with a true garage to compensate for the open garage. A carport which you have even if there is a garage door, has less value when computing the market value of a home than one with a true garage.

If you price the home as if it has a carport and not a garage, and get the broker to change the MLS to call it a carport, you will not have people coming to look at the home with a garage and not really have one. Facts like this, turn people off, feeling they were lied to about what the house is like, and that is the big turn off all by itself. Promoting the home as having a garage, and finding it is really a carport, is a bad move to make to sell a home.
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Old 10-18-2014, 05:41 PM
 
9,891 posts, read 11,704,117 times
Reputation: 22085
I have just done a check of property from $310,000 to $340,000 in your city that all look to be in a decent neighborhood through the multiple listing service. This is your competition, not just your neighborhood. Unless your neighborhood is the most upscale of these, your price per square foot is way above a lot of your competition.

First problem: Other homes first picture, is the front view of the home, which is what most buyers want to see first. Yours starts with an interior view. This breaks the flow for home seekers. It is a turn off, and they stop looking right there.

Problem #2: When they get to the front view, it is not as showy as many others. It looks like a long home on the lot with only a small narrow front. Beautiful landscape though. If it is possible to make the front picture more attractive some way this will help. This is called curb appeal, and one of the most important factors when selling a home.

Problem #3: There is a lot of competition in what look to be nice areas of the city. I looked at $310,000 to $340,000, 4 bedrooms 3 baths and found 42 properties. Yours is near the freeway, and as you say near industrial, Storage and the wood chipping plant you mentioned. This is a drawback, and other areas will look better to buyers. Some of your competition is lake front property with a beautiful home as an example, and water sells homes.

Problem #4: Your home on a price per square foot, is way more than many others. Can you justify this, by being in a superior upscale area of the city or a much higher quality home. If not this is a big drawback for selling your home.

Problem #5: Your MLS listing says you have a garage, but you do not. What you have is a carport with a garage door to close it off from the street. No matter if it has a door, it is still a carport. You may be right this is what is keeping it from selling, as it says to potential buyers misrepresentation. They then wonder, what else is not being truthfully represented.
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Old 10-19-2014, 07:36 AM
 
Location: Raleigh, NC
19,385 posts, read 27,654,653 times
Reputation: 36024
Problem #6: The house has been on the market for 7 months. It's stale.

(PS regarding oldtraders Problem #1, the first photo that I get on several sites IS a front view of the house.)
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Old 10-19-2014, 10:28 AM
 
13,389 posts, read 6,394,889 times
Reputation: 10022
Unless its something very common there, I think the carport aka garage is a big issue in a house at this price point.

Have you actually priced what it would take to enclose it?

Other than that, its a lovely house. Your finishes are very neutral which is generally a good thing for most people. However, with the house empty I wonder if they are just too blah and vanilla. You would probably go on my list as the beige house with the fake garage.

If you cant pay for full staging, can you ask your neighbor or a friend to help you beef up what you've done to add some more color?
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Old 10-19-2014, 11:07 AM
 
Location: Raleigh, NC
19,385 posts, read 27,654,653 times
Reputation: 36024
Quote:
Originally Posted by Blondy View Post

If you cant pay for full staging, can you ask your neighbor or a friend to help you beef up what you've done to add some more color?
The house has been on the market for 7+ months, and the family was living in the house for most of that time. Adding some color or staging isn't going to get it sold.

The bottom line is price. They started at much too high a price seven months ago, and are still basing their price on what they NEED rather than what the buyer will PAY.

OP, I know you don't want to hear this, but you'll need to bring cash to the table. Or do a short sale. I'd strongly recommend the former. And soon!
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