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 08-22-2019, 11:48 AM
 
3 posts, read 448 times
Reputation: 10

Advertisements

Hi everyone,


I'm selling a home for the first time in Illinois. I hired a broker at the end of July. My main objective is to sell quickly. The realtor assured me that my 2BR townhouse would sell quickly because it is spotlessly clean and ready to go.

After we continued to go over the comparable market analysis, I agreed to the price set forth by the broker. The house went on the market ten days later. The house is well marketed online and the photos look great.

As of today, my home still hasn't had a single showing. The home is being viewed and saved, which doesn't mean much, but there's zero inquiries.



First, we figured that the two 3BR town homes priced near my own killed any sales.
Both of those homes have since recently sold. So, now my home is the only town home in the subdivision for sale.



I've asked my realtor why there aren't any showings and what I could do. The answers have been:
"I don't know."
"I was sure that we'd have 5-10 showings by now."
"Maybe it's the school year."
"The market has suddenly halted. It's not you, it's all of my properties."
"Buyers want three bedroom houses now. You have two bedrooms so maybe it's not be attracting families."
"It could be the price but I don't advise you to drop it yet."
"Let's wait until after Labor Day weekend. If we don't get a showing by then, let's consider dropping the price."
"We could relist or wait until Spring."


I'm completely confused now. I want to sell sooner, not wait until Spring 2020.
I wouldn't mind dropping the price but the realtor insists on waiting until after Labor Day to do so.


I'm not sure what to do.
One one hand, I feel that my timing was bad. I should've hired a broker sooner but life happened.

On the other hand, I don't know how all of this works.



My questions are:

*My realtor really made me feel that my house would sell quickly. I was hoping to have the process completed by October. Is this an unrealistic time frame for Illinois?

*Did the Illinois real estate market grind to a halt?
*Historically, is there an uptick in sales after Labor Day?


Thank you for your time!
Reply With Quote Quick reply to this message

 
Old 08-22-2019, 01:05 PM
 
Location: Just south of Denver since 1989
10,940 posts, read 29,546,904 times
Reputation: 7170
These are questions of your agent.
Where in Illinois are you?
If you want to improve the price, do so.
No showings means 3-5% over.
How does the listing info look?
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 01:10 PM
 
709 posts, read 445,051 times
Reputation: 1124
Quote:
Originally Posted by RapidGalaxy View Post
My questions are:

*My realtor really made me feel that my house would sell quickly. I was hoping to have the process completed by October. Is this an unrealistic time frame for Illinois?

*Did the Illinois real estate market grind to a halt?
*Historically, is there an uptick in sales after Labor Day?


Thank you for your time!
1- Not unrealistic time frame depending upon location, condition and price.

2- No, condo's, townhouses and SFH are selling, however, see ^

3- Again, it depends on your location, condition and price. Not every buyer has a family; time of the year is irrelevant to some buyers(single or couple with no children, usually).

Are you in the northern burbs or southern burbs? Or middle of the state? Or southern IL? Location does matter. Having the only townhouse in your subdivision for sale is not a bad thing, if your subdivision/village is a sought after location.

FYI, I am in the same state, listed my 2/1 condo on Monday with a flat fee service and it is under contract with a cash buyer today and closing date of 3 weeks from today.

Last edited by photogal9; 08-22-2019 at 01:44 PM..
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 01:39 PM
 
6,837 posts, read 8,182,476 times
Reputation: 11942
Quote:
Originally Posted by RapidGalaxy View Post
I wouldn't mind dropping the price but the realtor insists on waiting until after Labor Day to do so.
Remember, you are in charge of the asking price.
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 02:15 PM
 
5,634 posts, read 1,408,308 times
Reputation: 4367
I would wait to drop the price. If you drop too quickly, you signal a highly motivated seller. This happened with my friend's house. She dropped the price right out of the gate several times because she was trying to get a relo buyout deal. It ended up selling below market and the comp hurt our neighborhood.

Realtors tell you a lot of things to get a listing. We will sell it quickly, get a lot of showings, etc.
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 02:34 PM
 
Location: Salem, OR
14,074 posts, read 33,157,919 times
Reputation: 12966
What is your days on the market right now?
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 02:40 PM
 
Location: Raleigh NC
9,761 posts, read 7,386,615 times
Reputation: 8417
sounds like 21 days, which is NOT too soon for a price reduction. what's the asking price, and what was the asking price(s) of the 2 units that had 3 BR and went under contract?

and your Realtor can surely ask those Realtors how many showings their 3 BR got.
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 03:26 PM
 
Location: Denver CO
21,416 posts, read 12,046,007 times
Reputation: 32604
Look at the comments from the people whose user title indicates they are a professional working in the real estate field. Every one of them that posted on this thread has asked good questions and/or given good advice that you can benefit from.
Reply With Quote Quick reply to this message
 
Old 08-22-2019, 07:25 PM
 
3 posts, read 448 times
Reputation: 10
Thank you for your responses, everyone!


I'm in Southwest suburb of Chicago.

The info listing looks good! It's straight-forward, no fluff, positive. All of the information is accurate.
I'm so happy to hear that the time frame is doable.
Days on market: 15

Asking price $155K


I have to make a correction, the two 3BR are contingent, not sold:

First 3BR: $154 (Pro photos & listing. Pending sale 8/15. 65 days on market)

Second 3BR: $165 (Amateur listing & photos. Listed 7/21, Pending sale for asking price 8/21. 28 days on market.)
Reply With Quote Quick reply to this message
 
Old Yesterday, 06:35 AM
 
Location: Northern Virginia
5,144 posts, read 5,482,426 times
Reputation: 12739
Quote:
Originally Posted by RapidGalaxy View Post
Thank you for your responses, everyone!


I'm in Southwest suburb of Chicago.

The info listing looks good! It's straight-forward, no fluff, positive. All of the information is accurate.
I'm so happy to hear that the time frame is doable.
Days on market: 15

Asking price $155K


I have to make a correction, the two 3BR are contingent, not sold:

First 3BR: $154 (Pro photos & listing. Pending sale 8/15. 65 days on market)

Second 3BR: $165 (Amateur listing & photos. Listed 7/21, Pending sale for asking price 8/21. 28 days on market.)
Kneejerk reaction: You're overpriced. And from your Realtor's responses, he sounds like a dud.
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

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.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

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