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Old Today, 08:08 AM
 
109 posts, read 21,362 times
Reputation: 125

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Here are some of the types of homes that are going for $400k-$500k in our city:

https://www.redfin.com/city/5155/CO/...ty_id=34155275

https://www.redfin.com/city/5155/CO/...ty_id=34112893

https://www.redfin.com/city/5155/CO/...ty_id=34150298

Not only is our house more than double the square footage of these homes, it is much more updated and at a fraction of the price. We're not overselling ourselves, not in this market.
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Old Today, 08:24 AM
 
4,559 posts, read 8,561,647 times
Reputation: 6584
Quote:
Originally Posted by iSudo View Post

people expecting deep discounts because of the way you've decorated a home,
or the furniture you've arranged,
or the fact that you own a pet.
There is a single word to deal with all these people trying to get a discount for this and that......

NO

They are simply negotiating. If your unhappy with their offer, simply say no.
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Old Today, 08:33 AM
 
4,097 posts, read 3,319,089 times
Reputation: 13533
Quote:
Originally Posted by iSudo View Post
Here are some of the types of homes that are going for $400k-$500k in our city:

https://www.redfin.com/city/5155/CO/...ty_id=34155275

https://www.redfin.com/city/5155/CO/...ty_id=34112893

https://www.redfin.com/city/5155/CO/...ty_id=34150298

Not only is our house more than double the square footage of these homes, it is much more updated and at a fraction of the price. We're not overselling ourselves, not in this market.
So why cant you sell it?
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Old Today, 08:37 AM
 
Location: Northern Virginia
5,203 posts, read 5,554,584 times
Reputation: 12929
Quote:
Originally Posted by iSudo View Post
Here are some of the types of homes that are going for $400k-$500k in our city:

https://www.redfin.com/city/5155/CO/...ty_id=34155275

https://www.redfin.com/city/5155/CO/...ty_id=34112893

https://www.redfin.com/city/5155/CO/...ty_id=34150298

Not only is our house more than double the square footage of these homes, it is much more updated and at a fraction of the price. We're not overselling ourselves, not in this market.
I thought you said your house is a townhouse? If so, you'll need to filter out the single family homes as those aren't comparables.

And from the parameters you set, it does look like your home is a 2BR home. That will certainly make your buyer pool more shallow.

As I told another poster who had a significant number of showings but no offers: the listing, the price, the photos are good enough to get them in your home but, IMO, there is something about your home that is turning off buyers when they see it in person.
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Old Today, 08:43 AM
 
109 posts, read 21,362 times
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Quote:
Originally Posted by carnivalday View Post
So why cant you sell it?
I'm not being paid to sell my home, my agent is. That is the first question I'm asking him when we meet again.
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Old Today, 08:53 AM
 
109 posts, read 21,362 times
Reputation: 125
Quote:
Originally Posted by HokieFan View Post
I thought you said your house is a townhouse? If so, you'll need to filter out the single family homes as those aren't comparables.

And from the parameters you set, it does look like your home is a 2BR home. That will certainly make your buyer pool more shallow.

As I told another poster who had a significant number of showings but no offers: the listing, the price, the photos are good enough to get them in your home but, IMO, there is something about your home that is turning off buyers when they see it in person.
People looking at our listing know it's a 2-BR before they show up. We have space for a 3rd in the basement, as others have done with their homes. We are exploring the cost to add the additional room just to say we have it. However, we are also priced below the 3BR units, but maybe not enough. That has yet to be discussed with our agent, but we are meeting with him soon.

With regards to the topic and the links I posted, my point is that we are hardly being demanding in our price with the market we're in. We're priced at about 10% over what we were appraised at a couple years ago. In the local market, homes have been appreciating at 3-4% mark year over year. So we may be a little on the higher side but not outrageously; nothing a $5k price drop shouldn't correct. Yes, those are single family detached homes. We're also $100-$200k below their asking prices. My point is look at those homes. Those tiny, outdated bungalows are selling for nearly half a million dollars. Respectively, we are priced according to what other homes comparable to ours are priced at but with lots of recent updates.

You're right, we need to find out why our house isn't selling. We've had over 30 distinct parties come through in the past three weeks, and no offers. We've been told we were priced accordingly by some agents including our own. We were told that a couple interested parties passed because there wasn't an attached garage or a two car garage; only a one car detached.

There are other points we need to address with our agent, who has been radio silent throughout most of this process. He has given us little to no guidance of his own through this process, which is why I'm here and my spouse has been spending hours reading up on staging and decluttering on our free time.

Last edited by iSudo; Today at 09:11 AM..
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Old Today, 09:16 AM
 
6,674 posts, read 3,718,980 times
Reputation: 6130
Quote:
Originally Posted by iSudo View Post
Yes, those are single family detached homes. We're also $100-$200k below their asking prices. My point is look at those homes. Those tiny, outdated bungalows are selling for nearly half a million dollars. Respectively, we are priced according to what other homes comparable to ours are priced at but with lots of recent updates.
Difference in lot size? Near a busy road or not? Those are other factors. Don't know how schools are zoned in your area but that could be a consideration as well.
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Old Today, 09:19 AM
 
4,097 posts, read 3,319,089 times
Reputation: 13533
You're making every point you can about why your house is properly priced, yet it isnt selling. The market is your master. For all those points you are making about why you think your house is priced correctly, theres points you arent making about why people are passing on it without even making an offer. I do think there is a really big difference between buying a 2 or 3 bedroom house, the same as the difference between buying a 1 or 2 bathroom house. The perceived difference in livability is way more than the actual price point.

Maybe its placement on your road? Maybe your neighbors? Maybe the funeral home on the corner (just making a point about the area). Its something that you've had so many people look at it and not a single offer.

I dont understand when other agents say they think the house is priced properly, yet arent bringing in any buyers or offers. Maybe they are just trying to keep prices high for their own interests, I dont know.
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Old Today, 09:24 AM
 
6,674 posts, read 3,718,980 times
Reputation: 6130
Quote:
Originally Posted by carnivalday View Post
I dont understand when other agents say they think the house is priced properly, yet arent bringing in any buyers or offers. Maybe they are just trying to keep prices high for their own interests, I dont know.
I'd argue the opposite - an agent is more likely to look for price reductions because in the grand scheme of things a 5-6% commission on a $25K reduction isn't much more than $1000, so ~$500 if split between agents.
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Old Today, 09:33 AM
 
Location: Kansas City North
4,250 posts, read 7,510,234 times
Reputation: 6503
If I’ve got this straight...you have a 2 bedroom townhouse? The 2 bedrooms is very limiting. Even a married couple with no kids would probably pass if they had plans for a family in the future. Empty nesters might pass if they are sleeping in separate rooms due to snoring/sleep issues and wanted a guest room or study/den/office too.

Someone who is looking for a single family home is not going to consider a townhouse if the supply of single family homes is adequate.

So your target buyer is a single who wants a townhouse. A fairly small pool.
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