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Old 09-26-2019, 03:47 PM
 
Location: Olympia area (for now)
1,620 posts, read 603,884 times
Reputation: 3324

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Quote:
Originally Posted by iSudo View Post
At the end of the day, all of the feedback and critiques of our home should have come from our realtor prior to listing and marketing. He is literally the only neutral party that could have walked through our home and told us which things needed to be changed based on his expertise.

As it has been mentioned a number of times, owners are not the best judge of their own homes. So it is only sensical that the person you are paying to sell your home should be helping you figure out how to sell it. My agent has failed at advising us at just about every pivotal point during this process.
I agree your agent is supposed to help you, but as Electrician4you pointed out, this whole process is a money game. Many realtors are indifferent as to how much you end up with, and many will urge you to keep dropping the price. A sale is what they want out of it. Your bottom line means nothing.

These buyers you mention who want discounts for everything, are common. It’s just a way to see how much you’ll come down in price. I know from experience, selling a house means you can lose money, you have to be careful. The last house we bought, the carpeting was full of dog pee. I remember pulling up a section and being disgusted. Neither seller nor realtor mentioned a flooring allowance, although it would have been welcomed. If there is flooring damage, an allowance would be a good move. You said your cat caused no damage, so tell these people to move on.

It sounds as though your realtor is not doing a good job for you. Why not fire them and hire someone who is enthusiastic about marketing your house to your best advantage?
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Old 09-26-2019, 04:06 PM
 
Location: Denver CO
21,618 posts, read 12,259,590 times
Reputation: 33099
I am also in Denver, in a paired home in Stapleton. I just looked at the listings in my area, and for houses with the same floor plan so same square footage but they finished the basement and added a bedroom and full bath, the price differential was about 7 to 10%. That is going from 3 bedroom to 4 bedroom, plus an additional full bath. To be clear, that is not 7000-10,000, it's the percent difference on houses that are in the 500K range, so a difference of 35K to 50K in price (and these were very nice basement remodels where I have no doubt they cost above 35-50K to do).

Per the article I posted upthread, I think that's actually smaller than the differential for going from 2 bedrooms to 3 bedrooms. Square footage isn't a direct comparison when people are wondering where the 2nd kid is going to sleep or if there is a guest room for the in-laws.

And personally, the detached 1 car garage would be a total deal breaker for me. I wonder how explicit that is in the listing? Although in reality, people don't always pay attention, so yes, you end up getting people who say that they aren't buying because it's 2 BR not 3, or because it's a detached garage. Frustrating as hell that they even bother to book a showing, but it's reality.

In any case, hopefully a price drop will do it for you. There is an axiom in real estate that a reasonable number of showings but no offers means 3-5% over priced. That doesn't mean if you drop the price by that amount, you'll automatically get a full price offer, because esp. at entry level pricing, people are almost always stretching to buy and will want to see if they can save anything off asking, even if it's a recently cut asking price. But it should be enough to hopefully generate an offer. I will say that if you are going to drop the price, be bold about, and don't nibble around the edges with a 1000 or 2000 drop, it's not enough to make a difference and just increases the DOM when it doesn't net any offers.
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Old 09-26-2019, 04:22 PM
 
19,013 posts, read 20,993,424 times
Reputation: 28182
Quote:
Originally Posted by markjames68 View Post
Actually something like this happened with my in-laws condo that they sold. The buyers did a radon test and it came back at 4.0. This was one of those short-term tests that you're supposed to repeat 1-2x to get a confirmation, but the buyer insisted on a radon remediation system based solely on the single reading.

As my in-laws said no, the agents ultimately split the $1000 cost to get the deal done.

Have yet to see a agent do anything like that. My agent......I had to call him to find out where to get the keys when I closed. Never heard from him again. Not that I expected anything. He wasn’t very good. I had to press for everything. That f’er stood back and let me fight for everything. But he was great at opening doors
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Old 09-26-2019, 06:11 PM
 
Location: Columbia SC
9,340 posts, read 8,071,528 times
Reputation: 13020
Quote:
Originally Posted by iSudo View Post
Out of 30+ showings, only one buyer agent made a fuss about this. And we think it was because they saw the litter box under the staircase. We've since moved the litter box into a more discreet storage closet location in the basement. We don't really have any other cat storage options at the moment.
30 showings and no offers. Look at it any you want, defend it any way you want, etc. but the bottom line is the place is not worth what you are asking for.
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Old Yesterday, 03:05 AM
 
127 posts, read 28,323 times
Reputation: 137
Quote:
Originally Posted by emm74 View Post
I am also in Denver, in a paired home in Stapleton. I just looked at the listings in my area, and for houses with the same floor plan so same square footage but they finished the basement and added a bedroom and full bath, the price differential was about 7 to 10%. That is going from 3 bedroom to 4 bedroom, plus an additional full bath. To be clear, that is not 7000-10,000, it's the percent difference on houses that are in the 500K range, so a difference of 35K to 50K in price (and these were very nice basement remodels where I have no doubt they cost above 35-50K to do).

Per the article I posted upthread, I think that's actually smaller than the differential for going from 2 bedrooms to 3 bedrooms. Square footage isn't a direct comparison when people are wondering where the 2nd kid is going to sleep or if there is a guest room for the in-laws.

And personally, the detached 1 car garage would be a total deal breaker for me. I wonder how explicit that is in the listing? Although in reality, people don't always pay attention, so yes, you end up getting people who say that they aren't buying because it's 2 BR not 3, or because it's a detached garage. Frustrating as hell that they even bother to book a showing, but it's reality.

In any case, hopefully a price drop will do it for you. There is an axiom in real estate that a reasonable number of showings but no offers means 3-5% over priced. That doesn't mean if you drop the price by that amount, you'll automatically get a full price offer, because esp. at entry level pricing, people are almost always stretching to buy and will want to see if they can save anything off asking, even if it's a recently cut asking price. But it should be enough to hopefully generate an offer. I will say that if you are going to drop the price, be bold about, and don't nibble around the edges with a 1000 or 2000 drop, it's not enough to make a difference and just increases the DOM when it doesn't net any offers.
As I have mentioned, there is a partially finished basement and room for another bedroom, so it’s not as if the space is already maxed out. There is room for growth in the home. That should count for more than a house or condo that has no additional space to grow into.

And given what this place appraised at two years ago, accounting for appreciation, we’re probably priced about $5-$7k too high at most. That would reasonably put us almost $15-20k below a unit of comparable size that added the extra room. Keep in mind we mostly have the same square footage and updates. Asking us for any deeper of a discount than that is arguing that our house is barely worth more than what it was worth two years ago and that is absurd in this market. What do you think? Is your house worth about the same as it was two years ago notwithstanding any major renovations?

I believe the article you linked to is describing homes that are also significantly different in size. It’s one thing if we’re talking a difference of a 2 bedroom home that is 500 sq ft smaller than the next 3 br. It’s a different situation when two places are the same size, and one has just added an additional bedroom than another. That’s why our comps aren’t as highly variable. We literally have the same space and layout, they just added an extra bedroom in the basement. I don’t think that constitutes a $50k premium, but $20k seems reasonable.

Last edited by iSudo; Yesterday at 03:37 AM..
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Old Yesterday, 03:23 AM
 
7,356 posts, read 4,061,938 times
Reputation: 15558
Quote:
Originally Posted by iSudo View Post
Good thing is that I'm flexible and I'm willing to work with people on reasonable demands. A $500 credit for provable pet odors that need to be cleaned or removed? Sure, I'm game. $10k off asking? Get lost!

Problem is that we have not received any offers.

Which leads me to believe that most who've come through our home don't like the price or weren't serious about it to begin with. Given that our house is in pretty great condition and marketed accurately, I'm going with they're being told by their agents that it's priced too high. Because that's generally what my agent would be telling us if they thought so. I wish we had more feedback from them to link that reason, but we don't unfortunately. But that's what I'm guessing, and the reason why we'll be offering a reduction in the coming weeks.
Having received no offers at all, much less offers that include a list of requested price concessions due to alleged problems with the house, what is the premise of your original post? Are you really just letting off steam due to frustration at not getting any offers and ascribing that in your own mind to what you're thinking the reasons are?
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Old Yesterday, 06:22 AM
 
127 posts, read 28,323 times
Reputation: 137
V
Quote:
Originally Posted by kokonutty View Post
Having received no offers at all, much less offers that include a list of requested price concessions due to alleged problems with the house, what is the premise of your original post? Are you really just letting off steam due to frustration at not getting any offers and ascribing that in your own mind to what you're thinking the reasons are?
Did you bother reading the OP?

The “problems with my house” do not warrant deep discounts. Decor, furniture, and pet odors do not warrant deep discounts. Small credits, sure. Deep discounts, no.

We are likely priced too high relative to comps, and that can be fixed with a minor price reduction. There are no “problems” with our house other than that, and we’ve come to this conclusion over time since. A big problem is that early on we received feedback from other agents that we were priced right. My realtor hasn’t much done anything about giving us feedback in the last few weeks. He’s merely told us to “hold tight, it’s a matter of finding the right buyer”.

In the meantime, with the lack of proper feedback, our minds have been running crazy figuring out why nobody is making any offers after the showings. Our house is in good shape, it’s been updated, we have decent professional photos. So yeah, it’s frustrating that we are shooting in the dark trying to pinpoint the issue.

I apologize that our distress and confusion irritates you. We are not real estate professionals. In fact, we are very inexperienced with a lot of things in life, and we have very little resources available to us to provide us with guidance with these decisions. None of our friends or family have sold a house in the past 30+ years. Maybe this wasn’t the correct forum to post on.

Last edited by iSudo; Yesterday at 06:33 AM..
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Old Yesterday, 06:34 AM
 
127 posts, read 28,323 times
Reputation: 137
Can I request this thread be deleted or ended? I think I’ve gotten all that I can from this discussion.
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Old Yesterday, 06:35 AM
 
Location: Northern Virginia
5,204 posts, read 5,559,578 times
Reputation: 12954
Quote:
Originally Posted by iSudo View Post
V

Did you bother reading the OP?

The “problems with my house” do not warrant deep discounts. Decor, furniture, and pet odors do not warrant deep discounts. Small credits, sure. Deep discounts, no.

We are likely priced too high relative to comps, and that can be fixed with a minor price reduction. There are no “problems” with our house other than that, and we’ve come to this conclusion over time since. A big problem is that early on we received feedback from other agents that we were priced right. My realtor hasn’t much done anything about giving us feedback in the last few weeks. He’s merely told us to “hold tight, it’s a matter of finding the right buyer”.

In the meantime, with the lack of proper feedback, our minds have been running crazy figuring out why nobody is making any offers after the showings.

I apologize that our distress and confusion irritates you. We are not real estate professionals. In fact, we are very inexperienced with a lot of things in life, and we have very little resources available to us to provide us with guidance with these decisions. Maybe this wasn’t the correct forum to post on.
When you do drop your price, tell your realtor to share that information directly with the agents who showed your house so they can let their buyers know there's been a price drop. Maybe that will entice someone who's already viewed your home to make an offer.
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Old Yesterday, 07:01 AM
 
127 posts, read 28,323 times
Reputation: 137
Quote:
Originally Posted by HokieFan View Post
When you do drop your price, tell your realtor to share that information directly with the agents who showed your house so they can let their buyers know there's been a price drop. Maybe that will entice someone who's already viewed your home to make an offer.
Thank you! I’d expect that he would already know to do this, but there’s no telling with that guy.
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