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In the the past 2 months, we have had 32 showings, but no offers. RE Agent feels we are priced right, and we are lower than comps. All the feedback I get is based on the odd location of the house. We are tucked one house deep, meaning if you go down the street, we are behind another house. Obviosuly nothing I can do about that, any ideas OTHER than lowering the price. Again, RE agents all say we are priced right and home shows well and is clean and move in ready, so please, no comments about price as that is not what I am asking.
Flag lots are not as desirable as non-flag lots and they get discounted as such, at least out here. The marketing is clearly working since you have had 32 showings.
You either have to do what you don't want anyone to recommend you do, or you have to wait. People just don't like homes situated that way as much.
All realtors you have spoken to are WRONG. You are not priced right.
If you were priced right, you would've had several offers from qualified buyers, period.
The lousy location of your home hurts the value of your home. Obviously the market is telling you that. Thus, you must drop the price to combat that. It would be the same thing if you lived next to railroad tracks or high tension wires...no one wants to live there, so your reducing available buyers......
Stas, not sure if you don't want to face reality, but if you can't lower the price any more, then your SOL...sorry for the blunt, honest .02
The market has spoken and the realtors are either incompetent (could be) or just telling you what you want to hear.
No offense, but I would never buy a house on a lot like that. And to possibly consider it, especially in this market, I'd have to get a VERY good price. There's just too much competition. In this market, I am expecting a house WITHOUT ANY IRREGULARITIES and in a desirable location to be priced at or just below sold comps. I am expecting the houses with irregularities (busy streets, lot issues, across from a commercial parking lot, etc.) to be priced well well below sold comps. At least this is what I am seeing in my area.
Can you provide any type of buyer incentive? such as down payment assistance, seller financing, decorating allowance, paying points to help lower interest rates.
We see odd orientations in some old waterfront locations, do you have any neighborhood feature that may help explain away the odd location?
Could you do landscaping that would help to make the location feel less unique?
Do you have surveys available for buyer? Sometimes people can make problems where none exist, having a survey and any setback info can stop inaccurate speculation.
You bought the house in that odd location, what was good about the location? Why did you buy it? What benefits do you see in the one off street location? Is that type of information in your marketing?
The market has spoken to you loud and clear....2 months....32 showings and not a single second showing...
The only reason people buy in less desirable locations is because they cannot afford to buy a comparable home, in a better location. Once a property is adequately discounted for its location, people start to rationalize the location.
If your local market is like the majority of markets in the U.S., right now, time on the market is your enemy.
Just curious....how far off your ask was the lowball?
No prob
The lowball was about $25,000 off list price. At that price they would be buying a row home with no yard in the ghetto. My house is definitely not comparable to that. We are about $10k-$15k less than real comps.
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