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Old 05-10-2010, 08:46 PM
 
Location: Pomona
1,955 posts, read 10,964,593 times
Reputation: 1562

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Quote:
Originally Posted by naeem5 View Post
Only two feebacks from these 4 showings and both said "house needs too much work" to be updated.
If a lot of your house (cabinets, fixtures, etc) is still original 1982, then to every buyer, it's going to need updating. Being functional is one thing, but design-wise, it still says "I'm almost 30 years old." And in their minds, they're going to be pricing out what it takes to renovate so it looks like a dream home they saw in a magazine or on tv. That means $20k+ kitchens and $7k+ per bathroom MINIMUM.

Quote:
I'm not aware of anyone who has just up and updated the interior of their homes.
Folks do. Some are fine with the old, other folks feel more comfortable when their surroundings are fresh every few years. The thing is, if your competition (other houses in the same vicinity and price range) is newer, then your house better be in at least as good of condition and style as their's are if you want buyers to take you seriously. If you had a choice - and all are priced alike - would you go with a 30 year old house that's all original, a 15 year old house that's all original, or a 30 year old house that was completely renovated 2 year ago? Ask 10 people, and I doubt the 30-year old original house is going to be their first pick.

FWIW, my home was built in 1980. I bought it at market value according to it's (original) condition, meaning it was priced as a fixer-upper (justified with comps) and $35k less than what a recently renovated house was going for. Such is just the reality for home buyers (and sellers) ...
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Old 05-10-2010, 10:28 PM
 
412 posts, read 937,634 times
Reputation: 219
Quote:
Originally Posted by naeem5 View Post
Of these 4 showings, one got me a bunch of stains on my carpet and I wonder why showings require drinks to be carried in the house. I'm not allowed at the showings. My selling agent has not been there either.
Only two feebacks from these 4 showings and both said "house needs too much work" to be updated.

Updated = ? new cabinets, new flooring, new carpet, new paint, new house?
Why don't think look at houses built after 1995 to get the up to date features they want?

I'm told these showings were not potential interest, but rather people looking at all houses in their desired priced range and location in regard to schools, job, etc. Then they go home after viewing all these homes and compare and see what they are getting for their money. Shopping around in effect, but "my house" is not being viewed seriously because it is priced too high. I felt, if the price was off, there would be no showings.
If the people at the showings are looking at all the houses in their desired price range and location, they are probably getting a good idea for how updated the houses should be in this price range. Have you been in any of the other houses for sale in your price range and location to see what you're competing against? Does your agent think that your house would be easier to sell if you updated anything?

Also, does your agent want you to lower the price?
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Old 05-11-2010, 01:41 AM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,158,249 times
Reputation: 15226
I just looked at the pictures and I see why they say it needs updating. It screams Early American - and very few people like that now. De-doily, now. Get rid of the very-outdated dining room light fixture and put up a Home Depot or Lowe's $150 fixure that was made in the last 10 years. People can't see past those furnishings that they, themselves, don't utilize.

Lower your price to reflect the actual market, rather than one that you wish existed. Buyers aren't ignorant. I just closed with a 22 year-old that educated himself during the process, some through me and some through the internet. No one was going to pull the wool over that guy's eyes.

Those people that looked at your home when it was priced higher DIDN'T MAKE AN OFFER. They probably toured it thinking that, at that price, it was probably updated to the max - and were sorely disappointed.

Possibly, your agent can take you to view your competition. This time, take a hard look at what they are doing right, at those houses.
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Old 05-11-2010, 05:58 AM
 
2,714 posts, read 5,348,165 times
Reputation: 6218
I'm only seeing four pictures and none of the interior. Is this property listed elsewhere with indoor pics?
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Old 05-11-2010, 07:05 AM
 
704 posts, read 2,064,594 times
Reputation: 97
Quote:
Originally Posted by 2bindenver View Post
you are overthinking this a great deal. If you have showings but no offer you are 3-5% overpriced.

I have no idea who "they" are. Experts? If not, they speak but they do not tell the future.

you will not know what an offer brings, until someone brings one to you.
They in paragraph one were a couple that were interested when I had it for sale by owner.

They elsewhere, if I am including all of them, have been the people to view the house so far (then two feedbacks that said "too much work is needed to upgrade the house). Upgrade = ?

They elsewhere, are the viewers that my agent are saying are just looking (viewing) all houses in their price range with no particular interest in mine, just looking at everything in their price range, near their schools, near their job, etc. and once they visit these unknown number of houses they evalaute all they looked at, for the price and features. My agent says they are not seriously looking at mine, that they are just shopping around. I've only had 4 showings, and only 2 feedbacks. Both feedback was "too much needed to upgrade the house". Upgrade to what?
a 1995-2005 model? Then why not LOOK at houses made in those years instead of expecting a 1982 home to be gutted out and updated?

3-5% price reduction would take me from $199,900 to $189,900 to $193,900 which would still leave me with what I need to get out of the house, in the end, after commissions and other expenses. I can accept a price reduction to those levels. It's this "why are people looking" if the "price is too high"? That is confusing.

So, go down 3-5% if no offers. I've had no offers just 4 showings and the way I'm looking at it, they knew everything about the house before they looked and spilled drinks everywhere. Why look if the house is not what you want, photos show tile and non marble and price is there on the msl and photos show brick versus siding, not two story, on and on.

I felt, if someone saw all of the MSL and still wanted to look that they should be considered serious lookers. My agent says NO, not true.
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Old 05-11-2010, 07:19 AM
 
704 posts, read 2,064,594 times
Reputation: 97
Quote:
Originally Posted by cleasach View Post
I'm only seeing four pictures and none of the interior. Is this property listed elsewhere with indoor pics?

MLS 933119
check that.....
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Old 05-11-2010, 07:24 AM
 
704 posts, read 2,064,594 times
Reputation: 97
not sure, the listing on the agents website is showing only 8 pics and there were close to 15.
Different links to the same MSL have different info?
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Old 05-11-2010, 07:25 AM
 
704 posts, read 2,064,594 times
Reputation: 97
Quote:
Originally Posted by Racelady88 View Post
O.K., I just took a peek at the listing.

I only see 4 pics and none are of the interior.

The square footage is listed as 1400-1700. Do you not know the square footage of the house? Did your agent not measure?

It will be hard for anyone to offer you advice with what we are seeing.

You need to know that what you need to get from the sale has no bearing on what a buyer will pay.
the 1400-1700 was determined by the agent.
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Old 05-11-2010, 07:26 AM
 
704 posts, read 2,064,594 times
Reputation: 97
Quote:
Originally Posted by Silverfall View Post
So you said at $195,900 you were priced too high and you knew it. So what's the problem? You are priced too high and you know it. Either you want to sell or you don't.

Unfortunately the market doesn't care what you want out of the house, and neither do buyers. I think you are being unrealistic to think those first time buyers aren't going to see all those other houses and compare. Buyers are exceptionally cautious these days, especially first timers.

Your approach going forward seems pretty clear to me: get your price in line with the market. Anything else is a waste of time.
why are people looking if the price is too high?
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Old 05-11-2010, 07:29 AM
 
704 posts, read 2,064,594 times
Reputation: 97
Quote:
Originally Posted by manderly6 View Post
Why are there only 4 pics and none of the inside of the house?
there are close to 15 photos.
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