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Excellent Response Gretchen! I agree. I would go wth that as well! A lot of my clients aren't able to pay up front o have those things done, but actually it is probably cheaper to do it upfront!
A lot of my clients aren't able to pay up front o have those things done, but actually it is probably cheaper to do it upfront!
I know, that is a tough situation. Flooring condition and color (especially if it's mauve or country blue or forest green) can be such a turn off for buyers. Having it professionally cleaned can help, and sometimes a couple of area rugs in a neutral color that coordinate with the furnishings can help a little.
My experience with the carpet allowance has been that buyers will go ahead and deduct that from the asking price and then figure out what they want to offer and still ask for the allowance on top of that (since it was promised). Might be better just to put the adjusted asking price in MLS to begin with and skip the allowance.
As you mentioned, if the seller can replace the carpet themselves, then they'll probably end up getting a better offer on their house and getting it sold more quickly.
We have updated the home with new paint, carpet, decorated, new bathroom, landscaping, etc. We don't belong to a HOA, but could offer a Home Warranty, but I think that makes people wonder if there is something wrong with the house. If we lower the price too much I think we will still get lowball offers, but at least people will come for the showings.
Home Warranties are tricky.. epending on if it's a first-time home buyer or not. I think they are great but generally advise my cleints to ask for it when making an offer. It sounds like you have done everything correctly. Is it in the MLS? If so, have your agent review it to make sure that everything including pictures are in there correctly. And are you absolutely sure that it is priced correctly?
We have updated the home with new paint, carpet, decorated, new bathroom, landscaping, etc. We don't belong to a HOA, but could offer a Home Warranty, but I think that makes people wonder if there is something wrong with the house. If we lower the price too much I think we will still get lowball offers, but at least people will come for the showings.
Home warranties are very popular in my part of the country, especially if the home is no longer covered by the builders warranty. It's something most buyers have come to expect around here.
It is possible you may still get lowball offers, because some people will lowball regardless of the asking price. However, it doesn't change what your home is actually worth. If you take 5 similar homes (which should be priced the same based on comps - let's say $300,000, and the last sales have averaged about $290,000) And let's say the asking prices on the 5 homes range from $399k down to $300k). It's not like each home is eventually going to end up with an offer $20k off their asking price. They will all end up with contracts close to market value, which is $300k. So the only thing that happens is that the nicest home in the bottom of that price range is generally the first one to sell. The others sit, and gradually the sellers start lowering their price. If the home has been on the market too long, the listing becomes "stale", and sometimes the highest price home ends up going for the least amount of money, especially if the market continues to drop.
Therefore, since you've got the home with the great condition that shows great, then it's all about price, provided it's being marketed properly.
Last edited by Gretchen B; 06-18-2007 at 09:59 AM..
Reason: punc
We caved and lowered the price by 15k, which will hopefully get enough traffic in here and once they see it they will fall in love just like we did. We are having a public open house on Sunday and praying that we get a good turnout and some offers. Now I can confidently say that we have done everything we need to as far as updates in and out, the house is diamond and shows well and with the new price change will attract a new group of buyers. Thanks for the feedback.
Cutting the price should help but I would also ask your Agent what increase in exposure are they providing. Get them out there door knocking/drop OH invites, to move up buyers, etc.
Just an fyi, with the lower price which we are seeing if the property stands out it may lead you to multiple offers we are seeing that locally here.
It is a struggle to get our realtor to advertise correctly...we are listed on several websites, but the information is not consistent and often incorrect information. When I contact the realtor it appears they are annoyed. The open house is listed on the mls website, as well as the brokers website. Any other suggestions would be greatly appreciated. Thanks.
It is a struggle to get our realtor to advertise correctly...we are listed on several websites, but the information is not consistent and often incorrect information. When I contact the realtor it appears they are annoyed. The open house is listed on the mls website, as well as the brokers website. Any other suggestions would be greatly appreciated. Thanks.
They shouldn't be annoyed. You're paying their commission! I'd keep insisting that they advertise the information correctly. Are they using good photos to show off your house at it's best?
As far as Open Houses go, that's probably one time when a newspaper ad can help. The agent can also provide a little incentive for stopping by, like refreshments, or a drawing for a gift certificate (doesn't have to be big $$), anything that will get the people through the door.
Last edited by Gretchen B; 06-20-2007 at 07:29 PM..
Reason: clarity
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Having it professionally cleaned can help, and sometimes a couple of area rugs in a neutral color that coordinate with the furnishings can help a little.
Re-think the whole pricing issue.
