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Old 08-12-2014, 01:28 PM
 
2 posts, read 1,935 times
Reputation: 10

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How much does the reputation/connections of a realtor matter when selling in Annapolis, MD? We have had our home listed since June. Our realtor seems good, but I think he isn't that active and maybe not as well connected as some other realtors. Here is the background:

The last 3 homes in our neighborhood sold within 3 weeks. This is a community where all of the houses look similar, with some modifications to floor plans, but pretty much the same. Great location in my opinion, 3 minute drive to downtown, mall or annapolis town center, 50 & 97.
We originally listed our home for sale in April "As Is." We got a lot of feedback that it needed updating, which it did, so we decided to take it off the market and totally remodel bathrooms, kitchen, flooring and made it look pretty since the other houses in the neighborhood that sold were updated and sold so quickly.
We relisted end of June at a higher price - our realtor didn't put the pictures up immediately when he listed because it took him a few days to get them from the photographer - which I now know was a mistake.
We listed for 7,500 less than the last house to sell. We have already dropped the price $15K from where we started. That got us some interest, but no offers. My husband doesn't want to drop the price anymore, nor do I, but we will if we have to.
Another item to add, is that the other houses that sold had private/semi-private yards. Our house is on the corner, and backs up to the road.. which is a dead end basically with 4 houses at the end. We don't have a fence, but the HOA allows for the building of a fence.

So, I realize we have probably made some mistakes. Our contract runs out at beginning of October - so I'm trying to see whether it's worth it to switch realtors. Our other options is going to be to lease the house, since we moved out of state in May and paying rent and mortgage isn't going to be feasible for much longer.

Thoughts?
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Old 08-12-2014, 02:19 PM
 
Location: Sneads Ferry, NC
11,628 posts, read 20,870,400 times
Reputation: 5369
Quote:
Originally Posted by sellinginMD View Post
Our contract runs out at beginning of October - so I'm trying to see whether it's worth it to switch realtors.
If your current Realtor has not presented attractive picture and a great write-up, then I would change Realtors. In my opinion, the Internet presentation is a key ingredient to attracting buyers. I also suggest interviewing a few other Realtors to get their opinion on pricing.

Another consideration is whether your house is attractive to families with kids in school. October will be too late into the school year to attract families with kids into buying. I might be tempted to lease the house just to keep it occupied and generating income.
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Old 08-13-2014, 01:33 PM
 
123 posts, read 152,804 times
Reputation: 177
MOVE ON! Get another agent that has a proven sales record & can work with your properties + and- to get your place sold!
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Old 08-14-2014, 05:03 PM
 
Location: Howard County, Maryland
1,539 posts, read 1,835,311 times
Reputation: 2441
After 30 days on the market, a house looks "stale" and people begin to think something is wrong with it. I'm guessing that is the curse you've found yourself in. The market in this area is starting to cool for everyone, and its not necessarily your realtor. What has your realtor been advising on pricing and have you followed his or her recommendations? In my experience, "who they know" is really only important when you are talking high end/unique properties or low end investor specials. If the house is priced appropriately (there is a difference between action pricing and market pricing) and its photographed well, then it really should be selling. What is the feedback from the showings?
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Old 08-14-2014, 05:42 PM
 
687 posts, read 731,198 times
Reputation: 2243
Quote:
Originally Posted by sellinginMD View Post
How much does the reputation/connections of a realtor matter when selling in [insert geography]
None, although the realtors (TM) or real estate agents would tell you otherwise. They do after all, want your business.

If you PRICE your home right...it'll sell. That's really all there is to it. If you want/demand too much for it that house will sit for ages until you lower the price. People aren't fools like they were a decade ago.

  • If it's livable, but pretty basic and you price it right, that's your best case option.
  • If you just sunk $50,000 into a kitchen remodel...don't expect that money back. People are going to rip out your cabinets and tile and eventually put what they want in anyway.
  • If it needs $100,000 worth of work because it looks like a section 8-nado went through, then you can expect to take $150,000 off the asking price.

Quote:
The last 3 homes in our neighborhood sold within 3 weeks. This is a community where all of the houses look similar, with some modifications to floor plans, but pretty much the same.
Maybe part of the problem here. I don't know, but some people are comfortable with conformity. I like a little variety and steer clear of that cookie-cutter Mini-McMansion stuff.

Quote:
Great location in my opinion, 3 minute drive to downtown, mall or annapolis town center, 50 & 97.
Contrary to what realtors think, shopping does not matter one iota. Commute times do though, so emphasize that.
Quote:
We originally listed our home for sale in April "As Is." We got a lot of feedback that it needed updating, which it did, so we decided to take it off the market and totally remodel bathrooms, kitchen, flooring and made it look pretty since the other houses in the neighborhood that sold were updated and sold so quickly.
See Above. You won't get that money back. Don't get me wrong, you should have no damage to anything that detracts, but as long as it's normal and works that's all you need.
Quote:
We relisted end of June at a higher price
See above. People are looking for lower prices and a place to live.
Quote:
We listed for 7,500 less than the last house to sell. We have already dropped the price $15K from where we started. That got us some interest, but no offers. My husband doesn't want to drop the price anymore, nor do I, but we will if we have to.
Depends how desperate you are to sell though. I wouldn't wait too long, things are looking to get dicey again.
Another item to add, is that the other houses that sold had private/semi-private yards. Our house is on the corner, and backs up to the road.. which is a dead end basically with 4 houses at the end. We don't have a fence, but the HOA allows for the building of a fence.[/quote]
I wouldn't sink money into a fence, but being on a corner doesn't matter too too much if you're in a subdivision. If you have one of those "slash and burn" developments that has no friggin trees on it....well, that's just icky.
Quote:
So, I realize we have probably made some mistakes. Our contract runs out at beginning of October - so I'm trying to see whether it's worth it to switch realtors. Our other options is going to be to lease the house, since we moved out of state in May and paying rent and mortgage isn't going to be feasible for much longer.
So sounds like you are desperate to sell then and can't really sit on it. Lower the price, take the hit. If you're going to try to rent it out, again, people are only looking at price and what makes economic sense for their family. If someone is comfortable at, say, $1,200/mo. and a similar property pops up at $1,150...guess which one a renter is going to gravitate toward.
Quote:
Thoughts?
I'm not very good at sugar-coating things for people. Sorry if that makes you or others feel uncomfortable, just giving you as objective a perspective as I can.
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Old 08-15-2014, 05:46 AM
 
Location: Mount Airy, Maryland
11,690 posts, read 6,660,635 times
Reputation: 18691
If you need a good agent who is very well plugged into the Annapolis market I've got the guy for you. Drop me a PM
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Old 08-27-2014, 05:01 PM
 
2 posts, read 1,935 times
Reputation: 10
Thank you for the replies and I appreciate the honest feedback.

Yes, we have been following our realtor's suggestions to drop the price, we are now down $25K from where we started. We got the most activity with our last price drop, and we have dropped it another 10k since then.

The feedback has been mixed, most people like the updates but have had one or two things they did not like about the house or floor plan. We got semi-positive feedback from 5 showings, some negatives have been the location of property (backs up to the dead end street-no fence), age of property (1987), and the two that seemed to give the most positive feedback thought it was "somewhat overpriced."

This has definitely been a learning experience.
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