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Old 09-19-2007, 07:26 PM
 
9 posts, read 34,240 times
Reputation: 23

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Good Evening,

Our home has been on the market now for about a month with no offers. We live in a great sought after neighborhood. We have had about 10 couples look at the house but no offers. Everyone of them stated that our house was very nice but nothing else. The one problem I see is that our home is the most expensive in the neighborhood. But there is a reason for this. Alot of the homes in our neighborhood do not have garages, and are very close to eachother. Our home has a garage, a fenced 3/4 acre lot, great landscaping, and many upgrades inside. A home exactly like ours without a garage, no hardwoods, and a small lot is listed for $203,000. We are asking $239,000.

Any thoughts of what we can do to make our home show better would be greatly appreciated. Please dont hold back. We really need your honest opinions.

I dont know how to post the pictures. Here is a link to the website which shows the pictures.

Thanks in advance.

Homes for Sale in Lake Carolina, Columbia, South Carolina $239,900 (broken link)
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Old 09-19-2007, 07:38 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,381,985 times
Reputation: 816
Ciara, I hate to say it, but it is price. You have a nice home. It looks great and your agent has a good P2agent website to show it off. You have received action and the market responded. they said, not at that price. It is hard being the largest, most expensive home in the neighborhood. You pull other values up. And they pull your value down. You are going to have to adjust your price and get it closer to the other homes that have sold. they have pulled you down.

Sorry to have to deliver the hard news.

On the positive side, your home is lovely. It shows well. get it priced right, have your agent contact the other agents that have brought folks by and tell them.

Shelly
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Old 09-19-2007, 08:59 PM
 
Location: Wouldn't you like to know?
9,115 posts, read 16,500,677 times
Reputation: 3713
Quote:
Originally Posted by ciara27 View Post
Good Evening,

Our home has been on the market now for about a month with no offers. We live in a great sought after neighborhood. We have had about 10 couples look at the house but no offers. Everyone of them stated that our house was very nice but nothing else. The one problem I see is that our home is the most expensive in the neighborhood. But there is a reason for this. Alot of the homes in our neighborhood do not have garages, and are very close to eachother. Our home has a garage, a fenced 3/4 acre lot, great landscaping, and many upgrades inside. A home exactly like ours without a garage, no hardwoods, and a small lot is listed for $203,000. We are asking $239,000.

Any thoughts of what we can do to make our home show better would be greatly appreciated. Please dont hold back. We really need your honest opinions.

I dont know how to post the pictures. Here is a link to the website which shows the pictures.

Thanks in advance.

Homes for Sale in Lake Carolina, Columbia, South Carolina $239,900 (broken link)

Did a search of your zip code on realtor.com and used 200K-250K single family homes as a criteria. Found that there were 102 listings in this price range.

This also doesn't count new construction, FSBO's, & foreclosures.

It appears there is a glut of unsold inventory in your area. You have a nice home, but you never want to be the best or worst house on your block. People in this market most likely will not overpay for a house even though it might be better than the rest. If you are serious about selling you're prob going to have to reduce your listing price significantly. Otherwise you'll be "chasing" the market like most here who post and reduce your price in drips and drabs...not what you wanna do.

good luck.
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Old 09-20-2007, 04:53 AM
 
Location: NJ
18,066 posts, read 26,245,125 times
Reputation: 19033
Doing a search of realtor.com from $150k - $250k, 4bed 2 bath; there are 173 properties. Your agent does not subscribe to realtor.com, therefore your house is on page 17 of 18 pages with one main picture. Looking at the results, there are huge houses, some with up to 5 beds, 4 baths priced less. Of course I don't know how close some of these are to you and if the area is as desirable as yours.

At another place I go to, there were posts talking about the master being down with the rest of the bedrooms being up. While some said it would appeal to them, most with younger kids said not. I don't know how common the floor plan is, but it's possible that it's working against you.

Quote:
We have had about 10 couples look at the house but no offers. Everyone of them stated that our house was very nice but nothing else.
The next thing is the paint. You're looking for someone that either doesn't mind repainting everything or some rooms or that has the same taste in colors as you. It looks like a large portion of the lower floor is painted mustard, you then have the red dining area. I'm not into white cabinets, so I wouldn't go any further. Same is true in the area we're looking. There were a lot of houses with white cabinets; since inventory is high, I don't have to settle.

Doing a google search for Columbia, South Carolina new homes, it looks like the area is being built up so you appear to have new construction working against you. Even though you may have a good value, people may be able to get less but customize the house the way they want to. This is what we've done.

There are a few photos on your agents site that make me question room size - the room with the rocker in front of a door, possibly a closet, I would move the rocker and retake the photo. The other room is the Bedroom w/ Balcony access, the bed looks close to the door, it may pay to bring in one of the smaller beds, take the photo, then put the bigger bed back in or you can get rid of the photo.

Houses really are not selling any where from what I see (I'm for sale also); people can't buy until they sell. It's a horrible market to be in.

You have a beautiful house, looks like agreat value compared to what's by me.
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Old 09-20-2007, 05:13 AM
 
9,728 posts, read 28,502,623 times
Reputation: 10215
You have a lovely house, but I agree with previous posts that it is most likely the price holding back buyers. If I was looking at two houses that were identical but one had Hardwoods in the living room and dining room, a garage, and a slighly larger lot I would be willing to pay more than for the other, but probably not $36K more. How much did the last house in your neighborhood like yours with a garage and larger lot sell for? Are you more expensive than that one?


Good Luck!
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Old 09-20-2007, 05:26 AM
 
9 posts, read 34,240 times
Reputation: 23
Thanks for all of the advice.

North Raleigh Guy,

A new construction home 2 houses up from ours sold last week for 223,000. It is the same square footage as ours but is only 3 bedrooms, 2 bathrooms. Not as big a lot as ours but bigger than the rest in the neighborhood.

I know the new construction is holding us back. But thank god there are only about 4 lots left for new construction in our neighborhood.

Again, thanks for the advice. I will be retaking some pictures soon.
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Old 09-20-2007, 05:36 AM
 
Location: LEAVING CD
22,973 posts, read 24,730,428 times
Reputation: 15600
I didn't realize you were in a neighborhood that is still unfinished. That is going to make it hard for you unless you seriously undercut the builder. Why would someone buy your house for a little less or the same when they can buy brand new with all the things that go along with new? The last house we sold was in a new construction neighborhood and the builder did everything they could do to stop people from buying ours instead of theirs. I finally had to bite the bullet and go way below the builder to make it worth someone's while to buy.....
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Old 09-20-2007, 06:22 AM
 
Location: Virginia Beach, VA
2,124 posts, read 8,381,985 times
Reputation: 816
Quote:
Originally Posted by ciara27 View Post
Thanks for all of the advice.

North Raleigh Guy,

A new construction home 2 houses up from ours sold last week for 223,000. It is the same square footage as ours but is only 3 bedrooms, 2 bathrooms. Not as big a lot as ours but bigger than the rest in the neighborhood.

I know the new construction is holding us back. But thank god there are only about 4 lots left for new construction in our neighborhood.

Again, thanks for the advice. I will be retaking some pictures soon.
Ciara, there is your starting comp!!! and I said your starting comp. Same sf, less bedrooms just means the bedrooms may be a little bigger. What incentives was the builder offering? Closing Costs? Mortgage buydowns? Upgrades? You have to factor that into the pricing (subtract the closing costs to get a net price). Then figure out what you can do that is more attractive than that.

I think your home is lovely, the painting doesn't bother me as realtor working with buyers. Buyers in my area would (for the most part) be attracted to your decorating. However, I don't know about buyers in your area.

Relook at your comps.... and be willing to adjust your price and possibly offer incentives.

Shelly
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Old 09-20-2007, 06:36 AM
 
Location: Grand Rapids Metro
8,885 posts, read 18,500,375 times
Reputation: 3902
Quote:
Originally Posted by ciara27 View Post
Good Evening,

Our home has been on the market now for about a month with no offers. We live in a great sought after neighborhood. We have had about 10 couples look at the house but no offers. Everyone of them stated that our house was very nice but nothing else. The one problem I see is that our home is the most expensive in the neighborhood. But there is a reason for this. Alot of the homes in our neighborhood do not have garages, and are very close to eachother. Our home has a garage, a fenced 3/4 acre lot, great landscaping, and many upgrades inside. A home exactly like ours without a garage, no hardwoods, and a small lot is listed for $203,000. We are asking $239,000.

Any thoughts of what we can do to make our home show better would be greatly appreciated. Please dont hold back. We really need your honest opinions.

I dont know how to post the pictures. Here is a link to the website which shows the pictures.

Thanks in advance.

Homes for Sale in Lake Carolina, Columbia, South Carolina $239,900 (broken link)
Just curious where the people park who don't have garages. On the street?

I would agree with the mustard color being an issue. And the "new urbanism" neighborhood concept has limited appeal. People love the looks of them when they drive or walk through, but object to the $cost/sf, the floorplan layouts, and the lack of yards in my experience.
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Old 09-20-2007, 07:07 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,429 posts, read 6,058,397 times
Reputation: 1715
Default zillow

Zillow - Data & Graphs - Real Estate Value, Local Real Estate Trends

Zillow - 237 Woodleigh Park Dr #D, Columbia, SC 29229

My suggestion is price yourself from about $205,000 to $210,000.

One thing. I actually I like the yellow color it gives the home a warm feeling. Granted I have not been in your house so I don't have a live feel for it.

Good luck
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