At how many days is a listing considered "stale"? (tenants, mortgage)

[DawnMTL]

On March 7, we listed our house on the MLS for $284,900. We had put in a new kitchen (in 2007) and fenced in the back yard, so there were considerable $$ that we hoped to recoup from our initial purchase price of $264,900 in 2007.

We got a ton of viewers right off the bat, but no offers. We (and our realtor) realized that we were just being optimistic about trying to recoup some kitchen $, so we dropped the price. We continued getting viewers but no offers. Dropped it again. Viewers, no offers.

We're down to $249,900 now. We're still getting some viewers (another one tomorrow) but no offers. We really don't want to go any lower -- and we'll rent it out if we can't sell it -- but I feel defeated that we lost out on that initial influx of viewers. They won't likely come back now.

So, the house has been on the market for approximately 97 days now. Is that "stale" in this market? If so, what can be done about that? I know you can't just take it off the MLS and put it back on as *NEW* but is there something that can be done if it is, in fact, a "stale" listing?

[TempesT68]

Usually the listing is hot for the first 30 days and goes "stale" around 90, but can vary by area. Right now it looks like you are chasing down the market from being overpriced. If you're getting solid showings like you mention that's a good sign you are in realm of reality price wise, but still too overpriced to get an offer. At this point really all you can do is just hold out and hope for that golden buyer that loves the place, or your best bet is to drop the price again.

[MrRational]

Originally Posted by DandJ

On March 7... for approximately 97 days now.

97 days of SPRING weather... = yes; stale.
Stale and probably way over priced too.

Q: how much did you pay for the property and when?
Q: how did you come up with your asking price(s)?

[DawnMTL]

Originally Posted by TempesT68

Usually the listing is hot for the first 30 days and goes "stale" around 90, but can vary by area. Right now it looks like you are chasing down the market from being overpriced. If you're getting solid showings like you mention that's a good sign you are in realm of reality price wise, but still too overpriced to get an offer. At this point really all you can do is just hold out and hope for that golden buyer that loves the place, or your best bet is to drop the price again.

We'd rather rent it out than drop the price. Ideally, though, we'd like to sell it.

Is there a way to get the MLS listing "fresh" again? Can it be taken off and relisted as new?

Originally Posted by MrRational

97 days of SPRING weather... = yes; stale.
Stale and probably way over priced too.

Q: how much did you pay for the property and when?
Q: how did you come up with your asking price(s)?

We paid $264,900 in October 2007. Fenced in the yard and redid the kitchen -- cherry cabinets, tile floor, granite counters.

There was a neighborhood comp -- in the $284K range, without a new kitchen and fenced yard -- so we tried. But there are a ton of homes up for sale nearby at lower prices, so we dropped. And dropped. And dropped. This is our rock bottom... if it doesn't sell, we'll rent it out.

[LionAssociate11]

Maybe you could consider this as a possiblity. Selling the house at 250,000 you are looking at 15,000 in Commision, as well as thousands more in closing costs. So, to make the property more appealing you could list it at 235,000 but stipulate (fine print preferably...lol jk), buyer pays Realtor commision. You could try other little tricks with the closing costs as well.

[LionAssociate11]

Ohh yea....the MLS has Active Days On Market, and Cumulative Days On Market. So if you try to do it "fresh" it will say "ADOM 1, CDOM 91" so that wont really work. I have seen things like "ADOM 1, CDOM 1,205" and some people try that but it wont work any better than leaving it on the market unless you find a "sucker".

[DawnMTL]

Originally Posted by LionAssociate11

Maybe you could consider this as a possiblity. Selling the house at 250,000 you are looking at 15,000 in Commision, as well as thousands more in closing costs. So, to make the property more appealing you could list it at 235,000 but stipulate (fine print preferably...lol jk), buyer pays Realtor commision. You could try other little tricks with the closing costs as well.

I've never seen that done. I wonder how many buyers would be willing to do that.

Originally Posted by LionAssociate11

Ohh yea....the MLS has Active Days On Market, and Cumulative Days On Market. So if you try to do it "fresh" it will say "ADOM 1, CDOM 91" so that wont really work. I have seen things like "ADOM 1, CDOM 1,205" and some people try that but it wont work any better than leaving it on the market unless you find a "sucker".

We'll just leave it as is and hope for the best... or rent it out.

[TempesT68]

Originally Posted by DandJ

We'd rather rent it out than drop the price. Ideally, though, we'd like to sell it.

Is there a way to get the MLS listing "fresh" again? Can it be taken off and relisted as new?


We paid $264,900 in October 2007. Fenced in the yard and redid the kitchen -- cherry cabinets, tile floor, granite counters.

There was a neighborhood comp -- in the $284K range, without a new kitchen and fenced yard -- so we tried. But there are a ton of homes up for sale nearby at lower prices, so we dropped. And dropped. And dropped. This is our rock bottom... if it doesn't sell, we'll rent it out.

You can pull it off the market and relist it, but usually you have to wait anywhere from 30-90 days and even then, the area realtors already know the home so doing this really won't have much of an advantage.
Also 264 in 2007 is more in the neighborhood of 210-230 today, and even though you redid the kitchen and a fence, it was done 4 years ago so getting your money even close back out of that unfortunately isn't going to happen.

[MrRational]

Originally Posted by DandJ

We paid $264,900 in October 2007.

You'll never see that money again

Fenced in the yard and redid the kitchen -- cherry cabinets, tile floor, granite counters.

You'll never see this money again either.

There was a neighborhood comp -- in the $284K range

Anecdotal, conjecture and ultimately meaningless.

This is our rock bottom... if it doesn't sell, we'll rent it out.

If you can afford to hold on and afford to have every aspect of the property decline even further in value while that happens...

Oh yeah, and if market rent around there can get you EVERY PENNY of your mortgage P&I, and the increased NOO amount for taxes and insurance you'll then have to pay and an allowance to cover the incidentals... oh, were you planning to move out of town as well? If so you'll need a property management type to get that 3AM call that the whatever broke and the basement is flooding... unless you're capable and willing to do that yourselves.

Long story short: It's still rarely ever going to be worth renting it out.
---

What you paid in 2007 at the peak of the market has ZERO to do with anything related to what the property might sell for now. You're going to take a real soaking from this exercise in home ownership.

Your very limited choice is whether you take the pain all at once and move on with your lives... or whether you endure an endless series of small pains that ultimately add up to even more cost, and worse, will leave your lives with a black cloud of uncertainty hanging over you until you finally do sell for (far, far) less than you want to get.

Sorry if this sounds overly harsh... it isn't intended to be cruel but like the kid with the band-aid dried over a crusted scab... you need to pull that thing off quick and just get it over with.

Ideally... you can find a qualified buyer and settle before they go to the shore in August
but certainly before summer is over and those families start their fall school and social calendars.

Good luck.

[DawnMTL]

Originally Posted by TempesT68

You can pull it off the market and relist it, but usually you have to wait anywhere from 30-90 days and even then, the area realtors already know the home so doing this really won't have much of an advantage.
Also 264 in 2007 is more in the neighborhood of 210-230 today, and even though you redid the kitchen and a fence, it was done 4 years ago so getting your money even close back out of that unfortunately isn't going to happen.

The kitchen is four years old... but we never use it. HA!

Seriously...

The part in bold? Excuse me while I go vomit.

Originally Posted by MrRational

You'll never see that money again

You'll never see this money again either.

Anecdotal, conjecture and ultimately meaningless.

If you can afford to hold on and afford to have every aspect of the property decline even further in value while that happens...

Oh yeah, and if market rent around there can get you EVERY PENNY of your mortgage P&I, and the increased NOO amount for taxes and insurance you'll then have to pay and an allowance to cover the incidentals... oh, were you planning to move out of town as well? If so you'll need a property management type to get that 3AM call that the whatever broke and the basement is flooding... unless you're capable and willing to do that yourselves.

Long story short: It's still rarely ever going to be worth renting it out.
---

What you paid in 2007 at the peak of the market has ZERO to do with anything related to what the property might sell for now. You're going to take a real soaking from this exercise in home ownership.

Your very limited choice is whether you take the pain all at once and move on with your lives... or whether you endure an endless series of small pains that ultimately add up to even more cost, and worse, will leave your lives with a black cloud of uncertainty hanging over you until you finally do sell for (far, far) less than you want to get.

Sorry if this sounds overly harsh... it isn't intended to be cruel but like the kid with the band-aid dried over a crusted scab... you need to pull that thing off quick and just get it over with.

Ideally... you can find a qualified buyer and settle before they go to the shore in August
but certainly before summer is over and those families start their fall school and social calendars.

Good luck.

Sigh...

No, not harsh... realistic. And, if I may... rational.

Apparently, rents in this town are high. It would cover our mortgage, taxes, and homeowners insurance, and still "pocket" between $600 and $1000 per month. Of course, part of it would likely go to upkeep.

I hear you on the fact that the property will never be kept as well by tenants as it would by us (owners).

We're moving out of state (I know, I know) but there's someone in the neighborhood who is the "local handyman" -- he does everything for everybody. Granted, he doesn't do *our* stuff -- my husband is even more handy -- but everyone in the neighborhood partakes in his services. We'd field the phone calls, but we'd be the ones calling the local handy-dude since we wouldn't want the tenants calling him every time they needed a light bulb changed... and then sending us the bill.

I hear you, also, about taking the pain all at once vs. the black cloud of the unknown hanging over us.

A lot to think about.

Hey! Do you want to buy a house in CT? We'll cut you a good deal!