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Our home has been on the market for just shy of two weeks. In that time, we've had about 10 showings - about 7 on the first weekend, and the rest in the days thereafter, scattered about. The main complaints are the same: 1) our master bedroom is small; 2) we live near a creek in a town that experienced a 500-year flood three years ago; and 3) we live facing a busy street (bordered by a quieter street on one side).
Our house is competitively priced for the area in a highly sought after part of town. My concerns are that we need to sell this summer so we can re-settle by the time school is back in session (husband took a job in another state). Additionally, people are complaining about factors we cannot change, like its location or the master bedroom being small (after all, our house was built in the 1960s), but the lookers seem to like everything else about our place.
At what point should we re-strategize? And does that strategy necessitate lowering the price? Even so, those fundamentals about the house and the property remain the same and will not be changed.
Is the interior pristine, with new appliances/surfaces and new HVAC etc?
In my experience, if you have "environmental factors," such as footprint, flood plain, or location, that cannot change, the interior must be without fault to avoid bargain- basement pricing.
Ten showings in two weeks where people only find minor 'problems' with a 50+-year old house ... is not too bad. You haven't said how large the overall house is or how many bedrooms, but, is there some reason the one you have designated the 'master' has to be the Master? ... or, is there perhaps an adjacent room (like maybe a formal dining room) that you could promote/market as "Room to expand the master to include walk in closets and a larger bathroom?"
If there is still significant evidence of the 3-year old flood in the area, you may have a difficult time 'selling around that', Likewise, without a 2-car garage (??) the problem of a busy street is emphasized ... particularly for people with small children. (Maybe a new hedge or a front fence is in order?) -- The 'trick' to effectively marketing a 'competitively priced' home, is to emphasize the positives and offset the negatives.
Even your "need to sell soon ... bids welcome", could be used to generate interest in the home, ... but, probably not without a reduction from your starting/listing price. Maybe you could list the house higher (providing you have enough selling points) and thus, be able to come down further for the 'right offer.' A good Realtor should be able to help you with this. Unfortunately, a lot of Realtors confuse 'selling Real Estate' with simply getting a listing, putting it in MLS, sticking a sign in the yard ... and waiting for a buyer to find the house and submit an offer.
If you really have a good, well-located home that is priced right, it will likely sell ... at some point. Even if it takes a few months longer than your 'before summer deadline', it's not necessary to give it away. Consider, for example, renting for a while in your new location. That will cost you considerably less than a 'fire sale price.' (Recognize that even if you get an offer tomorrow, you will probably still be looking at 45-days before closing).
It's hard to say without the specifics of the house, but there are things you can't control: size, flood plain, age of house. What you can control is how it looks (staging, etc.) and the price. When you've done all you can in terms of image...it's time to attack the price. If you MUST move this summer, I wouldn't bother wasting time with incremental reductions. Just go straight for the jugular and hope it works. Good luck!
The house is in very good condition, and all of the feedback we've received from showings rates it as "good" or "excellent" in terms of the exterior and interior condition. It has more than 3,200 square feet with three bedrooms and a full basement, which has a large rec room, office and bathroom. There are also two bathrooms upstairs - the one in the master is very small with a shower only, single sink and toilet (obviously), but it looks nice. There are hardwood floors throughout the upstairs in good shape; all kitchen appliances are new or fairly new; we have granite countertops, and there's lots of work space in the kitchen; there is a new roof, new siding, new exterior and interior paint, a screened in porch and a huge Florida room. The lot is over a half-acre, so while we are on a busy street, it sets back a good bit, and the backyard is fenced. There is no evidence of flooding in our community or with our house, and our home was not among those damaged by the aforementioned 500-year flood, but we do now maintain flood insurance just in case.
We have a two-car garage, plus a carport that has expansive storage space above it. That storage space could, possibly, be used to expand the house at some point, specifically the bedroom. The guy who designed and built it says it was constructed with possible future expansion in mind.
I would love to avoid the additional complications of starting the kids back in school here and then having to pull them, uprooting them to relocate while school is back in session. I also want to continue paying as few mortgage payments as possible on this house, so we can move on. At the same time, I'm not willing to "give it away." To me, our house provides more features, convenience and aesthetics than similar ones similarly priced in our area. Why people cannot see all the pluses and the "vision" of what is - and what is possible - is beyond me.
Buyers always buy what they consider to be the best home on the market.
You may have to wait until some of the other inventory goes under contract or lower your price slowly.
I've seen homes sit at the beginning of summer but by July / August the inventory is lower and it is the nicest home available.
Then it gets multiple offers.
Your agent is getting you some good showings, hopefully the right buyer will find it in the next 30 days.
To me, our house provides more features, convenience and aesthetics than similar ones similarly priced in our area. Why people cannot see all the pluses and the "vision" of what is - and what is possible - is beyond me.
As the seller, it is hard to understand why buyers can't "see" what you can see.
Most buyers are not willing to look at - and pay a premium for -POTENTIAL.
It needs to be perfect as is right now.
After you get more feedback, you will know exactly why buyers aren't biting.
people are complaining about factors we cannot change,
like its location or the master bedroom being small
Those conditions existed when you bought there as well.
What drew you to make the choice to buy there (vs other choices you had then) ?
Quote:
Our house is competitively priced for the area in a highly sought after part of town.
If this is objectively true then you're left to find the 2013 version of the family you were
when you bought. They should be out there.
But the fact remains that 97% of these "we're priced right, but" threads result in showing
the OP why their sincere belief isn't quite reflective of reality. Often by a fair margin.
That is a large house to have a small master. It's often a deal killer. You have to wait for the person that can overlook all the problems, or reduce the price to give and incentive for the buyer to get past the problems. Ask yourself if it's more important to move quickly or to get the absolute highest price.
10 showings and no offers usually means the price is too high.
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