Help can't sell (feedback, mortgage, mortgage, sales)
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I followed this model (step by step). I bought my house in March 2001 for 171k. The house originally had 2400 sq ft. We finished out 2 "unfinished" bonus rooms in the house (1 became a bedroom, the other an office) Now the house is over 3100 sq ft. Costs us about 18K to finish out the extra heated/cooled square footage. Assuming the 4% yearly appreciation (which has been about standard in our area), I come up with $212,040 (based on the sales price). Not sure how much to add in for finishing out the rooms which increased the heated/cooled sq footage of the home. Let's say add 1/2 of what it costed us ($9k) Grand total would be $221,040. We are listed at $224,000. So we are one of the cheapest (esp price per sq ft) in our area. Still no calls, no offers, no one even coming to look.
The house itself is in great shape, good curb appeal...
The only thing I can come to the conclusion of (and what realtors around us have been saying) is there are simply very very few qualified buyers....
I don't disagree with you....that's a big wrinkle that doesn't get mentioned enough which puts even more pressure on the downside.
I've seen the pics of your house that you've shown. Its really beautiful. Someone WILL buy it. I think you're smart investigating all your options (ie renting it out) in the meantime.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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I don't disagree with you....that's a big wrinkle that doesn't get mentioned enough which puts even more pressure on the downside.
I've seen the pics of your house that you've shown. Its really beautiful. Someone WILL buy it. I think you're smart investigating all your options (ie renting it out) in the meantime
Sorry, wasn't trying to make it sound like I was defending my price or anything, or trying to prove any point, other than the very limited buyer thing...
Thanks for the compliment on the house...
Goodbyehollywood renewed my hope in the story he shared on another thread (having been in a similar market before and trying to sell, then had to rent out), even though I'm sure it wasn't the norm, but it made me real hopeful...
I live in Somerset County.
I don't know Sussex well but will give you my opinion of the NJ market if that will help any.
From what I have seen, and heard from solid realtors who cover Hunterdon, is that the NJ slowdown is working it's way outside in - starting with the lower end properties in the areas further from Manhattan commuting distance. Prices here doubled and even tripled in some towns during the boom and while they are nowhere near the bottom (in my opinion of course) the correction is definitely on the way - with "starter' homes being the most vulnerable right now although the $750k crowd in train towns is also feeling the pinch.
Based on your link, it doesn't look like you are priced lower than your competition. Because of the nature of the area, direct comps are kind of hard, but most of those homes look like they would be part of a similar search. Your home looked nicer inside than some, their curb appeal was a little better.
Not sure about the addition being a bad investment, assuming you did it for yourselves, not for resale value. You bought the house a long time ago and presumably have a decent amount of equity, so is the sale meant to generate a specific profit in your mind or are you just happy to get out? That is an important distinction.
Sorry, wasn't trying to make it sound like I was defending my price or anything, or trying to prove any point, other than the very limited buyer thing...
Thanks for the compliment on the house...
Goodbyehollywood renewed my hope in the story he shared on another thread (having been in a similar market before and trying to sell, then had to rent out), even though I'm sure it wasn't the norm, but it made me real hopeful...
It strikes me that in areas that didn't have exhorbitant price appreciation, the market was still affected by higher than usual demand - due to speculators and people panic buying. So areas became overbuilt for the population, houses sold quickly, and now that demand has lowered, the oversupply is killing sellers in terms of days-on-market.
casper...I think maybe the colors you have painted may be turning some people off. I wouldn't want to buy a house and then have to paint and it is an added expense. Maybe paint it a neutral color. Also, are you moved out? You may want to have a stager some in and stage your home. WHen a home is empty it often looks and feels cold. You don't need much...A couch and chairs in the living room, a table in the dining room...Personally, I like those colors but my husband would hate them and wouldn't agree to buy a house with those colors. I like the layout and the outside looks so nice. (but maybe a more head on shot of the front would be better)
Hang in there
Find out what your house would rent for per month, multiply that number by 100-120, and list it at that price.
Or, take the most recent pre-bubble sales price, add 3% per year, and list it at that price.
Or, take the annual income of the buyer who's likely to buy your house (approximately - your income, or the average of your neighbors) and multiply it times 3, and list it at that price.
If you do any one of those things, your house will sell.
Of course it will sell, I can sell a new Meredes for 10k all day long as well! but I'd have to be REAL stupid to do it. Heck, I could let it go to sheriffs auction and most likely make more....
As for the market, we're seeing pretty much the same thing, lack of buyers or banks willing to loan...
casper, the listing states that you added a second story with 3 new bedrooms and a bathroom, but it lists your house as a 3/1.5... were there no bedrooms to begin with or did you change them into something else? also, i would take out the picture of your chandelier (although it's lovely) and put in a picture of the new master bath. lastly, and this might be me just being really picky, please have your agent fix the spelling in the listing. they have listed porder room instead of powder room, and the word separate is spelled seperate in there. for some reason when i was looking at houses seeing spelling errors on listings just bothered me.
Trust me your not alone...It's not fun out there being a seller! I took a look at your listing also..Unfotunately I think your going to have to paint I had a bold color in my kitchen, and I painted it neutral due to the good people on this site. It definitely made it look much bigger. After painting it , we ended up listing with a new agent and had 3 showings..and one of those showings put in an offer and we close at the end of the month<hopefully>
It used to be a lot of people looked past paint. But in this market, there are a lot of houses out there..and a buyer has a lot to choose from. You gotta make it move-in ready. A lot of the people who go through your house, probably have sold a house of their own and spent all the time neutralizing it. The buyers then don't want to move into a home and spend all their time painting... again.
I also agree about the chandelier. It is very pretty, but it isn't going to make me want to see your home.
I think your home looks really nice. I agree maybe put some furniture in it..warm it up a little bit..
I'm a little surprised there is no virtual tour on Realtor.com. I think it needs to be there if at all possible. The enhanced listing with the 10 photos are ok, but I've found a lot of people have trouble visualizing.
I didn't read all the text, but please ask your agent to spell check.
Hope this helps a little and good luck!
P.S. Love the greenery outside the windows and especially the last photo of the horizon.
Last edited by TampaKaren; 11-13-2007 at 01:44 PM..
Reason: Added info.
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I had a bold color in my kitchen, and I painted it neutral due to the good people on this site. It definitely made it look much bigger. After painting it , we ended up listing with a new agent and had 3 showings..and one of those showings put in an offer and we close at the end of the month<hopefully>
