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I agree with the above suggestions. Also, put in some new bath fixtures (sink) and light fixtures. Inexpensive but gives the bath an updated look. Also, is that wallpaper in the bathroom? Take it off and do an inexpensive faux finish and paint it a nice neutral color. Also, take down the ceiling fan in the dining area and put in a nice chandelier (like the one in the breakfast area?) Make it look more modern. Go to some area new model homes and take pictures of the staging so you can get ideas. That's what we did and we sold in 3 months in a VERY competitive area.
I have never seen a house sit on the market that was not over priced. It's a simple fact that unless a house is condemned by the EPA, DEA, etc; it will have a value of at least $ 1.00. Somewhere between the asking price and $1.00 is a sale point that someone will buy your house.
Unfortunately, many people either by greed or necessity paid too much for a home and now they can't sell it for the price they need or want simply because they paid too much. I am sorry.
Millie .. what kind of feedback are you getting? We are on our 4th home and let me tell you, selling our first 3 were the worst experiences of our lives.
Youre house is beautiful btw. Having sold 3 times, I can pretty much tell you that the reason why your house isn't selling is for really stupid reasons. Buyers generally are completely spoiled by these flip shows and designed to sell shows. They don't want to do any of the work like paint, replace carpet ... oh the horror!!! We had people tell us the they didn't like the curve in our staircase ... the landscaping just didn't bring the house together ... it's hard not to take it personally!
I will agree though, I'd change the front photo of the house. It makes the house look small. Another thing is that maybe most don't want to deal with the pool (although yours in gorgeous!). You have a neutral interior ... good! Another thing that wouldn't preclude me from making an offer, but after dealing with stupid potential buyers, they may be turned off by the style of the house, with the tudor and the pale color (maybe the photo isn't doing justice). There was a house behind me that sat on the market off and on for 4 years and it finally sold in a month when they took the tudor off and put on vinyl siding .. if you can believe it!
I know a lot of people are saying price and that might be the case. But, most of Texas has not seen a down market. Only small areas have seen a downturn and those areas are flooded w/ lots of newer homes that were built more for the entry level homebuyer and have a lot of foreclosures. Other areas that are desireable are selling. The inside of the house IS making a difference even in HIGHLY desireable areas here in the Dallas area. San Antonio is seeing a huge influx of people moving in so I'd be far stretched to say it is priced too high. When we sold our other home a few years ago after the renters moved out I cleaned it up and painted a few rooms that needed it. We were not in the mood to be landlords anymore, did not need the cash/equity to put down on another house (had already bought several years prior) and just wanted to "price to sell". THAT was a HUGE MISTAKE!!! The offers we DID get were AWFUL! Because we did price it a tad below the rest in the area EVERYONE assumed it had something wrong w/ it or we were "DESPERATE!" and this included even the realtors working w/ the buyers. We got the lowest of the low of people trying to get something they really could not afford. Then they all came in w/ offers w/ TONS of conditions. They did not like this or that and wanted us to pay for it. Um, no. The house is only 7 years old, in great shape, updated for the area, GREAT floorplan and location. We then RAISED the price. I know, unheard of but it TOTALLY changed the way people were looking at the house. It suddenly did not have that "desperate" tag on it (for some reason empty houses tend to send that message???) nor the "some thing is wrong we just can't see it for it to be this low" image. Within two weeks we had a full price offer. And NO CONDITIONS!
It pays to REALLY pay attention. If you appear TOO desperate they think you will take anything and will practically pay them to buy your house and move. I'd take it off the market even w/ the current realtor for about 2 weeks (don't wait any longer than that as spring break is coming up). You can agree w/ the realtor to do this and most will. It will be pulled off of MLS during this time. Go thru and spiff things up inside and out. Plant flowerbeds and such, clean out rooms a little more, update the few things that might need it like light fixtures, plumbing fixtures and get rid of wallpaper. Touch up paint and clean the carpets really good. Also might check on getting some 2" wood blinds in some of the windows and get rid of the top window treatments (in that price range most buyers in the Texas markets put 2" woos way up there in value). Take ALL new pictures. The RELIST and try a little bit higher price. Get rid of the "desperate" tag that is associated w/ the lower than any other house in the neighborhood and the decorator allowance.
The RELIST and try a little bit higher price. Get rid of the "desperate" tag that is associated w/ the lower than any other house in the neighborhood and the decorator allowance.
Good luck
This is awful advice. Its hard enough selling at an aggressive price, but now your telling people to relist for higher after "spiffing" it up for two weeks.
This is awful advice. Its hard enough selling at an aggressive price, but now your telling people to relist for higher after "spiffing" it up for two weeks.
I hope no one listens to this.
Too bad, it does work. I've seen PLENTY of houses that even after MULTIPLE drops in prices still sit. It is hard to sell a house w/ no updates or that a majority of the buyers deem "ugly". Not saying her house is ugly at all. But when buyers see a price continue to drop and the updates needed they see "problems". When a stigma is attached to a property it often makes it look as if there is a problem even if there is not. The agents notice it and so do the buyers. They then avoid even looking at the house. There are reasons for everything and sometimes if one continues to drop a price it does not always sell - I've seen that way too often.
It worked for me and I got another $15K out of it too.
Last edited by momof2dfw; 01-29-2008 at 08:48 AM..
Too bad, it does work. I've seen PLENTY of houses that even after MULTIPLE drops in prices still sit. It is hard to sell a house w/ no updates or that a majority of the buyers deem "ugly". Not saying her house is ugly at all. But when buyers see a price continue to drop and the updates needed they see "problems". When a stigma is attached to a property it often makes it look as if there is a problem even if there is not. The agents notice it and so do the buyers. They then avoid even looking at the house. There are reasons for everything and sometimes if one continues to drop a price it does not always sell - I've seen that way too often.
It worked for me and I got another $15K out of it too.
So, by your logic, if someone converts from corian to granite or quartz, they should RAISE their listing price? don't agree w/that at all.
99% of listing prices are being reduced, not increased becuase the bottom line is that there is too much supply and not enough demand, and in most cases home values are not in line w/median incomes. Buyers are refusing in most cases to overpay and are waiting. Also, there is a smaller pool of buyers available. That's why seller are and need to drop their price, not god forbid raise it. Its basic supply and demand.
I think the key element of the plan is the relisting. New listings have a lot of extra "buzz" factor. If you make cosmetic changes to your home and relist it, it will get more traffic than if you make the changes and leave it on the old listing. While you are relisting, you can try bumping up the price to see if the changes and the additional "buzz" bring any new buyers out. If, after a couple of weeks, you don't have any offers with the new changes at the new price, you can lower it back down to the previous price.
It's a risky ploy, but I have seen it work occasionally in the past. But the key is the relisting -- not the price increase.
I think the key element of the plan is the relisting. New listings have a lot of extra "buzz" factor. If you make cosmetic changes to your home and relist it, it will get more traffic than if you make the changes and leave it on the old listing. While you are relisting, you can try bumping up the price to see if the changes and the additional "buzz" bring any new buyers out. If, after a couple of weeks, you don't have any offers with the new changes at the new price, you can lower it back down to the previous price.
It's a risky ploy, but I have seen it work occasionally in the past. But the key is the relisting -- not the price increase.
I agree. Dropping a listing price does not always work. It can have the opposite effect as buyers then suddenly think "there is a problem" even if there is not. They can freak also and think that the market is falling in an area that it really is not. While SOME markets are falling there are SOME that are not. To say that "too much supply and not enough demand, and in most cases home values are not in line w/median incomes" is the reason is a blanket statement that does not apply to ALL areas of the country.
Looking in that zipcode in a price range of $275K-$325K there are only 20 listings. I'd hardly say that market is oversaturated in THAT price range. By looking at the pics in the other listings it is obvious most have NOT done many updates at all. Some are AWFULLY cluttered and others had EXTREME BRIGHT paint (BRIGHT blue in a kitchen????). Neutral is going to be the key word and updatind anything and everything that you can to a certain point. Fresh neutral paint, clean carpets (if they are old and have soiled spots on them then replace), updated light and plumbing fixtures (get rid of ANYTHING brass), update even all of the door handles and knobs (use the levers instead of a regular knob). Do anything that can be found in a new home in that price range. You don't have to spend a ton of money either. Look for sale items and seconds even. We have a local Habitat For Humanity Home Improvement store here that carries a lot of this stuff that is overruns. If you make yours stand out past all of the others on the market that will need work the buyers will remember and take that into account.
Buyers also remember that a house has had 3 drops in the listing price and how long it has been on the market. It DOES scare them away. That is why you MUST take it off of MLS while doing any work then relist it w/ how "UPDATED" and "MOVE IN READY" the house is.
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I know the answer, but you won't like it.
