When would you suggest a price drop? (5%, property, offers)
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is your subdivision fully built out or are you competing against the builders nearby?
Only a few lots left. The spec homes available are $490-500k. So we aren't competing with new construction bc someone in a $500k budget wouldn't likely want my house anyway.
Only a few lots left. The spec homes available are $490-500k. So we aren't competing with new construction bc someone in a $500k budget wouldn't likely want my house anyway.
At least on Zillow I see some competition from brand new construction in your price range. It's tough to sell after owning only a couple of years and when competing against new construction. You may need to get it down to 370 or so.
As a consumer (not realtor), this is what I notice:
Your home is in mclendon chisolm, Texas in Rock Wall County. According to the realtor you selected, he does not service Rock Wall County. To my way of thinking, that's not a good thing.
Open houses RARELY sell homes. Their primary purpose is to make the seller's believe their agent is being proactive at selling their home, while the realtor is really there to collect names and phone numbers of buyers who are potential new clients. Those open houses serve one other purpose - allow your neighbors to do the curiosity crawl thru your house. I've picked up some excellent decorating tips this way.
So what is relevant is this: how many showings were there excluding people who showed up at the open house? (and you stayed away while the open house was going on, right?)
The photos are average at best. You've done a great job of decluttering, cleaning and doing all the right stuff - it looks like it shows well. But not to be negative, but If the photos accurately reflect the color and look of your kitchen, bathroom and laundry cabinets, I wouldn't make an offer.
So...back to my original question.
When do you suggest a price drop?
Back to the point... how many actually qualified & interested buyers have been in there?
Until that number of buyers is higher than it is now... there's no reason to drop the price.
If they're truly qualified & interested then one of them will tell you how much to drop the price by.
Their offer (5-10% below the asking number?) sets the bracket for negotiation.
If what jk pointed out is correct... you need to change agents before changing price.
Talk to the broker at that agency about it-- NOT the agent you signed with.
How do you know it's priced right for the neigborhood if you're the first non-new construction sale? BTW as someone else said above I see new construction for just 125 sq ft less listed for $381K and $384K (pending) which looks like it is in your same neighborhood.
I think you'd need to know the typical days on market to determine when a good time to drop the price is. Have you gotten any feedback from the showings? I assume no offers?
I think you are getting a reasonable enough amount of traffic that I would not make a very small price drop at this point.
However, I would pick up some potted plants to put around the back patio to give it some sense of life as well as indoors - unless it's the filter on the photos, everything seems a bit monotone and drab to me. Yes, these are cosmetic changes and the buyers aren't buying your potted plants and pop of color home decor. But it's all about conveying the right impression to make a buyer start to imagine themselves living there.
Without knowing the trends in your area, the color of the cabinets might be a problem. I don't think they're going to be well liked and they are in at least 2 rooms. They seem like a unique stain and definitely make a statement. I'm sure some people will love them but you may have interested parties who don't and cross your house off because of the cost to replace. If that happens, they may start thinking, we might as well look at the 425k which is bigger, already has a pool and has been on the market for X days so we can get it down...
Without knowing the trends in your area, the color of the cabinets might be a problem. I don't think they're going to be well liked and they are in at least 2 rooms. They seem like a unique stain and definitely make a statement. I'm sure some people will love them but you may have interested parties who don't and cross your house off because of the cost to replace. If that happens, they may start thinking, we might as well look at the 425k which is bigger, already has a pool and has been on the market for X days so we can get it down...
Hmmm, the cabinet coloring is not to my taste, but the main impression I got from the kitchen photo is of blotches. Intentional but disorienting blotches, that is: on the cabinets, the tile, and the countertop. I suspect the notion was to have a consistent "look" among those items, but it is overdone. Cover up the countertop with my hand and envision a solid color there, and suddenly, the kitchen is less disorienting just by eliminating one source of blotchiness. That would be easier than changing out the cabinets or floor.
I have no idea if that is turning off buyers. Without any feedback from your real-life viewers, it would be hard to say. But people get weird over relatively small things that can be changed. Guess they have forgotten about LocationLocationLocation.
Hmmm, the cabinet coloring is not to my taste, but the main impression I got from the kitchen photo is of blotches. Intentional but disorienting blotches, that is: on the cabinets, the tile, and the countertop. I suspect the notion was to have a consistent "look" among those items, but it is overdone. Cover up the countertop with my hand and envision a solid color there, and suddenly, the kitchen is less disorienting just by eliminating one source of blotchiness. That would be easier than changing out the cabinets or floor.
I have no idea if that is turning off buyers. Without any feedback from your real-life viewers, it would be hard to say. But people get weird over relatively small things that can be changed. Guess they have forgotten about LocationLocationLocation.
See, that's what I mean about how buyers see things and are illogically dissuaded. I saw the cabinets in at least 2 rooms and then started to think about the 425k house.
The OP kitchen is better in terms of space but the 425k house has the pool, nicer cabinets, more space, etc. It doesn't mean that her house isn't a better deal, just goes to show the psychological aspects of online searches. She may be able to offset the "blotchiness" with the right countertop accessories like a fruit bowl, flour,sugar jars, dish towels, etc. I don't know.
Imo, none of the homes have much curb appeal. If I was her, I'd get some backyard staging bc she has the space for a great entertaining area but it just comes across as a lot of boring yard. It might help if it had an outdoor party set up. The front needs some colorful flowers bc none of the homes available have personality in the front and I think it would be a big help. Even hanging baskets at $10 each can make it pop bc the problem with new construction areas is there's no trees, landscaping, etc so it loses the home feeling.
I'm not an expert so I'm only speaking as a buyer but I think I'd rather spend 1-2k on the yard instead of dropping the price 5-10k.
I'm wondering what the realtor told her about average DOM and recent sales bc my quick research didn't show any quick sales so if they portrayed otherwise, it'd be troubling.
Wow. You guys are excellent at not answering my question and bashing my house. Thanks for making me feel more anxious and worried. I regret even posting this but unfortunately I can't delete it.
ALL I WANTED WAS A TYPICAL TIME FRAME OF WHEN TO REDUCE PRICE! Ugh
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