Three weeks on the market, lots of showings and no offers (Murfreesboro, TN) (contingent, feedback)
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Hey everyone, I'm trying to sell my home in probably not the most ideal time of year but I really need it to sell quickly due to some personal issues. My home has been listed for 3 weeks and has had two open houses, lots of showings (I've lost count, probably closer to 20 than 10 but I'd say under 20) but not a single offer. I already know the first thought is PRICE but my home is priced very comparably to current listings and previous sales in my area of Murfreesboro. I'm extremely anxious to sell, again, due to personal reasons but obviously don't want to just start dropping the price and give the house away. The downstairs HVAC is 5 years old, split-unit is 4 years old, 3 year old 3/4-inch hard wood flooring in all the downstairs, 2 year old thick padded, high quality carpet in every other part of the home that isn't a bathroom. I haven't received any feedback that the home is priced high, but have received feedback that the kitchen is somewhat small (it is) and that buyers do not like that all of the bedrooms are upstairs.
Ideally I'd like to be under contract before the end of this month or early October before we hit the dead period/holiday season. Any ideas where I should go from here? There are other homes in the area that have listed around the time that my home listed and are already listed as contingent on Redfin, which was a bit depressing to see.
Assuming the lookers were actually qualified (don't just assume so)...
then it's almost always about price vs location, condition, etc or the new development nearby.
Quote:
Originally Posted by kab0906
Imo: Dated baths, dated kitchen, not open concept.
^^ Like that.
Last edited by MrRational; 09-18-2019 at 01:43 PM..
Imo: Dated baths, dated kitchen, not open concept.
Completely agree, but with that said the other homes with offers that have some of those features are priced at $134-$149/SF whereas we're at $131/SF. I don't know if the competing inventory and time of year just means they're going to sell first and we have to wait a bit longer, or if we're priced wrong. A $10-15k drop in price will only change your mortgage by about $50-$60, the annual escrow change can fluctuate more than that lol. So feels like dropping anything less than ~$20k wouldn't do a thing. Maybe I'm just being impatient..
There are a lot of new construction homes in your area, within the same price point, square footage and beds & baths. The new construction homes may sway buyers towards them and away from you, do to HGTV syndrome.
Though your house looks very nice, I am not sure you can compete with the new construction homes within the same price point, size, etc...
It will come down to your priority of needing to sell quickly, which will require lowering the price.
The only variable you have control of is price so IF you need to sell quickly for reasons that you can’t change, then you have to lower the price. I don’t like the “death by 1000 paper cuts” style of dropping a few thousand every few weeks. My preference on price drops is once and done .. drop it down to where you are willing to sell with a bit of room for negotiation and go from there. Remember, you have some carrying costs every month even if you own the house without a mortgage. Also, don’t look at the price as only a few dollars a more on a mortgage payment for a potential buyer. More and more buyers are cash buyers so they don’t think that way. And those that do think that way are not being smart buyers.
Last edited by Spokaneinvestor; 09-18-2019 at 02:29 PM..
Unless there is some 'fatal flaw' in your home, it sounds like price is likely the culprit. Are other homes in your area moving - or likewise, experiencing multiple showings without sales?
As someone else pointed out, homes don't sell by the square foot, any more than automobiles sell by the pound. The fact that you have focused on this, rather than the overall price of comparable homes, suggests an "adjusted square footage," customized to get you to $131 per (?).
Are similarly sized homes in your development, claiming less square footage? Buyers will quickly pick-up on that, ... even if you believe a higher number is justified. (Have you, for example, converted a garage or patio to living area and are now claiming that added footage?)
Did you even look at the listing - $324,999. $20k of said listing price. $/SF in reference to similar homes within 2 min of my home within 10% or so of asking price of my listed home. And yes I suppose I'm being impatient; forgive me for being so whilst going through marital issues and trying to dump a house.
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