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We currently live in Memphis TN and moving to west coast this summer due to new job. Have a beautiful 5 bedroom house which we bought in 2016. It is in a prime location, close to multiple good private schools, a hospital and trail. The house has been on the market for 10 days now and we have had 6 showings and 1 offer. But the buyer who offered retracted because her kid thinks the house needs updating. 2 feedbacks from the other showings also said the house needs some upgrades. We have older style bathroom and light fixtures but to account for this, we kept our home price low. Due to Covid, we do not want to allow workers in the house to remodel since we have kids. We did lower down the listing price little more again to make the buyers feel comfortable handling the upgrade themselves once the Covid situation resolves. But this whole situation is worrying me now. The house is gorgeous but I guess non-upgraded bathroom will disappoint buyers even with lowered down price. I am really worried since we are moving in about 1.5 months and wish the house sells before we move. Any suggestions on what is the best way to handle this? We are first time home sellers and the stress around this is consuming me a lot :-(
Location: Stuck on the East Coast, hoping to head West
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I just sold (settled a week ago) and was also a first-time seller, so I get how stressful it is.
Are you working with a realtor? If so, talk to him and ask him about days on market at your price point and for the condition of your house. Overall, 6 showings and 1 offer in 10 days, during a pandemic, seems pretty good to me, but I don't know your market.
Also, there is a shrinking pool of buyers who will buy a house that needs ANY upgrades. They probably aren't going to want strangers in the house, either. The right buyers are out there so your realtor needs to know how to reach them. My house was marketed as the best value in my town. I was afraid of that phrase, thinking I'd get investors and lowball offers, but that didn't happen.
If the feed back so far is that the house needs upgrades, that may be an issue with price or it could be marketing strategy issue, too. Is the house marketed as turn-key? Some buyers may say because a house needs a bath reno, it isn't turn-key.
Sell the location in addition to the house. My house was also in need of upgrades and was priced accordingly. My house did not sell until I sold the neighborhood. My realtor asked me why I bought the house and why I stayed. So I wrote al of that down. He basically worked that into the listing.
What are the neighborhood amenities? You mentioned a walking/biking trail. Do you have a pool? Tennis? Playgrounds? Already, I'm thinking you have "dedicated green space" in your neighborhood.
I'm not sure private schools are a selling point. Are the public schools bad? Again, I do not know your area.
I'm not sure nearness to a hospital is a selling point unless you work at the hospital. Along those lines, do you have a plan to make sure hospital workers know about your house?
We currently live in Memphis TN and (planning on) moving to west coast this summer due to new job.
Don't plan on actually moving until you have a solid contract.
Quote:
The house has been on the market for 10 days now and we have had 6 showings and 1 offer.
We are first time home sellers and the stress around this is consuming me a lot :-(
Keep plugging and waiting for the NEXT buyer but you can probably expect to take a price hit.
Quote:
But the buyer who offered retracted because ....
Any suggestions on what is the best way to handle this?
Counter them. Offer a fixed $$ amount discount in lieu of repairs/updates.
The house is not marketed as a turn-key. Neighborhood information is already in the listing.
Yes, there is a walking/biking trail just 1 block from the house. And yes, we have a pool.
Public schools here are not that great. Many middle class and up kind of families send their kids to private schools.
Hospital near the house is probably good for people in certain age groups (e.g. seniors)
Quote:
Originally Posted by bande1102
I just sold (settled a week ago) and was also a first-time seller, so I get how stressful it is.
Are you working with a realtor? If so, talk to him and ask him about days on market at your price point and for the condition of your house. Overall, 6 showings and 1 offer in 10 days, during a pandemic, seems pretty good to me, but I don't know your market.
Also, there is a shrinking pool of buyers who will buy a house that needs ANY upgrades. They probably aren't going to want strangers in the house, either. The right buyers are out there so your realtor needs to know how to reach them. My house was marketed as the best value in my town. I was afraid of that phrase, thinking I'd get investors and lowball offers, but that didn't happen.
If the feed back so far is that the house needs upgrades, that may be an issue with price or it could be marketing strategy issue, too. Is the house marketed as turn-key? Some buyers may say because a house needs a bath reno, it isn't turn-key.
Sell the location in addition to the house. My house was also in need of upgrades and was priced accordingly. My house did not sell until I sold the neighborhood. My realtor asked me why I bought the house and why I stayed. So I wrote al of that down. He basically worked that into the listing.
What are the neighborhood amenities? You mentioned a walking/biking trail. Do you have a pool? Tennis? Playgrounds? Already, I'm thinking you have "dedicated green space" in your neighborhood.
I'm not sure private schools are a selling point. Are the public schools bad? Again, I do not know your area.
I'm not sure nearness to a hospital is a selling point unless you work at the hospital. Along those lines, do you have a plan to make sure hospital workers know about your house?
Good question. When buyers come, we don’t stay at home. I take the kids out. Workers will be here for hours a day and handling kids plus my job will be difficult plus higher chance of getting us exposed
Quote:
Originally Posted by calgirlinnc
I'm sort of confused as to why you are worried about workers coming into your home, but are not worried about potential buyers coming into your home?
Good question. When buyers come, we don’t stay at home. I take the kids out. Workers will be here for hours a day and handling kids plus my job will be difficult plus higher chance of getting us exposed
So you let people into your home and you don't monitor where they are going or what they could be touching? You had six showings, so probably 2 to 3 people at each showing.
I get that workers would be there longer, but you're still having many people into your home.
Hospital near the house is probably good for people in certain age groups (e.g. seniors)
Perhaps, but very, very few seniors are in the market for a 5 bedroom home.
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