House not selling

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Topic Author
cosine
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Joined: Sat Feb 02, 2019 2:42 pm

House not selling

Post by cosine » Sun May 26, 2019 8:40 pm

Hello . We are
Trying to sell our house. It has been on the market for close to three months. Its not in the hottest market, but other houses next to us in the same neighborhood are still selling. It’s a three-year old house. We have small kids and the walls were ruined but we repainted everything and everything appears to be in very good condition. We repainted everything after the first month the house was on the market. We had quite a few showings and ppl mentioned it looked worn. Now the house is in great shape and is essentially like a brand new house in my opinion.

We bought it for 378k. We listed it at 425. Then went down to 410 and are now at 399. We will likely drop it another 10k in the next week. We probably listed it too high in retrospect.

After the realtor fees We will essentially be losing money on the property. I don’t really care at this point, I just want to get rid of the property.

One problem is in our neighborhhod they constantly have new houses which means im competing with new construction. Our house price is significantly lower than the new construction prices so I’m not really sure if we are actually competing with the new houses.

What should i do?

stan1
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Re: House not selling

Post by stan1 » Sun May 26, 2019 8:49 pm

- Were the online photos professionally taken after the house was painted? Do they need to be updated?
- Is the house decluttered? With kids this isn't always easy but make sure you've taken out as much as you can (for photos and showing)
- Have your realtor contact every realtor who showed the house and let them know its been repainted and is ready to show
- What does your realtor recommend?

Invest4lt
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Re: House not selling

Post by Invest4lt » Sun May 26, 2019 8:52 pm

Do you have comps for comparable houses sold in the neighborhood? Buyers don’t care about what you paid or your gain/loss. The lack of interest from buyers makes It sound like you are asking too much.

Nissanzx1
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Re: House not selling

Post by Nissanzx1 » Sun May 26, 2019 8:53 pm

Only 2 reason why something won’t sell:

It’s not priced right

Or

It’s not ready to go

Take a fresh walk around the property and visit competing open houses this week to make sure you are in line.

jminv
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Re: House not selling

Post by jminv » Sun May 26, 2019 8:54 pm

cosine wrote:
Sun May 26, 2019 8:40 pm
Hello . We are
Trying to sell our house. It has been on the market for close to three months. Its not in the hottest market, but other houses next to us in the same neighborhood are still selling. It’s a three-year old house. We have small kids and the walls were ruined but we repainted everything and everything appears to be in very good condition. We repainted everything after the first month the house was on the market. We had quite a few showings and ppl mentioned it looked worn. Now the house is in great shape and is essentially like a brand new house in my opinion.

We bought it for 378k. We listed it at 425. Then went down to 410 and are now at 399. We will likely drop it another 10k in the next week. We probably listed it too high in retrospect.

After the realtor fees We will essentially be losing money on the property. I don’t really care at this point, I just want to get rid of the property.

One problem is in our neighborhhod they constantly have new houses which means im competing with new construction. Our house price is significantly lower than the new construction prices so I’m not really sure if we are actually competing with the new houses.

What should i do?
How does a three year old house look that worn out, kids or not? That’s not a good thing and it’s good you’ve now fixed that. Well, you have in your opinion. Did it look trashed to you when you listed it in the first place? Because lots of worn out comments are not typical for a three year old house kids or not. Worn out comments are something you’d hear about on a much older house even with kids. It sounds like it must be really trashed it and maybe also a cleanliness issue. Also, how cluttered is your house? De clutter it. Make your house show well. Paint alone isn’t going to do that. Also keep it very clean since I’m sure that’s part of the worn out commentary.

You also priced your house too high and probably also bought too high, which is common for new construction. It’s hard to make a return when you buy and sell only a few years apart.

You are competing with the new houses although not very efficiently if yours is priced significantly under. Your home is three years old so not exactly old. Basicallly new. If it’s priced significantly under these other new houses then there’s still something wrong with it, paint or not. It’s actually worrying that a price significantly under priced won’t sell. It’s because there’s something wrong with it or it’s somehow not equivalent to the other houses.

What do current visitors say about it? What does your realtor say? What’s going to make this house show well? It is either something very wrong with the general state of the house or your house is quirky relative to the competition, otherwise it would have sold being significantly under priced. Ask your realtor and/or reduce price further until you get a sale. Replace realtor at end of commitment period if they haven’t yet sold it.

Scrapr
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Re: House not selling

Post by Scrapr » Sun May 26, 2019 9:04 pm

What does your agent say? Why did you pick $425? How much is the new construction going for? Remember buyers that buy new have lots of expenses to actually live in the house. Blinds, yard, AC if not bought with house. And the all important Mrs cosine deciding that all that ratty old furniture just isn't going to fit into this brand new house.

There are a couple things you can do. Take it off the MLS for a week or 2. It's called refreshing the listing. When it comes back it has 0 DOM according to MLS. You will get new eyes on it. Have a brokers open. In our market that's Tuesday. Have your agent offer a door prize. (It's a brand new Lexus!) Guarandamtee that house will sell. LOL In our market Brokers open seem to be effective.

How has your traffic been? Slow? Or lots of traffic but no bites? Ask the agents that come through for critiscism. Looks worn is concerning. Was not ideal to go to market with damaged walls. How's the carpet? Kids can wear on the carpet in a hurry. Esp if it's "builder grade". Maybe change? Have you had a very throughal deep cleaning? There are companies that only do construction cleans. Not the weekly service & dusting. Find one of these. It's amazing what the house looks like after a very good cleaning. Windows cleaned by a pro? How is the entry? Sidewalks & driveway? Pressure wash. Is the exterior paint peeling? Be critical when you look. Have you decluttered? I know with kids it's hard. Put them up at Grandmas? Foster care? (it's a joke son)

I would ask your agent some very hard questions. Your window on the home sale for next school season is closing fast. Need to get an offer & acceptance soon to get in by September

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Sandtrap
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Re: House not selling

Post by Sandtrap » Sun May 26, 2019 9:12 pm

Nissanzx1 wrote:
Sun May 26, 2019 8:53 pm
Only 2 reason why something won’t sell:

It’s not priced right

Or

It’s not ready to go

Take a fresh walk around the property and visit competing open houses this week to make sure you are in line.
+
1. The correct price is the price that buyers are willing to pay. (regardless of appraisal, what the realtor says, and so forth).

2. There might be a difference between selective owner painting DIY and professional all over painting.

3. Carpets and floors? Wear and tear. Etc. The prospective buyers add up in their mind all the things they have to do/spend to make the home refreshed, neutral, no evidence of previous owner, etc. So, the price has to be attractive enough to compensate for this "in their minds".

4. You lowered the price 3x already and started too high. That drained the immediate prospects. Also sent red flags. Why the price drops, folks think, must be something wrong. (it's human nature)

5. Spiff everything up. Lower the price. Take off the market for several weeks. Then relist. Be sure to rewrite the ad so it looks different. Take new and better pictures. Realize that pictures of an empty home or at least a home that looks as neat as a "model home" look far better than one that is occupied. Psychologically, the buyer has to see themselves in the home and there's no space to visualize that if it's full of stuff.
Last edited by Sandtrap on Sun May 26, 2019 9:15 pm, edited 1 time in total.
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Watty
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Re: House not selling

Post by Watty » Sun May 26, 2019 9:15 pm

Do you have any pets, especially any cats?

If so then there could be pet odors that might not be all that bad but if a potential buyer gets even a whiff of an animal, or sees that there is a cat or other animal is in the house then that can be a deal killer for many if not most people.
stan1 wrote:
Sun May 26, 2019 8:49 pm
Have your realtor contact every realtor who showed the house and let them know its been repainted and is ready to show
When I was selling a house every time the house was shown my real estate agent would call the agent who had shown the house to get feedback on how the house was showing. If the buyer was not interested in the house for one reason or another she would get feedback from both the other real estate agent about what the agent thought and what the buyers thought.

Their feedback was invaluable so you real estate agent should be contacting every agent that shows the house to get feedback.
Last edited by Watty on Mon May 27, 2019 6:40 am, edited 1 time in total.

Topic Author
cosine
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Re: House not selling

Post by cosine » Sun May 26, 2019 9:24 pm

Thank you all for the replies. I will answer them all in more detail tomorrow. Just to answer a couple common questions.

The house is very clean. My wife is an extremely clean person as am I. There are no pets. The carpets are in great condition. The only thing that was Worn was our walls. The neighborhood is one of the fancier neighborhoods in the city and attracts a certain group of ppl that want things to be in great shape. Our lawn looks great.

We have professional pictures. We have had quite a few showings but not a single offer. We have done a deep cleaning inside. We have pressure washed the walls outside and decks professionally.

The house is in a great school district.

I have been frustrated with my realtor. He seems like a nice person but it may take a day or two for him to get back to me. He is recommending We lower the price.

I will ask him if we should go ahead and take it off the market for a week and then put it back on at a lower price. I feel one major problem was listing the house to soon when it was not ready to be shown and the price was too high.

I am worried because I feel as if we’re missing our opportunity to sell the house. I know spring and summer tend to be hot times. Fall and winter tend to be slow. I’m almost to the point where I am ready to just drop it to 379, the price I bought it for and see if anybody buys

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MP123
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Re: House not selling

Post by MP123 » Sun May 26, 2019 9:31 pm

It's quite possible that you have in fact lost money by only owning the house for three years. Outside of some super hot markets that would not be at all unusual.

Ultimately it's only worth what someone else will pay. In my experience you're better off with a substantial price reduction rather than the "death by a thousand cuts" approach at finding that price.

RAchip
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Re: House not selling

Post by RAchip » Sun May 26, 2019 9:31 pm

Just be patient. It will sell.

Dottie57
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Re: House not selling

Post by Dottie57 » Sun May 26, 2019 9:36 pm

Op,

Why do you want to sell? New job in different geography? Something else?

Topic Author
cosine
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Re: House not selling

Post by cosine » Sun May 26, 2019 9:37 pm

RAchip wrote:
Sun May 26, 2019 9:31 pm
Just be patient. It will sell.
Thats what most people tell me. I have to keep reminding myself we dont live in nyc or the bay area. Its a fairly small city in the southeast. Maybe it will just take time. Im a pretty inpatient person though 8-) .

Topic Author
cosine
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Re: House not selling

Post by cosine » Sun May 26, 2019 9:39 pm

Dottie57 wrote:
Sun May 26, 2019 9:36 pm
Op,

Why do you want to sell? New job in different geography? Something else?
New jobs, moving closer to family.

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Nate79
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Re: House not selling

Post by Nate79 » Sun May 26, 2019 9:41 pm

Sounds like your agent sucks. I'd look for a new one.

Grt2bOutdoors
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Re: House not selling

Post by Grt2bOutdoors » Sun May 26, 2019 9:42 pm

What was your process in selecting this particular realtor? Good sales track record? Or something else.

You usually depend on the realtor to price the home out before you place it on the market. Things you look at are the uniqueness of your home to others on the market and also to look at the comps of homes that recently sold. It appears your real estate broker did not do their job. It’s common to see serial price drops when the broker doesn’t know what the right price is, they essentially are grasping at straws and hoping that the new price attracts potential buyers to look at the home, but I would not count on the listed price to be the final sales price.
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Dottie57
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Re: House not selling

Post by Dottie57 » Sun May 26, 2019 9:59 pm

cosine wrote:
Sun May 26, 2019 9:39 pm
Dottie57 wrote:
Sun May 26, 2019 9:36 pm
Op,

Why do you want to sell? New job in different geography? Something else?
New jobs, moving closer to family.
I think you are selling to soon after buying new construction. Your house is being compared and it doesn’t measure up. This s one of the traps in buying new homes.

Sorry. Home things turn around for you

veindoc
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Re: House not selling

Post by veindoc » Sun May 26, 2019 11:58 pm

You need a fresh set of eyes. When is your contract with your realtor up? If not for another few months recruit the friend that has no filter to come over. Everyone has at least one friend like that.

While your house may be clean, how is the furniture holding up? My sister in law is extremely clean and organized and her house looks like it’s been through world war 4. They have four active kids and it shows. The walls are marked with black skid streaks and dented. The floors scratched. The couches are faded from the sun and the edges of the furniture are worn and not in a trendy distressed way. Kids can be hard on hinges and doors as well. Are they all in working order? What about bathroom fixtures and towel bars and toilet paper dispensers? Mine are all loose from the kids yanking on them. Those can make a house appear older than stated age. The carpet on the stairs is getting bare from six people running up and down. So while the house is clean it looks tired.

Your house is only three years old but sometimes changing out light fixtures and hardware can create a refresh. Simply switching out the builder grade materials will make it look new.

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Socrates
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Not sure how hot your market is

Post by Socrates » Mon May 27, 2019 12:46 am

You can always pause and take off market
Get input and relist rather than fire sale.

Relist lower price and get in bidding war but depends on market.....that is common California
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JoeRetire
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Re: House not selling

Post by JoeRetire » Mon May 27, 2019 6:23 am

cosine wrote:
Sun May 26, 2019 8:40 pm
After the realtor fees We will essentially be losing money on the property. I don’t really care at this point, I just want to get rid of the property.

What should i do?
There is only 1 reason why a house isn't selling - the price is too high.

Lower the price so that it sells.

carolinaman
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Re: House not selling

Post by carolinaman » Mon May 27, 2019 7:27 am

cosine wrote:
Sun May 26, 2019 9:24 pm

I will ask him if we should go ahead and take it off the market for a week and then put it back on at a lower price. I feel one major problem was listing the house to soon when it was not ready to be shown and the price was too high.

I am worried because I feel as if we’re missing our opportunity to sell the house. I know spring and summer tend to be hot times. Fall and winter tend to be slow. I’m almost to the point where I am ready to just drop it to 379, the price I bought it for and see if anybody buys
The fact the house was not ready could be your primary problem. A lot of people seriously interested in homes in your area will look at a new listing as soon as it hits the market. If it has problems like yours, they will move on and not come back. You lost some serious buyers that first week. Your realtor should have insisted that the house be ready for show when listed. If your realtor has a boss, I would go above him/her and complain about this situation and see what they advise.

What are the comps in your area? That should give you a good feel for the right listing price. Good luck!

Murgatroyd
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Re: House not selling

Post by Murgatroyd » Mon May 27, 2019 7:36 am

You need to understand how your house differs from other houses that HAVE sold. Look at realtor.com for houses sold and contingent in your area within say $50,000 of yours. Be critical and detailed of how they differ from yours. Everything else is speculation. If your agent is worth a darn he/she should do this as a matter of course.

It also could be 3 months is not unreasonable in your area.

Good luck.

Jack FFR1846
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Re: House not selling

Post by Jack FFR1846 » Mon May 27, 2019 7:51 am

JoeRetire wrote:
Mon May 27, 2019 6:23 am

There is only 1 reason why a house isn't selling - the price is too high.

Lower the price so that it sells.
This. Staging helps, but if you're too high, someone else with a lower priced equal house sells.

On the staging side, will people be tripping over kids toys trying to see the house? Consider getting some big packing boxes and pack up half of what you own. Clothes (especially those taking room in the closet), toys, books, kitchen items. The key is to make the "stuff" in your house look very sparse. Pictures on tables, gone. Anything that could be called a knick nack...gone. Anything on the kitchen counter, even the toaster, gone. Pretty much anything in the bathroom, gone. If this is too inconvenient, then you will wait longer and sell for less.
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warner25
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Re: House not selling

Post by warner25 » Mon May 27, 2019 8:04 am

cosine wrote:
Sun May 26, 2019 8:40 pm
After the realtor fees We will essentially be losing money on the property.
That seems perfectly reasonable to me. Why shouldn't it cost something to live somewhere for three years? Why did you think in the first place that the house would be worth $50k more after living in it for three years? Reject the HGTV/Realtor industry fantasy that a house is, on average, an appreciating asset and you'll feel OK with this outcome.

Dave55
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Re: House not selling

Post by Dave55 » Mon May 27, 2019 8:13 am

JoeRetire wrote:
Mon May 27, 2019 6:23 am
cosine wrote:
Sun May 26, 2019 8:40 pm
After the realtor fees We will essentially be losing money on the property. I don’t really care at this point, I just want to get rid of the property.

What should i do?
There is only 1 reason why a house isn't selling - the price is too high.

Lower the price so that it sells.
+1
Having bought and sold 6 homes in the past 30 plus years, assuming a clean and attractive home, good location, price is the key. One home of mine would not sell. It went on for 2 years. I priced way too high out of the gate. I consulted an old friend who was a realtor for 30 plus years and his advice was exactly as stated by Joe Retire, "It is all about the price".
Set the price "to sell" and that means ignoring what you paid, check comps for recently sold homes in your area and price yours just below those recently sold home prices.

Good Luck.

Dave

Dave55
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Re: House not selling

Post by Dave55 » Mon May 27, 2019 8:14 am

delete

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DanMahowny
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Re: House not selling

Post by DanMahowny » Mon May 27, 2019 8:24 am

Nate79 wrote:
Sun May 26, 2019 9:41 pm
Sounds like your agent sucks. I'd look for a new one.
This is correct. You have a crappy agent. How to you select your agent? Hopefully you didn't pick a friend, a relative, or someone that sells houses part time.

Fire you agent immediately, and select a true professional. The house will sell if it's prepped to sell, marketed effectively, and priced right.

Again, call your agent right now and say, "You are fired."
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WillRetire
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Re: House not selling

Post by WillRetire » Mon May 27, 2019 8:32 am

What exactly do you mean by the statement that the "walls are (were) worn out" ?

What comes to mind is: banged up woodwork, gouges or cracks in sheetrock.

What does NOT come to mind is scuffed paint.

Other factors that make one house less attractive than another in the same neighborhood are as follows. Note: Obviously, I have no way of knowing whether your house has any of these problems.
- floor plan
- location or proximity to high traffic
- unattractive landscaping
- lack of a back yard, or unusable back yard (such as severe drop in grade)
- signs of water damage
- ugly window treatments
- bold/loud interior paint colors
- bold/loud tile or carpet colors
- ugly kitchen
- large item that most people don't want & would have to pay to remove. e.g. 2 story jungle gym, inground pool, outdoor hottub, ugly shed

You might want to post a few pictures from the listing (keep address & location anonymous) to get better anonymous feedback from "us" = "the internet".

ETA: large item that most people don't want & would have to pay to remove
Last edited by WillRetire on Mon May 27, 2019 8:39 am, edited 1 time in total.

mortfree
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Re: House not selling

Post by mortfree » Mon May 27, 2019 8:35 am

DanMahowny wrote:
Mon May 27, 2019 8:24 am
Nate79 wrote:
Sun May 26, 2019 9:41 pm
Sounds like your agent sucks. I'd look for a new one.
This is correct. You have a crappy agent. How to you select your agent? Hopefully you didn't pick a friend, a relative, or someone that sells houses part time.

Fire you agent immediately, and select a true professional. The house will sell if it's prepped to sell, marketed effectively, and priced right.

Again, call your agent right now and say, "You are fired."
Doesn’t it depend on the agreement signed with the real estate company and how long their services were contracted for?

snowman
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Re: House not selling

Post by snowman » Mon May 27, 2019 8:45 am

It's hard to speculate without knowing all the details and specifics of your market, but based on your limited description it seems to me like a bad realtor. Did you interview at least 3 realtors before making a decision? Did you check their sales record in your immediate area?

A good realtor would have not allowed you to list the house in not-so-good condition. He/she would also not price it too high for many reasons already listed by other posters.

What to do now? Check your contract. Preferably, I would start all over again. Take the house off the market, interview realtors (again), pick an experienced one. Make sure house is in pristine condition. Price it correctly and list it again.

As a piece of anecdotal evidence, let me give you example from my neighborhood this spring (I know this happens everywhere). HCOL $500K-$750K price range, lots of new construction going on as well. Tons of houses on the market every year. It's heaven for realtors, so competition is high. The good ones with strong sales record in the area are selling houses quickly, as they hit the market in pristine condition priced correctly. However, we also have few houses on the market that are priced sky high from the get-go by realtors with zero sales record in our area. They somehow convince the seller that they should list at $700K because house X across the street sold for that amount last summer.

This particular seller (friend of mine few houses down the street) rejected 2 other realtors who recommended listing price to be in the more realistic $625-$640K price range. House sits on the market for 3 months with very few showings, until multiple price cuts take it down to $590K. He then gets an offer. He is tired of the whole process and just wants to get rid of the house. He accepted $575K offer.

All this could have been avoided. Don't be that guy, OP. Start all over again. I wish you good luck whichever way you decide to go!

BogleBoogie
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Re: House not selling

Post by BogleBoogie » Mon May 27, 2019 8:47 am

I've found it VERY difficult to evaluate the home you have lived in. You don't notice things that need freshening up as you've grown numb to them. A couple of things that I've found helpful are a very honest realtor who will tell you what you need to know. We had to put thousands into our house to get it in the best possible showing condition, on top of paint. The other thing I found helpful was during the open house caravan of Realtors, they each filled out a quick card on the price they thought it should be listed, their guess on final sales price, and a few things they really liked or didn't like about the house. Nothing scientific about that, but you just get more input.

You may want to consider taking the house of the market, making a few minor improvements and re-listing during the summer. Price it competitive from day 1 so you don't find yourself chasing the price down. Good luck!

Pepper11
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Re: House not selling

Post by Pepper11 » Mon May 27, 2019 8:59 am

WillRetire wrote:
Mon May 27, 2019 8:32 am
What exactly do you mean by the statement that the "walls are (were) worn out" ?

What comes to mind is: banged up woodwork, gouges or cracks in sheetrock.

What does NOT come to mind is scuffed paint.

Other factors that make one house less attractive than another in the same neighborhood are as follows. Note: Obviously, I have no way of knowing whether your house has any of these problems.
- floor plan
- location or proximity to high traffic
- unattractive landscaping
- lack of a back yard, or unusable back yard (such as severe drop in grade)
- signs of water damage
- ugly window treatments
- bold/loud interior paint colors
- bold/loud tile or carpet colors
- ugly kitchen
- large item that most people don't want & would have to pay to remove. e.g. 2 story jungle gym, inground pool, outdoor hottub, ugly shed

You might want to post a few pictures from the listing (keep address & location anonymous) to get better anonymous feedback from "us" = "the internet".

ETA: large item that most people don't want & would have to pay to remove
An inground pool definately does not diminish a homes value. Can add a large amount of value in many cases. Many people have this on a wish list for a new home and look specifically for homes with a pool.

stan1
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Re: House not selling

Post by stan1 » Mon May 27, 2019 9:07 am

Pepper11 wrote:
Mon May 27, 2019 8:59 am

- large item that most people don't want & would have to pay to remove. e.g. 2 story jungle gym, inground pool, outdoor hottub, ugly shed

You might want to post a few pictures from the listing (keep address & location anonymous) to get better anonymous feedback from "us" = "the internet".

ETA: large item that most people don't want & would have to pay to remove
An inground pool definately does not diminish a homes value. Can add a large amount of value in many cases. Many people have this on a wish list for a new home and look specifically for homes with a pool.
[/quote]

Varies entirely by region so one size fits all advice doesn't apply. In places where water has gotten expensive people absolutely are filling in pools and they are viewed as much as a liability than an asset. Houses with a pool and without a pool sell at the same price. In other areas it could be very different.

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sunny_socal
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Re: House not selling

Post by sunny_socal » Mon May 27, 2019 9:11 am

Ditch the realtor and get a listing to reset your "days on market" counter. Price it lower.

Good luck. I'll be in the same boat one day! (We came from CA, where you didn't even need to sweep the floors when you left and the house would still sell for above ask within two weeks.)

tomd37
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Re: House not selling

Post by tomd37 » Mon May 27, 2019 9:19 am

What is the MLS listing #? Perhaps people here could look at the offering online and comment based on that review.
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cosine
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Re: House not selling

Post by cosine » Mon May 27, 2019 9:20 am

What is the process of firing my realtor. Is it contract dependent? I think I signed a generic contract. I’ll have to look it over.

bovineplane
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Re: House not selling

Post by bovineplane » Mon May 27, 2019 9:27 am

We live in a newer neighborhood. Moved in when it was less than 50% completed. Rented the first four years. During that time we watched lots of house list re-sale and languish on the market for months to a year or more. At the same time new houses by the builders sold very quickly.

Incentives from the builders, choice of finishes, landscaping options, discounts you can't see in the sales price, etc make competing with builders difficult.

Our current home came on the market two years ago at 305k. It was four house down from our rental. We knew they paid 290k for it three years before listing. The owners spent 20k plus on backyard landscaping. Added expensive drainage to the house. Upgraded lots of fixtures, alarm, etc. When they listed it sat on the market. And sat. After 6 months they lowered the price to 295. It continued to sit. Lowered again to 285 and it sat.

It stayed on the market for a bit over a year. Owner had already moved out of town. Wife still here by herself. When we were ready to buy we offered $250k. They declined immediately. The following Monday thier realtor called and asked us if we were still interested. They asked for a better offer rather than countering. The number we had in mind before our first offer was 270k. We offered 270 with 5k back. They tried to counter, we declined and stuck with our offer and closed at that number. The sellers lost in the range of $50k in the three years they owned it. This was two years ago in a decent market, not a recession.

Bottom line is new hoods are hard to compete with contractors. Today in our neighborhood there are few listings. Houses sell in days or weeks at full asking price or just under (not over). Two houses on our street went under contract first day of listings. Not much different in economy today vs two years ago. Not much appreciation (Texas). The primary difference is no more contractor lots available and no new houses going up. It will sell at the right price but you will be sad to see that price under what you paid until the contractors finish the new construction in your neighborhood.

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mhadden1
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Re: House not selling

Post by mhadden1 » Mon May 27, 2019 9:29 am

cosine wrote:
Mon May 27, 2019 9:20 am
What is the process of firing my realtor. Is it contract dependent? I think I signed a generic contract. I’ll have to look it over.
Likely you are signed up for a certain number of days, e.g. 120, 180.
Oh I can't, can I? That's what they said to Thomas Edison, mighty inventor, Thomas Lindberg, mighty flyer,and Thomas Shefsky, mighty like a rose.

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Watty
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Re: House not selling

Post by Watty » Mon May 27, 2019 9:44 am

mhadden1 wrote:
Mon May 27, 2019 9:29 am
cosine wrote:
Mon May 27, 2019 9:20 am
What is the process of firing my realtor. Is it contract dependent? I think I signed a generic contract. I’ll have to look it over.
Likely you are signed up for a certain number of days, e.g. 120, 180.

That likely does not really matter a lot. If you tell your real estate agent you want to end the agreement they will almost certainly let you out of it early. Of course if anyone who saw the house while they were representing you comes back and now wants to buy it they would still get their commission.

They really do not want you to do rants on the internet about them. Frankly they may be glad to get out of the agreement too if it looks likely that the house will sell anytime soon.

Just fyi, when I last sold a house I interviewed 6-8 real estate agents on the phone then let three of them do a presentation to me before I selected an agent. I was upfront about the process I was using to select an agent and they were all OK with it. Part of their job is selling themself and if they can't do that well then you do not want them to be trying to sell your house.

stan1
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Re: House not selling

Post by stan1 » Mon May 27, 2019 9:57 am

cosine wrote:
Mon May 27, 2019 9:20 am
What is the process of firing my realtor. Is it contract dependent? I think I signed a generic contract. I’ll have to look it over.
It's unclear so far whether replacing the realtor will help you out. Did he suggest the $425K original listing price to you, or is that a number you gave him? Did you follow his advice before putting the house in the MLS (such as decluttering and painting)? The realtor is your agent. Realtors don't make decisions. The sellers and buyers make decisions.

If you think the market is reasonably strong (other houses outside your subdivision are selling) I think you should drop the price to $369K and shoot for multiple offers that will start a bidding war and bring it back up to market. I realize that's a bit scary but you need to help realtors and buyers get past the biases they already have about your house (overpriced and lived in). See what your realtor thinks about that strategy.

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willthrill81
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Re: House not selling

Post by willthrill81 » Mon May 27, 2019 10:00 am

WillRetire wrote:
Mon May 27, 2019 8:32 am
What exactly do you mean by the statement that the "walls are (were) worn out" ?

What comes to mind is: banged up woodwork, gouges or cracks in sheetrock.

What does NOT come to mind is scuffed paint.
:thumbsup

After having extensively remodeled two homes ourselves, I concur with your thoughts. Banged up walls cannot be fixed with mere paint. It will take spackle and perhaps caulk, trim may need to be replaced entirely, etc. And if walls are banged up, then the doors and their trim may need replacing as well. We replaced all of the interior doors with both of our remodels, and it made a huge difference in making the homes look neat and clean. We got a cash offer for almost full asking price and no contingencies on the first home, and the second home never even went on the market; it was sold for top dollar to a work colleague for cash.

Believe it or not, your home may only need to be 1% better than comparables in your area to sell quickly and for a solid price.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

gtd98765
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Re: House not selling

Post by gtd98765 » Mon May 27, 2019 10:09 am

cosine wrote:
Mon May 27, 2019 9:20 am
What is the process of firing my realtor. Is it contract dependent? I think I signed a generic contract. I’ll have to look it over.
You probably signed an exclusive contract for a certain number of days, which may not be expired yet. However, if you go to the head of the office and say you are not satisfied with their work, they will often let you out of the contract. Get that in writing, of course.

Also, before you bail on your realtor you should probably have someone else in mind. Ask mortgage brokers, bankers, etc for recommendations, then call to check references.

Good luck.

HomeStretch
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Re: House not selling

Post by HomeStretch » Mon May 27, 2019 10:18 am

+1 on price is too high + staging + new agent

Have you asked your agent for his/her feedback on why the house isn’t selling and to obtain feedback from the agents for the buyers that have toured your house? The feedback is essential to correcting price/condition issues.

Fix the issues, come to terms with possibly a lower list price (that may be lower than your basis) and relist house with new photos, etc.

Good luck!
Last edited by HomeStretch on Mon May 27, 2019 11:01 am, edited 1 time in total.

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F150HD
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Re: House not selling

Post by F150HD » Mon May 27, 2019 10:52 am

cosine wrote:
Sun May 26, 2019 9:24 pm

I have been frustrated with my realtor. He seems like a nice person but it may take a day or two for him to get back to me. He is recommending We lower the price.

a day or two? seriously? in a day and age where you can text someone back 5 seconds after they contact you?

=>you need to fire this person immediately (tactfully). Its your money so you need to speak up now.

Fire them (tactfully) and get them to delist it. Find a new realtor and relist in a few weeks after reevaluating.

Or, fire them and contact a realtor on Redfin and have them sell it for you.

Barring any fatal flaws you are not disclosing, I would unquestionably get rid of the realtor. Sometimes its just not a fit.
cosine wrote:
Sun May 26, 2019 8:40 pm
We have small kids and the walls were ruined
not quite sure what this means? you may want to clarify
Last edited by F150HD on Mon May 27, 2019 11:12 am, edited 1 time in total.

WillRetire
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Re: House not selling

Post by WillRetire » Mon May 27, 2019 10:57 am

Pepper11 wrote:
Mon May 27, 2019 8:59 am
WillRetire wrote:
Mon May 27, 2019 8:32 am
What exactly do you mean by the statement that the "walls are (were) worn out" ?

What comes to mind is: banged up woodwork, gouges or cracks in sheetrock.

What does NOT come to mind is scuffed paint.

Other factors that make one house less attractive than another in the same neighborhood are as follows. Note: Obviously, I have no way of knowing whether your house has any of these problems.
- floor plan
- location or proximity to high traffic
- unattractive landscaping
- lack of a back yard, or unusable back yard (such as severe drop in grade)
- signs of water damage
- ugly window treatments
- bold/loud interior paint colors
- bold/loud tile or carpet colors
- ugly kitchen
- large item that most people don't want & would have to pay to remove. e.g. 2 story jungle gym, inground pool, outdoor hottub, ugly shed

You might want to post a few pictures from the listing (keep address & location anonymous) to get better anonymous feedback from "us" = "the internet".

ETA: large item that most people don't want & would have to pay to remove
An inground pool definately does not diminish a homes value. Can add a large amount of value in many cases. Many people have this on a wish list for a new home and look specifically for homes with a pool.
Inground pool was just an example of a large item that [in many areas] most people don't want. In some areas like Florida: it's a must. In some areas, like northeast, it is a deal-breaker for >50% of home buyers.

The point is some large add-ons are deal-breakers to a large % of home buyers. Put differently, they narrow the field of prospective buyers greatly.
Better off without them if trying to appeal to a majority of buyers.

Suggestion to the OP is to think about whether they have some sort of add-on which is turning people off. Needn't be a pool.

Another example: 2 story jungle gym. Sure, some folks look at that as a plus, but many look at it as something they'll have to tear down because (a) they don't have young kids, (b) do have young kids but don't want the worry of kids getting hurt, (c) like it now for their young kids but don't want the hassle or expense of tearing it down in 5 years or less when the kids outgrow or tire of it.

Mr.BB
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Re: House not selling

Post by Mr.BB » Mon May 27, 2019 10:59 am

Try these two things:
Go look at some houses in your neighborhood and nearby neighborhood as a buyer. Look how they are presented compared to yours.
Ask some friends to come by to look at your house from the perspective of a buyer and ask them to be critical of what they see. Remind them they will not hurt your feelings and that you need honest feedback to look for things that are wrong.

Years ago one of the best pieces of advice I ever heard about selling was to look for things that were not right.
Do your doors squeak?
Do doors open and close properly?
What happens when all the water is turned on at the same time?
People remember things that are wrong not the things that are right about a house.
Last edited by Mr.BB on Mon May 27, 2019 7:36 pm, edited 1 time in total.
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cosine
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Re: House not selling

Post by cosine » Mon May 27, 2019 11:24 am

Thanks for the replies. We dont have a pool or jungle gym or any other large feature.

Im not sure what do about the realtor. He did help me find a cheap painter who did a great job. He also helped fix a bathroom countertop which had some issues ( rot from a small leak ) which has been fixed. I dont know if firing him and getting someone else would even make a difference. I live in a small town and this is a fairly expensive house for the area and sq foot ( 2700). Maybe its just overpriced and i need to lower the price even more. Would it be better to take it off the market all together for a few days and come back at 389 or just go ahead and reduce it and see what happens?

Thanks again

Topic Author
cosine
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Re: House not selling

Post by cosine » Mon May 27, 2019 11:28 am

Im not exactly sure why the potential buyers were saying worn. It had to have been the paint. There were stains on the walls, slime ( will never buy this again for the kids!), and they were just dirty. I tried the magic scrubs on one wall which just made things worse.There was no actual damage to the walls. This is the most expensive neighborhood in the city and i think people expect perfection. The front door was sun bleached and we stained it.

My gut is telling me to lower the price and just be patient. Its a good house in a good neighborhood in a good school district.

snowman
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Re: House not selling

Post by snowman » Mon May 27, 2019 11:31 am

cosine wrote:
Mon May 27, 2019 11:24 am
Thanks for the replies. We dont have a pool or jungle gym or any other large feature.

Im not sure what do about the realtor. He did help me find a cheap painter who did a great job. He also helped fix a bathroom countertop which had some issues ( rot from a small leak ) which has been fixed. I dont know if firing him and getting someone else would even make a difference. I live in a small town and this is a fairly expensive house for the area and sq foot ( 2700). Maybe its just overpriced and i need to lower the price even more. Would it be better to take it off the market all together for a few days and come back at 389 or just go ahead and reduce it and see what happens?

Thanks again
I think the main problem here is that we/you have no idea what the correct price range for this house is. That's why I recommended starting over - interview other realtors. Find out what exactly the issue is, price-wise and otherwise. Only then will you know whether dropping price further makes sense.

JoeRetire
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Re: House not selling

Post by JoeRetire » Mon May 27, 2019 11:39 am

cosine wrote:
Mon May 27, 2019 11:24 am
Maybe its just overpriced and i need to lower the price even more. Would it be better to take it off the market all together for a few days and come back at 389 or just go ahead and reduce it and see what happens?
Taking it off the market for a few days won't make any difference. Your agent suggested that you lower the price. Did they indicate what price would make sense?

If you want to sell the house, you can. You just need to lower the price enough. Work with your agent to find the correct price.

Starting too high, and going lower and lower and lower is a mistake. Set it right once and get it sold.

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