My house isn't selling

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
pasadena
Posts: 1319
Joined: Sat Jul 02, 2016 1:23 am
Location: PNW

Re: My house isn't selling

Post by pasadena »

boogle_12 wrote: Sun Jul 18, 2021 12:03 am
rage_phish wrote: Sat Jul 17, 2021 9:01 am Op keeps saying it was a bad offer and everyone is assuming it was just the dollar amount. Was there more to the offer that made us a bad one?


I found the listing pretty easily based on some of the posts in here (people may want to edit posts if op doesn’t want us able to find it)

I think it looks like a great house. I was just house hunting a couple months ago and based on just the house, I know my wife would have made us look at it despite it being smaller than I’d want. Pictures looks good, it’s well staged. It could use a few more pictures, but that’s not picky

Schools appear to be below avg to avg. nice sized backyard for kids, near a park but also close to what looked like a fairly major through street.

Based on the listing and not knowing the market there…I’d have to assume it’s the price that’s the issue. I don’t see any red flags from the actual listing
At first, I thought like OP saying it was a “laughable” offer could be true if homes were selling at least at 500k or so in the area. I also found the listing and it seems like there’s bigger homes selling closer to 480k. You will not be able to sell with those around at your original price.
There are indeed a few homes for sale for less per sqf, but most have been on the market for 10-25 days too. I'll add that if I'm not mistaken on the listing, the description is laughably bad. I would seriously fire that realtor yesterday.
boogle_12
Posts: 10
Joined: Mon Apr 26, 2021 1:41 pm

Re: My house isn't selling

Post by boogle_12 »

pasadena wrote: Sun Jul 18, 2021 1:01 am
boogle_12 wrote: Sun Jul 18, 2021 12:03 am
rage_phish wrote: Sat Jul 17, 2021 9:01 am Op keeps saying it was a bad offer and everyone is assuming it was just the dollar amount. Was there more to the offer that made us a bad one?


I found the listing pretty easily based on some of the posts in here (people may want to edit posts if op doesn’t want us able to find it)

I think it looks like a great house. I was just house hunting a couple months ago and based on just the house, I know my wife would have made us look at it despite it being smaller than I’d want. Pictures looks good, it’s well staged. It could use a few more pictures, but that’s not picky

Schools appear to be below avg to avg. nice sized backyard for kids, near a park but also close to what looked like a fairly major through street.

Based on the listing and not knowing the market there…I’d have to assume it’s the price that’s the issue. I don’t see any red flags from the actual listing
At first, I thought like OP saying it was a “laughable” offer could be true if homes were selling at least at 500k or so in the area. I also found the listing and it seems like there’s bigger homes selling closer to 480k. You will not be able to sell with those around at your original price.
There are indeed a few homes for sale for less per sqf, but most have been on the market for 10-25 days too. I'll add that if I'm not mistaken on the listing, the description is laughably bad. I would seriously fire that realtor yesterday.
Yes, if we're looking at the right one, that realtor needs to be fired. No offense to him, but there was a little bio on Zillow and it was also laughably bad. Not very good that he also hasn't represented the sell side in nearly 2 years.
rage_phish
Posts: 354
Joined: Thu Jan 31, 2019 4:27 pm

Re: My house isn't selling

Post by rage_phish »

pasadena wrote: Sun Jul 18, 2021 1:01 am
boogle_12 wrote: Sun Jul 18, 2021 12:03 am
rage_phish wrote: Sat Jul 17, 2021 9:01 am Op keeps saying it was a bad offer and everyone is assuming it was just the dollar amount. Was there more to the offer that made us a bad one?


I found the listing pretty easily based on some of the posts in here (people may want to edit posts if op doesn’t want us able to find it)

I think it looks like a great house. I was just house hunting a couple months ago and based on just the house, I know my wife would have made us look at it despite it being smaller than I’d want. Pictures looks good, it’s well staged. It could use a few more pictures, but that’s not picky

Schools appear to be below avg to avg. nice sized backyard for kids, near a park but also close to what looked like a fairly major through street.

Based on the listing and not knowing the market there…I’d have to assume it’s the price that’s the issue. I don’t see any red flags from the actual listing
At first, I thought like OP saying it was a “laughable” offer could be true if homes were selling at least at 500k or so in the area. I also found the listing and it seems like there’s bigger homes selling closer to 480k. You will not be able to sell with those around at your original price.
There are indeed a few homes for sale for less per sqf, but most have been on the market for 10-25 days too. I'll add that if I'm not mistaken on the listing, the description is laughably bad. I would seriously fire that realtor yesterday.
Totally agree on the description
User avatar
Bogle7
Posts: 1155
Joined: Fri May 11, 2018 9:33 am
Location: Mountain state

Wrong choice for agent

Post by Bogle7 »

boogle_12 wrote: Sun Jul 18, 2021 2:00 am... that realtor needs to be fired....Not very good that he also hasn't represented the sell side in nearly 2 years.
Has not represented a seller in Dallas in over 5 years.
Old fart who does three index funds, baby.
Normchad
Posts: 2800
Joined: Thu Mar 03, 2011 7:20 am

Re: My house isn't selling

Post by Normchad »

rage_phish wrote: Sun Jul 18, 2021 8:32 am
pasadena wrote: Sun Jul 18, 2021 1:01 am
boogle_12 wrote: Sun Jul 18, 2021 12:03 am
rage_phish wrote: Sat Jul 17, 2021 9:01 am Op keeps saying it was a bad offer and everyone is assuming it was just the dollar amount. Was there more to the offer that made us a bad one?


I found the listing pretty easily based on some of the posts in here (people may want to edit posts if op doesn’t want us able to find it)

I think it looks like a great house. I was just house hunting a couple months ago and based on just the house, I know my wife would have made us look at it despite it being smaller than I’d want. Pictures looks good, it’s well staged. It could use a few more pictures, but that’s not picky

Schools appear to be below avg to avg. nice sized backyard for kids, near a park but also close to what looked like a fairly major through street.

Based on the listing and not knowing the market there…I’d have to assume it’s the price that’s the issue. I don’t see any red flags from the actual listing
At first, I thought like OP saying it was a “laughable” offer could be true if homes were selling at least at 500k or so in the area. I also found the listing and it seems like there’s bigger homes selling closer to 480k. You will not be able to sell with those around at your original price.
There are indeed a few homes for sale for less per sqf, but most have been on the market for 10-25 days too. I'll add that if I'm not mistaken on the listing, the description is laughably bad. I would seriously fire that realtor yesterday.
Totally agree on the description
These are great points. I looked at the listing, and it’s a cute house. Nothing wrong with it, it’s just about the price. (The schools are rated mediocre to bad, which doesn’t help)

As I’m looking at it, Zillow is recommending a nearby house to me that is about 40% bigger and listed at 475. It’s not as cute as OPs house, but it’s pretty good. That’s the problem right there…..
rage_phish
Posts: 354
Joined: Thu Jan 31, 2019 4:27 pm

Re: Wrong choice for agent

Post by rage_phish »

Bogle7 wrote: Sun Jul 18, 2021 8:47 am
boogle_12 wrote: Sun Jul 18, 2021 2:00 am... that realtor needs to be fired....Not very good that he also hasn't represented the sell side in nearly 2 years.
Has not represented a seller in Dallas in over 5 years.
Yikes
Outer Marker
Posts: 1980
Joined: Sun Mar 08, 2009 8:01 am

Re: My house isn't selling

Post by Outer Marker »

justsomeguy2018 wrote: Fri Jul 16, 2021 12:55 pm
Triple digit golfer wrote: Fri Jul 16, 2021 12:49 pm
justsomeguy2018 wrote: Fri Jul 16, 2021 12:46 pm
Watty wrote: Fri Jul 16, 2021 11:54 am You should have a list of nearby comparable houses that were for sale when you first listed your house for sale.

It would be good to go through that list to see if they have sold(and the price), dropped their price, or have been taken off the market.

If few of them have sold then that would be a confirmation that other people are having the same problem and it may not be a problem with your house or the listing.

One thing was not clear was if you make a counter offer to the person that offered $35K below the asking price. I would have likely make a counter offer that was $1,000 below the asking price with 24 hours to respond just to keep the dialog open and to see if their first offer was just a test to see if you were desperate or not. It very likely would not resulted in a deal most of the time but it would not have cost you anything to try that to see if something could have been worked out.
The offer was so laughably bad that I believe the realtor said that we rejected the offer and recommended they submit a revised offer if they were interested in moving further along in the process.
Are you sure it was laughable? What is your asking price?
$513k

Offer was $476k

That is an extreme lowball offer for a house only on the market 2 weeks, IMO.
This is truly terrible negotiating. You got one single offer and rejected it out-of-hand without bothering to counter?!?. Why not counter with your bottom line price? I'd swallow my pride and have the realtor go back to them. You're thinking about dropping the price to $499k. Offer it at that and see what happens. The listing was botched. You were clearly over-priced and now you've got what is starting to appear like a distressed sale situation with mounting days on market.
boogle_12
Posts: 10
Joined: Mon Apr 26, 2021 1:41 pm

Re: My house isn't selling

Post by boogle_12 »

^^ this is solid advice. You have someone interested and they may be willing to go up to 499. Your agent did not want to do the work to see that there was a home close to you that had also tried to go for a similar original asking a month before you and ended up cutting the price to about where you are now a couple weeks before you did. If that home is still not selling, you can not afford to let a potential buyer go.

Staging is always a nice bonus, but it seems like you probably could have saved that money and sold for the same amount you are going to.
User avatar
Raymond
Posts: 1745
Joined: Mon Apr 16, 2012 6:04 am

Re: My house isn't selling

Post by Raymond »

^^ OP stated up-thread about the only offer so far:

...And apparently even that is now screwed up because the realtor suggested they submit a revised offer and their reply was "we'll continue shopping".
"Ritter, Tod und Teufel"
User avatar
burgrat
Posts: 245
Joined: Sat Apr 24, 2010 11:38 am

Re: My house isn't selling

Post by burgrat »

I sold my house last year. Listed the house for $412k. Quickly got an offer for $385k. I did not dismiss that offer, I countered saying I would take $410k (this was right at beginning of COVID, so I wanted to sell because no one knew what was happening!). The guy accepted $410k. Closed within 30 days. I guess he just thought he'd throw out a "low ball" offer to test the waters. That didn't work for him, but I was happy in the end. The OP should have considered countering that guy's offer.
neverpanic
Posts: 844
Joined: Sun May 10, 2020 12:26 am

Re: My house isn't selling

Post by neverpanic »

This has been an educational exercise for me. I was not aware that Texas only allows showing "last list price" and not final sale prices on sites like Zillow and Redfin.

OP, your home is cute and, without knowing the neighborhood, I could see myself living there. It shows pride of ownership, which is important to many potential buyers. You should be proud of what you have presented to the market and you should feel it will be a great place to live for the next person or family who move in. Easy for me to say, of course, but that's as deep as the emotion should go.

Regarding the listing, it's my humble opinion that the home shows well, however, I was not exactly a fan of the verbiage. But, I admit to being a stickler about language and storytelling, and I'm imaging you wouldn't mind hearing our general impressions. I thought the staging and photos were good. With regard to the property itself, I see you did plant color up front, it's just not in full bloom yet. :)

Sadly - and I say this with great empathy as someone who lives at home and does not merely occupy it - my sense is that you're looking at what the "other house" a few blocks away sold for last month and view it as your home's direct comp on size, renovation, and location. I get the logic. Your thought process makes a lot of sense. But people who know real estate will tell you that a market can go cold much more quickly than it got hot. It's still a small sample size, but are trends pointing towards a cooling off in many parts of the country, and your neighbor's timing just happened to catch the peak. Yes, it's logical to assume that summer and post-pandemic freedom have something to do with that cooling we are observing, but as supply lines begin to reopen (we hope that can continue!) and reports of lower lumber costs start coming in, it's hard to say there is anything in the forecast predicting the sale prices we saw in March/April/May.

I appreciate you sharing your story with us and hope that others will benefit from the knowledge and counsel shared in the thread.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
rooms222
Posts: 643
Joined: Fri Feb 22, 2013 2:12 pm

Re: My house isn't selling

Post by rooms222 »

I also wanted to thank you for responding and wish you good luck.

I am not sure if I saw your house or the other one in DFW with a similar history, but one thing I found interesting was to look at the Zillow history of values over time on the house I saw. Looking at the May 2021 to the June 2021 value, Zillow shot up by more than $100k in one month. With such a volatile asset, if it is true that the market has paused going up, it makes me pause to think how to realize as much of that huge increase as practical without missing out.
Outer Marker
Posts: 1980
Joined: Sun Mar 08, 2009 8:01 am

Re: My house isn't selling

Post by Outer Marker »

Raymond wrote: Sun Jul 18, 2021 12:43 pm ^^ OP stated up-thread about the only offer so far:

...And apparently even that is now screwed up because the realtor suggested they submit a revised offer and their reply was "we'll continue shopping".
That does not preclude the OP from going back to the sole interested buyer with a price that seller would accept. The realtor essentially suggested to the buyer that the proceed by bidding against themselves. I'd say "no thanks" to that too. By going back to buyer with a best and final seller's offer of $499k, they have something tangible and actionable to go on with the hope of closing a deal on a house they obviously like.
mkc
Posts: 724
Joined: Wed Apr 17, 2013 2:59 pm

Re: My house isn't selling

Post by mkc »

neverpanic wrote: Sun Jul 18, 2021 2:29 pm This has been an educational exercise for me. I was not aware that Texas only allows showing "last list price" and not final sale prices on sites like Zillow and Redfin.
Texas is somewhat unique in that the actual sales price of property is only disclosed if the buyer submits a form to the county appraiser's office. It's an optional form that's presented as closing - most realtors advise against submitting it. Most other states require selling prices to be disclosed.
Dmody91
Posts: 12
Joined: Thu Apr 23, 2020 7:29 am

Re: Wrong choice for agent

Post by Dmody91 »

Bogle7 wrote: Sun Jul 18, 2021 8:47 am
boogle_12 wrote: Sun Jul 18, 2021 2:00 am... that realtor needs to be fired....Not very good that he also hasn't represented the sell side in nearly 2 years.
Has not represented a seller in Dallas in over 5 years.
Love the info in this thread. How did you find out this info?
jeam3131
Posts: 150
Joined: Sun Aug 26, 2018 2:48 pm

Re: My house isn't selling

Post by jeam3131 »

justsomeguy2018 wrote: Fri Jul 16, 2021 12:55 pm
Triple digit golfer wrote: Fri Jul 16, 2021 12:49 pm
justsomeguy2018 wrote: Fri Jul 16, 2021 12:46 pm
Watty wrote: Fri Jul 16, 2021 11:54 am You should have a list of nearby comparable houses that were for sale when you first listed your house for sale.

It would be good to go through that list to see if they have sold(and the price), dropped their price, or have been taken off the market.

If few of them have sold then that would be a confirmation that other people are having the same problem and it may not be a problem with your house or the listing.

One thing was not clear was if you make a counter offer to the person that offered $35K below the asking price. I would have likely make a counter offer that was $1,000 below the asking price with 24 hours to respond just to keep the dialog open and to see if their first offer was just a test to see if you were desperate or not. It very likely would not resulted in a deal most of the time but it would not have cost you anything to try that to see if something could have been worked out.
The offer was so laughably bad that I believe the realtor said that we rejected the offer and recommended they submit a revised offer if they were interested in moving further along in the process.
Are you sure it was laughable? What is your asking price?
$513k

Offer was $476k

That is an extreme lowball offer for a house only on the market 2 weeks, IMO.
Should have attempted to negotiate. The offer isn't that low. Calling it an extreme lowball offer is a bit extreme. It also seems like your RE is not very good.

Cost of renovations is extremely high right now, let alone the aggravation involved in trying to find someone to do the work. Depending on how much work is needed, they might be trying to price that in.
Freetime76
Posts: 583
Joined: Wed Jun 26, 2019 8:26 pm

Re: My house isn't selling

Post by Freetime76 »

jeam3131 wrote: Mon Jul 19, 2021 7:58 am
justsomeguy2018 wrote: Fri Jul 16, 2021 12:55 pm
Triple digit golfer wrote: Fri Jul 16, 2021 12:49 pm
justsomeguy2018 wrote: Fri Jul 16, 2021 12:46 pm
Watty wrote: Fri Jul 16, 2021 11:54 am You should have a list of nearby comparable houses that were for sale when you first listed your house for sale.

It would be good to go through that list to see if they have sold(and the price), dropped their price, or have been taken off the market.

If few of them have sold then that would be a confirmation that other people are having the same problem and it may not be a problem with your house or the listing.

One thing was not clear was if you make a counter offer to the person that offered $35K below the asking price. I would have likely make a counter offer that was $1,000 below the asking price with 24 hours to respond just to keep the dialog open and to see if their first offer was just a test to see if you were desperate or not. It very likely would not resulted in a deal most of the time but it would not have cost you anything to try that to see if something could have been worked out.
The offer was so laughably bad that I believe the realtor said that we rejected the offer and recommended they submit a revised offer if they were interested in moving further along in the process.
Are you sure it was laughable? What is your asking price?
$513k

Offer was $476k

That is an extreme lowball offer for a house only on the market 2 weeks, IMO.
Should have attempted to negotiate. The offer isn't that low. Calling it an extreme lowball offer is a bit extreme. It also seems like your RE is not very good.

Cost of renovations is extremely high right now, let alone the aggravation involved in trying to find someone to do the work. Depending on how much work is needed, they might be trying to price that in.
small comment: YES - gads it's aggravating to find a tradesperson. ANYONE we know who is considering career paths, we are saying to learn a skill in the trades...(then they can come work on our house!).

For the OP: it's tough when you don't know exactly what the realtors are saying to each other. I can empathize, for sure. My limited experience is that luring a buyer back (or trying to) ends up wasting time and they aren't your real buyer. It can be intensely frustrating. Waiting is frustrating.

If you *need* to sell, then the only thing you control is pricing and marketing, and - in theory - your realtor's instructions ("bring all offers", "motivated seller", vs "I can afford to wait" or "no problem, we'll pull it off the market if we don't sell" vs "we can work with the right buyer" i.e. we'll negotiate) to get after it.
Please spell out new acronyms. Thank you.
surfstar
Posts: 2711
Joined: Fri Sep 13, 2013 12:17 pm
Location: Santa Barbara, CA

Re: My house isn't selling

Post by surfstar »

Skimming the thread, what stands out to me is the terms/phrasing:

"insulting, low-ball offer"

OP - this isn't personal. This is business. They want to pay a low price, you want to sell for a high price. Don't be "insulted" by a buyer who is representing their best interest, especially the only one interested enough to present an offer!
Price negotiating is not a personal attack against you or your house.
Triple digit golfer
Posts: 7984
Joined: Mon May 18, 2009 5:57 pm

Re: My house isn't selling

Post by Triple digit golfer »

Any reason you're not immediately lowering the price to $499k?
H-Town
Posts: 3695
Joined: Sun Feb 26, 2017 2:08 pm

Re: My house isn't selling

Post by H-Town »

OP, this is from outside perspective: I think you may have put too much emotions into the sale of your house. It's better to leave it to someone that doesn't have such emotions and attachment to your house. If it isn't selling at 513k and you received an offer at 476k, logically you just need to lower the listing price. Emotions can affect your decision making.
as9
Posts: 402
Joined: Mon Jan 27, 2020 9:26 am

Re: My house isn't selling

Post by as9 »

I'm not even sure it's fair to blame the OP here. Seller's get emotional - it happens. It's one of the reasons realtors can be very useful. In this case it's clear the realtor is completely worthless.
User avatar
Elsebet
Posts: 1092
Joined: Mon Feb 08, 2016 2:28 pm
Location: Erie, PA

Re: My house isn't selling

Post by Elsebet »

Our current home was listed for 399k and was on the market for about 2 months (normal in this LCOL area) last summer. I started with 315k and via counteroffers we worked our way to the middle of both our initial prices. That is normally how home sales work. I think your realtor's advice to reject the first offer was terrible and would find a new realtor immediately.
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
User avatar
JamesSFO
Posts: 3275
Joined: Thu Apr 26, 2012 10:16 pm

Re: My house isn't selling

Post by JamesSFO »

Wishing the OP good luck with the sale
User avatar
Beensabu
Posts: 908
Joined: Sun Aug 14, 2016 3:22 pm

Re: My house isn't selling

Post by Beensabu »

OP - Do you need to sell right now (or soon)? If you don't, then just cancel the listing. A month is too long for no showings and one offer that you find unacceptable. You priced it wrong. If you drop the price dramatically now or it stays up too much longer, people will either really think there's something wrong with it or they'll try to take advantage of perceived desperation. You've learned your lesson. Cancel the listing. Wait 6 months, find a new realtor (get a recommendation, maybe?), and relist at your lowest acceptable price in early spring so that you can get people in the door and making offers (hopefully above asking). Even if someone digs to find the old listing, that looks more like the seller was fishing but didn't like their offers (if you don't need to sell, then this is actually true), didn't want the aggravation, and is trying again (vs. needs to sell ASAP). That's not to say you'll be able to get a higher price then (because you might not). $475k might be that "I could have gotten an extra $30k" by then... But if you think your home is worth a certain amount, and you aren't willing to sell for under that, and you are willing to stay in your home until someone is willing to pay what you think it is worth, then... that's that. Anyway, you're only subject to current market pricing (which is lower than you want) if you actually need to sell.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next."
User avatar
cchrissyy
Posts: 584
Joined: Fri May 05, 2017 10:35 pm

Re: My house isn't selling

Post by cchrissyy »

OP - Do you need to sell right now (or soon)? If you don't, then just cancel the listing. A month is too long for no showings and one offer that you find unacceptable. You priced it wrong. If you drop the price dramatically now or it stays up too much longer, people will either really think there's something wrong with it or they'll try to take advantage of perceived desperation. You've learned your lesson. Cancel the listing. Wait 6 months, find a new realtor (get a recommendation, maybe?), and relist at your lowest acceptable price in early spring so that you can get people in the door and making offers (hopefully above asking).
good advice here. i haven't seen the listing but based on the forum members who found it and have concerns about the realtor not even having a track record in the area i believe you messed up when you picked them and the whole thing needs a reset. better luck next year!
rich126
Posts: 2932
Joined: Thu Mar 01, 2018 4:56 pm

Re: My house isn't selling

Post by rich126 »

cchrissyy wrote: Tue Jul 20, 2021 12:22 am
OP - Do you need to sell right now (or soon)? If you don't, then just cancel the listing. A month is too long for no showings and one offer that you find unacceptable. You priced it wrong. If you drop the price dramatically now or it stays up too much longer, people will either really think there's something wrong with it or they'll try to take advantage of perceived desperation. You've learned your lesson. Cancel the listing. Wait 6 months, find a new realtor (get a recommendation, maybe?), and relist at your lowest acceptable price in early spring so that you can get people in the door and making offers (hopefully above asking).
good advice here. i haven't seen the listing but based on the forum members who found it and have concerns about the realtor not even having a track record in the area i believe you messed up when you picked them and the whole thing needs a reset. better luck next year!
I've hired and fired a number of agents. Most in my younger days and learned a lot. I've learned that agents are a dime a dozen although the excellent ones are much rarer. Also not to use friends/family members of coworkers, etc. Instead most of my recent agents are agents that tend to dominate the local market and have resources to quickly solve problems, stage homes, help you move, etc. And most importantly know the local market and can tell you why one house went for $x while the other went for $y despite contradictions in size/location. Often it is due to the interior or some other issue.

In very strong markets people often want to save on commission because the house will sell regardless, and often it will, but having a top agent will help avoid many issues. I once used one that had a 24 hr cancellation policy. After a week or so on the market I decided I wasn't ready to sell and told him I wanted to cancel it and he did it w/o complaining about it.

I was pretty annoyed a couple of years ago with a corporate move because the relo company kept fighting my agent choices and kept giving me other agents but none of them did much if any work in my county much less my neighborhood. Finally I found one they accepted and things worked out ok. Years earlier I had a similar issue where the relo company sent me one agent but I also spoke with another agent. There was a sizable difference in listing price but fortunately they allowed me to list with my agent and he listed it at the higher price. It still sold the first weekend and at above list price. If I had gone with their recommendation (and he didn't even seem to work full time) it might have cost me thousands of dollars.

Too often people base agents like they do with insurance agents or FAs and rely on personalities instead of work quality.
Freetime76
Posts: 583
Joined: Wed Jun 26, 2019 8:26 pm

Re: My house isn't selling

Post by Freetime76 »

cchrissyy wrote: Tue Jul 20, 2021 12:22 am
OP - Do you need to sell right now (or soon)? If you don't, then just cancel the listing. A month is too long for no showings and one offer that you find unacceptable. You priced it wrong. If you drop the price dramatically now or it stays up too much longer, people will either really think there's something wrong with it or they'll try to take advantage of perceived desperation. You've learned your lesson. Cancel the listing. Wait 6 months, find a new realtor (get a recommendation, maybe?), and relist at your lowest acceptable price in early spring so that you can get people in the door and making offers (hopefully above asking).
good advice here. i haven't seen the listing but based on the forum members who found it and have concerns about the realtor not even having a track record in the area i believe you messed up when you picked them and the whole thing needs a reset. better luck next year!
+1
Eventually you get a new pool of buyers, and the market can catch up with your desired pricing. A reset - rest the property for a month or two and start over with a new agent - has worked for us in the past.

I feel for anybody dealing with the vagaries of this market. Someone should do a documentary.
Please spell out new acronyms. Thank you.
2tall4economy
Posts: 671
Joined: Thu Jan 08, 2015 7:55 am
Location: Global

Re: My house isn't selling

Post by 2tall4economy »

Went through the exact same thing recently.

Long story short, I didn't get multiple offers - I did get 1 and it wasn't too much lower than ask (unusual for the market - usually you get a more healthy haircut) and had an offer 33 days from when I listed, but it was certainly not what you would have believed.

1) in my experience of 4 markets as a owner, renter, or landlord, all the news you read about hot market is NOT true after you go beyond a certain price point. If you had a nice home in the "wealthy" part of town, there never was a rush on buying. It only happened in the mid to low range (for the area) priced homes
2) it's mostly over now
3) it's been very little time

certainly lowering price will find a buyer eventually. so will time but bad time to be sitting on something; but not as bad as next year.
You can do anything you want in life. The rub is that there are consequences.
User avatar
NewMoneyMustBeSmart
Posts: 571
Joined: Sat Jun 01, 2019 10:28 pm
Location: Midwest

Re: My house isn't selling

Post by NewMoneyMustBeSmart »

Buyer story. Purchase contract for X (High dollar house) with 3 month closing date (!) with contingency that it must appraise at or above. Appraisal came in 2 weeks before close and was 5% under. Renegotiated discount of 2.5% (split the difference of 5%). Belly is softening.
-- | Few are those who see with their own eyes and feel with their own hearts - Einstein
Post Reply