Home Selling in Rochester>Question Details

Risa, Home Seller in Rochester, MN

Buyers love our home, we are priced at or below comps, but no seems to be able to get past our steep driveway or smallish yard. Help

Asked by Risa, Rochester, MN Thu May 10, 2012

Home is staged, 25k in upgrades

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Try contract for deed financing or rent to own. http://www.mnhomescontractfordeed.com
0 votes Thank Flag Link Sat Jun 2, 2012
The Southeast Minnesota Association of REALTORs MLS has made some adjustments recently and total square footage is now being reported consistently and effectively. You should now be able to find both total sq. footage and finished sq. footage. Some standardized reports have just "finished square footage" but an agent can always customize a report to make sure total sq. footage is included.
0 votes Thank Flag Link Sat Jun 2, 2012
Thank you for responses so far. When we purchased the house the listing could say the homes total square feet, so we were really drawn to the size for the price. Over 4300 sq. feet. Since you can now only list finished sq. feet, the house sounds much smaller at 3200 sq. feet. I purchased the house because I loved how huge and open it was, and to me, the driveway was not that bad. Neither was the yard. We were able to put in a nice size swing set for our two young boys, and we have a good size deck. I also loved that it was private. Nothing but trees behind us. Most people though seem to prefer the sprawling open back yards that come with newer homes. Our is 20 years old but in a very established and affluent area. All of this is why I am so baffled. There is nothing on the market of this size at this price. We have only been at this new price for 10 days and about 4 showings at this price, so maybe something will come soon.
0 votes Thank Flag Link Fri May 11, 2012
At the end of the day every home has a story, and a particular buyer, who will pay a premium for it.

Sometimes you must have patience in finding this buyer because your home does not appeal to the masses. As long as it is priced right and the marketing is there you will get a buyer.

You can be a great resource to your agent in explaining why you bought this home and overlooked the 2 objections that are coming up right now. By clearly communicating the features of this home you fell in love with the agent can try to highlight those since there is nothing he/she can do about the driveway or lot.

That is the game Risa: Highlight the best features of the home so that when a buyer like you comes along they pull the trigger and write an offer. Updating, staging, pictures, marketing, & show-ability then can help bring it all together.

Good Luck!
0 votes Thank Flag Link Fri May 11, 2012
I had a listing that was picture perfect - except for the things we couldn't change. We did one price reduction and eventually we found buyers that were willing to overlook the environmental defects that we couldn't control (we had TWO offers!). Make sure your MLS listing has photographs and descriptive text that highlights the best aspects of your home while down playing the small yard and steep drive. Some houses are like people. It's the insides that count!
0 votes Thank Flag Link Thu May 10, 2012
You should consider dropping the price even further. If they like the home and no offers, the buyers are not willing to pay the price you are asking for the home. I know for a fact buyers will overlook your driveway and small yard at the right price.
0 votes Thank Flag Link Thu May 10, 2012
The thing is, almost the exact same house as ours two doors down-driveway not as steep but small yard as well- sold in March of this year for $260k. They have only 2 car garage, we have 3, they had no updates, we remodeled kitchen and bathrooms(all have granite and high end Moen fixtures) at close to 30k and we have already lowered to $270k. We paid $290k in 2007 and they only paid $270k for theirs the same year. I know it sounds immature to say this, but it just doesn't seem fair that our home is far nicer yet we potentially lose so much more.
Flag Thu May 10, 2012
He says just to be patient, that eventually someone will be able to overlook those things just as we did. We have already lowered our price twice and he thinks that at this price we should get something soon. We almost had an offer, but buyers couldn't get financed. I am out of ideas and so is he. I am tired of making my home look model perfect everyday only for people to rule it out as soon as they walk up the driveway. There are photos online that clearly show these things. I am just very frustrated and hoping for suggestions, perhaps something my agent and myself haven't thought of, or maybe trying to be patient is all I can do.
0 votes Thank Flag Link Thu May 10, 2012
I don't know why this says home buyer in Novi, I am a seller in Rochester.
Flag Thu May 10, 2012
What is your agent advising? In cases such as this, your agent is the only one who should be advising because they know the complete situation. For another agent to step in could be construed as interfering with your representation agreement.
0 votes Thank Flag Link Thu May 10, 2012
I commented above. Clearly I am just learning how to use this website!
Flag Thu May 10, 2012
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