Home Selling in 33193>Question Details

Ivy, Both Buyer and Seller in 33193

Hi I need to sell my home in Miami,Fl and need some advice..

Asked by Ivy, 33193 Thu Apr 17, 2008

i've been trying to sell my home for over a year and have had alot of people over but no offers.I've noticed about 70% of the people that have physically been over to see the property are from ads me & my wife have posted in our neighborhood and in local papers like THE FLYER.To the best of my knowledge we've always had the home listed at a competitive price and the home is in good shape and i really need to sell the home at this point.My question is that i have the home listed about 50k over the least im willing to accept should i drop the asking price or add an incentive to the buyer?Any advice would be greatly appreciated !!!

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33
Hello Ivy,

Here are some statistics that will hopefully help you determine if indeed your home is priced competitively. The fact that you have had many showings and no offers may already be an indication that your house is overpriced. On dropping the price vs. offering incentives; I recommend hands down that you lower the price. I would say the number one attribute of homes that are selling is that they are priced very attractively.

As of March 2008

There were 293 single family homes listed for sale in your zip code
10 properties went into pending sale in March
8 properties closed in March
The average price per square foot for houses for sale in your zip code in March was $150.00 down from $217.00 in September 2007
The houses that sold in March were listed for an average of 85 days and sold for 93% of asking price on average
The average price of homes listed for sale is $412,000
The average price for homes sold in March was $322,000
Months of inventory figure in your zip code has significantly come down in the last couple of months; being 36.6 months in March compared to 146 months in November. This number comes down as sales increase, homes listed decrease, or both.

Hope this is helpful,
Katherine
4 votes Thank Flag Link Thu Apr 17, 2008
Over a year on the market tells me you are priced too high. I suggest you find a Realtor who is active in your area, have him/her do a market analysis for you, price your house at the low end of the price analysis (your house is 'tired' goods from being on the market for a year and needs significant change to capture attention), offer some help with buyers closing costs, and have your Realtor organize some neighborhood open houses. Listen to whatever advice your agent gives you about landscaping, painting, cleaning and staging. It will all help you realize a faster sale at an acceptable price. Good Luck! Lynn vT
2 votes Thank Flag Link Thu Apr 17, 2008
Ivy
Disclaimer - please don't think I am being mean...this is an honest and caring post
Katherine gave some great stats. What you really need to do is call her and talk with her about those stats.
Here is the truth:While you have been holding out for "Your Price", other homes, over the past 18 months, have SOLD.. And while you sat back, the market has declined. I cannot tell if you have a Realtor or not, if you don't, should find one and listen to them.

Buyers do not care what you paid, how much you owe, how much you invested...they are buying value. That's why we call this a buyer's market. They call the shots. So the price per sqaure foot dropped $150 down from $217. If my math is correct that means the average per square foot price is $67. Ouch!

So instead of biting the bullet and pricing it right and getting it sold, unfortunately, you, like others, are now in some pretty deep do do. With that much inventory (36 months), you have to make some tough decisions. Which is why whomever you talk with needs to know three things:
1. Your market
2. Your property
3. Your situation

Please call her up, make an appointment. If she gives you bad news, don't blame her, you did have a better market earlier, however now you need to get serious, because this is spring selling season. So after this, and the next bunch of rate re-sets, (coming in July and August, ) it could get worse.
1 vote Thank Flag Link Thu Apr 17, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Ivy, as much as I'd like to be able to respond to your question, the answer is not that easy. Miami is very large and a Realtor that knows the particular area will be able to tell you what buyers are looking for and if it would be better to offer buyer incentives rather than reducing the price.
We have some customers that do both - they offer incentives, reduce the price and stay on top of the market by us providing regular market analysis.
If your house has not sold in one year - you also have to take into consideration specific feedback from people that have seen it. Does it show well, does it have curb appeal? Will staging benefit you? What do comparable homes in the are look like?

Please read this article I wrote about chasing the market - http://www.miamism.com/miami-home-sellers-to-the-race-ready-set-go

And also read this article on staging:
http://www.miamism.com/staging-is-useless-why-you-should-nev…

A marketing strategy is a lot more than ads and pricing - make sure you have covered all bases and you study what has worked, what has not, and what changes need to be made.
Good Luck!
Web Reference: http://www.miamism.com
1 vote Thank Flag Link Thu Apr 17, 2008
So much of selling is marketing. Definitely use zillow.com. It's free, and you can upload as many pictures as you like. Make sure you have done all the things listed on every FSBO web article around, like de-clutter like crazy, remove taste specific decor, and turn on every light when taking pictures. You, and you alone, know when the different angles of your house shine the best, so take pictures over a couple of days if that's what it takes. Too many people, Realtors included, take pictures of peoples' furniture. That's no information to the buyer. Then get creative with the write-up. Remember what drew you to that house, write everything you have done to make it home, and make it sound like you LOVE the house. You want your house priced as if it's valuable...you said it's a competitive price, but $50,000 over what you'd take? Is is worth the extra $50,000? Then don't drop too much. Sometimes buyers see the cheapest house and assume there's a reason. If there is, like you already moved out, write it in the write up....(Seller motivated. Have enjoyed this house for 10 years, but retirement calls!) Something like that.
I read somewhere that 40% of home sales are to people who knew people, so talk it up to everyone everywhere.
0 votes Thank Flag Link Sun May 10, 2015
Hi James, I feel sorry for you. The only advice I can give you is that you need definitvely to market your home on the MLS, but you must get a Florida Real Estate license to do so. MLS means that your home is seen all over the USA and more if your agent's company is affiliated with foreign companies. Your agent can also market your home in newspapers, magazines, he can place a sign on the exterior front of your house, he can organize open house, etc. I would add that selecting a large companyt can increase the exposure of your house to the public. Regards, Marguerite.
0 votes Thank Flag Link Sat May 9, 2015
You can market your own home without a license. The web has made the MLS pretty obsolete. Also invest in a really attractive sign.
Flag Sun May 10, 2015
Sometimes it's in a seller's best interest to find your own buyer, when your Realtor hasn't been able to bring a ready, willing, and able buyer in the amount of time that you have to sell the house. I know that Ivy probably already sold her house back in 2008, but for future distressed home owners who visit this page, I thought it would be helpful to mention that I know a professional home buying company, NeedToSellAHomeFast.com, that buys houses fast across the U.S. They also purchase properties in Florida/Miami.
0 votes Thank Flag Link Wed May 6, 2015
If financial reasons is the reason for sale BALDWIN Fundings Inc is equipped to conduct business in all states with HUD (United States Department of Housing and Urban Development / FHA federal housing authority).Additionally,Baldwin Fundings Inc is recognized as a (FHA Top 20 (2012-Q2) Residential Lender Ranked by Total Volume.kindly send an executive summary of funding you need to email: collins_baldwin@yahoo.com for more information and inquiry.I am obliged to serving your very best
interest. 
Best Regards
Baldwin
FHA financial officer
0 votes Thank Flag Link Fri Aug 29, 2014
It would be a pleasure to explain a little bit more about it , please send me an email and i will give you more details about adventages of having a realtor
0 votes Thank Flag Link Fri Aug 29, 2014
Hello Ivy,

When buyers come to buy from a FSBO, they expect a lower than the market price.
They know the seller won't be paying commissions and expect the savings to be passed on to them.
Being overpriced by 50K (unless you are in over 500K price range) is VERY overpriced.
Overpricing is not good at all, by the way, because the longer the property sits on the market, the lower the final sale price will be.

Sellers hire agents because:
1) they sell the property for more money
2) they sell quicker
3) they create more exposure/traffic
4) market the property more extensively
5) have network of agents with ready input - on how to improve the property f.e.
6) have more access to potential qualified buyers through channels available to them
7) have stats available to adjust to trends (up or down)
8) buyers trust experienced educated professionals more than they trust unknown sellers
9) realtors don't have a sentimental attachment to your house and can market it objectively
Etc.

At this point, I suggest to really re-look at the appearance of your home, redo the house in HGTV style - with staging, removal of clutter, flowers, freshly baked cookies smell etc. Prepare a colorful flyer with dates of permits/improvements. Do an appraisal and put it out for the open house along with the inspection report showing all is fixed (fix everything that you know needs to be fixed prior to inspection). Home warranty is very nice as well. To decide on the price - find out great comparables in your area - visit them to see how your property is better/worse. Try to be objective on the price. Expect to end up selling below the market after selling for a year without a realtor/larger exposure.
You could pay for buyers closing costs and their home warranty - but first you need to get that qualified buyer thought the door...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Jul 29, 2014
Ivy,

There is no reason you should have your house listed that long. If it is true that you are priced competitively then there is no way it should have been on the market longer than 60 days. The time that you have wasted trying to sell your home, putting the ads on the flyer and everywhere else, the showings, etc does not equate a home that is priced to sell at a competitive price.

Have you stepped back to see if everything that you think you are doing/have done is correct?

I have not had a listing longer than 90 days in the past 6 months! In fact my last two listings have sold over the appraised value so it's not that we are giving anything away, as some would think.

What are you doing to market the property besides the antiquated method like the flyer?

Feel free to contact me so that I an show you why when we list, we do so to sell. What you think you have been saving has actually cost you in time, effort and opportunity cost.

I am here to help and to get you on to the next chapter of your life.

Looking forward to working together,

Javier Olmedo
Keller Williams Realty
0 votes Thank Flag Link Wed Jul 23, 2014
Before you make any decisions on dropping the price, try this, make about 10 green environmental inexpensive home improvements in your house. Make them noticeable, visual, obvious to the eye of a buyer that will walk your house, for example environmental friendly paint and alike, check out 5 ideas in the link below:

http://money.usnews.com/money/blogs/my-money/2010/10/27/5-gr…

After you do that, create 2 or 3 free accounts in environmental friendly sites like ozoshare.com. Share the selling of your home in this sites with catchy titles for example: " Environmental Improved Home for Sale, Go Green Home for Sale, Environmentally Resurfaced Home for Sale," Then add a short description indicating the improvements the house has. I assure you not everything is money, there are people out there with enough money that care for our environment and and would rather pay a few more thousands for a property that they feel happy about.

Good Luck and let me know how it goes!
0 votes Thank Flag Link Fri Jul 18, 2014
I'm not sure if you're still looking to sell but if you are, I'd recommend doing a raffle / auction event. This event can drive tons of people to your property and promote that fact that it is for sale. Raffle of something of value like a plasma TV or a playground set. Think about your end buyers. I hope this helps! Feel free to contact me if you have any questions.
0 votes Thank Flag Link Fri May 30, 2014
Ivy-

There are many reasons that a property sells and sells for at or over asking price and an
equal amount of reasons that a property does not sell.

Having MANY people come by to preview is great- but having fewer QUALIFIED people is more important.

I would suggest a few things-

1. Get a professional appraisal
2. Establish a Home Warranty
3. Talk to and/or List with a good local agent (if you have not already

WATERWAY REALTY, REALTORS®
Mott Marvin Kornicki, Broker/Owner
More About Me ? http://www.About.Me/Mott
0 votes Thank Flag Link Sat Mar 29, 2014
If it is not selling you should either lower the price, if you are committed to selling without a realtor, or hire a realtor who is active in your area who has a wider network of buyers.
0 votes Thank Flag Link Fri Mar 28, 2014
My guess is there are 2 possibility:

1, Your home is above half million. According my experience investors are not likely to buy above 400K at 33193. Because less profit space. And the market is going up largely because there are so many cash buy from investors.


2. If it's below half million then "50K over the least im willing to accept "certainly is not a realistic asking price. At present "going up" market, usually seller expect higher price but buyer expect price of a year ago. There is a gap between seller and buyer."50K over "also drives away investors.

Good strategy to me is drop price to " real market value" if you want to sell faster. Or, if you really don't mind waiting for offers, you may keep that price but at least let " a lot of people " who come to see your house know you may reduce the price. Put "willing to negotiate" on your flyer may be a good idea. Get an offer first and then you have chance to decide reduce the price or NOT.
0 votes Thank Flag Link Fri Mar 21, 2014
Hi

The best advice I can give you is to interview agents that work the area you live in . You want an agent you can trust and is a full time agent with lots of knowledge of the market . If you have any questions feel free to reach out to me .

Regards,
Samantha Tenzer Friedman
Tenzer Realty
Cell 786 314 6100
Email: SamanathaTenzer@yahoo.com
Website : http://www.tenzersellshomes.com
0 votes Thank Flag Link Thu Mar 20, 2014
As mentioned over and over again. Best option is to hire a Realtor. But since this post is 6 years old and was made in the worst part of the market, i am going to guess this home as been sold. The market is doing great in Miami now and things are selling fast, but using a Realtor is always the best bet in a hot or cold market.
0 votes Thank Flag Link Wed Mar 19, 2014
I am an investor currently buying homes over the whole miami area. I would love to buy your home! For more info. You can email me at everette.peart@gmail.com
0 votes Thank Flag Link Wed Mar 19, 2014
I will facilitate you with a current CMA. for free. This will give you an idea of how much to ask and how much to accept. I will like to be your Broker when you and your wife are ready to buy.
0 votes Thank Flag Link Tue Mar 18, 2014
I WOULD BE MORE THAN GLAD TO HELP YOU OUT , SEND ME AN EMAIL TO SANAVAL4@HOTMAIL.COM WITH MORE DETAILS
0 votes Thank Flag Link Mon Mar 10, 2014
You can try to work with a house buyer. I know needtosellmyhousefast.com has got a good reputation in for buying houses fast in Miami. Also, sell-house.com is a good one for getting good cash offers.
0 votes Thank Flag Link Fri Nov 15, 2013
Hello Ivy,

How did the sale go? I hope that some of the tips we offered helped!

For those trying to sell their homes in today’s market please heed to the advice:

• “Marketing is for Professionals”
• “The Price is Right”
• “Home is a men’s castle”
• “Location, Location, Location”

In short,
• Don’t try to sell it yourself, hire a professional.
• Make sure the price is justified.
• People will fall in love with a house that makes them feel at home,
Make sure your property is the one.
• Location will affect the value of your property, and how quickly it sells.



What are you waiting for? Thousands are making money in this market.

Let us help you buy that foreclosed property today! Quick closings!
0 votes Thank Flag Link Thu Dec 18, 2008
Buyers want value today - price and presentation. Not price alone.

How does it look online and in person? What does your property say to buyers?
- nice
- same as the others
- or , wow , we need to put an offer on this property - it looks like home.

Have you considered having a home staging consultation to finfd out what buyers think?
Over 85% of buyers search online before visiting a listing, does your's stand out in the online photographs?
0 votes Thank Flag Link Thu Jun 19, 2008
Ivy,

The shortest advice I can give you is to hire a professional to help you sell your house. This is not a market for amateurs or people who do real estate part time or as a hobby. Even for those of us who do this 24/7 it is difficult.

Sales is much like fishing - it does not matter how hard you try, you will not catch a 100 lb sailfish in a lake. If you want to catch a sailfish in this area, you have to go out in the gulfstream and you're going to have to be deep. The FLYER is a good publication to bring you curious people to your house - but not necessarily buyers. I am going to give you the agent's secret for finding buyers.

Our secret is other agents. The majority of sales for Realtors come from other Realtors. Smart agents primarily market to the public to get listings. When we want to get buyers we market to other Realtors.

We are constantly getting buyers contacting our personal websites, company websites, secondary referral websites, newspaper ads, magazines, etc. Our company spends millions of dollars to attract those few buyers who are looking.

The first thing we do when those buyers contact our companies is to find out how much they can afford to buy by getting them pre-approved for financing. Then we look for properties that meet their budgets. The people you attract through the FLYER and other local publications, while curious, may not be able to buy as you have already found out.

If your house is your most valuable asset, you probably should seek professional help to sell it. A good agent generally sells at a higher price than the average owner covering his/her own commission. As you have already found out, selling a house is not like selling a car or other small commodity. Particularly in this market, selling a house takes professional knowhow and dedication. I will be happy to assist you.
0 votes Thank Flag Link Wed May 7, 2008
Ivy,

I understand your frustration. My name is Angel Barroso, I'm a Realtor with Coldwell Banker Residential Real Estate in Coral Gables. If you are thinking of hiring a professional to sell your home, we would like to show you what we do in a buyers market to net you the most for your property. Have you had a professional CMA done on your property? If not, please contact me today and I will conduct a professional Comparable Market Analysis on your home at no cost to you. I will also prepare a marketing plan that will get your home sold in the time you want and at the same time protect your most valuable asset. Have you noticed that For Sale By Owner signs are disappearing? Sellers are beginning to realized that they need us. This is not the time to test the market. We must act fast if you want to net more for your home. The first 3-4 weeks are the most critical, if we don't have an offer within the first 4 weeks, there is something wrong with the marketing plan. For more information on what we do, please visit my website http://www.ForSaleAgent.com. I know we can sell your home even in a market like this.

Angel Barroso
Web Reference: http://www.ForSaleAgent.com
0 votes Thank Flag Link Fri Apr 18, 2008
Wow-how frustrating! I'm not sure if you have had the house listed or you are a for sale by owner. You seem to have a good idea of the pricing of the market but are afraid to put it at rock bottom. There are always people who will low ball you but I have noticed with my listings that price it very well the offers that come in are very close to the price. People are buying the well priced homes. To be one step behind the market is as good as 10 steps behind these days. EWM has super marketing in many aspects of the real estate market. You want to reach the people buying with money, not just the people shopping to see what the price of there property should be. Give me a call and I will be happy to list your property if it is not already. Exposure is everything. Good Luck-Pam Mayers-EWM Realtor-305-216-5864
Web Reference: http://www.pammayers.com
0 votes Thank Flag Link Fri Apr 18, 2008
Hi Ivy, You've had your home listed almost a year and 3 months, correct? You've been behind the market when it comes to reducing the price which has led to a lot of lost time and missed opportunities and recently you raised the price? Definitely not a good move in today's market. Perhaps it's time to try a different approach and a different listing agent. Give me a call. Jose Gomez - Miami Realtor - The Keyes Company http://josegomezfl.sef.mlxchange.com
0 votes Thank Flag Link Fri Apr 18, 2008
Ivy,

I run my own monthly stats for the tri-county area. Currently, all of Dade has approx. 17,000 single family homes for sale. At the current absorption rate (houses sold per month), this equals an inventory of 43 (!) months. Normal would be 6 to 9 months.

I would call Katherine, find out if she works in your area and, if you don't have Realtor, ask her to take your listing. If you do have a current listing agreement with a Realtor, talk to her/him and agree to a realistic listing price; if that doesn't work cancel the agreement and then call Katherine.

All the best,
Tobias
0 votes Thank Flag Link Fri Apr 18, 2008
Katherine did a great job of educating you on the market. When you're for sale for a year with no offers, there are marketing problems (and that includes the biggest issue: pricing).
You need to partner with a broker and have constant exposure on the Internet and MLS, which is where 85-90% of sales occur. A Realtor who knows the market should also be guiding you through the changes in market data, and be showing your home for you, rather than have you do it. There are many reasons for this. If you'd like to discuss it in person, I'd be happy to meet with you, preview your property, and go over a marketing plan to get you sold.
0 votes Thank Flag Link Fri Apr 18, 2008
Most likely, it is the price preventing someone from making an offer. However, it could be something eles. First, I have a few questions. Do you have curb appeal? Are you putting your best foot forward? Showings might be happening but if you do not leave a good impression, well you will not get any offers. If the property is vaccant consider staging the home to give it a lived in feel. I have a buyer now, that will not consider making an offer on a vaccant home, because it gives him a negative feel. Is it as clean as possible? Often, sellers will over look a few stains on the carpet, but in this market buyers do not. And you may know that the stain on the carpet is where little suzie spilled her juice, but to a buyer this could be anything from juice to dog pee. Or it could be that, your house could have a smell that you are not aware of. For example, pets, unfamilure foods cooked in the home, too many foreclosures or short sales nearby or something a strange as your taxes could be higher than other like homes and even if you are priced well and your taxes are alot higher well for the most part everything around you would sell before yours. While taxes will deter a buyer from looking your price will need to spike their interest. In our area the tax rate is the same, but if the property was an investment and not homesteaded ther are logical reasons for your taxes to be higher than your neighbors and possibly higher by a few thousand. Next, interview other agents possibly your agent is at fault and does not have the best marketing plan. Often, when a property is listed by the same company for 300 plus days the property appears to be unwanted and simply changeing agents gives the listing a fresh approach. I hope this helps. Please give me a call if I can be of any help to you.
0 votes Thank Flag Link Thu Apr 17, 2008
I remember reading somewhere that there are 80,000 houses/condos for sale in Miami. That may have something to do with it. Keep on lowering the price. It will sell eventually,
0 votes Thank Flag Link Thu Apr 17, 2008
Ivy,

The reality of the market is that some homes will not sell. Who priced the home and what were the comparables used in doing so? That will greatly affect positioning the home to sell.

The best way to attract buyers is the internet. Make sure there is a strong online marketing presence. Even if you do drop the price by 50K, unless it is competitive and the best on the market, there is still no guarantee that it will sell.

Define what good shape means? Good shape to one person is not mint condition to another. If you want to attract the most buyers, the property needs to be below market value and the best condition on the market.

The more time your home stays on the market, the more $s you will lose. Sorry, that's why it is a Buyer's market right now.
Web Reference: http://www.PhilFowler.com
0 votes Thank Flag Link Thu Apr 17, 2008
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