Home Selling in Durango>Question Details

Lyn Markman…, Home Buyer in 81648

How do we sell an octagonal log home??? It is a beautiful home, with lots of great perks, but no one has made an offer. We have dropped it over $120K!

Asked by Lyn Markman Hanson, 81648 Mon Nov 14, 2011

We are way under last appraisal. It has a terrific remodel kitchen and three barthrooms - on three acres with a horse barn. There are no CC&R's. It has fresh paint outside and a 3 car garage. It also has two carports for a boat and RV.
It needs carpet, but we have already reduced it so much that we are not even going to break even if we sell it close to our asking price.

Help the community by answering this question:

Answers

6
You don't say when this last appraisal was done and by whom? Appraisals are not the same thing as "Market Value", which is what houses are actually selling for. Because your house is so hard to probably find "comps" for, your agent can at least bring you a list of similar sized properties that have sold in the last 60 days to compare to your price and condition of house. What does your agent have to say?? Best, Terry Bell, Realtor, Santa Rosa, CA
1 vote Thank Flag Link Mon Nov 21, 2011
Of course, as previously suggested, you need to make certain your home passes the audition. Failing this step is very costly.

Now, how many octagonal log homes have sold each month of the past year in your area?
Why did you buy this home?
How many people are moving to Durango who are just like you?

Clearly, there are those who believe price is the cure of all miladies when it comes to selling a house. This however may not be taking into consideration your objectives and the economic (tangible and intangible) assets your home may possess. If possible, a marketing specialist will be able to summarize and promote these assets into a message of 'risk aversion' for the potential buyer.

As revealed by the first three questions, the 'special' buyer for your home will be a rare breed. So rare that you can not chance this buyer escaping your homes appeal. Your real estate agent will discuss with you collaborative as well as affiliate marketing options that are available to expand the workforce who will work on your behalf and expand the projection of your homes availability.

Again, back to the first three questions. Only you can determine the timeline and the impact on you economicly that will occur by waiting for the 'special' buyer. Price, however, can convince the unwilling to consider your home. If you choose to go the 'price war' route, be aware, it's brutal.

You may find it beneficial to research previous answers provided regarding evaluating the success of existing marketing efforts. Never lose sight of the fact that an octagonal log home rarely comes up in any home buyers search criteria.
Wishing you the best of success in selling your home.
1 vote Thank Flag Link Tue Nov 15, 2011
Unfortunately, the price you have it listed at is not doing the job. All properties will sell if priced appropriately and unfortunately we are not in a market that supports our consumers "breaking even".

If you didn't want to put in the new carpet, you could also consider including a "carpet allowance" for the new buyer to select what they want.

Are you getting any showings right!?! If you do not have good showing activity that is another indicator that you need to lower your price.

I have a listing that closed that started at $550k and in order to finally sell, we dropped to $300k. The sellers were so concerned with making money - then breaking even - then FINALLY with SELLING!!

Hope this helps!

Brooke Hengst
REALTOR, CDPE, The Elite Team
Your Castle Real Estate
(720) 988-5952
bhengst1@gmail.com
http://www.brookehengst.com
Web Reference: http://www.brookehengst.com
0 votes Thank Flag Link Sun Nov 27, 2011
Interesting house!

You might find these links helpful.

http://www.ehow.com/how_8019981_sell-unusual-property.html
http://blog.oregonlive.com/homes-rentals/2011/10/staging_unu…

Good luck!

Best,
SuZ
PML of Longmont, CO
720 810 0683
bouldersuz@gmail.com
0 votes Thank Flag Link Mon Nov 21, 2011
I agree with Sean - put in some new carpet. Doesn't have to be high end, but needs to enhance the home. Then advertise, advertise, advertise. You have not said if you are working with an agent or not. If you are, again, be sure he/she is advertising it in all the right places. If not, I encourage you to do so and I would be happy to help you. The home sounds lovely to ME, but I like log homes on property with no CC&Rs, but then again, I am not looking. So you have to appeal to that person or family that has horses or livestock and wants to live in the country. Again, talk to your realtor, if you don't have one, call me!
0 votes Thank Flag Link Tue Nov 15, 2011
As much as I hate to break it to you, the market is going to tell you what the home is worth. If you have not had any offers on the home, there's one of 2 reasons - 1. It's priced too high, or 2. you haven't marketed it in the right or in enough places.

I don't want to sound cruel, but you have to remember that the market doesn't really care if you break even or lose money on the home, all a buyer is looking at is whether or not the home is what he/she wants, and at a price he/she is willing to pay for it. Unfortunately, there are thousands of home sellers, over the past few years, who have sold at a loss, and there are many reasons why they're selling at a loss. The biggest reason is that the home was purchased during the height of the market.

The last piece is that your home sounds unique, and that doesn't always translate into an easy sale. You have to find the exact right person to purchase that home. I know, as I've had my own home on the market for the past 15+ months, as it's unique.

My suggestions: 1. Make sure you're marketing your home in all the right places, including the Multiple Listing Service and other web sites. Make sure your Realtor has virtual tours and many photographs up. This will pique interest in the home. 2. Though I know you don't want to do it, you will probably have to replace the carpet, or at least have it thoroughly cleaned. If it needs replaced, just go ahead and do it - remember that first impressions are the lasting impressions. If a couple walks in and sees frayed carpet, they'll always remember the home as the "home with the bad carpet" not as "the awesome log home!"

Best of luck to you!
0 votes Thank Flag Link Mon Nov 14, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer