Home Selling in 19148>Question Details

tracy, Other/Just Looking in Philadelphia, PA

I am trying to sell my house. It needs a lot of cosmetic work but its a great house. I've had lots of showings but no offers. What else can I?

Asked by tracy, Philadelphia, PA Wed May 25, 2011

do? I inherited the house from my mother - it was my childhood home. She was very sick the last five years and every project I started had to be stopped due to her health and my sanity unfortunately. It's a big house 1380 sq ft - 4 bedrooms - 1and a half baths. There are brand new homes going up across the street for 350thousand plus that were sold before they were built. I'm in what's considered a "hot" neighborhood. What can I do to make it more appealing to potential buyers to make them see the potential the house has. I am only leaving because I need to downsize - it's too big for just me but I want to stay in the neighborhood.

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9
Hello Ms. D'Ambrosia,

Certainly curb appeal is fundamental and will likely be crucial, especially if the interior requires TLC. Yet, you have not reflected on two items: what alternative homes in the vicinity are available to buyers, and what home sale activity is occurring around your residence. I suspect that buyers are targeting a more strategic location and the issue is not necessarily price alone. A thoughtful chat with your realtor will adjust an action plan that will match your circumstances. If you do not have a realtor please feel free to contact me directly.

Charles Balducci,

Coldwell Banker Preferred
1401 Walnut St Eighth Floor Philadelphia

c. 215.531.2000 d. 267.238.1067
cbalducci@cbpref.com
1 vote Thank Flag Link Wed May 25, 2011
Definitely fix it up, if you can. Lots of showings but no offers means that it's probably priced OK (otherwise, people wouldn't be interested). But once they get there, they're turned off. And you acknowledge that it needs work. So that undoubtedly is the problem.

Ask your Realtor what the house should be priced at in "as is" condition and what it could be priced at if that cosmetic work were done. That'll give you an idea of whether it's worth it to do the cosmetic work. (Generally, if you can afford it, it's well worth it. You'll get a higher sales price AND your market of potential buyers will be a lot larger.)

Ask the stager for his/her recommendations. Some you may well be able to do yourself. Some likely won't cost much money. Others probably will cost a lot--for example, redoing the kitchen, redoing the baths, or even adding a bath. Get a contractor to give you estimates on the big projects.

With all of that information in hand--an "as is" and a "fixed up" value from the Realtor, suggestions from the stager, and bids for any big jobs from the contractor--you'll be in a much, much better position to know what your options are. Maybe it's to cut the price and market it as a "fixer upper." Maybe it's to do just the basic cosmetic repairs and get some more money. Or maybe (especially since there are new houses going up across the street) your best bet is to do a full renovation--granite countertops, stainless steel appliances, etc.

Hope that helps.
1 vote Thank Flag Link Wed May 25, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
What is 'lots of showings'? A house like you described could take a little longer to sell, but that doesn't mean anything is wrong. If you have had 10-15 showings, then you might want to think about dropping the price a little and being patient. If it is more like 30 to 40 showings, then you really need to think about making a change.

A lot of buyers in a lower price range don't have the spare cash to fix things up themselves, so they may be looking at your home and thinking that they will have to live with it that way for several years until then can save the cash to renovate. So doing some of the work yourself may pay off.
0 votes Thank Flag Link Mon May 30, 2011
Unfortunately most buyers do not see the potential the house has in this market. You should stage the house and make it show well . Can you complete some of the projects that you started? check out the competition and pretend you are a buyer and figure out what you would pay to buy your house .
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Mon May 30, 2011
Hi Tracy,

If you are selling your home privately- For Sale By Owner, you may not be getting enough exposure or the right Buyers. Keep in mind you want as many people as possible to know your home is for sale. If you are listed with a Realtor hopefully they have factored in the price, the needed cosmetic repairs that each Buyer is going to consider. If you are not listed with a Realtor, I would love to discuss marketing plans with you. Please feel free to contact me anytime. My cell number is 215-620-3798. I noticed you listed yourself as a Buyer and Seller. I can also answer any Buyer questions you may have as well.


I look forward to hearing from you,

George Chavanne
William Festa Realty
215-620-3798
0 votes Thank Flag Link Wed May 25, 2011
I have three suggestions, first, work as closely as possible with your realtor, follow their advice to the letter, you hired them to be your team leader.

Next, create a showing book, get a three ring binder and get estimates on every item that needs fixing up. Use legitimate contractors and include their estimates in the showing book, also include a copy of the listing, maybe consider getting an appraisal based on the repairs being made, all ideas to kick around with your Realtor.

Finally, stop being a seller. If you want to acquire a smaller property, do some leg work for your Realtor and see if you can trade your property as is for another home.
0 votes Thank Flag Link Wed May 25, 2011
Hi Tracy,

Are you working with a Realtor? If not, you probably should be - they can assist with marketing and all the paperwork. That said, if you are working with a Realtor, have them do a current Comparative Market Analysis (CMA) pulling comps that have Sold in the last 3 months. The house may be priced higher than the market value. Once you have market value from the CMA, you can adjust the price for the cosmetic work needed and sell 'as is'. In today's market, if you do expensive 'repairs', you most likely won't get dollar for dollar back.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed May 25, 2011
Hi Tracy,
Are you trying to sell it yourself or do you have a realtor? In this market the amount of exposure you're getting online is crucial. If you're listed with a realtor I would want to know how they are marketing for you. If you're doing it yourself I would ask the same question. I'm happy to discuss what are the best ways to market if you'd like to chat. My cell is 267-269-6288.

Best,
Emily
0 votes Thank Flag Link Wed May 25, 2011
4 bedrooms are probably more than you need, but 1380sqft is not that big. It sounds like you might need a change of scene: I would agree with a fix-up to maximize your profit. If you can afford it, do it. Concentrate on up-grading the Kitchen and Bathrooms. Find someone you trust, possibly a "Stager"; someone who prepares houses for sale, (they are often Interior Decorators who are branching out) your Realtor will probably know someone reputable.
0 votes Thank Flag Link Wed May 25, 2011
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