Home Selling in Tigard>Question Details

Frogs, Home Seller in Tigard, OR

My home has been on the market for 5-6 months. No showings for approx a month, on my third list price.

Asked by Frogs, Tigard, OR Sun May 25, 2008

Immac. cond., view, @ $185. square foot. Listed w/realtor. Suggestions? Ideas?

Help the community by answering this question:

Answers

27
The real estate market is a "price war and a beauty contest". Statistics show that if your property is over 12% market price you will receive little or no showings. 6-12% and you will get showings with no offers, as stated by my collegues below you need to have your property priced properly! You need to be within 6% of market price to move it. As previously stated have an updated CMA to review solds and actives and those properties that have failed to sell (expireds!) Good Luck & Good Selling!
2 votes Thank Flag Link Mon May 26, 2008
TALK To your AGENT - it sounds like you may be riding the market down - talk to your agent about what the competition is.... talk to your agent about what if any homes in your price range have sold..... depending on where you are you are in the same boat as many others - TALK TO YOUR AGENT they can answer your questions best - that is why you hired them....
2 votes Thank Flag Link Sun May 25, 2008
I am a real estate broker but am paid by most of the large lenders/servicers to evaluate homes being considered for foreclosure or whose owners want a loan modification. I am comparing property values every day by as many as ten per day all over our three main counties. I can tell you the curtain color of almost any home within a 10 mile radius. That said, unless you are already a SHORT SALE, you ae being undermined by the HUNDREDS of bank owned and short sale homes out there. We regular home owners cant compete without taking a VERY low price. There are always EXCEPTIONS depending on the property/area if it/they are very desireable or near something buyers must have such as a certain school.

The sad realty of this is we are in for more of it as hundreds of thousands of loans are still to go into default creating the largest number of bank owned properties the nation has ever seen. Anything will sell if its competitive so you may want to have someone look at your house who knows the market---not only REALLY whats out there, but whats going to hapen in the near future. Just checking our Multiple Listing Service for comparabes to come up with a listing price doesnt cut it anymore.
Marvin Von Renchler
503-620-1758 Tigard
1 vote Thank Flag Link Tue Feb 23, 2010
Is anything selling in your market? If so ask yourself why not yours. They say that price corrects all wrongs but if nothing is moving because lenders aren't lending then nothing is moving.
1 vote Thank Flag Link Mon May 26, 2008
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
Most of the time, when a property is on the market for an extended period of time with no showings and no offers, it is because the price is incorrect for the market. You need to find the price where buyers will see your home as the best value in the market. Sounds like you need to have a conversation with your Realtor about the comperable properties in your area which are selling, and what price they are bringing.
1 vote Thank Flag Link Sun May 25, 2008
Since 92% of potential buyers are looking at properties online, do you know how many people are actually looking at your home every week and if so, what other things beside a price change are you doing to attract them to your property website?
0 votes Thank Flag Link Wed Oct 3, 2012
Hi,
Just like in any industries, the level of expertise provided by one agent differs substantially from another. You need to sit down with your current agent to find out exactly what they are doing for you. At this point in the listing process, you should contact other agents to see what they would do for you. I can assure you that the difference can be huge...
0 votes Thank Flag Link Wed Oct 3, 2012
Hi,

Maybe change your agent. You have to take care of some details, for example the quality of your photos, its very important.

Best regards.
Web Reference: http://www.freudrealty.com/
0 votes Thank Flag Link Tue Nov 1, 2011
My suggestion is to
1. Have your agent take your home off the market for two weeks, have him/her pull fresh comparables and come back on at 3-5% below your competition.
2. Another incentive is to talk to your lender and ask what it would take to buy a permanent 3.5% 30 year fixed interest rate and offer that as an incentive to the buyer.
3. Get with a professional home stage person and remove your clutter from the home - add a coat of paint - clean the carpets.
4. Offer to pay a years worth of HOA dues

Hope this helps
0 votes Thank Flag Link Tue Nov 1, 2011
If you really want to faint go check Washougal WA. Beautiful homes all overlooking the river. You cant even give them away now. As a 'salesperson' should I be talking this way about the market? Yes. Its our responsibility to teach you whats really going on in the market. An unrealistic view of value, either too high or low, can have a cascading effect on your other plans. My own home in the middle of Tigard gas dropped from $495,000 to maybe $250,000. I am unhappy about that, you can be sure. If I needed to quickly sell to avoid other problems and unknowingly listed it at $350,000, Id lose out while it sat vegetating.
0 votes Thank Flag Link Sun Mar 7, 2010
Frogs...

Tigard is super soft. Sorry but all the Morisette specials on Bull Mountain that were sold a few years ago are in the low $100's per foot and they are not all that bad. There is a softness here that we are fighting. There are sales but it is at low prices.

Price, Product, Promotion. Look at how you are doing in each of these areas as it is all that can be controlled. Right now it is all about the price. But a good agent can make all the difference.

This is something we need to work out... but I am thinking we may be in the middle of a second price hit or double dip.

You can call or email any of us to help you. The point is we are all in this together.

Best wishes to you Frogs!

Regards;

Dirk Knudsen
Broker
Web Reference: http://www.theknudsens.com
0 votes Thank Flag Link Tue Feb 23, 2010
Ihhstaging:

Your reply doesn't apply to every case. We are focusing in Oregon and so does Martin. May be in Tigard the prices held still since 2008 but I doubt it. If you see Deschutes county prices have fallen between 50 and 60% (yes, SIXTY percent) in the last 2 years. It doesn't matter how the pictures look like if your house that you bought for 300K is in a neighborhood where the next door similar house is offered for 125K
0 votes Thank Flag Link Tue Feb 23, 2010
Update from last summer. Rates are down which is great compared to last year. Rates are up if you are an high priced home that a buyer would probalby take a loan out for more than $418,000. You have to only look what has sold in the past 3-6 months to get an idea where the market is. You need to be at the lower end of the list to get the buyer. In the middle or top will not get you any lookers since we have over 14 month supply of homes and come spring the inventory is going to go up. If you bought in the past 3 years you probably need to be selling for less than you paid as a general ruke but there are exceptions always. But when you have a lot lf inverntory around you the price must be below the competion. Have you come down 10-20% off your original ist price? If not you started to high. Good luck,

Tom Inglesby, Broker
RE/MAX Equity Group
503-319-9035
0 votes Thank Flag Link Tue Feb 17, 2009
Here is a buyer's perspective. I am looking to buy a house in the Tigard are but there is no way I would pay $185/sq ft in this market. At $160/sq ft, you get my interest only because it reduces how far down I have to negotiate.
0 votes Thank Flag Link Mon Feb 16, 2009
I am a retired Realtor and have bought and sold homes since 1983. The advise given by the Pro's is sound advise but, it seems if your house is in immaculate condition and priced well it should be under contract.
As I see the current market nationwide I have come to the conclusion that until the lending pendulum returns to the middle and banks start actually lending money to homebuyers again this will continue to be a slow market for real estate. The no money down debacle resulted in lenders go to the other extreme of being too conservative. Best of luck to you.
0 votes Thank Flag Link Sat Jul 26, 2008
Not sure about Central Oregon but this is standard practice here in Portland. Zillow price says if you read the fine print could be off 10% either way which is not really very close. My own house is probably 10% to high in today's market. Look at the past 60 days what has sold or is pending and see what the houses sold for and not what you want. Have your realtor pull each sale and history and see if each house was on the market 6-9 months and that will tell you what is going on. Rates are on the rise and read todays paper. Rates on a $350,000 loan going from 6-7% will take your payments up $230 a month over the life of the loan. Investors buy on interest rates as much as price. Good Luck.

Tom Inglesby, Broker
RE/MAX Equity Group Inc.
503-495-5416
0 votes Thank Flag Link Wed Jul 23, 2008
I really have a question here regarding what Tom says "...Have your realtor relist your house to get a new ML number so it shows up as a new listing to buyers. ...". My house has been listed for over a month and no interested buyers (pricing below zillow if you think it is overpriced). I asked the realtor if it could get a new MLS number for renewing interest and the reply was that the MLS system (at least in Central Oregon) requires that the property is off the market for a minimum of 90 days. Is that correct? If not, why wouldn't renewing the MLS number be an option?
0 votes Thank Flag Link Wed Jul 23, 2008
The three reasons a house doesn't sell: price, condition, marketing. No one is fooled by an overpriced listing, least of all other realtors. If you have changed your price three times already, chances are you started too high to begin with. A house receives the most activity that first month, that is why market pricing is so critical from the beginning. After that first month, price reductions receive little attention.--"been there--seen that " is the public's attitude. The property is old news. The closer the comps are with regard to year built, square footage, location, selling time frame, the greater your accuracy to pinpointing the correct market price. Listing price cannot be based on emotional value. It is helfpul to pull a comparative market analysis each month of the listing in order to stay up with the changing market and make appropriate changes as necessary to the listing price. Ask your Realtor for a current CMA.

As for condition, it should look as close as possible to a model home. Declutter (clear counters, cabinets, closets), depersonalize (put away excessive family pictures, so potential buyer can visual himself/herself living in the house), dramatize (afghan across sofa, open book on reading table, fresh flowers, music, scent of vanilla in the air, paint inside and out, yard manicured). Don't defer items that need maintenance. Spotless and clean "wow's" buyers everytime. Ask your Realtor about staging your home to accentual the positive and downplay any negatives.

Marketing is the Realtor's job. No stone can be left unturned. Internet, Realtor's website(s), company website(s), local Multiple Listing Service, other brokers notification through open houses, flyers, emails, word of mouth, public open houses, attractive yard signs, visual tours, etc. If it's priced right, in top condition, and marketed well, it can't help but sell. You control these variables. Take charge and get it sold!
0 votes Thank Flag Link Fri Jun 27, 2008
Frogs,
You need to make sure that if you are marketing this home traditionally; that you look at what features your home does or does not offer, it's not always about price per square foot. If you are in a bind for time we do offer a solution for that problem. We are a National Franchisee for MarkNet Alliance and offer the Auction method of Marketing.
0 votes Thank Flag Link Fri Jun 27, 2008
Being listed for 5-6 months is really not that long in todays market. Current stats for Tigard/ Wilsonville show home pending sales are off -35% from last year thru April with the average at $360,000 selling price. It depends where you are priced from there. The higher the slower the market becasue once a buyer goes into the jumbo loan amount with a loan over $417,000 then the rate goes up more than 1% and this changes buyers loans by hundreds of dollars a month. Talk with your Realtor and you should be aggressively looking at what has sold and keeping your position on per sq ft towards the bottom of what is selling. Have your realtor relist your house to get a new ML number so it shows up as a new listing to buyers. Forget about what a neighbor sold for last year and focus on what has sold in past 60 days only, to get a true picture. Make sure your house is in perfect shape and condition, no credits, get it repaired or cleaned up.

Tom Inglesby, Broker
RE?MAX Equity Group inc
ABR,CRS,CLHMS
Portland, Or 96239
503-495-5416
0 votes Thank Flag Link Tue Jun 24, 2008
I know exactly how you feel. I live in Tigard (bull mountain area) and it seems like every home around every corner down every street is for sale! As soon as we were thinking about selling our home a couple months back our neigbor put hers up for 20,000 less then what we bought ours for a year ago....and hers is 300 square feet bigger with an extra bedroom and additional half bath!
We decided to refinance for now and maybe sell in a few months or turn it into a rental. I will say that being in the industry and having access to Home buyer marketing kept me updated on every single home and notified me every time a house came on the market, or if price changed, if photos were added, or if the home sold. Showed me what I was up against. It also shows me all the homes that have sold in the past 12 months and for what price. I'm not realtor and am not trying to sell you anything. This is totally free and there is absolutely NO obligations to me. I also would be happy to work up some flyers for you with some loan options with payment examples that could bring some buyers to your home. This is free as well. Again I do not expect anything in return. Please feel free to email me at nichole_burdette@countrywide.com or you can call me at my office at (503) 624-4706. Good Luck!
0 votes Thank Flag Link Wed May 28, 2008
Make sure your agent is doing a good job:
- check the internet sites;
- try to get hold on the MLS listing and see if anything is not right there;
- have a friend call your agent and inquire about the house and see if all is well: agent is easy to get hold on; ready to schedule showing asap; speaks well of your place.
If all of the above turns out well, may be it's just not meant to be sold right now - who knows what life got in store for you?
Good luck and may you get your wishes.
0 votes Thank Flag Link Wed May 28, 2008
Frogs
How many homes, like yours, have sold in the past five to six months?
Why didn't your home sell?
Because the buyers thought that the other listings offered more value. So you either need to lower the price, or offer more value. If the market is declining (and most, but not all, are) the longer your home sits on the market, the less you will receive.

The rule of thumb, in almost all markets, is that homes that sell in the first 30 days sell closest to asking price. Homes that sit longer, sell for less.

If you are serious about selling, you need to price it UNDER market price. The market will not let your home sell for under market.
0 votes Thank Flag Link Tue May 27, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
If your house has been on the market for 5-6 months, with no showings for a month, it's likely a combination of two things: First, and most important, price. Get a new CMA from your agent. Then price at the bottom of the range. (But you take a look at the comps, too. Your agent will advice; you make the decision. And your decision should be at the bottom end of the prices.)

Second, check to make sure your property is being aggressively marketed. Just putting it on the MLS isn't enough. Review your agent's marketing plan. What was promised? What's being delivered.

Hope that helps.

Don
http://www.Solutions3DHome.com
0 votes Thank Flag Link Mon May 26, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
When we list property, we look for two things - top 20% in condition and bottom 20% in price. You need to know who your direct competition is and be priced in that lower 20% area. Then, you need to make sure that condition is top notch - no "credits" for the buyer for new carpet, etc. You say the home is in top condition - has it been staged? Is your agent really getting it out there for everyone to see - major internet presence, marketing, going after other areas? We are having good success right now tapping into our Canadian offices and getting buyers there who want to invest in the US market.
Go online and try to find your home on Trulia, Google, AOL, Connect2Homes, Hotpads, etc. If you're not finding it on all those sites, your agent needs to get it out there!

Julie Fugate
Principal Broker
The Fugate Group, Inc.
Keller Williams Realty Southwest Portland
(503)522-1900
0 votes Thank Flag Link Mon May 26, 2008
The Tigard Market is very slow right now. I can not really tell you why other than we have noted quite a lot of homes for sale on the South side of Bull Mountain. In this Market Don Morisette has built hundreds of homes. Thes ehomes in a slow market sell for less as they are really a "big box" look and some of the sales prices per sf up there have been very low. We are also seeing quite a few short sales in that market.

It might be your price and it might be your marketing.....it might be that the home lacks some features that buyers are wanting. I would recommend interviewing some agents in regards to a fresh start and asking what they can do to market the home and get more showings and exposure. It does not sound like your price is out of line for that area.

Also it is worth having a discussion as to where you are headed in the next move and how important it is to get there. No showings = NO Sale and so I would have to advise you to look hard at these factors as the reality is that you may not be able to sell this year if things don't change.

I manage the #1 Re\Max team rated by Re\Max in Oregon. We are selling homes and it is an all out war right now to land that buyer. We are 24-7 vigilant and get feedback from every showing so we can try and land the buyers whenever we have a shot at them.

Anytime you need my help personally give me a call on my cell at 503-799-8383. I am one of a few realtors that have lived through this same type of marklet in the early 1980's. We can help you from here if you desire.

Best wishes to you Frogs!

Regards;

Dirk Knudsen
Re\Max Metro
Re\Max Hall of Fame
#1 Rated Re\Max Team in Oregon
503-799-8383
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Mon May 26, 2008
Is there a large number of homes for sale in your area? How is your home priced in comparison to the others? Have you taken a look at your competition? How does yours compare?
0 votes Thank Flag Link Sun May 25, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer