Home Selling in 46254>Question Details

Laura Jeffer…, Home Seller in 46254

My home in Pike twp is listed at 155,000 in the eagle creek area. 3 br- 2 1/2 bath. Seems like a fair price

Asked by Laura Jefferson, 46254 Fri May 9, 2008

to me 10 grand below others and is in move in condition. It has been on the market for a year. There is nothing wrong with it. (three realtors have said this) Any advice on how to move it. We are building in Zionsville

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Jeff Henkle’s answer
We had dark wood cabinets and painted them white. For the small price, it made a huge difference. I recommend getting the best quality paint because cabinets take wear-and-tear. Swapping the cabinet hardware at the same time is also easy. However, we still occasionally get some feedback saying the kitchen is old (cabinets and countertops are the only old things left in the kitchen).

We're also in the same boat--we just moved to Zionsville and are still selling our home in Washington Township.
1 vote Thank Flag Link Tue May 13, 2008
Laura,
Just had some additional thoughts.
Nice home, sounds like you have addressed a lot of objections. I would suggest painting everything an off white color. Your pics show different colors, and are the "In" style, but not what many would consider neutral.. Reasoning: The more neutral the color, the least offensive it is to the most people. It works. You don't want to eliminate a potential buyer because your colors don't match their decor. The first thing they are thinking is I am about to spend $150+k on a home and now I need to paint/change colors. Which is funny because painting/changing colors Is the first thing many people do when they move in! But if it is white, They can move into every room and decide what they want to paint..... at their convenience. No longer are they thinking of needing to do extra work as soon as they move in. All light colors make it appear larger. Burn brighter bulbs when rated. Light and bright make homes look bigger.
1 vote Thank Flag Link Fri May 9, 2008
Laura,
Just to clarify, were the three realotrs just complmenting you, or, did they hold back any thoughts? Just need to establish you really got their true opinion. As a broker I can always complement a home but is hard sometimes to be honest. Nobody wants to offend someone. Without knowing your home, at first glance I would say price is the issue. Home sales are all market driven. NOT appraisel driven, what I paid or invested driven, or what a owner or broker thinks driven, or comp driven. It's what a buyer will spend and what you will accept. Price solves everything. This is assuming you are getting full exposure in your marketing efforts, and that can be a big if sometimes. Now if you are not getting good exposure it's understandable you are still for sale, even at a low price. It's competitive and you need to at your best. So in attempt to answer your questions, I will break it down into two areas and try to do it as brief as possible 1. Home condition. 2. Marketing efforts.
1. Home has to be at it's best. New carpets, paint, roof, windows, counters tops, fixtures, landscaping. It needs to look like a model home. At your price range, you are undoubtably being compaired to new construction. Everyone looking at your home will more than likely have been conditioned to seeing new model homes, Unfair as it is, you will be expected to look like the model homes that are new. Remember a home is an emotional sale. It needs to trigger a emotional response that will set it apart from all the others they may be looking at. Then, the act of buying is based on a logical response, IE, price, financing, location, etc.
2. Marketing efforts: Are you offering a full co-op somission to attract buyers brokers. A majority of our market offers 3.5% co-op. I know there are many at less than that, but in generating interest in your home, it's a numbers game. The more reasons you give to have someone look at your home the better your odds. Do you have direct marketing efforts, post cards, mailers, etc. Do you have print marketing in newspapers/magazines, and if you do, do you know how many people those are reaching. Do you have any internet marketing? Is it syndicated? How many people are viewing your property on line. Recent NAR studies have shown more than 80% of people seeing your home will view it first....on line. Do you have multiple pictures, virtual tours, e-cards, auto responders in your marketing. Can you track, quantify and respond to internet traffic in your marketing. Have you made incremantal price reductions to keep your listing popping up in auto responders of people who are looking at properties like yours? Is your property available 24/7? Are you using professional, color, marketing materials? Do you have financing available for a buyer?
Assuming you have a full blown marketing campaign, and you are getting showings, but no offers, look at price and condition. You can't change location. That objection relates back to price. If all you have is a sign in the yard and a picture on the mls, I would look at the marketing efforts. Lots more I could expand on here but I would look at these things I mentioned first. It's a tought market out there, but homes are moving. I have a similar situation as you. Clients are moving in Zionsville and need to move their home. Have been through all the above with them and have a couple options to decide on this weekend to move their home. Activity results in offers. Hope this helps, or at least gives you food for thought. Enjoy -Eric Karrfalt, "Helping clients gain a competitive advantage in todays market".
1 vote Thank Flag Link Fri May 9, 2008
Laura -

Without knowing the specifics or actually viewing your home, it is difficult to advise.
Here are a few things to consider:

Have you reduced the price during the year? It always seems best to price high in the beginning to allow the buyer room to negotiate. This is a flawed strategy. The end result when it doesn't sell, is buyers know how long it has been on the market and think there must be something wrong with the home.

There is no way to correct the initial pricing. Now, you must look at your home from a buyer's point of view.

Are the colors neutral so it would fit any buyers taste?
Has the home been depersonalized?
Have you removed any items you don't need to open up space?
Does the home have curb appeal? Plant some flowers around the front.
Are there the maximum number of pictures displayed? Often, buyers will pass over homes with few or no pictures.

You say three agents have said there is nothing wrong with your home - what do buyers say? Have you had any feedback form agents who have shown the home about what their buyers have said?

With changes in financing, have you thought about offering a buyer incentive?

I hope this offers some possibilities you may be able to use.

Good Luck!
1 vote Thank Flag Link Fri May 9, 2008
This may not be the answer you want to hear, but have you considered selling a lease option?
1 vote Thank Flag Link Fri May 9, 2008
It sounds like you need to market your home with a "triple play". For sale, lease option, and for lease. For more information, go to http://www.realestatetripleplay.com In today's marketplace, you need to "think outside the box" to move to your next home. We have literally been signing up 5-8 home sellers on either a triple play option or just straight lease of a home that is not selling. If you are building in Zionsville, it sounds like you have the resources to hold onto this for a few years, rent out, then sell when the market is better and allow you to pocket tens of thousands of dollars more then if you needed to sell now.

To give you an idea of the types of homes we manage and rent out, take a look at the over 40 single family homes we have for rent right now at http://www.rentindynow.com
0 votes Thank Flag Link Thu Jun 19, 2008
Offer recieved but they are asking us to bring 17,000.00 total to the table ouch. Declined.
0 votes Thank Flag Link Fri Jun 13, 2008
thank-i am thinking about painting rooms more neutral-beige and the cabinets white
0 votes Thank Flag Link Tue May 13, 2008
Our price point was way too high intially. Colors are neutral. 99% of feedback positive people say the house is just too small (1768). Also our kitchen cabinets are a pickled oak color that folks don't like-not hideous just not preferential.

It has been depersonalized. Excess furniture etc. is in a storage unit. My next step is to have it staged.

We will consider a lease option in October when our new house is finished but would love to have it sold by then. We have been living like crazy people because-although it did not sell-we have had showings consistently.

I sure do appreciate the time it took to respond.
0 votes Thank Flag Link Fri May 9, 2008
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