Home Selling in 97232>Question Details

Doug, Home Seller in Portland, OR

Our house has been well received from the brokers tour and many agents have stated the house shows

Asked by Doug, Portland, OR Wed Jul 30, 2008

exceptional and is priced extremely well. However, we lost to several people that really wanted to buy our house but were concerned with our street. The street is a cut-through street. Will the price have to be better than good, must the price be bargain, or is the street just a complete deterrent that there is no low enough price?

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I think that you are focusing on the wrong aspect of the sale.
When a Realtor markets a home we have certain expectations. Normally, if a home is properly priced and marketed, we expect 10-12 showings in the first two weeks, or a price reduction is in order. In most cases 10-12 showings will result in an offer, or again, a price reduction is in order.

In most markets homes that sell in the first 30 days sell closest to asking price, so generally speaking the longer a home sits on the market , the greater the gap between asking and selling price, which means the home starts losing value. For example, in my market, a home at 120 Days One Market (DOM) averages 93.6% of asking, compared to 99.5% within 30 days,

So if your Realtor is not seeing showing activity, then you need to lower the price. Things like the street, the house, etc. are pretty much out of your control as the seller. Focus on the results you expect.

when you hired your Realtor you looked at comparable homes on the market. Since your home has been on the market, what has happened to those homes? Sold? Lowered their price? Most buyers look at 10-12 homes before they make an offer, so chances are by looking at your competition you will be able to determine what you need to do. If other homes are selling, and yours is not, then you need to take action.
1 vote Thank Flag Link Thu Jul 31, 2008
Keith Sorem, Real Estate Pro in Glendale, CA

As far as the Street it is like any negative element in regards to selling a home. Much like Power lines, a bad neighborhood, unfunctional floor plan....you get the drift. On a Cost per square foot basis your home needs to be a better value than other homes in order to sell. This is almost always the case or in fact you will need to wait longer or offer other incentives to get the home to move.

Best wishes in yoru sale.


Dirk Knudsen
#1 rated Re\Max team in Oregon
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Thu Jul 31, 2008
In this market a well priced home some times is not enough. I have thought a house was well priced and it took 9 months to sell and the sellers came off the price only 7%. I lived on a cut-through street and I had the city monitor the street and they said that I had 295 cars average a day when only 30 homes lived on this street. The city traffic engineer says that each house generates at least 7 trips per day but I know that I used this street for years before a bought a house on this street since it had a great view and I was willing to put up with it. I had many near wrecks on a corner in front of my house. You didn't say how long the house has been on the market. Try and have your Realtor compare busy streets to yours if possible. You might think about lowering the price if you are trying to buy because you want to get the great low rates right now if you are a buyer. The rates have gone up over 1/2% in the last 9 days and this is about $18,000 in lower purchasing power to you and buyers wanting to buy your house. I would suggest a lower price. Good luck.
Tom Inglesby, Broker
RE/MAX Equity Group Inc
0 votes Thank Flag Link Wed Jul 30, 2008
We too purchased a home on a busier street and what I told my then future husband then and what I tell other clients is that the discount for the busy street is one you get at the beginning with the price you paid then. Now, you must disclunt to account for that factor. There is a "low enough" price, and the only thing that can fix your issue is price and yes, you must price better than good!
0 votes Thank Flag Link Wed Jul 30, 2008
If it is a "cut threw" street most buyers with families and small children well have a tendency not purchase a home on a busy street. It also makes it difficult if you have guest over. DISCLAIMER: my comments are based off your statement. You can request your realtor provide you the Days on Market homes on your street, and $ per sq. ft. ... Homes on a cut thru street can also have some road noise if that is the case play soft music in the background reduce any noise that maybe heard.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Jul 30, 2008

You may want to have your agent follow up with those agents who have been through the home. Get their opinion on pricing. If you can afford to sell it for less, you may want to drop the price. Remember, though, that you are in control of what you want to do. Do not feel as though you must cater to everyone as there is a buyer for every home. Best of luck to you! :)
0 votes Thank Flag Link Wed Jul 30, 2008
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