Home Selling in 33618>Question Details

Tom, Home Seller in Tmapa

Trying to sell house in Original Carrollwood, for $239K. This is a great neighborhood. Why won't it sell?

Asked by Tom, Tmapa Mon May 26, 2008

33618--Valencia Road

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FSBO or through an agency? If through an agency, ask your agent. If not, list with an agency. How is the price? What are your terms? How is the market? How is the curb appeal? How does it show? Have you uncluttered and depersonalized it? All these factors and more can make a difference.
3 votes Thank Flag Link Mon May 26, 2008
The current home inventory figures and sales are disturbing. I do not know your personal situation, so just based on what I have read I would ask your Realtor these quesitons:
1. How many homes, like yours, have sold since yours hit the market?
2. How many homes were listed, but did not sell (meaning the listing agreement expired "expired listings")?
3. What is your competition? How many homes, like yours were on the market when you started? How many homes are you competing with now?

You are not in a static environment. The market is constantly changing. Based on the answers to these questions, you need to figure out your options:
1. Lower the price until it sells (that means if the market is declining, you need to price Under Market).
2. Take it off the market and stay
3. Lease the property (discuss the tax implications with a CPA).
3. What alternatives
2 votes Thank Flag Link Tue May 27, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
It's a supply and demand problem - there is exorbitant supply at the moment. Without differentiating product, there's essentially a 19 months supply of single family homes on the market right now.

In April of 2005 2,215 homes were sold in the Tampa Bay area. This year in April 868 homes were sold.

In April 05 there were 4294 listings for those 2215 buyers to choose from - so EVERYTHING on the market was selling was selling in roughly 60 days. Today there are 16,455 single family homes for those 868 buyers to choose from. What's going to sell? BEST amenities at LOWEST price.

A balanced market is a 8 - 12 weeks supply. We have a long way to go. Read all the good news you want about how things are getting better. When inventories start approaching a 9 mos supply I'll believe it. Sorry, I'm not a pessimist, I'm a numbers watcher.

Specifically, you don't have a pool. Property in your area that's selling offers pools. There are 207 homes for sale in your MLS area and frankly if I'm a buyer, I can get a 3/2 home of aprox the same size in that area for $180K +/- with a pool. Or I can purchase a home that's 35% larger than your home with a pool for the same price of $239. So it might be a price issue.

I don't know what "Sun City" meant below with the photo references as there's only one listing in the system on Valencia Rd. for $239K so I'm sure I'm referencing your property (I showed it last year anyway). You're not taking full advantage of all your options. Your agent has ONE photo of your dining room in the MLS. Is that the best your home has to show? Come on. She use to have a lot of photos in the system. What gives? You're home has been on the market 253 days , two agents and you've gradually lowered the price to $239K down from $299K. One of your neighbors got $255K for their home after 350 days on the market... you might get it sold. I'm going to suggest moving your personal stuff out of the home and hiring a staging professional to give it a model home feel. You absolutely must make it stand out and staging is the best value for your investment.

It's a tough market. If you want to move your house, do everything you can to get a buyer in using every resource and tool you have. Go with your agent to see the 5 homes that most closely compare to your home in size and location (forget price) then decide - based on what those home owners are offering - how you compare and try to negate the Endowment Effect. Objectivism is critical in this market.

Good luck.
2 votes Thank Flag Link Mon May 26, 2008

I am not familiar with the area but there might be some reasons that your home did not sell in timely manner. First of all your Price, if it is higher than the homes sold for in that area this might be the reason. Second one is your homes condition, if you can try to do staging it helps to improve the condition a lot.
Hope this two tips helps you :)

Good Luck,
1 vote Thank Flag Link Fri Dec 18, 2009
Tom, if possible, walk in a new model home in your area, from the time you first walk in, look around, examine everything carefully, the placement of furniture, the new construction smell, the sparkle of the light fixtures, how neat and uncluttered everything is. Then go to your home, walk in your front door, look around and try to duplicate what you just saw and ask yourself, does my place look as neat, uncluttered, clean and smell the same as the model home? Then proceed to get it as close to that ideal as possible. It doesn't matter the age of your home compared to a model, just try to get as close to it as you can. Also, I am sure you know to consult your agent, find out what the recent sales were in your area because price is so important, more now, then ever!
Web Reference: http://www.dougwalters.com
1 vote Thank Flag Link Tue May 27, 2008
We are in a tough market at this time...because of the number of foreclosures and short sales on the market, mortgage companies have stricter guidelines for getting a loan and potential home buyers are finding it harder and harder to qualify for a loan. Therefore this is limiting the number of buyers actually able to purchase. Since, buyers are needing as much help as possible to qualify for a loan...you might want to consider offering to pay a percentage of their closing cost. Keep the faith and hang in there…homes are still selling. They are just staying on the market longer. You can go to http://www.gtar.org to view market stats for the Tampa Bay Area.
Web Reference: http://www.gtar.org
1 vote Thank Flag Link Mon May 26, 2008
Tom, To be blunt you are way out of line on price Original Carrollwood is flooded with Short Sales & Forclosures for example there is a 4 bed 3 bath 2 car garage home with a pool and direct lake access selling for $349,000.00 I know you had a offer last month and turned it down then contacted the buyer to take there offer by that time thay had a contract on a 4/2/2 @ $205,000.00 you snooze you loose !As to waiting the market out, good luck with that ! at a guess it will take ten to fifteen years to bring the market back to its previous highs also there is a 3/2 on your street priced less than $200,00.
0 votes Thank Flag Link Wed Jun 9, 2010
In todays market, you have to have the best priced home, the best looking home and the best location all of those will determine how fast your house sells. If you lack one or all then you must adjust your price accordingly.
0 votes Thank Flag Link Mon Mar 22, 2010
Tom to be blunt, the reason your house has not sold is because you are asking too much money for it. Noting else!
A house could be built on top of an unexploded bomb but if its priced right, it will still sell! In your case I suspect 165,000


0 votes Thank Flag Link Wed Dec 16, 2009

People sometimes overlook the fact that homes that are 15-20 years old selling and selling in the $250,000 range are also competing with those built last year (or last week) in the same or very similar price range.

Unless there is something very unique with this location, informed buyers are going to be attracted to the best value and this usually means newer construction.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Sat May 31, 2008
Thank you for all of the advice. We have taken our house off the market and will ride out this bad market--it can't last forever! George, I am glad you like the neighborhood. It is a wonderful place to live. I am not sure, though, that you will find what you are looking for in Original Carrollwood (which seems to be a house for under $200K). However, there is a house that has an asking price of $228K---1400 square feet. It is on the other side of Lake Carrol Way. You might want to look at it.
0 votes Thank Flag Link Fri May 30, 2008
Im looking for a house and was driving throuh Old Carrolwood today.It would be a good location for my wife and I -Want a quiet spacious lot -dont need a pool -it seems owners still want big profits even though Tampa prices fell 15+%last 12 months and are predicted to fall 10%a year next 2 years.I have 200000 cash.This owner on Valencia should listen to the realtor "Nfeldman" she makes a lot of sense -the others blahing about staging-photos -clutter are giving sound advice but ignoring the main thing--and that is buying a inflated house now is extremely risky!!!! What if one paid the 239k and it fell the 105 AND ANOTHER 10% next 2 years??? Thats a $45000 paper loss plus any realtor fees WOWEE George georgetheleo@hotmail.com
0 votes Thank Flag Link Thu May 29, 2008
Lynn...thanks for your reply. Some of those pictures are a little old. We have brought personality into the house. We always show with beautiful flowers and wonderful smells (cookies,etc). People who view our house tell us how beautiful, lovely, etc. it is. They say they wouldn't change a thing. If they are lying, how do we get them to tell us the truth so we can fix the problem? We have had people come back 3-4 times to view and we get nothing. We are about to just rent the house out so we can move to where we have to. We hope the market will be a little bit better in a year or two.
0 votes Thank Flag Link Tue May 27, 2008
There are 10 photos currently displaying in the MLS of your property. With so many homes for sale, consumers and agents are choosing to show the most eye-appealing listings first. As an agent on the selling side and with the choices available, it only makes sense for me to show those first. Today, more than ever, listing agents have to be sucessful marketers of properties - is your listing being displayed in all of the free websites that are so often mentioned in the media, does your flyer box have attractive brochures about the community as well as the house, etc. You have decluttered your house but has it lost its "personality".
0 votes Thank Flag Link Tue May 27, 2008
Ntfeldman...thank you for your comments. I have know idea what you are talking about when you mentioned "Sun City". I've never seen it. Yes, a buyer could buy a home for $200K, same size with a pool but not with the neighborhood amenities.and not as nice as our neighborhood. I am not bragging about the neighborhood, it just has always been known as one of the nicest neighborhoods in Tampa. Also, only 1 out of 4 houses in our neighborhood has sold with a pool. That doesn't seem to be the problem. We have totally de-cluttered our home. We have had a few offers (a couple really low). They backed off because of the roof hence the $10K credit we offered. We are re-doing all of the landscaping in the front. I guess the pictures aren't the best. Our real estate agent is always saying she will get a better picture and it doesn't happen. I will just do it myself.
0 votes Thank Flag Link Tue May 27, 2008
As was eluded to in the first answer, there are many possible reasons that your home has not yet sold. Without actually seeing your home, it is impossible for me to give a precise opinion of one or several things that may be the cause. That being said, the problem selling your home may be none of the things others have suggested. It could just be that the right buyer has not yet come along, or not enough of the right buyers have seen your home yet. How much traffic are you getting? If not much, then that's a good place to start. I would, however, NOT immediately jump to the conclusion that lowering the price is the answer. I believe that value is created by good marketing and that good marketing must be employed to build a home's perceived value in the marketplace. If you are not getting enough traffic, and your home is reasonably priced for the area, then there is a very good possibility that its value is not being conveyed to buyers. If this is the case, then lowering the price is not the best option from your point of view... It may suit a buyer, and some agents looking to make a quick sale, but it does nothing for your wallet. Please see the link for more on this!
0 votes Thank Flag Link Mon May 26, 2008
Old Carrollwood is a beautiful area - I lived there 15 years ago and many days wish I had not relocated. I see that there are 2 home for sale on your street with yours just recently being lowered to $239K. There have only been 2 homes that have sold in the last 14 months on your street. The most recent sale you may want to discuss with your agent. It might be helpful to add some color - bright flowers - to the front landscaping - giving a warm (other than the weather) and homey feeling. Also, I would replace the front pictures with ones that are not so dark and shadowy, the Family room needs the curtains straightened up or placed so that they don't appear dishelved, the guest bedroom needs the bed made with the bedspread not turned back and the back yard needs a homey picture of the swing without the sun spot. All of the above is in my humble opinion.
0 votes Thank Flag Link Mon May 26, 2008
Everyone coming in loves our house. Curb appeal is average but we are working on it. Our roof is about 12 years old. We thought that was what people were scared of. Because of that, we had the house listed at $249K with a $10K credit. Still no takers. Neighborhood is solid, selling in the $250's or so. We are with an agent and we are on the MLS.
0 votes Thank Flag Link Mon May 26, 2008
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