Dk, Home Seller in Washington Park West,...

We are selling a home for slightly less than what we paid for it, and still are not getting much foot traffic. We do live along a busy street, but

Asked by Dk, Washington Park West, Denver, CO Thu Apr 15, 2010

we are one of the cheapest and (I think) nicest house in west wash park. Newer (2 years or less) everything! Roof, windows, water line, sewer line, electrical, updated baths and kitchen w/ appliances, wood floors. House is really quiet, but I think the street is a turnoff for people. Any suggestions?

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I am a Realtor selling a home in Wash Park as well and Busy Streets have a huge impact on the sale of a home in that area. They have been putting in stop signs that have helped slow down some one way streets over there. You home will sell soon with moving season coming up.
1 vote Thank Flag Link Sun May 2, 2010
How long has your property been on the market?
How many homes, like yours, have, since your home hit the market:
1. Lowered their price
2. Entered Escrow
3. Come on the market (new competition)
4. Sold?

These numbers will tell the tale. Most homes in any given market (75-80%) are overpriced. That means that the odds are the reason your property is not sold is because you have not had any offers.

Price it for get offers. Once you have offers you can negotiate. Otherwise you are not really "selling" your are simply listing it for sale at a price no one will believe. Otherwise, if the buyers thought it was priced right, you'd have showings and have offers. The longer a property sits on the market, the lower the price a buyer will pay.
1 vote Thank Flag Link Thu Apr 15, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
A lack of showings is usually related to one of these two things, either the home is overpriced or the home is not showing well online. The first thing to do before dropping your price is to make sure you've handled the latter.

Make sure you have your home staged or at least have consulted a professional regarding changes you should make then have new photos taken. The photos should be professional advertising style photos taken to highlight the benefits of your home rather than simply document what the home is. Eliminate any pictures that do not add to your case for why a buyer should buy your home. Virtual tours should be edited in the same manner so you show only the benefits of your home. All homes have flaws but you would rather have them through the door and make up their mind while standing in your living room than from in front of their computer screen.

Make sure the curb appeal from the street is better than average. This is especially true since you're on a busy street. The benefit of the street is many people will know your home is for sale even if they aren't actively looking online. Make sure there are quality color brochures in a box out front.

Finally, if you do have to drop your price, first ask your Realtor to take you by your competition and figure out how your home should be priced to attract buyers. It can be tough for a seller to be objective but this step is essential for you to feel comfortable with your pricing strategy.

Hope that helps and good luck with your sale.

Spencer Barron
FlatGrass Realty
Denver, CO
1 vote Thank Flag Link Thu Apr 15, 2010

There are an over abundance of properties for sale compare to the number of credit qualified buyers. In some markets, it is not uncommon to see that houses are on the market for 12 to 18 months. The potential prolonged process of selling may increase your holding cost such as mortgage and interest payments, maintence cost, HOA fees, etc., and that you may end up selling for even less depending on the market and your negotiations with the end buyer.

If you were able to market to the "bruised credit" buyers who are in the market to buy but can't get financing anywhere else, you should see some increase in traffic and inquiries.

You are on a busy street, although many people pass by on a daily basis but if they don't think they could buy than they are not paying attention to your home. If your yard sign says "owner financing" or "private financing", then you could attract some attentions.

I'm specialized in several private financing programs that are designed to assist buyers and sellers who are not normally able to close the transactions by themselves. Send me an e-mail so I can pass on some additional details to you.
Web Reference:
1 vote Thank Flag Link Thu Apr 15, 2010
Hi Dk:

Sounds like you need to get the word out about your home. What kind of marketing plan have you and your agent (assuming you have an agent) settled on? A simple MLS listing and a sign in the yard are not enough. You have to let people know why they would want to check your house out and, perhaps, make an offer. This means getting great photos and writing compelling copy. It can also mean finding other ways to get your listing in front of the buying public. If you are having a problem that is not price related, improving your marketing is usually the answer.

Ron Rovtar
Prudential Real Estate of the Rockies
1 vote Thank Flag Link Thu Apr 15, 2010
Hello Dk!

Sell the older home charm.

What a great place to live! If I were marketing a property in your neighborhood, I would be trumpeting the terrific recreations amenities and lifestyle. The buyer who wants a home in an established neighborhood that has character is not going to care much about traffic, especially if they can walk to restaurants and coffee shops.

If your home has great curb appeal that's a big bonus.

If your property backs up to the Interstate, what have you done about it? Are there trees? Is your home well insulated? Does your home have a sprawling front porch? Then this information needs to find its way into the advertising for your home.

I don't cover this area, but I would happy to refer someone.

0 votes Thank Flag Link Wed May 5, 2010
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