Home Selling in 76134>Question Details

Victorias, Home Seller in Fort Worth, TX

We have had our home on the market since April 2009 with not one offer. We have recently reduced the price (3 weeks ago) to 119,900 - two more

Asked by Victorias, Fort Worth, TX Mon Jan 11, 2010

showings but no offers.

Since April we have had about 10 showings.

Any ideas?

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Answers

22
BEST ANSWER
Good advice regarding staging, proximity to school (and what that can mean), and the advice to get a new CMA. Beyond that . . . may I be blunt?

First, your listing is stale.

Second, judging from the number of showings you say you've had, it's overpriced. Further, a price reduction 4% after the property's been on the market for 8 months is nothing. It'd be almost nothing if you'd dropped it after it was on the market for 30 days. But after 8 months in a declining market, a 4% price reduction probably resulted in your home being priced even further above the market than it was last April. So: Get a new CMA, and reprice your home so it's at the bottom of the range of the CMA.

Third, the photos of your home are atrocious. Just a few examples:

The exterior shot is gray and murky. Both ends of the home are clipped off--on the left by being cut off, and on the right by the bushes. Speaking of which, the bushes, from that angle, look unkempt and overgrown. And the "For Sale" sign is just leaning against the garage.

The back yard shot is gray and murky. The back yard looks unappealing, and the school just looks like a warehouse or manufacturing plant. That's the sort of scene one sees on the train going through an old city like Baltimore or Philadelphia.

The dining room (in addition to the overly large table and chairs, as Linda points out) photo is poorly lit. Set the exposure on your camera so the white level and exposure are set to the interior walls. What's happening is that the automatic exposure on your camera is averaging the interior light with the very bright exterior light. So you get the worst of both worlds--a glaring white window and a dark, murky interior.

The view from the loft to the sofa has the same problem as above--a washed-out window and a dark, murky interior. Beyond that, what's the point of the photo? Unless you're selling the sofa, the photo accomplishes little.

Bedroom with orange pillow: Same problem as the photos above. Set the white setting to the white pillow case.

Second bedroom with papasan chair: Same problem again. Set the white level to the white lampshade. Also, the picture on the wall (if that's what it is) is WAY too small. In fact, many of the pictures on the walls are not properly sized vis-a-vis their placement.

Third (kids') bedroom: Same problem again. Set the white level to the white pillow.

Hope that helps.
0 votes Thank Flag Link Mon Jan 11, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Did your Realtor explain that a $5,000 price reduction lowers a potential Buyer's monthly payment by $27/month. (Do not expect the flood gates to open.)

A $5,000 Seller Concession toward closing costs and or reducing the Buyer's interest rate and payment is a better way to increase your market potential and expand your pool of qualified Buyers.

Good Luck!
Web Reference: http://www.321advantage.com
1 vote Thank Flag Link Tue Jan 12, 2010
Victoria,
Please go in and delete your last comment in the string. Nobody needs to know what your loan payoff is on the house. That's your business, and it doesn't matter how your agent factored your reduced price. We (any agent in North Texas) could find your MLS listing in a heartbeat and we wouldn't offer you more than your payoff (if even that) because you armed us with useful information and we would be working for the buyer's best interest. A gain:gain is the outcome we all desire from a successful negotiation, but this is too much information to share.

You reduced three weeks ago and your showings went up. If you are now getting 2-5 showings in any given week, you have real demand for your home and the offers will come. Anything less, and there is still something off in the marketing formula. It isn't always price - could be marketing, location, curb appeal, amenities, condition, staging, collateral damage (barking dogs nearby or a neighbor who isn't caring for their home), too far from schools, too close to schools, etc... Make sure the agent gets feedback from the showings (they may have to be diligent to get feedback on all, as some agents consider no feedback is feedback in and of itself). The agents showing the house wanted to help you sell. We usually don't have a problem being honest about what the objection may have been. Work to identify and overcome any objection. Sellers cannot sit back and wait for an offer. We have to be much more assertive about giving the buyer the opportunity to tell us how the deal would be a gain:gain for them. You can always say no, or find a compromise that works for both parties.

The city of Fort Worth isn't your friend right now. They're offering grant money to get some of these vacant foreclosures off the books, and it's substantial and enticing to buyers. The city is helping to steal away some of your buyer pool from occupied resale homes and shift it to vacant homes. That limits the buyers for a standard resale home.

You're on the right track. Keep going, and stay loyal to your agent. Too many times, in this market, the agent is the easy mark for blame, but rarely the real reason the home isn't selling.

Have a blessed day!
Ronda


Ronda Allen, Realtor and Certified Purchasing Manager
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs - serving the DFW Metroplex
1 vote Thank Flag Link Tue Jan 12, 2010
Victorias - If you are a Motivated Seller: You have to price your home aggressively and then offer incentives.
You can offer "Special Financing" to Qualified Buyers. You do not hold the mortgage! You pay discount points at closing to buydown the Buyer's interest rate and payment. A 2-1 Temporary Buydown will cost you $2,400 at closing and will save the Buyer: $135/month through the first year and $70/month the second year. It allows the Buyer to ease into homeownership comfortably and confidently...and it reduces the Buyer's payment by a much greater amount than a standard price reduction. ($2,400 price reduction lowers the payment by only $13.19/month). GOOD LUCK!

Calculate cost for Seller & Savings for Buyer:
Down Payment: $4,196.50
Amount Financed: $115,703.50
1 vote Thank Flag Link Tue Jan 12, 2010
Your home is priced too high. Basic laws of selling are, 'if someone can buy a home comparable to yours or nicer for the same price or less, they always will.'

Maybe with creative marketing you can convince someone it's worth more than it is and get an offer but when the appraisal shows up for less than it's worth you'll be in a bind.

I closed a home last week that sold in 21 days.

You're probably saying right now, well it's comparable to others...but then again if it's not a deal or offering something 100% unique you will continue to burn daylight waiting on offers.

This is peak season with buyers on every corner looking for one thing, a good deal on the home they want....

Many people also assume their home is worth full tax value. Tax values are irrelevant as it relates to listing price, comparable homes dictate what people are willing to pay for your property.

Sincerely,

Nathan Beckey, Realtor
(m) 817.691.3602
More Options. More Results.

visit us online at http://www.exclusivepropertiestexas.com
0 votes Thank Flag Link Sun Aug 12, 2012
I had no idea....what area do you mean? South Ft Worth/Crowley?
0 votes Thank Flag Link Wed Jan 20, 2010
Ive read all the real estate professional help for this,,the reality is this house is near a gang infested area and she needs to drop the price major and move on,,,,she must list the house with a ethnic realtor,,,,thats the truth ruth,,,im in nyc but i know me fort worth like the back of my hand,,,and im a black guy,,,
0 votes Thank Flag Link Wed Jan 20, 2010
Three things sell houses....price, condition, access.....something is wrong.
My guess is price is a little high.

We would be glad to take a look at it and see what the issue is.
Web Reference: http://www.dfwSnapshot.com
0 votes Thank Flag Link Sat Jan 16, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You will probably get as many different opinions as you get answers. One basic fact that all Realtors will agree with is that any house will sell fast if it is priced right! Now the question is what is right? Sellers are generally bound by emotions and financial restrictions.

If you want your home to sell fast you must price in low enough in comparison to your competition to make it worthwhile for the Buyer to consider it instead of another similar home. Talk to your agent to review what is happening in your subdivision. How many homes have sold since your home was listed? What was the average price per square foot paid for these homes? Is your home priced for more than your competition? If so then you need to adjust your price to where it is no more than mid range and if possible lower. Get your Realtor to schedule a tour of homes that are for sale in your neighborhood. This will show you what your competition is and how your home stacks up against them.

If after talking with your Realtor you find that you cannot afford to sell because you owe too much money on your house or the cost to sell exceeds your means then you must take your house off the market, talk to your agent about a Short Sale or consider leasing it until the market situation improves.

A Short Sale is a negotiated settlement between you and your Mortgage Company where you are allowed to sell your home for less than what is owed on it. Currently this is a rather lengthy and drawn out process but you can walk away from your home without incurring any additional expenses and it will not reflect adversely on your credit.

If you decide to rent your property you may take a small monthly loss but that is better than having to make a large mortgage payment that you cannot afford. Be aware that you should set aside money to meet any repair costs and the possibility that your tenant moves out owing you money and you have to make a payment or two. I highly recommend a professional Management company to handle your property as they know the law and do not allow personal relationships to interfere with the business of managing your property.

Your Realtor has invested a lot of time and effort into selling your home and you should work with him if at all possible however if you have any questions I will be happy to help. I am located near you in Fort Worth.
0 votes Thank Flag Link Thu Jan 14, 2010
what's the condition of the property,is it easy to find on the internet(approx 80% of buyers start on the internet), how many other houses for sale in you price range ....most importantly is there a current market analysis on your property best of luck
0 votes Thank Flag Link Wed Jan 13, 2010
Price is key! It is what buyers will look for from each search. Start with price, then look at size, photos, etc. If your home is in its best condition, and the price is right, a buyer will come. In this market, it sometimes just takes time and patience. Having lots of showings usually means the price is right.

Ask for feedback from your agent after each showing. Buyers will usually tell you what they think, and why they did not make an offer. You can use that information to your advantage in most cases.

Also ask your agent about any other possible marketing strategies you might be able to use. Have the agent get your property in front of other top agents in the area. Refresh their memories! Do what you can to market your home well, price it right, and a buyer will come.
0 votes Thank Flag Link Wed Jan 13, 2010
Victorias - You are welcome!
You can forward this article to your Realtor from Bankrate:

Buy down points to get the deal done:
http://www.bankrate.com/finance/real-estate/buy-down-points-…

Calculate the minimal cost for the Seller in comparison to the substantial savings for the Buyer:
0 votes Thank Flag Link Wed Jan 13, 2010
Thank you Barbara, I will speak with my realtor about this.
0 votes Thank Flag Link Wed Jan 13, 2010
We have reduced the price to 114,900 and hope this brings more traffic.

Thank you everyone for taking the time to reply!
0 votes Thank Flag Link Tue Jan 12, 2010
V
Bless your heart, you asked and you have received and as you can tell agents from everywhere are willing to give advice.
Not fair to judge your house by the photo's but that is what a buyer does, I agree that they could be a little brighter and the angles are not the best, what you may need to do is have a professional come in and take the photo's. It may cost a little but if it gets the buyers to you it's worth the price. I would take the back yard photo from a far corner showing the back of the house and the size of the yard.
As for the dinning room, the arrangement does make it look small, try placing the table on an angle so that the sides of the chairs show instead of the back, this will make the room appear much larger.

Now the price, seems to me a lot of house for $119,900 but again it has to do with the market. Keeping the price high enough to cover your mortgage and closing cost is exactly what your agent is suppose to do, protecting you is his job. Can you afford to sell and pay to close? If not then you have no choice but keep the price where it is and hope that all the other lower priced houses will sell and the demand for your's will go up.
0 votes Thank Flag Link Tue Jan 12, 2010
Ronda, Thank you - I deleted it.

I will keep you all updated as to how things go from here.
0 votes Thank Flag Link Tue Jan 12, 2010
Being that close to a school is a negative for most people. The noise of playgrounds, the busses, the busy-ness at certain times of day.

Some people who have kids in that school might like being that close.

I can see that as an issue, but how best to handle it, I can only say talk to your agent.
0 votes Thank Flag Link Mon Jan 11, 2010
Victorias
I wish I could see your pictures, what is the MLS web site? Have you held an Open House? Are there any home tours in your area? Are you listed on other web sites?
The first thought that comes to mind is the price is too high but that may or may not be the case, I agree a new CMA may help see what has been happening in your area. The fact that you got 2 showings after dropping the price shows that there are buyers looking in your area.
Talk to your agent about your concerns,see if he/she has any other ideas on how to market your home. Try putting a sign next to the agents sign "Up to $8,000 tax credit with the purchase of this House" because this can be used as a down payment for the house that brings the price down to 111,900 for a first time buyer!!!
0 votes Thank Flag Link Mon Jan 11, 2010
V
I would ask your Realtor to show you, since your home was listed, how many homes, like yours, have:
Sold
Entered escrow
Lowered their price
Come on to the market.

The truth is that homes are selling, all of the Realtors are not on vacation. So you need to ask your Realtor What it will take to get your home sold. The longer it sits on the market, the more people know that it is not worth the asking price.
0 votes Thank Flag Link Mon Jan 11, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Thank you Linda, behind is an Elemen Schoold.

There are lots of pics, I will remove them.

Thank you.
0 votes Thank Flag Link Mon Jan 11, 2010
After viewing the MLS photos, I do have a couple of questions/suggestions. What is the building behind your fenced yard? Is it possible that your location could be deterring some buyers? It is not clear from the photos what you have done with the space on your 2nd floor landing/loft. If this is just a hallway/walk through, remove the furniture to maximize the space. If it is a significant amount of usable space, you may be able to set it up as an office or reading area. Your house does appear clutter free which is a positive! The (large) furniture in your dining room definitely makes the space appear small. I would suggest removing 2 of the chairs. It would be ideal to replace the table with something smaller. It appears that you may have a significant number of personal photos displayed throughout the house. When selling, it is best to remove these so a potential buyer can imagine living in the home. Good luck!
0 votes Thank Flag Link Mon Jan 11, 2010
Victorias,

I suggest you have your Realtor, and their broker come out and do a new CMA on the house. I am not familiar with your area, however I can tell you most likely the values have come down a good amount. If you started at 129k, it was too high in April, and now you dropped it to 119k, it is probably to high for January. Stop chasing the market and ask for help.
0 votes Thank Flag Link Mon Jan 11, 2010
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