BJ, Home Seller in Fruitland Park, FL

What advise can you give me to sell my house in July 2008?

Asked by BJ, Fruitland Park, FL Tue Jul 22, 2008

I have been listing my home FSBO for 7 months before that 6 months with a realtor. My price is 25,000 below appraised value. I am offering 2% to a realtor who can sell my home. I am going to college in the Fall and need to sell ASAP. I have open houses all the time. People like my home and they say they will be back and never show up again. I heard the market is getting better. My addresss is 03504 trout ave fruitland park fl 34731 This home is close to Leesburg and the Villages. The neighborhood is very safe. Check out my Video on youtube:
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The first thing that we all need to remember is this; the real estate agent nor the homeowner will determine the sales price. The market will determine the price. For so many years, we in the real estate field rarely saw homes selling for less than appraised value and certainly not for less than city assessment. That old rule has gone by the wayside! I still hear of sellers listing their homes for "a bit more than what they would actually take" to give themselves "negotiating room. " I constantly encourage sellers in our market to list your home for what you would accept. Forget padding the price. Unless an offer is given, there is no chance for negotiation. Price it to attract buyers and if buyer concessions are needed you can negotiate that amount onto the sales price. First and foremost is to get an offer! Having your property in top condition is extremely important. You only get one chance for a first impression. If the home is in need of work you will need to adjust your price to reflect the present condition. In my area of Virgina, Hampton Roads, we now have in excess of 17,000 homes on the market. That is just through our multiple listing service and not counting the for sale by owners. With so many homes to choose from buyers don't have to "settle" for a property that doesn't offer what they're looking for. You've got to be competitive!
2 votes Thank Flag Link Tue Jul 22, 2008
While $25,00 below appraised value sounds good, if it's priced above area comps, then it doesn't really matter. I counsel sellers like this: "If we don't get an offer in 45 days there's a problem. You may not like the offer, but we need an offer in 45 days or less." You've been active 13+ months. You have a problem. Get a full time professional in there and get it done. Home values in your neighborhood could still be falling by 1.5% per month. Every day unsold costs you money. PS. don't pick an agent by the fee they charge. Ask them how many homes they've sold this year, month, week. Then listen to him/her.
2 votes Thank Flag Link Tue Jul 22, 2008
Just drop your price. Duuuuh.
2 votes Thank Flag Link Tue Jul 22, 2008
Although I am in Washington State, I think it is pretty much a buyers market everywhere so the bottom line probably holds true in Florida as well. There are three choices:
1. Drop the price to adjust to the market.
2. Keep the price you want and wait for the market to catch up to it.
3. Take it off the market until it catches up to the price you ultimately desire.
I definitely recommend getting a realtor again as the statistics prove that you have a much better chance of selling if you have one. Good luck!!
1 vote Thank Flag Link Tue Jul 22, 2008
BJ - what you may want to do is get an up to date appraisal, if it is more than 3 months. In today's real estate market prices change quickly and sometimes not in the direction we would like them to.

Another thing to do is check out the number of listings in your area that are priced in the same price range. You might see the amount of competition you have. Then look at a price range above and below your price range - there maybe an opportunity to lower your price and fall within a price range with less competition and thereby move the house faster.

One thing to note about your listing with the REALTOR - you had it listed during a period when the sub-prime mortgage market fall apart (August 15th) and then during the worst of the credit crunch. It may not have been all the REALTOR's fault.

You should be sure your offer of compensation is the same as if it was co-brokered by a REALTOR. If REALTORS are offering a co-broke of 3%, your 2% would be discouraging REALTOR participation.
1 vote Thank Flag Link Tue Jul 22, 2008
Typically when a home is not selling it's the pricing. You need a professional to market your home. 81% of all buyers search the internet before ever calling a Realtor. If your home is marketed and positioned in the market place correctly, It will sell.
0 votes Thank Flag Link Wed Jul 23, 2008
I am a Real Estate Broker in Lake County and was raised in Fruitland Park. I think you need a professional to sell your home. You need it to be marketed as only a full service Realtor can. You need MLS, real estate websites, and advertising. The other realtors need to know your house is for sale. Give me a call as I would be happy to sit down with you and go through pricing and comparatives. Your house has to be the best house at the best price for it to sell...lets get it to that point and get it in front of the buyers with pictures and video they will want to view. You really do not have time to waste... call me -352-636-4553...Leigh Ann PIppin
0 votes Thank Flag Link Tue Jul 22, 2008
You have been trying to sell your home for more than 1 year now. The video is very poor quality.
You should list your home with a full service Realtor and drop your price.
That's my opinion.
0 votes Thank Flag Link Tue Jul 22, 2008
Sorry to say, but I think that although you have some great advice, there is one major area not covered.

The goal of marketing is to achieve showings. In most markets 10-12 showings should produce an offer. If you do not have showngs, reduce the price. If you have showings and no offers, reduce the price.

However, your problem is only partly price. When you purchased your home did you hire a Realtor to act as your buyer's agent? Why? Because you wanted a neighborhood expert, this saves you time, and a good negotiator, this saves you money, and we work for free.

Most buyers, about 90%, use a Realtor. So sellers selling without professional representation sell to someone they know 5% of the time, someone they don't know 5% of the time, and list with a Realtor 86% of the time. No wonder that homes sold be Realtors average 15% higher average sale price.

You problem is exposure. No one knows about your home. It's probably over-priced, and as much effort as you have invested in the website and youtube video, Reealtors are not watching either. Most have buyeres with whom they are working, they are looking for the best values, and on all counts they will probably not find your home.

What to do? If you need to sell, then interview three Realtors, ask them for an Estimate of Seller's Net Proceeds, then run the numbers. If you end up selling on your own, great. If you need to shift plans, you'll have some Realtors to call.

You have about four more weeks. IMHO you don't have time to test the waters anymore. Take action, now. If you need a top Realtor to sell your home now, feel free to call me 1-888-284-2056 or email me through my Trulia profile.

Good luck.
0 votes Thank Flag Link Tue Jul 22, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Jeff gave you some really great advice.
I do not agree with him regarding open houses- keep them going.
Consider paying the Buyers agents 2.5% commission and state in all your ads "Brokers protected."
0 votes Thank Flag Link Tue Jul 22, 2008
Has anyone seen the video? I am wondering if this really a joke?

The song, the broken window, etc - sure is not an enticement to view the home.
Web Reference:
0 votes Thank Flag Link Tue Jul 22, 2008
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