Home Selling in Maryland>Question Details

Freedom5, Home Seller in Maryland

Why is my home not selling?? 1905 Park Ave..I have replaced everything in this house from top to bottom except the stained glass and pocket doors.

Asked by Freedom5, Maryland Tue Oct 18, 2011

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14
Hi Freedom5,
Keep lowering the price, eventually it will sell. Good Luck
0 votes Thank Flag Link Wed Oct 19, 2011
both approaches were used, one is slightly higher than the other. We have had showings, but not all that many. The only one that I remember that could afford to buy the house, wanted a formal dining room which the houses in this area don't have for the most part. I am now ion the process of trying to rent it out and ride out this lousy market, but I would rather sell it and move on to other projects...

Bob,
That is a good idea. I will try to get to some of my competitions open houses to see what they have to offer....
0 votes Thank Flag Link Wed Oct 19, 2011
Market time for the price range you are NOW in since any reduction. That will give you an idea of how much longer you may have to market the house.
....an appraisal opinion can make sense on paper, but not in reality. Was it a Cost Approach as well as a Market Approach? You should have both....what is the feedback from showings? Are you even GETTING showings?
Sometimes it is just not the market to get what you are hoping to....time to rent it out or hold tight...Real Estate is a LONG TERM INVESTMENT. If the market is not good for sellers then your return (if any) will be dictated by what a buyer will pay and it appears your shirt and all cothes are barely enough. Not for the weak of heart no matter what your political leanings might be. You chose to invest in real Estate, investors also chose Madolf and Chrysler stocks.
Bottom line: Hold and rent or sell at a loss
0 votes Thank Flag Link Wed Oct 19, 2011
It may be a good idea for you to personally go through the homes that are the most comparable in the area. Maybe visit some open houses or set up some apts. You need to see them and if they sell before yours does at least you will know what they looked like on the inside and what the current market will bring for the style of home. Be objective while doing this and I'm sure you will have your answers
0 votes Thank Flag Link Wed Oct 19, 2011
Folks, I had this appraised by an independent appraiser earlier this year and it came in at 299k I have this with a good realtor that I have worked with for a few years down there, and she has open houses, keeps it updated on Craigslist and other sites. There are other homes that show as comps in this area. I just don't get why this one isn't selling. I only bought and redid this place because they place attached to it on the right sold for mid 400's 2 years before I got this one. That was about 4 years ago now and we all know what state the housing market is in currently, but this home should bring (according to CMA reports) what I am asking...
0 votes Thank Flag Link Wed Oct 19, 2011
You might want to consider offering terms.
0 votes Thank Flag Link Wed Oct 19, 2011
Hi Freedom5, generally, when a home is not selling, it is due to buyers not being interested in the house at the price for which it is on the market.
I understand from your writing below, that you are taking a hit on the house. Unfortunately, if similar houses surrounding are not selling for near your price, then it may need to be an even lower amount, especially if an appraiser could not appraise the house and show a buyer's bank that it is worth it.
I wish you much luck!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
0 votes Thank Flag Link Wed Oct 19, 2011
Well Freedom5,
not an easy question to answer, when we do not know or have seen your property. Is it on the market listed with a real estate brokerage/listing agent or are you selling it by owner. Could be a huge difference..... but besides
we are in most if not all parts of the country in a buyers market, which means to you the seller, that there are
more homes on the market and not enough ready and willing and approved buyers out there. The few that are
out there have so much to select from, that they truly can buy the best of the best and the best price.....

Besides that fact there are still many short sales, foreclosures and distressed properties on the market and
still coming on the market that are priced so much lower than you probably would like to sell your home for.

If you not already have discussed your particular property, its size, location and upgrades in relation to the surrounding sold or currently on the market homes with an experienced area Realtor, I strongly suggest to you to do so....

Sometimes, some staging, new photos, rearranging or removing some furniture, a new curb appeal by
adding something to the front of the home, lights? a new color paint on the front door? all that and more
can help....An experienced Realtor can be the best resource and help for you.

Good Luck!
Edith YourRealtor4Life! And Chicago/Northern Illinois and North Shore Expert
Working always in the very BEST interest of her clients....
0 votes Thank Flag Link Wed Oct 19, 2011
Hi Freedom,

The key to successful marketing these days is to have great photos on-line on many different websites. Your home has about 2 pages of Google references (you really want to shoot for 5 or more) and while the house looks lovely the pictures are really not good. There is even one of a ceiling fan. And they are not set in any logical walk-through order. You need a good wide angle lens 35mm digital photo tour. Consider purchasing one (about $250) and have your Realtor post it for you on the Internet. Make sure your home is syndicated to as many websites as possible.

If homes in your neighborhood are selling for $150 or less, you will need to find a cash buyer for your home. If your buyer finances the home it will have to pass an appraisal at or above the contract sales price. Are there any recent property sales that would support your asking price?

We are seeing the same decreases in value here in the Fort Meade area. And as a local home owner I truly feel your pain. Wishing you the best of luck that you get out with shirt in tact :)
0 votes Thank Flag Link Tue Oct 18, 2011
the CMA reports don't look badly on this home. I have more invested in it than what I am asking. When the market dumped, this area really took a beating. seems the only things selling are the 150 & under props. I want to unload this, but I can't take much more of a beating than I am already taking. This Baltimore market is horrible at best right now. (Thank you Chris Dodd and Barney Frank) I have lost all of what I made in the 2 previous years getting out of other investments in this city. I need to find a way to get out of this without losing all of my clothes, not just my shirt....
0 votes Thank Flag Link Tue Oct 18, 2011
Dear Freedom5
I see the home now and it looks beautiful with the photos. How many tours are you receiving a week? What type of feedback are you receiving after the tours? If you're not receiving 3-5 tours a week, chances are it is priced too high. I'm sure that isn't what you want to hear, but showings are always the indicator, unless the photos don't portray your home nicely. In this case, we know your interior pictures are attractive. I see you've already gone the route of offering an agent bonus. Perhaps also advertise closing help.

What additional feedback have you received either directly from your agent or from the automated Centralized SHowing Service's feedback forms? Is there a consistent trend you're hearing?
0 votes Thank Flag Link Tue Oct 18, 2011
Please don't shoot the messenger:
98% of the time, when a home hasn't sold over a prolonged time; it is PRICE!

Have you had your Realtor do a CMA? How does your Price compare?

Good luck and may God bless
0 votes Thank Flag Link Tue Oct 18, 2011
This is in the 21217(Reservoir Hill) area of Baltimore city. Right across the street from the Bolton Hill section of the city.
0 votes Thank Flag Link Tue Oct 18, 2011
Dear Freedom5,
I'd love to offer you some advice; however, where is your home located? Please provide the zip code or city.
Regards,
Ariana Loucas
0 votes Thank Flag Link Tue Oct 18, 2011
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