Home Selling in Riverside>Question Details

Teresa, Both Buyer and Seller in 32205

I have had my house listed for 2 months and not even one showing??? The price has been reduced 38,000 and a

Asked by Teresa, 32205 Mon Jun 16, 2008

large selling agents bonus has been added, why am I not getting any showings or offers? It is comprable to the others in the area that have sold, actually my price is even lower, any tips or advise?
http://www.vanguardgmac.com/vro_fe/b7/mlsdetailphotos.asp?ml…

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18
Hello Teresa

Your home looks to be in very good condition. However, because it is an older home, fewer people will be interested. The home would appeal to a smaller segment of the potential buyers in the market. Those that are looking for vintage homes that have been restored. Any marketing done should be targeting this group of buyers. Another issue that may turn off some people is being located adjacent to a multi-family apartment building. These are external factors that you have no control over but should be aware of.

You do have control over the price. Although you are priced in line with some of the other homes in the area notice that they too are still for sale. The reference link below shows other homes for sale in the Riverside area that are priced $30k - $50k below yours and in some instances have superior sites and larger yards. This is your direct competition. Anyone interested in your home would almost certainly be looking at these as well. If you are serious about selling your home my suggestion is to set your price to be competitive with these homes. Good luck!

Lucien Vaillancourt
REALTOR/ Broker Associate
Realty Executives "The Elite Group"
http://www.lucienvaillancourt.com
2 votes Thank Flag Link Mon Jun 16, 2008
Speak to your Realtor about your concerns. You and your Realtor will have to go over the marketing plan. Does the listing have great photos, is the listing a showcase enhanced listing on Realtor.com, does it have a virtual tour, is it marketed internationally, etc. Also is your home easy to be shown, is the curb appeal as good or better than the competition. I do not know what you listing is like but sometimes we see listings that say 24 hour notice required and things like that. There is always a reason that the home is not being shown and it can be price, curb appeal, marketing, ease of showing or many other things. Make sure you are truly comparing comparable homes. I have had sellers say that home has sold for this price and it is comparable to ours, then I look it up and find it has 1,000 more square feet, a pool, and upgrades galore. Have your Realtor go over the comparables with you. As I said I do not know your listing but can give some general ideas.
2 votes Thank Flag Link Mon Jun 16, 2008
It's obvious, "you are asking too much"!
1 vote Thank Flag Link Fri May 1, 2009
Dear Teresa,
All real estate is local, but some things are universal. If you are not getting any showings it is usually the price to blame. In some markets it doesn’t matter if you’ve priced it lower than past sales –it has to be one of the five best priced, best looking comparable homes to even get the attention of agents and buyers.
Take the time to view your competition, and also know what has sold since your put your house on the market. Why did buyers choose that one over yours.
Some news is tough to hear, but indicators are homes are worth more today than next month or the month after, so bite the bullet, price it right, and move on to the place you want to be. Best of Luck to you.
1 vote Thank Flag Link Tue Jul 15, 2008
Hey Teresa, ask your agent to do a current CMA, and ask your agent to take you to see the other listed homes in you neighborhood. Jack Vance
1 vote Thank Flag Link Tue Jul 15, 2008
When a home is not getting any showings it typically is the pricing. I know you say it's been reduced, but reduced from what? How long has it been since the home was re evaluated? In this market we have to re evaluate our listings every three months, because the market is changing so quickly.

Sometimes you just need to put your buyer shoes on. Go look at your competition and ask yourself. If I had this much money to spend which home would I buy? Your home is only worth what a buyer is willing to pay for it on the day they go to buy compared to all the other available properties.
1 vote Thank Flag Link Tue Jun 17, 2008
price price price price!!! If no one is coming, you may very well be out of touch with what your home will sell for!! Have your agent really look at comparisons of what has SOLD, and price your home accordingly. It may be that the comparison you are using is out of whack. There is a missing piece of information here-when a property doesn't get traffic there is a reason. If your realtor hasn't done a realtor tour or realtor open house, that would be a good idea to get some feedback from other realtors.
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Mon Jun 16, 2008
There is no easy answer! The market in ALL areas (just about) is overloaded with inventory. Much of the inventory that is getting some action are those with prices well below the norm. Short sales are becoming the new standard for pricing; until and when these properties are turned over the market will be going through adjustments and stablization.
1 vote Thank Flag Link Mon Jun 16, 2008
Price must be right, have you gone over the comparable properties with your agent in detail and/or have you considered having an appraisal done? The home looks very nice and I hope things will turn around for you soon.

Sandra Brown
Prudential Network Realty
1 vote Thank Flag Link Mon Jun 16, 2008
Are you chasing the market or getting ahead of the market? Your price has to be LOWER than the competition. I'm not familiar with the area but it's the same story; no matter where the property. Good Luck!
Jim Soda 941-809-7759
Jim@JimSoda.com
My BLOG: http://sodasells.wordpress.com/
Prudential Palms Realty Web site: http://www.JimSoda.com
Sarasota-Lakewood Ranch-Siesta Key-Longboat Key
Immobel International Property Realtors
Web Reference: http://www.jimsoda.com
0 votes Thank Flag Link Fri May 1, 2009
Hey Teresa, have you posed these questions to your a agent? In this market it is not good enough to be priced right it has to be priced the best! Have a heart to heart with your agent, I am sure that she would be embarassed to know that you choose this forum to ask these questions. Ask her to be brutally honest with you! Good luck! Jack Vance
0 votes Thank Flag Link Fri May 1, 2009
I took a look at your link. From comps I've considered in the area, your price is still too high. There are much larger homes with larger yards in an even better part of Avondale than you are.

Not sure you're even monitoring this anymore, but the house is still for sale as of 5-1-09. 335K seems unreasonable to me for < 1800 square foot. There are much larger homes in better parts of Avondale, listing just a bit more than that.

We aren't looking in Avondale, so your home would not be on our list.
0 votes Thank Flag Link Fri May 1, 2009
My wife and I resumed our home search in Riverside this January (2009). What we have found is that most buyers are still pricing their homes based on bubble prices.

As buyers, we have to consider the purchase price based on pricing for the next three to five years, and that is SUCH shaky ground, we are probably being even more conservative than sellers (you) want us to be.

Riverside pricing, like pretty much any other neighborhood in the US was way too high. This price adjustment was due. That is the main reason my wife and I gave up on the area five years ago, and are back looking NOW.

I can appreciate the position you are in, at the same time, you may need to think about where the buyer is coming from.

Buyers are out here. Several of the properties I have looked at are now under contract or sold. Some have sold for a loss. Take 2325 Forbes, which sold for 52K less in November of '08, than it did in February of '07. That seller took at fifty-two thousand dollar loss. You may not like that, and you may not want to hear that, but that's the reality. Either you bend, or dig in and hope it gets better.

Other issue that have prevented a showing or removed a home from our lists:
location not as good (not everying in 32204 is safe/good)
seller's realtors who refuse to get back to us despite repeated attempts
seller's realtors who use antiquated lock boxes and refuse to get back with our realtor with a combo so we could never view the home
very poor layout of the home, with additions that only connect to a back bedroom, making them fairly useless.

So take your pick, your realtor is very poor at following up with buyers or other realtors, (you may never know), your layout isn't so good so your price per square foot may be too proud or maybe your price is still too proud.

Your zip code is 32205? I thought Avondale started when you hit 32205. Maybe King street is the zip code divider, and some things West of King are still Riverside???

Anyway, good luck, and if you want feedback let me know. If you're concerned I'm a psycho, then I guess there's no way I can disprove that here. I can give you a list of the homes we've looked at and you can tell me if it's one of those. If it helps, we didnt' look at anything above $325K except for 2333 Post and something in the 2500 block of Herschel.

If you want to send me an email and the address of your home, (abcjacksonvilleabc@yahoo.com) I would be glad to give you honest feedback on your home. We looked at everything between Margaret and King, and the river and Dellwood. Likely we at least took a cursory look at yours if we didn't actually do a tour. I don't generally monitor these blogs, so that won't help.
0 votes Thank Flag Link Fri May 1, 2009
are there many new constructions in your area, or many foreclosures??
0 votes Thank Flag Link Fri Jul 11, 2008
Sounds frustrating!! Are there any circumstances that would be deterring potential buyers..such as neighborhood changes, water issues, local rumors about the area?? Is your agent marketing to the entire sphere of real estate professionals? It would be nice to know the actual reason for no showings...price? curb appeal? style/elevation of home? There's got to be something because every home will sell for the right price.
0 votes Thank Flag Link Wed Jul 9, 2008
Lucien
I get your point, but we must compare apples to apples, pinegrove has not been completly remodeled, from what I can see it is a beautiful place, but it will need at least 60,000 in repairs, lots of showing but no buyers, because of the condition
Jim,
I am going to try the agents open house, there has been a mass of open houses thru alot of the major companies Yes I agree it is a difficult market, I just think I have a great product in comparison to others
but that is just that ....my opinion
thanx for the input great ideas!!!!
0 votes Thank Flag Link Tue Jun 17, 2008
Generally it's a factor of price reduction and/or a lack of Buyers. It doesn't matter the comps and typical factors. You need to be the lowest price. There is just too much competition from other homes. Try a Brokers/Agents Open House and give a $100 gift certificate or enticement to get Agents to attend. Have your Agent line up several other homes in the area for the same Open House and advertise. We are trying these types of events and sharing the costs with other Agents. It's a difficult and challenging market, anywhere you live.
Jim Soda 941-809-7759
jimsoda@prudentialpalmsrealty.com
Sarasota - Lakewood Rancch - Longboat Key
Web Reference: http://www.jimsoda.com
0 votes Thank Flag Link Tue Jun 17, 2008
thanx for all answers!!!! My listing agent and I have gone over the comps and ugrades = to mine and I am priced well below others, I am below their suggested listing price as well, the neighborhood is a great one, new shopping areas retail, grocery, gyms, resaurants, closte to the river and downtown, my agent is not a member of realtor.com. Any local agents welcome there is an additional bounus please check mls#427459 Any more ideas with the new info added? BTW showings only need a little notice, no restrictions for showings other than let me know to let the dogs out, there are only 6 listings in my price range and same bedrooms availble, lot sizes similar
0 votes Thank Flag Link Mon Jun 16, 2008
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