Home Selling in Ithaca>Question Details

Momma Mia, Home Seller in Michigan

How to get it gone????

Asked by Momma Mia, Michigan Mon Oct 13, 2008

We are truly motivated sellers. We did have an offer in July, the house was listed at 89,900.00, they offered 75,000, with 3% back at signing, they wanted our washer and dryer, the mirror in the dinning room, etc. needless to say with back and fourth, they came upto 80,000.00 still wanting all of these things but we were unwilling to go that low with all of those other write ins. We really want out of our house, it is nice, clean, recently renovated, huge yard and so on. We have dropped the price to $86,900.00 Any suggestions that might bring people in the door??

This is our house: http://www.trulia.com/property/1033794115-821-E-Arcada-St-It…

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Answers

6
Hello,
There are other things you can do if you just can't come down on your price.

But first the price...your agent gave you a market analysis. Are you at the price that he/she suggested? A market analysis, gone right, will tell you at what price your home will sell at how many days on the market. I suggest rerunning the analysis every couple months, this market changes like a chameleon. I have had homes(within the last few months) sell at almost full asking price and within two weeks of the list date. This not common but these other pros are right the price is king. Its what can bring them in and kick them out, sell it fast or make it wait for years. The price has to be placed according to what you have for sale which brings me to what else you can do. If you can't fix the price fix the house. Look at your home from a buyers point of view. And I've never seen your home so don't take offense. Clean up the outside, keep the lawn mowed, plant some flowers, trim some trees, paint the porch, wash the windows....your agent will give you some more good ideas for curb appeal. Then take a look on the inside, wash the walls, maybe even paint the walls, shampoo the rugs, carpet, polish the floors, pick up the clutter and smell is a big one (I suggest asking someone else to smell your house we get used to our own stinks).

You have about 5-10 seconds when the buyer walks in to either wow them or to turn them off. The door that the lock box is on is the door they will be coming in. Is there enough room for the agent, the husband, wife, kids to all come in at once and not get the impression that the home is too small. If not you may want to move the lock box. Those few seconds will determine how they see the home. If they are wowed they will over look the little imperfection if they are already disappointed, it wont matter what you have in the rest of the home they will not like it.

Good luck I hope it goes well.
Jeff
0 votes Thank Flag Link Mon Oct 13, 2008
Momma Mia, do you know where you are moving to? If you are buying a home in an area that qualifies for certain mortgage programs, like Rural Development through USDA (Detroit and Grand Rapids don't qualify, but most other areas do - even cities), you may be able to get 100% loan if your income is in the qualifying range. There are other programs too, like MSHDA.

You may be trying to keep more money when you would be better off dropping your price and getting into a home with a lower interest rate. Remember, you will probably be getting a deal on the home that you will be buying, too! Rural Development 1-800-670-6553
0 votes Thank Flag Link Mon Oct 13, 2008
Momma
You might want to look at the link below from Trulia.
What has your Realtor said?

The only way a home is sold is if you have showings. The rule of thumb is 10-12 showings or one offer in the first two weeks or lower the price. So at over four months on the market, you are way past that time frame.

I would sit down with your Realtor, and ask her, since your home hit the market, how many homes have:
1. Come on the market
2. Lowered their price
3. Gone into escrow
4. Sold
5. Expired.

The truth is that any home with sell at the right price. My guess is that you need to lower the price, or by default you will be the winning bidder of your own home.
0 votes Thank Flag Link Mon Oct 13, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Sorry to say, in this market it is the price that is bringing the people in the door. And yes, they do want the moon and the stars. I call it "buyer's revenge", payback for the seller's market. If you really want out of the house, drop the price to 80k. The flip side is that you may get to "beat up" a seller on your purchase.
0 votes Thank Flag Link Mon Oct 13, 2008
It is not that we were being greedy, it was with having to pay the closing costs, plus the the 3% they were wanting back, plus paying the 7% to the realtor, plus paying off the house that would have left next to nothing to put down on a new house. We have awesome credit, but we would like to have a little extra to put down. We were very greatful to get the offer as in these times, we know they are few and far between.
0 votes Thank Flag Link Mon Oct 13, 2008
I'm sorry that you lost that opportunity to sell it just because you wabted to get a little more, now is a buyer's market and there is a lot of competition. I think you were lucky to have gotten an offer , and you lost it !
0 votes Thank Flag Link Mon Oct 13, 2008
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