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Tabby, Both Buyer and Seller in York, PA

I'm getting a lot of showings for my home. However, in 5 months, I've not received any serious offers. I've

Asked by Tabby, York, PA Tue Oct 23, 2007

been approached to rent it twice and once to do a lease-option (not an option for me). My home is less than two years old, shows very well (all buyers/agents have agreed) and is priced below what I paid and other competition in my neighborhood. I keep hearing my secondary rooms are too small and they don't like that the house borders some older homes (I'm in a newly-built community that backs some older homes.

Is there anything that I can do to make my house sell? I've removed access furniture from my secondary rooms to make them appear larger, have done $1000 worth of landscaping, added new stainless steel appliances, the home is spotless on show days and still nothing.

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Tabby - perhaps its time to quit focusing on the house and start focusing on the agents. There are so many houses out there right now that when a buyer offers any sort of objection to his/her agent, the agent often just throws that listing away and moves to the others that are on the list - where may have worked harder to overcome the objection in the past. Depending on where you live, perhaps you can offer an incentive to the marketplace - but check with your broker first on how this can be done in your area. Sometimes that dinner for two at the local hot spot or a special bump in the commission for a closed deal by a certain date (especially given your desire to get out of town) may be worth the cost.
1 vote Thank Flag Link Tue Oct 23, 2007
Hi Tabby:

Layout and room sizes is one of the hardest obstacles to overcome. Really, there is not much you can do to change it other than what you have done -- be sure that it is staged properly to maximize the appearance of spaciousness.

The other obstacle you have is its backing-up to older homes. Location is another obstacle that is hard to overcome, so you must be sure that it is priced accordingly.

You say you are priced below what you paid for it, which is the unfortunate fact of today's market. Prices have declined and your home is probably worth less today than 2 years ago. It's good to hear you have accepted that and priced accordingly.

But you also say it is priced less than the 'competition'. I assume you mean homes that have SOLD and not currently listed homes? Because remember, list price means nothing. Be sure you are priced inline with homes that have SOLD in the last 3 months only. Anything beyond that would not give you a totally accurate picture of today's market.

Finally, talk to your Realtor and find out what the average market time is for the homes in your area. Specifically the homes like yours that are newer but mixed in with older homes. It may just be that your home will take longer to sell based on its location.

Good luck.
1 vote Thank Flag Link Tue Oct 23, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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The price is too high...are the comps you looking at SOLDS or what is for sale?
Make a form to ask for peoples opinions about the house...it really is not showing that well as they are telling you because you have no offers yet.

The bottom line is the price....so get the solds, and compare apples to apples....room by room
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Fri Oct 26, 2007
What are the comparables - I understand the fustration and what you paid for it is on the line-- but the market has changed dramatically in some areas. and the buyer is not concerned what the current homeowner paid for the property. THey want to make sure they are not overpaying for the current market. Hence the same story --what are the comparables selling at. How many have gone under contract and or closed in your area in that price range? condition, location, size =price I don'y mean to be harsh but if it is not a deal (does not have to be a steal) it is not going to sell. You say it will appraise for more have you had the bank in and not for a refi appraisal? Also what were the three prices you were given when you interviewed the Realtors?
Web Reference: http://www.bparkes.com
0 votes Thank Flag Link Tue Oct 23, 2007
That's good. Yeah, they are not considered offers then.
Ruth
0 votes Thank Flag Link Tue Oct 23, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Neither buyer was willing to put the offer in writing so my agent and I didn't consider them serious. They wanted to negotiate the terms first, then put the offer in writing. One was the lease option and there's no way that I would have considered. The other was a low offer, which we countered verbally and they chose to not negotiate.
0 votes Thank Flag Link Tue Oct 23, 2007
You said you have not received any "serious offers". I assume that means that you have received some offers that you rejected? Try reading this post:
http://www.trulia.com/voices/Home_Selling/should_you_sell_to…
It might shed some light on your situation.
Ruth
0 votes Thank Flag Link Tue Oct 23, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
To be candid -if you are getting showings, that is obviously not the problem- how about the price-people will not pay $1.50 for a dollar.
Web Reference: http://www.bparkes.com
0 votes Thank Flag Link Tue Oct 23, 2007
Tabby,
It sounds like you have done everything you can as far as staging. If you are getting showings that tells me the marketing is working. That only leaves one item, price. It is tough to compete with new homes with a two year old home, especially now with builders discounting their inventory. Do you really need to sell? If so you're going to have to lower your price.
Good luck, Michael
0 votes Thank Flag Link Tue Oct 23, 2007
Tabby:
I'm going to repeat my answer from another question. It may help you as well. Her situation is a little different but the analogy may apply.
*********
http://www.trulia.com/voices/Home_Selling/How_do_I_make_my_h…
Janet:
You may have answered your own question.

*** "We've got an excellent deal on a new house (one of the builders who's trying to get rid of inventory)" ***

Are your buyers able to find similar deals?

I remember how upset I was when I went to sell a two year old car that I paid lets say $25k for. I looked up the resale value and it said $18k. Then the new model year came out and the car company was hurting. So they introduced the new model for only $20k. Why would someone buy a two year old car when they could get a brand new one for only $2k more?

Have your agent show you what is selling. If nothing is selling than there is nothing you can do.
Ruth
0 votes Thank Flag Link Tue Oct 23, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
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