Home Selling in 30097>Question Details

Jason, Both Buyer and Seller in 30097

Is Duluth really this out of favor with buyers?

Asked by Jason, 30097 Tue Jun 24, 2008

My home has been on the market for a little more than three weeks (FMLS 3722415), and I'm honestly surprised by the lack of interest so far. There were maybe 8 showings over the first 10 days, but since then only a couple...and no offers. I know that home sales are about 1/2 what they were in this period last year in Duluth (according to Trulia stats) but my home is (IMO) very competitively priced in relation to the comps in this neighborhood/school district. I'm motivated for a quick sale, but I don't want to do another significant price reduction and find the house continuing to sit on the market simply because of a lack of interest in the area...I mean, I'm willing to sell at a discount, but not at a firesale price targeted to investors

Thanks.

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6
In the metro area there seem to be two clusters of sold homes. There are those that sell in less than 100 days and those that sell in more than 200 days and not a lot in between. Price is the friving force. At this point in history you ARE competing with foreclosures and investors looking at GREAT deals.

When houses in your neighborhood are sold at "discount" prices that sets the tone for the rest of the market. It is that very force that is driving prices down nationwide and almost NO market has escaped the pressure of foreclosures driving prices down.

That being siad, having had your house on the market for 21 days is not significant. The number quoted above as under 100 days is an average number and is near 100. So you must expect to wait, but as you lower the price you will get more activity, but don't lower in small amounts. If your house is priced at 95% of what others are priced at,, then reduce it another 5%. If you move the price down in small chunks, you will only delay the sale.

Consult with your agent if you have one and ask them where the price should be? Also ask your agent how long he has been in the business and whether or not your agent is full time. Both are very important.
2 votes Thank Flag Link Wed Jun 25, 2008
I just viewed your house online. I am very familiar with your neighborhood as I live off of 120 right across the Duluth line in Alpharetta. I think you just need to be patient. There seems to be activity going on in your neighborhood with two pendings and recent sales. Your house looks very pretty inside with the upgrades that you have done and the outside looks nice too. I would not reduce it yet.....it seems to be priced right. Give it a little more time is my opinion.



I would recommend you make sure you are able to find your house online....85 -90% of people start their search on the internet and you want to make sure that your house stands out on all of the major websites with virtual tours and the maximum allowable number of pictures.
1 vote Thank Flag Link Tue Jun 24, 2008
Seems to be a lot of similar houses on the marketing, including many with 4/3 or 5/3 vs. your 4/2 (bed/bath). As a stager, I will say the house looks clean (albeit sparse) and uncluttered, which is a great step. Keep us up on your progress.

Audrey
(ps--I own property in Atlanta myself, ITP)
1 vote Thank Flag Link Tue Jun 24, 2008
Lee,
I just saw your post, thanks. I didn't say that I don't like Duluth, I also think it is a very nice place to live...hence my surprise that there seemed to be little interest in the area.

I don't quite understand your comment regarding my house being overpriced - "I know that, and I also know nothing about your particulars. I'm not looking at it online. "

So you mean that the fact that the house hasn't sold (in 3 weeks at the time of my original post) is the only indication that you need that it is overpriced? Seems a little simplistic to me, considering that the house has some unique features that have limited appeal (only one room in the entire house has carpet).

Judy and Andy seemed to have it right, as I have had a lot of activity on the house since the 4th of July weekend, and have received two offers and strong interest from a couple others.

In any case, thanks to everyone for your comments.
0 votes Thank Flag Link Tue Jul 29, 2008
What are your reasons for not doing a "drastic cut?"

Has Duluth "fallen out of favor?" When I lived there 13 years ago, and when I experience Duluth now, I say - NO WAY. Duluth is a remarkably improved city. Aren't the Gwinnett Place Mall developers stepping up and doing some major improvements?

I know that there are some pretty weak retail amenities - lots of car dealerships, but the Duluth downtown along Buford is a nice little spot. The Rexall rocks. (is it still open?) Some of the neighborhoods have large per capita income averages. Golfing. Parks.

Nevertheless, why not a "drastic cut?" This is about maximizing equity preservation at over $1500.00 cost to you every 30 days. No one is going to pay your price, and your asking price isn't attractive enough.

I know that, and I also know nothing about your particulars. I'm not looking at it online.

Think about your buyer - the one coming in the next 30 days to buy a family house in an affordable Duluth neighborhood. They probably won't come look at your house right now. It's overpriced.
Web Reference: http://intowninsider.com/
0 votes Thank Flag Link Mon Jul 7, 2008
Thank you for all of the comments so far.

Fortunately, there are very few 4BR foreclosures in the area...there is one in my neighborhood, but it is in pretty poor condition. I may have miscalculated by thinking that updating everything in the home, and pricing slightly under all the comps would result in a quick sale. I guess in this market buyers don't feel any pressure to make quick decisions. I've had very positive feedback from agents, but in every case there is either a deficiency which is out of my control, or the buyer is "still looking".

The big problem for me is that I have already moved from the property, so every month that it sits on the market costs me about $1500. Since it is already competitively priced, I'm not sure that another cut will guarantee a quicker sale (short of a drastic cut of $20k, which I wouldn't do anyway).

Thanks again!
0 votes Thank Flag Link Wed Jun 25, 2008
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