Home Selling in Murfreesboro>Question Details

Shannon, Both Buyer and Seller in Murfreesboro, TN

Worried about price of my home when two others are so much cheaper

Asked by Shannon, Murfreesboro, TN Thu Jan 29, 2009

Our house has been on the market for 3 weeks w/1 showing (people decided our yard was more than they wanted to maintain). The realtor left nice comments.

About a week before ours went up for sale our neighbor put theirs up. They have reduced their price $1000 already - new price $136,900. My husband and I think they've already moved because there are no lights on in the house anymore.

Then after ours went up for sale our neighbor across the street put theirs up for sale and are asking $134,900. MLS # 1049394 - I don't see updated information on Trulia.

What we have that they don't
* 2.5 car detached garage out back
* New hardwood floors in great room
* ALL appliances stay - washer, dryer, fridge, & microwave too

I'm just stressed that with their low prices we'll be ruled about by buyers.

Opinions please? Thanks

Help the community by answering this question:


At first glance the home looks overpriced. I'd imagine that is why the showings have dwindled. Try taking the home down to $139,900 and you may see an increase in activity. At $134,900 you should have buyers fighting over it. Remember $100 per sq/ft is pretty good in Murfreesboro even before the market took a dive. At $113.56 a sq/ft you've priced yourself out of the game. Murfreesboro's designer homes sometimes only bring $115 per sq/ft.
0 votes Thank Flag Link Thu Mar 12, 2009
The rule of thumb for most markets is 10-12 showings or one offer in the first two weeks.
The key is to know what your competition is doing. If you set you price based on three weeks ago, and two properties that are comparable come on the market at lower prices, then chances are you need to lower your price.

The worst case to be in is "chasing the market". In the current economy the best way to get your home sold for the highest price is to price is slightly UNDER market and make sure that the marketing accurately reflects the features of your home that buyers will value. If those homes really are better values, then they will sell first...all things being equal (marketing, exposure, commission, type of sale...short sale vs. regular sale).
0 votes Thank Flag Link Fri Jan 30, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Hi Shannon. One question: Where did you get the listing price from? Was that the price you and your husband came up with or did your Realtor suggest this price? I ask because just looking at your neighborhood - the current listings and the actual closed sales over the past six months, and I think you are overpriced. The only thing you have that is different from your competition is the detached garage. Your competition is updated and ready to sell and they are priced more correctly in my opinion. Over the past six months, there has not been a sale in your neighborhood for more than $135,000. I would not consider any sales past six months ago. The sales in your neighborhood have been in the past 3 months so they are very good comparables. You should be priced at no more than $140,000 and this includes giving you some value for the detached garage, hardwood floors, and the appliances. In my personal opinion, you will linger on the market for months at this price while your immediate competition will sale within the two months. And only one showing in three weeks shows you are overpriced. You should have had a flurry of showings in the first week - if you are priced correctly. The market of today is very different in that it is a buyer's market. If you want to sell, you have to be more aggressive in your pricing. You say you don't have to sell. It looks like your neighbors are more eager to sell than you and they have priced their homes accordingly. Good luck to you.
0 votes Thank Flag Link Thu Jan 29, 2009

It's still early in the game and as far as we can see you are priced reasonably. We would give it another few wooks before considering reducing your price.

The mistake here is assuming that these asking prices mean anything....they don't! you should be looking at the recently sold prices of homes in your area, using them as your benchmark. Today's buyers are looking for deals so if your home has more to offer....buyers will see it.

Good luck
0 votes Thank Flag Link Thu Jan 29, 2009
I should also add that
* We'd like to sell so we can upgrade to a bigger home but in no way to we have to sell.
* Our next door neighbor will be putting their home up for sale in February. Probably asking more than the other two.

I did go to an Open House at the Gateway address. In my opinion the only thing that they have they don't is new laminate in the bathrooms, a 2 car attached garage (we have a 1 car garage) and a fireplace. Just my opinion.
0 votes Thank Flag Link Thu Jan 29, 2009
Have your realtor preview all the other properies in the neighborhood so that you can make a list of all your upgrades that are not in the other properties for sale. Then have the realtor type up a nice sheet and put it on site. You might also want to amend the listing on your local MLS that states EVERYTHING on your property so that the buyers can see the difference in price. A house that has A LOT of upgrades in comparison with others should always bring more money, as any good appraiser will tell you.
0 votes Thank Flag Link Thu Jan 29, 2009
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