Home Selling in Bridgeview>Question Details

R Tucci, Home Buyer in Bridgeview, IL

My house has been on market for 11 months. I've reduced price by 45k why no offers and few showings?

Asked by R Tucci, Bridgeview, IL Fri Feb 29, 2008

I have had numerous open houses and minimal showings. I am going on my second realtor. The house is actually larger than it looks from the street. I have done some upgrading to the house in the time I lived there. I am very frustrated at this whole process!!!! What can I do to turn this around? BTY- At. Joseph has been buried in the back yard since last April.

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The market is not accepting the price for what you are selling. It is that simple. Do some market research and you will find you are over priced for location, size, and condition.
1 vote Thank Flag Link Fri Mar 7, 2008
In todays market it is vital to have a strong and active real estate professional give you honest advice and provide a strong marketing plan epecially to the features that you noted in your comments. If you home is larger than it appears than this needs to be mentioned in the comments and provide accurate photos with a virtual tour that will expose the size and condition. In regards to lowering your price $45k it will not make a difference if your home was overpriced by $100k or more. If you do not have the equity in your home to support your sale then you may consider a short sale. I am a foreclosure and short sale specialist, should you have any questions please feel free to give me a call at 630-379-3511. My name is Scott and I am a real estate broker with Prudential Starck Realtors.
0 votes Thank Flag Link Wed Jul 22, 2009
Have you tried to put it as Short Sale. I have bought my house for $425K and put an additional upgrade in the amount of $75K and hired an agent for 6 mos no offer. I hired another agent but I searched him first at BBB, his rating was A, I hired him, he decorated my house, in 9 days, I've got an offer and is now pending approval of the investor. My first agent told me he was having hard time selling the house because my lender was Countrywide, most buyers doesn't want to deal with the long process dealing with Countrywide, but you will find one that will wait especially if you 're selling a good bargain. The price in our area keeps going down and buyers wait till they get your house almost for free. Have you checked the MLS listings how many homes are for sale in your area and checked the selling price and the Cumulative Market Analysis, In my case, the reason why no buyers showed up during the first 6 months was due to my seling price of $499K, I found out 6 months later that the reason why no buyer showed up due to the sellin prices went down to $299K and there's about 25 homes that are for sale just within a block or two of my street address. Some of whch was for sale, for rent, foreclosure and bank owned properties.
This is a terrible time for sellers and happy days for buyers. I wish you well and I'll be praying for you.
Just be patience and God bless you.
0 votes Thank Flag Link Sat Mar 1, 2008
Ask your realtor to keep you posted/updated when homes with your homes price range have accepted an offer or reported a sale closed. This will let you know the market trends in your area. Your Realtor should be networking with other Realtors with similar homes/listings in the price range as your home to find out if they are getting showings or any kind of activity. They could schedule a open house Gala for the homes in your price range - where all the listings are open on the same Sunday with lot's of hoopla and ads in the paper. Maybe offer a raffle for a gift certificate. You have to be creative as well as priced right in order to sell in a dificult market. Good Luck!
0 votes Thank Flag Link Sat Mar 1, 2008
Few showings: Overpriced. If you were getting a lot of showings but no offers, then the house probably would be reasonably priced, but something inside (or outside: curb appeal) is turning them off. You have to get the people there, first of all. And when people are selecting what properties to consider, they'll start with the lower-priced ones.

As the others note, though, you need to have the inside professionally staged. Although I broadly said that your home is overpriced--and I'm pretty sure it is--if your Realtors have had broker's opens, then maybe the agents who visited were turned off by the wallpaper, by empty house (empty doesn't show well), or something else.

You've also got a problem, you acknowledge, because the house is larger than it looks from the street. My sister recently bought a house with the same problem. From the outside, it looks tiny. I'm sure other potential buyers drove by and decided, just by its exterior appearance, that it was too small. But her house is very large on the inside. Either a stager or a landscaper may have some suggestions to at least partially overcome that drawback.

Finally, while I'm not sure St. Joseph will help, look into feng shui and Reiki. I know, I know, both are kind of "out there." But many of the principles of feng shui actually make sense from a design standpoint. Google "feng shui sell house." As for Reiki (I'm a Third Degree Reiki Master), at least look into it. The concept is one of attracting, directing, and focusing positive energy, and that applies to inanimate as well as animate objects. Elements are similar, in some ways, to feng shui. It's not a religion or a cult. Think of it this way: Have you ever walked into a house and it just "felt right"? Warm, positive, welcoming? You couldn't exactly tell why. Sure, the furnishings were nice, the furniture was well-arranged. And maybe that was all. Or maybe some things were going on at the subconscious level. On the other hand, have you ever walked into a house and something just bothered you about it? You couldn't identify the problem. Everything looked OK. No bad smells. No dirt or grime. But it just didn't feel right? The first house may have been well-staged, and the second one not. The first house may have reflected many of the principles of feng shui, and the second one not. Or the first house may have had a positive energy to it, and the second one not. I wouldn't suggest this for everyone, but if you're open to St. Joseph, you at least ought to look into Reiki and feng shui.

Hope that helps.
0 votes Thank Flag Link Sat Mar 1, 2008
Don Tepper, Real Estate Pro in Burke, VA
Remove the wallpaper. A house that has furniture and accessories generally shows better than one that is vacant. It will feel warmer and more inviting and give buyers a clear idea of how they would use each space/how their furnishings will fit each room. A local stager can give you a proposal for what the costs would be to rent furniture and accessories. Even staging a few select rooms in a vacant house can make a big difference. Best of luck!
0 votes Thank Flag Link Sat Mar 1, 2008
Some other things about the house.

The house is empty .

My realitor has my listing on many websites. The websites has many pictures of the house.

Only compliant I have heard was that they didn't like the wall paper in the kitchen.

I will get virtual tours posted on the websites.
0 votes Thank Flag Link Sat Mar 1, 2008
Hey J,

I noticed all your posts say something like "check out homescenes.com!" Any chance you are affiliated?
0 votes Thank Flag Link Fri Feb 29, 2008
Threre is no denying a difficult market place. But you can try to beat your competition by putting the best list price possible on your home, packaging/staging your home is so important... think of your home as a model home and make it look that way the best you can. If you are going to use a real estate agent, choose a work horse, not a show horse. And the agent you choose MUST have a professional virtual tour. Many agents in Atlanta, GA choose HomeScenes.com virtual tours... you want a virtual tour of your home produced and hosted on a virtual tour vendor searchable web site where thousands of visitors come regularly. Plus another must have, is a tour link from the virtual tour installed on the Realtor.com web site where over 10 million visitors visit monthly and tour links installed on the multiple listing service listing! Combined with a virtual tour sign in the front yard, a real estate company for sale sign, lockbox, an on line flyer and unlimited property description text on the tour... you will be ready to compete in the worst market I have ever seen! Oh, if you don't have to sell wait approximately 2 years for things to get better. Best of Luck!
Web Reference: http://www.homescenes.com
0 votes Thank Flag Link Fri Feb 29, 2008
What is the feedback your realtor has received from the showings that you have had? Your house needs to be priced right and look better than its competition. You may want to consider consulting with a local stager to get some additional recommendations about how to improve the appeal of your house.
0 votes Thank Flag Link Fri Feb 29, 2008
How is your home being marketed? Does your agent have a strong internet presence. Are there at LEAST 8 photos of the inside of your home available on local websites and on realtor.com? Ohhh St. Joseph. I get it. I had to Google!
Web Reference: http://www.wnyhomevoice.com
0 votes Thank Flag Link Fri Feb 29, 2008
first forget about Mr. Joseph on the back yard and start looking at the price issue, must of the time the success of selling a home has to do with price, meaning you home must be in the right price bracket in order to attract the interest of the buyers, the house also must have some curb appeal, some times is a clean yard, and a make up on the front, so people would consider calling in and if is the right price they will come to see it, just watch out for the budget, and good luck.
Web Reference: http://www.fidelitynj.com
0 votes Thank Flag Link Fri Feb 29, 2008
Well, there are a number of questions to ask here.

First, have you talked with your Realtor about what is going on in the market with yours and other homes? What is your competition? How is your house priced in comparison to homes that are MOVING (not what is sitting or sold 6 months ago)?

Also, how does your home show? Does it have curb appeal? Are there any major negative values that might be scaring potential buyer's off? Such as Odd colors (either yours or the houses surrounding your house. having the best house on the street doesnt mean much if it is next to the dog of the neighborhood), steep driveways, no yard, power lines, ect.

And make sure that you have a Realtor that stays up on the market conditions. That is Key in today's market.

Hope this helps! Good Luck to you.
0 votes Thank Flag Link Fri Feb 29, 2008
reduce more. it is a different market than last summer
0 votes Thank Flag Link Fri Feb 29, 2008
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