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Beth, Home Seller in Dayton, OH

I have a distressed home for sale for about $55K in the St. Anne's neighborhood in Dayton, my agent does not

Asked by Beth, Dayton, OH Tue May 13, 2008

seem to have a real handle on selling a distressed property. What is the bet way to list/advertise this property?

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7
Arm yoursellf with information yourself from the multitudes of real estate sites both local and national. Then based on what you know- similar homes sold, similar homes for sale currently and for what price- "how to sell distressed property" info. With that information sit down with your agent and if possible their principal broker and voice your concerns regarding their marketing and action steps. you can not just throw a distressed property up on the multiple listing service and hope for the best.
They may be doing alot that you are not aware of, but you wont know if you dont ask. If your agent is new to this type of sale ask that the principal broker assist.
Last resort is that you do have a legal right to cancel your listing with that company and resign with someone who markets themselves as a specialist in distressed property, but be sure you are not comitting to pay a commission to the current company AND the new company before you make that decision.
0 votes Thank Flag Link Wed Aug 25, 2010
Beth,

I highly recommend that you have a talk to your agent about your concerns so the communication stays open between the two of you. Refer back to Keith's advise to the market trends for your area and you and your agent can comb over the details of what the market is doing and if your price is too high. An over priced listing will only stagnate so you need to address this now. If it appears the trend reveals a price that is too low for you then you may want to consider not selling at this time.
0 votes Thank Flag Link Wed Aug 25, 2010
Keith is right, however, I live in Dayton and work in Dayton everyday, and $55,000 is about double the price your home should be. It is that simple in inner city Dayton - lower the price. It makes no matter how nice the home is, I have a listing on Garfield, in East Dayton that is now reduced down to $35,000 asking price and I still have not even received a single call for a showing or another agent showing after 4 months of marketing, so keep that in mind. This house is FULLY rehabbed and in PERFECT condition, is all brick and has a kithcen full of top of the line appliances, and still - nothing - at a price $20,000 less than your ditressed home.

Good Luck.
Web Reference: http://www.SWOhioRealty.com
0 votes Thank Flag Link Tue May 13, 2008
Beth
The best way to get a handle on the situation is to find out a couple of things:
1. How many homes, like yours have sold in the last three months.
2. How many homes like yours are for sale right now?
3. The absorption rate is the number of homes for sale, divided by the number of homes sold in a month.
In most markets the prices are declining (not all). In most markets homes that sell in the first 30 days on market will sell closest to list price. The longer they sit, the larger the gap between asking and selling prices. In my market right now. a home that sells in a month will sell for 98% of asking . After 120 days it's 93.6% of asking....and that would be after a few price reductions.

So buyers are looking for value, to the best deals are bought first, leaving the rest to sit there and lose value. Don't be so quick to blame the agent. If there are 200 homes like yours for sale, it's up to your Realtor to recommend the best way to sell for the highest price. In your market, it does sound like good marketing and pricing are key.
0 votes Thank Flag Link Tue May 13, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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The best way to sell a home in Dayton is to drop the price - period!

When there are non-distressed homes selling for less than half that price, you are WAY out of range. Maybe you agent does have a handle on it, or maybe not, who knows, but until you come WAY down on your price, you will not sell.

Good luck!
Web Reference: http://www.SWOhioRealty.com
0 votes Thank Flag Link Tue May 13, 2008
There are several thousand vacant homes in Dayton at this time according to the story in the Dayton Daily News this past week. Don't be so quick to blame your Realtor. It is not easy to get a home in Dayton sold right now because of foreclosures and short sales. The best thing you can do is sharpen your pencil and cut your price to rock bottom if you want to move the home quickly. If you are behind on your mortgage, you should consider a short sale. Good luck with the sale of your home.
0 votes Thank Flag Link Tue May 13, 2008
When selling distressed property, you want to work with someone who specializes in this area. They will have a group of investors they work with on a regular basis, contacts at the various lenders, and a wealth of other knowledge to make your home selling process go smoothly. Please contact me with some specifics about your situation and I see if I can refer you to someone in your area that can help you out.
0 votes Thank Flag Link Tue May 13, 2008
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