Obviously making it cheaper will make it sell, but there really has to be a better answer than that. If I'm just going to keep slashing the price why would I need a Realtor? I can slash the price and pay to have it in the MLS and in the newspaper all by myself and keep a few thousand dollars in my pocket.
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Some more info:
The first couple Realtors that went through it at 99,900 said it was priced right, but their clients were really looking for a midtown 2-story. They came through a ranch just because it caught their attention.
We had an accepted offer at 105,000 with us paying $3000 of the closing costs back in April. We were ready to close, and the buyer's pre-approved financing fell through once the bank actually took the time to check up on the person that they had pre-approved. We had another buyer at that same time back out when they heard we had accepted the offer. That really hurt. I blame the bank for that hit. There was nothing else I could have done to protect myself in that dealing. And since the financing fell through we didn't get to keep the earnest deposit either.
I'm very confident that our price is more than fair, not "overpriced". There have been plenty of sales in the area over the last year at this price and higher for less desirable homes. One neighbor now regrets buying the home that they just did knowing that I'm asking less for mine which is in so much better condition.
There are a few homes on the street that I'm sure are not helping my cause, but they were there when the others on the block sold as well.
Even if I get my full asking price at this point I'll feel like I took it in the shorts. Someone is going to get a great house that I sunk hundreds of hours and thousands of dollars into for just about my costs plus improvements, possibly less. - Tue Jul 15 2008, 09:56
The MLS is 20804424.
I feel we are at rock bottom price given quality and location. We started at 110,000 which at the time I felt was fair given the comps.
Several houses on the block of MUCH worse quality & size have sold for 99,000 in the last year.
Compared to the comps now I feel we are right on par and even a little low if all that you look at is sq ft and beds/baths, but once you throw in the quality factor our house stands out at this lower price range.
The kitchen and bath are new, the basement is finished, we have a monster deck and patio..etc. Having all of these things is not typical at this price range. We're also throwing in all of the appliances and a warranty so that a new buyer doesn't need to have anything. We even have a grill and lawn mower that are negotiable. We've done everything we can think of to make it an easy transition for a first time buyer.
We've looked at many of the comps in the area, I feel that we've got them beat. And that is going in with the most unbiased mind possible.
My sister-in-law and her husband are house hunting in this price range right now, and she wants something "as nice as ours, but not in our end of town". We've gone through several showings with them, and our house would stack up well against those listed at 115,000 - 120,000 if it were in a better area. 99,900 is going to be a steal for someone.
I bought it for 88,000 five years ago in far worse condition and with no appliances, and it was a steal at that price then compared to the other 30 houses I went through. That was without the deck, patio, new kitchen and bath... much more. (Thousands of dollars worth of improvements.)
PRICE really is no longer the issue. When it was at 110,000 I would have agreed.
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Staging, on the other hand, could very well be an issue once people get in the house, it is empty right now. But that really doesn't explain why we are getting so few people through. The pictures in the listing are of the house staged.
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Is 15-20 people in 4 months time "great traffic"? I would have expected more. I'm including both open house attendees and showings in that count. A few of those are people that are acquaintances of my family who heard about it through us, not online.
Is there another more effective way that we should be trying to reach a first time buyer? It's online at the MLS, I've put it on craigslist, and it has been in the paper for the open houses. - Mon Jul 14 2008, 14:18
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