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REBECCA REEVES
"SERVICE IS EVERYTHING"
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PATTERSON PARK, CANTON, UPPER FELLS POINT, FELLS POINT, BUTCHERS HILL, CHARLES VILLAGE, Mt WASHINGTON, HAMPDEN,BOLTON HILL, MT VERNON, RODGERS FORGE, ANNESLIE,
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cbmove.comrebecca.reeves
My husband, Chris Emry, and I provide real estate listing and buying services all over the 5 County Baltimore area but especially ... show more
My husband, Chris Emry, and I provide real estate listing and buying services all over the 5 County Baltimore area but especially ... show more
REBECCA REEVES answered:
What has been happening to you is what I call "chasing the market". Because you started significantly too high, you missed your biggest opportunity to grab buyers who were looking and waiting for the right one to come along. Then when you've lowered the price you are always just BEHIND the market. And there are a lot of nice houses for sale in Hunting Ridge, so the ocmpetition is stiff. It is frustrating and you need a new opportunity "to make a great first impression".
Avg sold price is $240K +/- and this house is below average appeal because it is so dated. In order to compete in 'as is' condition you would need to be significantly UNDER the average price, so that buyers can spend the money to update it. The mean price is $235K -- so clearly the property is still not appropriately priced. Sellers of mine have been in exactly the same position, here's what I find works:
1) Yes, rest the property Dec,Jan,Feb to restart the DOM March 1st. You'll miss nothing and get a fresh chance.
2) Use the time off the market to remove the wall paper, paint fresh, soft neutral BUT NOT WHITE/CREAM (light taupe, pale sage, saffron,etc.) Remove all the "old people" furnishings. I don't say that to be disrespectful - it's just that this a YOUNG family area. Replace old carpet w/ berber or similar, if there are hardwoods underneath, get rid of carpet - period. Retain a couple of nice pieces of furniture and get the house "staged" ( 2-3 pieces of furniture & a few hip accessories per room - cheap imitation of Pottery Barn look is the goal) but it's Ok to just leave some rooms empty if you can't stage them the right way. Be sure there are blooms int he garden or window boxes.
3) When you put the house back on the market, with a WOW interior,all fresh & happy, use a Power Pricing strategy. In a nut shell - Price it well UNDER the avg. price of current inventory, so that bueyrs rush to see it, wondering what's wrong with it, get there and say WOW, and then COMPETE for it! This works and should yield a nice above avg net sale.
4) Make sure you agent invites every agent who showed it previously to 'preview' the makeover.
Good Luck ! rreeves@cbmove.com
Avg sold price is $240K +/- and this house is below average appeal because it is so dated. In order to compete in 'as is' condition you would need to be significantly UNDER the average price, so that buyers can spend the money to update it. The mean price is $235K -- so clearly the property is still not appropriately priced. Sellers of mine have been in exactly the same position, here's what I find works:
1) Yes, rest the property Dec,Jan,Feb to restart the DOM March 1st. You'll miss nothing and get a fresh chance.
2) Use the time off the market to remove the wall paper, paint fresh, soft neutral BUT NOT WHITE/CREAM (light taupe, pale sage, saffron,etc.) Remove all the "old people" furnishings. I don't say that to be disrespectful - it's just that this a YOUNG family area. Replace old carpet w/ berber or similar, if there are hardwoods underneath, get rid of carpet - period. Retain a couple of nice pieces of furniture and get the house "staged" ( 2-3 pieces of furniture & a few hip accessories per room - cheap imitation of Pottery Barn look is the goal) but it's Ok to just leave some rooms empty if you can't stage them the right way. Be sure there are blooms int he garden or window boxes.
3) When you put the house back on the market, with a WOW interior,all fresh & happy, use a Power Pricing strategy. In a nut shell - Price it well UNDER the avg. price of current inventory, so that bueyrs rush to see it, wondering what's wrong with it, get there and say WOW, and then COMPETE for it! This works and should yield a nice above avg net sale.
4) Make sure you agent invites every agent who showed it previously to 'preview' the makeover.
Good Luck ! rreeves@cbmove.com
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