Home Selling in Murfreesboro>Question Details

Chris Kelley, Home Seller in Murfreesboro, TN

Can not sell my house...I need to sell within 27 days now due to relocation! Please Help!

Asked by Chris Kelley, Murfreesboro, TN Wed Sep 3, 2008

Have had our house on the market with a realtor and had to fire them because they had the house listed for 50 days and not one showing. Houses in the area are selling for 165000 to 179000 I have our home listed for 169,000 and can not go lower then 166,000 if a realtor is involved with 3% commission. I have put out postcards, advertised all on the home selling sites and still nothing...what am i doing wrong...you can see the house at http://www.tennesseeclubz.com/houseforsale.jpg and http://www.tennesseeclubz.com/MasterBedroom.jpg The house is in perfect condition and only 2 years old...what else can I do to sell the house and get people to come look at it? Please help!

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I don't know if anyone's given you the exact market facts, above what Keith has brilliantly offered from Trulia (thanks Keith). I can see from your previous listing that you were listed with a very well-respected firm for 39 days.

Here are the facts, within a THREE TO FOUR mile radius of your home there are 202 homes on the market. 49 of those homes are within your price range. 141 of them are below 200K. This does not include condos.

In your price range, 52 of those homes have gone to "pending" or "sold" in the past 8 months. 6 homes per month are going under contract. Per those statistics, the expected time on market in your conditions is 2 years.

Chris, I know you are hurting and in a situation where you need to move this place. Ultimately, there's a ton of competition in your immedate area vying for attention from buyers and their agents. The photos are great. We can all see that you have a beautiful, well prepared home. Congratulations!

More than 80% of all home buyers (based off of 2007 statistics) use a REALTOR to find their home. Those statistics would lead me as a seller to know that I have to have a REALTOR who is a top producer in your marketplace.

According to the 2008 numbers for your area, John Jones at Coldwell Banker Snow & Wall is the top. He's a great guy with an amazing personality and care for his customers. Currently, in the entire REALTOR population in middle Tennessee (including Nashville, Clarksville, Murfreesboro, Franklin, Brentwood, Cookeville, etc) he is ranked #8 out of 8000+.
Web Reference: http://www.johncjones.com
3 votes Thank Flag Link Thu Sep 4, 2008
Over 530 homes have sold between April and June in your area...see link.
So the problem is not that homes are not selling...your home is not selling.

So how could other homes sell...and yours not. The most common answer is VALUE. In most markets homes with the most value sell FIRST, leaving the rest to sit, accumulate market time, and lose value.

You say you cannot go lower. What if the value IS lower? The price a buyer will pay is not based on:
How much you need to net, how much your paid, or how much you owe.

So what to do:
1. Stay in the home and lose the new job
2. Rent the home out (see a CPA immediately about the after tax consequences of being an "accidential real estate investor"
3. Go into foreclosure... or try to have a short sale

Just reading your post , here are a few reality checks.
1. Values shift, like any other market---not your Realtor's fault
2. Unrealistic expectations - might be your REaltor's fault. 10-12 showings in the first two weeks or lower the price 5%...but YOU priced based on your obligations.l
3. Wake up. If the market is declining, sometimes YOU LOSE.

My family went through this. When values go UP 10% no one writes posts like this.

Good luck. Talk with a CPA, if you need a referral (but you need to promise to LISTEN) I might have one.
2 votes Thank Flag Link Wed Sep 3, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
My opinion as a home buyer is 1) Get a new garage door for the front. The appearance of the front of the house is what attracts home buyers to begin with. I personally don't like houses with garages at the front, but would consider it (If I lived locally) if it had a better garage door...maybe some frosted glass detail or twin doors that were a little more ornate. 2) Consider covering closing costs verses going down on the price. You will actually save money. 3) If all else fails, there are usually some For Sale By Owner advertising sites and websites. The cost is minimal and they have advisors and workshops to attend to help with the process.
I quickly looked up some sites. http://www.forsalebyowner.com is one, http://www.listedbyowner.com another, http://www.resultsmls.com, and there's also housebuyernetwork.com which advertises that it purchases houses...I might personally leave that one off unless really desperate as I'm guessing they would offer much less than it is worth. Anyway, hope that helps....

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Or get one from a hardware store and DIY???
1 vote Thank Flag Link Wed Sep 10, 2008
How many homes are on the market in your subdivision? How many have closed in the last 4 months. What did they sell for? Homes are selling in Rutherford county. The issue is you need to get buyer through the home. The more you have view it the better chance you have to sell. Contact all the realtor offices you can and let them know you need to sell fast. Invite them to see your home on a realtor review. Offer a light lunch and ask them to bring clients. Do this on an a Monday or Tuesday late after noon. This is not an open house. This is for the realtors and the buyer. Also, some companies will put your house on the MLS for a small fee. This will get you out where everyone will see it.
Please feel free to call if you have queastion.
1 vote Thank Flag Link Thu Sep 4, 2008
Someone needs to mention short sale here. Talk to your bank.
1 vote Thank Flag Link Wed Sep 3, 2008
Hi Chris,
Maybe just keep your job in TN then you don't have to relocate to IN. Good Luck
0 votes Thank Flag Link Wed Nov 9, 2011
With the housing market in such terrible shape, it might be a good idea to spruce up your house. This will attract more buyers especially if you upgrade your garage door. This improves you curb appeal and greatly increases your chances of selling the house.
0 votes Thank Flag Link Wed Nov 9, 2011
Many, if not most agents think every house sale is the same, and every problem can be solved with the same solution- price reductions. My company works almost exclusively with flat-fee listings for FSBOs, all very protective of their equity. My customer's customers, if viewed as a flow chart, look like an inverted "Y", with half already working with a Realtor as a buyer's agent, and the other half working alone. When there is need to speed up the sale process, we go to one side of the "Y" and try something appealing to those buyer's agents, but only for a short window of opportunity. If this is not effective enough, we go to the other side of the "Y" and do something for those people who are not working with an agent, again for a short period of time. This is the time for being more creative with the marketing, not just slashing the price... I wish I had more room here for details, but if you would like to hear more, please feel free to call me at 973-8970. I will try to help.
Web Reference: http://www.FSBO-GUY.com
0 votes Thank Flag Link Tue Aug 31, 2010
Unfortunately, it sounds like you need to do a short sale... but not by a whole lot. The buyers determine the price of your home, not you or any Realtor for that matter. If the price is right, it will sell. A short sale is not the end of the world and the only real qualification you need is that you owe more on the mortgage that you can sell it for AND you can prove you can't bring cash to close.
0 votes Thank Flag Link Wed Aug 11, 2010
Hello Chris: First question, what is address, school systems, distance to MTSU, square footage, sewer or septic? I am shopping in your area but unless there is more to the story, I find your price out of range of the other properties I am shopping. I would be interested in learning more. Thanks and good luck.
0 votes Thank Flag Link Fri Aug 6, 2010
Chris my partner and I specialize in finding creative solutions for solving Real Estate problems. We earn nothing if we cannot find a winning solution for you. Our consultation is free but we do need to see the home and your financials on it before we can decide on the best courses of action.

Just from what I have read in your thread I believe that there are 3 options that could get you out of that house without costing you money out of your pocket now or in the future.

I encourage you to give me a call anytime 615-469-5056.

BY THE WAY FOR ALL YOU REALTORS out there: If you have any clients that might go into foreclosure before you can sell the house or even houses you don't want to list because the foreclosure is imminent ... My partner and I pay 10% of our net profits as a referral bonus for leading that client to us AND we will let you list the house when we make it ready for a retail sale at 85 to 90% of the comparable sale value.

We are experts at creatively solving real estate problems. Call me for more info.

Phil Baumgart
Web Reference: http://evadeforeclosure.org
0 votes Thank Flag Link Tue Sep 9, 2008
Brian is correct

Differentiation is critical in a competative market, outside of price what are you doing to differentiate your home from the 202 other properties advertised in the local area? If you are looking for a great way to showcase your home in a way that no one else in your area is doing try using youvu.com.au - its an online Virtual Showroom that Real estate agents around the world are hearing about...

No two properties are the same, why should your ads be?

YouVu Virtual Showrooms differentiate your property with a greater level of content controlled by you.
25 locations, 150 images, 25 videos/virtual tours and up to 10,000 words for just $40.00.

Once you have created your Vurtual Showroom attach it to all of your online property ads including your agents website, listing portals, email etc...

If you can attach an image to an email you can use YouVu!!!

Web Reference: http://www.youvu.com.au
0 votes Thank Flag Link Sun Sep 7, 2008
Hi Chris - I've sold lots of homes all over Cason Lane; and I pulled up your listing and ran a quick CMA CMA Report. I tried to paste the link here but it didn't work, so I can email it to you if you want?

I believe your problem is that you're competing against 1) new construction, and 2) homes in the same price range that have a bonus room....which is much more desirable.

Really, you have three options:
1) Rent or lease/purchase the home (and yes, I know how to do this...sigh!);
2) Short sale the home - you have to get approval from the bank to do this so that you don't come to the closing table bringing $$$;
3) Bring money to the table at closing!

Call me if you'd like some help....Kimberly
(615) 668-9079
Web Reference: http://www.tennesseesmls.com
0 votes Thank Flag Link Thu Sep 4, 2008

"It is what it is................"

Everything points to a home that is over priced for the current market. Since we are in a general real estate decline, it is likely that, if you go below the $166,000 mark that you will be able to mark it up with a smart purchase on the other end, when purchasing in your new area. Home values may be ceclining there as well.

No one likes to lose money, but your options are limited, sell for a real price taking into account the current market value, leave it vacant and list it to be sold, or rent it out.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Thu Sep 4, 2008
Try looking into a lease to own option. Most relators really don't know much about this and thus give the advice that it is not a good idea. I however have done this and it was a life saver. I got the price I wanted for the house I just had to keep the house in my name during the lease period, (I collected enough each month to pay the mortgage they gave me a 10,000 option fee up front and promised to find financing and purchase the home in two years and the agreed upon price) This gave them two years to find the right financing and if they couldn't come thorugh in the two years I had paid two more years on the mortgage with their money and I got to keep the 10,000. I also still had a house that I could then try and sell again. For me it worked out that they were able to meet the dead line and they got a great house and I got out from under the payments for those two year. I did this myself but their are realtors that know how to market your house as a lease to own and most collect a small fee for finding the person when you list with them and then only collect a 1 to 2% at the close two years later. This is negotable with them. In this market you could probably get the 1%. By the way it only took me 15 days to find someone that wanted to buy my house this way. Good Luck. Think outside the box and you will be fine.
0 votes Thank Flag Link Wed Sep 3, 2008
It's sad but this is happening all over the country. Lower your price to sell it even if you have to take some of your personal assets to cover the difference. You don't have many choices and I am sure you don't want to ruin your credit, right? Continue with the Craigslist ads every other day and make the title read Bank Owned priced 3 bedroom home, or whatever it is.
0 votes Thank Flag Link Wed Sep 3, 2008
I owe 161,000 on the property and with 3% commission for a buyer agent that would make my total about 166,000 The house is located on a cul-da-sac away from any main roads...We have added laminate hardwood flooring in the master bedroom and added a cobble stone patio out back with waterfall and we were about to put in a fence but I have to relocate to indiana for my job. I dont care about making any money on the house I just want to break even on the property I even put in my craigslist ad that I would pay $1000 towards closing and keep all appliances, washer and dryer, Lawnmower, wheelbarrow, shovels, rakes and stuff like that...my main problem is I cant get anyone here to look at the house. Any real estate agents have any clients that might be interested in the home? I work from home right now so I am always here during the day...I will pay you 3% commission.
0 votes Thank Flag Link Wed Sep 3, 2008
If your home doesn't back to a busy street or something like that, then it is a function of the price. Plain and simple. Not what you want to hear but the truth. Drop your price and sell it and move on. You state you cannot go under $166,000? I am guessing because you owe that?
0 votes Thank Flag Link Wed Sep 3, 2008
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