Michelle, Home Seller in Texas

Help...Why isn't our house selling??? Need opinions, please.

Asked by Michelle, Texas Fri Jul 11, 2008

$159,900. We started at $175,000 (right at our appraised value). We are now priced under appraisal farther than $10,000. We have had about 12 showings but no offers. I hope that is due to the price being too high before and hope this price cut will remedy that. Take a look at our MLS and let me know any suggestions. I'm fine with brutal and creative criticism. I need honesty here on your first impressions... MLS 721131 We're on Realtor.com.. Here's a link or you can do an advanced search and type in the MLS # http://www.realtor.com/search/searchresults.aspx?mlslid=7211…
Thanks in advance. I look forward to your comments

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Bex, Home Buyer, Massachusetts
Fri Jul 11, 2008
most homes in our area are selling at or below their assesed value. we have been advised that the assesed values in our town will drop quickly as they are out of sync with the real estate markets.

as an active homebuyer, i can tell you that we would never offer more than the assesed value of the home. a home priced at 10K below assesed value sounds reasonable to me, but it depends on the condition and curb appeal of your home.

good luck!
1 vote
Keith Sorem, Agent, Glendale, CA
Fri Jul 11, 2008
Ask your Realtor how many homes, like yours, since your home hit the market:
1. have sold
2. entred escrow
3. sold
4. came on the market
5. lowered their price.

That should tell you where you are. In most market, homes that sell in the first 30 days days sell closest to asking price, so don't play the "I'll price it high and come down".

Realtors know value. AT least 10-12 showings in the first two weeks. or lower the price.\Sounds to me like the market is talking and you are not listening.
1 vote
Bruce Lynn, Agent, Coppell, TX
Fri Jul 11, 2008
You talk about appraised value. Is that your tax appraisal? If so that really has nothing to do with market value. For example I just had a client offer $210,000 on a house with a tax appraisal of $293,000. The tax appraisal is wayyyyy off. What are homes selling for in your neighborhood? I think there are some that are much lower like $55-$65/sqft. What price did your realtor tell you to sell at?
Web Reference:  http://www.teamlynn.com
1 vote
Don Tepper, Agent, Burke, VA
Fri Jul 11, 2008
Pretty good photos. Looks nice. What does your Realtor say about: (1) Price, and (2) Feedback from other agents?

You say you priced it at "appraised value." Appraised by whom? And did that price reflect the CMA that your Realtor ran? Even if it did at the time, ask her for another CMA. Market conditions can change, and you want to make sure you keep up with them. I don't know your area at all, so I can't comment on the price itself.

And I'm sure there's some substance to Mark's comment. Between Wall Street, the surging price of oil, climbing unemployment, the collapse of IndyMac and the apparent collapses of Freddie Mac and Fannie Mae, the subprime collapse, and the attitude of some (Phil Gramm calling us a "nation of whiners"), it's a difficult time to sell. That, plus summer in Texas...

Anyhow, talk to your Realtor. See what he/she suggests.
1 vote
Daniel, , Baton Rouge, LA
Fri Jul 11, 2008
Mid summer is usually slow, take that with todays activities on Wallstreet, Oil going thru the roof, credit crunch.

Selling any house is difficult
1 vote
Shelly Moore, Agent, luling, TX
Fri Jul 18, 2008
Talk with your team of Realtors. Make sure they are doing everything possible to market the property and get it sold. Have them run a new CMA and see where your house compares to others on the market in your subdivision. Looking from the pictures - you may want to consider painting the pink bedroom and purple dining room to more neutral colors. Staging is a very big part of the sell. Good luck.
Web Reference:  http://www.LloydBarnes.com
0 votes
Carol Pease,…, Agent, Austin, TX
Sat Jul 12, 2008
You really need to have a frank face-to-face discussion with your realtor about why your house is not selling.
0 votes
Karen Shrock…, Agent, Dallas, TX
Sat Jul 12, 2008
I'm in the DFW market area, and every market area is different. I'm not familiar with yours.

It's all about price this year in DFW. It's a buyer's market, but I'm finding inventory to be spotty. In some areas, it's hard to find much on the market, because everyone is "waiting until it gets better" except the folks who have to sell. There are a lot of foreclosures on the market in some areas that are lowering comparables and which are competing with non-foreclosures. In addition, there are many short sales out there, too, which are trying to avoid foreclosure.

In the lower price ranges in this area, there is no lack of willing buyers. Being able to get those willing buyers qualified and approved for a mortgage is challenging. That situation is easing some due to positive changes in FHA mortgages. It will get better rather than worse in the next several months.

Many folks are choosing to lease their homes rather than sell so they can "wait until the market gets better". All of this "waiting until ..." is having an effect on the market as well. I wonder if the market wouldn't be doing much better if there wasn't so much waiting going on. Consequently, I've been seeing higher rental prices and a brisk market in leasing as an alternative to buying.

If you are one of those folks who got into a new home with no down-payment and a "creative" loan and you are trying to get some down payment money out of your home, you may find that you have no equity and that you may actually have to bring money to the closing table to get out from under this house. If you are in this situation, you are not alone either.

If you need to get the house sold now, you may have some hard choices to make. That's just the way things are right now.

You might also ask yourself about the service your listing agent is providing and whether you are satisfied and confident with him or her. Some realtors are lowering their commission rates to compensate for the market with mixed results and with mixed opinions in the real estate community. Again, my market is not your market, so I have no vested interest in your home (like competing for your listing) and lower commission percentages may be the norm rather than the exception in your area.

Good luck, and feel free to e-mail me if you'd like more of my sage advice :o).
0 votes
Mattye Smith, Agent, Richardson, TX
Sat Jul 12, 2008
Ask your Realtor! You should receive feedback and comments about your home...I would suggest a frank discussion about your expectations and the plans to achieve them in a realistic time.

Mattye P. Smith

Colonial Real Estate
0 votes
Hdela, Home Buyer, Buffalo, NY
Sat Jul 12, 2008
The house is nice ad relatively new. Photos OK although you could stage it better (if you don't know what I mean, watch some HGTV). However, house is on a small lot and deck and pool look like they take up al the space. People with kids will get turned off. Empty nesters may notwant own ahouse this big. You need to look for singles, preferably single women, upgrading from condos.
0 votes
Linda, , Berwyn, PA
Sat Jul 12, 2008
Your house appears very clean and clutter-free which is critical--great start! I would recommend painting the dining room a more neutral color. The "eggplant" color will turn some buyers off and most want a home that is move in ready. Also, consider removing the extra chairs from the dining room to make the space appear larger. I would also add some plush towels to the bathroom. Best of luck!
0 votes
Lisa Pownall, Agent, Oakland, FL
Sat Jul 12, 2008
Your home needs to be beautiful and priced 10% below the average listed home in your area buyers have so much to choose from. In Florida we are looking at what is active and trying to price below this amount we used to look at active, pending & sold.
0 votes
E, Both Buyer And Seller, 04285
Sat Jul 12, 2008
How long has your place been on the market? Is your neighborhood still under construction? If it's been on for a long time it may be perceived as not worth looking at anymore. The logic that "if no one else wants it, why would I?" kind of thing. You could let your contract expire and relist to get that new listing traffic again. If there is new construction going on check on prices and buyer incentives, you'll definitely need to be priced below that. Or, did you haggle on your agents commission? Raise the commission and he/she will raise the split with any cooperating agents, offer a buyers agents bonus, buyers incentives such as "with a full price offer we will allow 3k decorating allowance" ...and lastly, not being familiar with your particular brokers company...are they national or local? The big brokers (names we all know) pay for advertising, flyers, post cards, print ads, etc...the little guys expect their agents to pick up the tab on such things. In a slow market agents aren't splurging on marketing if it's costing them personally. (if your house doesn't sell they are out that money) And lastly...if your agent can't even spell check the ad on Realtor.com-and turn on a few lights before taking pictures I'd ask why...why haven't you?
0 votes
Bill Eckler, Agent, Venice, FL
Sat Jul 12, 2008

The reality of selling is that, anything will sell if it's priced right. All other factors are secondary. Once you have found the right price you will also find the right buyer.

Listen to your agents advice.

The "Eckler Team"
0 votes
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