House on the market for 17 months, reduced price 5 times by $50,000, had taxes reduced 20%, 1200 sq' bonus room is the problem. Any suggestions?

Asked by Cintur, 14227 Mon May 23, 2011

This is a 2400 sq foot house, 3 bedroom, 1.5 bath, covered front and back porches, big yard. The 2nd story bonus room is a new addition to a 17 yr old house. The realtor has ask me to reduce the price 5 times and petition to thave the taxes reduced. I've done everything she asked and the house still won't sell. I feel the bonus room is what's holding up any offers. Even listed it on Craig's list. Why pay high NY property taxes for a huge empty room upstairs that doesn't have a bathroom. She advertised in 30 publications and has open house once a month. I'm at my wits end. Have to sell. Short sell not an option. Any advise you can give would be appreciated. What else can I do? I live out of state and am not occupying the house at this time.

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Jacques Ambr…, Agent, Forest Hills, NY
Tue May 24, 2011
If you haven't already, ask the Realtor to provide you with recent comparable sales to determine wether the price is a factor. Do a walk by on the comparable properties and see what might appeal to a buyer. My guess in a market like this is that it's the price.
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Joe Sorrenti…, , Buffalo, NY
Mon May 23, 2011
If you are currently listed with a broker, any agent/broker responding to your question with suggestions is putting their license in jeopardy. Consult with your attorney (NY State) and think about having an apprasial ordered. If you don't like what your agent is telling you, speak with her broker. We cannot comment.
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Anna M Brocco, Agent, Williston Park, NY
Mon May 23, 2011
Keep in mind that home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend; market conditions do matter as does the immediacy for a transaction to take place. In setting a price, it is in the seller’s best interest to focus on the current market conditions, therefore review comps, recently sold similar properties in the immediate area; see what the data suggests and adjust accordingly. Also review marketing strategies, and adjust accordingly where necessary. What kind of feedback have you received, does the property show well on the interior, what about it's curb appeal; not sure the bonus room is a negative feature and holding up offers. Have a discussion with your agent, express all your concerns and go from there.....
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Bill Adams, Agent, Cornelius, NC
Mon May 23, 2011
It certainly sounds like the price is too high but there could be other factors at play as well. Dont' let the tax value factor into your asking price, it is market value that matters. Did your agent give you ample comparable information when determining your list price? Has he given you updated comparable infomation as time has passed? Be sure you're seeing true comparables that have sold and not just ones that are listed. If you're overpriced by $100,000 and you lower the price $50,000 you're still overpriced.

If your willing to spend the money getting an appraisal could be a good idea as well. An appraisal will give you a realistic opinion of market value. Also, if you're overpriced and did manage to get an offer you could lose the deal if it doesn't appraise. Knowing what your home will appraise for will prevent you from having that problem in the first place.

For disclosure purposes I would like note that in addition to being a Broker I am a Certified Appraiser.

Good Luck!

Bill Adams
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Ron Thomas, Agent, Fresno, CA
Mon May 23, 2011
don't blame the bonus room; it sounds like an asset. There are one of two reasons why it hasn't sold, 1.) the price is too high. or 2.) you just haven't attracted the right buyer. The odds are it's #1 by about 98%. Don't blame the Realtor, she's just the messenger. The price is too high! The Seller cannot put the value on the house, the Buyer does. Are you listening?
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