Selling a rehabbed property in Granite City, Il on Delmar. 3brm/2bth for $115. Am I too high?

Asked by Chewie, Chicago, IL Fri Nov 23, 2007

How long will it sit? Comps at $120K. Should I rent it instead?

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Keith Sorem, Agent, Glendale, CA
Tue Aug 11, 2009
Chewie
I do not know your market. It also sounds as though you don't either (no offense!)...I am guessing you are selling without professional representation, right?

Without "boots on the ground" that know the market, I can only tell you that according to Trulia (see link) homes are selling in your area. You are also competing with homes in the MLS and marketed by Realtors.

You might be interested to know that 90% of buyers use a REaltor when they buy because, from their perspective, we work for "free". So a Realtor, working with a buyer, is not going to go out of their way to find a property not in the MLS. The buyer may find it, so you'd end up buying at least the buying side commission.

That would be best case (IMHO) for you.

The rule of thumb we use for evaluating a listing is showings. 10-12 showings or one offer in the first two weeks is the target, or we lower the price around 5%.

It appears that you are in a buyer's market, so if the numbers do not allow you to reduce the price, then I'd suggest leasing it. I would also suggest developing a relationship with a top Realtor in your area who can give you advice that is timely and accurate. Just your carrying costs alone must be making this a painful time...would it not be great to be able to avoid that pain by having someone who could have provided you with advice BEFORE you went in the current direction?

Best of luck to you!
0 votes
Mame, Both Buyer And Seller, Granite City, IL
Tue Aug 11, 2009
Hey Dawn,

I was wondering if you ever sold your house and what was the selling price if so? I have a complete rehab on Benton that I am trying to sell and I am currently listed at $104,500 and I am not getting any bites at all. I originally listed at $114,900 and I have dropped it hoping to generate some interest, but nothing so far. How long has/was yours on the market? Thank you so much for any input, it would be greatly appreciated! Amy
0 votes
Dawn, Home Seller, Oak Grove, VA
Fri Apr 11, 2008
What block of Delmar?

You're too high for anything that is below the 2500 block. The closer you get to the hospital the sketchier the neighborhood gets. If the property is close to Wilson Park and in good condition, that's not a bad price, depending on the square footage.
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