Two flat price from $375,000 from $429,000 besides giving it away. How can we sell this house?

Asked by Deborah Hernandez, 60611 Wed Sep 19, 2007

We have a two flat that has new windows fenced in yard hardwood floors new painted and lots of updates. It is on a double lot. I could go on and on. It is in West lawn and we have had it on the market for almost two years. Others when we first listed it sold for $400,00 with less then upgrades then what we are offering. We have dropped our price to $375,000 from $429,000 besides giving it away what more can we do to sell this house!!!!

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Patti Pereyra, , Chicago, IL
Wed Sep 19, 2007
Hi Deborah,

My apologies on getting the location wrong.

I looked up your listing and see that it is comparable in structure, features and amenities to already sold 2-flats in the area. Though, those that have sold in your area are closer to the $350's. The ones sold above that offer a full finished basement and/or central air/heat/separate furnaces. That can be a big value to an investor because each tenant pays its own utilities.

Is your building located along an alley, by chance (hard to tell by the photo)? Those can be much harder to sell.

Also, the dimensions don't reflect a double lot. If this is indeed a double lot, it might behoove you to have your Realtor specify that, since there is value in land.

Wish I could offer more insight, sorry!
1 vote
Santiago Ken…, Agent, Chicago, IL
Fri Aug 2, 2013
Hola Deborah espero que su casa ya vendio , para esta fecha , y q todo este bien
0 votes
Deborah Hern…, , 60611
Wed Sep 19, 2007
We offer a full finished basement and/or central air/heat/. Each tenant pays lights and we charge % of the heat. The three and half car brick Garage has two entrances that allow you to park inside from the ally and the front entrance. I do thank you for the info on the double lot. We will call her and make sure that she changes it. I welcome anything you can tell me.
0 votes
Aileen-Manha…, , New York, NY
Wed Sep 19, 2007
I'm sorry that you're having so much trouble selling your home. I'm not sure what the market is like for this residence. Two years sounds excessive, but perhaps not for your market.

Is there anything about this residence that would make it unattractive to buyers? Has it been appraised? Does it need expensive updates with the plumbing, electrical - things that make it more expensive to a buyer and less competitive with the rest of the market.
A couple of simple suggestions: have it staged, have it appraised, have a home inspection, keep informed on the market, offer to cover all closing costs, increase buyer's commission by a %, etc... you don't need to do everything I listed, but they were listed to provide some examples of setting the home apart from its competition.

I would also question how the home is being marketed. I think it's been stated that 70% - 80% of home buyers go to the internet when searching for their home. Does it have a strong internet presence?

Hopefully more Realtors can provide some insight for you. Good luck.
0 votes
Deborah Hern…, , 60611
Wed Sep 19, 2007
We have had it listed three times with three different realtors. I noticed that one of you said Woodlawn. It is in WEST lawn. We have had marketed from day one. We have a sign in the yard; we have a Realtor, each time the realtor has done a comparative market analysis, etc... Each time we listed it with a different realtor a new market analysis was completed each time it was different. It is on the MLS 3921 W. 61st. Chicago, IL 60629
0 votes
Patti Pereyra, , Chicago, IL
Wed Sep 19, 2007
Hi Deborah:

Woodlawn has had 45 closing on multi-family units in the past year, with prices ranging as low as $100,000 to as high as the mid-$300s. Current active listings range from the below $100 to the high $400s.

Without knowing what type of 2-flat you have (bedrooms/baths, etc.), the location in Woodlawn (remember, a few blocks can make a huge difference in value), and other specifics, it's impossible to know where your building should fall within the market, but it does appear you are on the higher end of the market with your current pricing.

If you are working with a Realtor, she should be able to consult you further.

If you are not, then the problem might very well be in your marketing (or lack thereof) of your property, and that your perception of the building's value is off. I fully support FSBOs, but it can be difficult to separate personal attachment to ones own property when selling, which can lead to inlflated perceived value.

If you have not talked to a Realtor at all during this process, I strongly recommend that you do for this very reason. Many offer complimentary Comparative Market Analysis; you might find that in just talking to one you will figure out what is wrong, and be inspired to utilize their services and expertise.

If you have, and are working with one, it's time to dig down into your current strategy and tweak what is not working, reevaluate the marketing, the price, everything.

Best of luck to you!
0 votes
ian cockburn, Agent, New Orleans, LA
Wed Sep 19, 2007
Do you know what the other houses are selling for in your area?

It is not what you have put into the house, but what it can sell for.

To maximise your coverage, Is it listed with a Realtor and on the MLS?
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0 votes
Aileen-Manha…, , New York, NY
Wed Sep 19, 2007

You never mentioned it if you're selling the residence yourself or with a Realtor. You never mentioned how it's being marketed. If you're selling it yourself with a sign in the yard, no Realtor, without offering a commission to the buyer's agent, without doing a comparative market analysis, etc... then I'm not surprised it's still on the market.

A little clarification from you would help us provide you some insight, advice or a referral to a Realtor in your community.
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