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Asked by Dena, Austin, TX Tue May 27, 2008

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Answers

15
Guy Gimenez, Agent, Austin, TX
Sat May 12, 2012
My guess is the home has sold one or more times since this question was posted 4 years ago.
0 votes
tim sweeney, Agent, Austin, TX
Fri May 11, 2012
Price sells houses. You can put your house on the cover of Time Magazine and it still won't sell if it's overpriced. Most sellers make the mistake of "adding just a little bit to the price to leave room for negotiation. That's the difference between homes that sell the first day on the market, and homes that go through a series of price reductions and extended time on the market.
0 votes
Dena, Home Seller, Austin, TX
Sat Jun 14, 2008
I appreciate all the feedback I have gotten from all of you knowledgeable realtors so far. House on the market 24 days and 3, count 'em, 3, potential buyers have come through. We've lowered the price twice, but not too much, because we think it was priced right to begin with - we are in Texas Oaks II off of Slaughter, priced originally at 189,900 for 1855 sq foot 4 br 2 1/2 bath remodeled home, at 11005 Watchful Fox Dr. My realtor says be patient. I'm trying hard but we have a contingency on a new home in Bauerle Ranch with a closing date of 8/1 and that realtor is beginning to worry a little. We don't have too much more room to go down because we don't have lots of equity in the home. Does 187,500 sound reasonable? You guys have been very helpful so far. I'm trying to keep my chin up. It's just really frustrating. Dena
0 votes
Jeffrey Schn…, Agent, Austin, TX
Tue Jun 3, 2008
Dena,

In your neighborhood, if you look at all homes sold since January 1, 2007, and remove anomalies, the average time to get a purchase contract on a home is 22.5 days. Note, this is not the average days on the market, nor the cumulative days on the market. This is the number of days it has taken for the homes in your area to go into Pending status, which means a contract was signed and agreed to. I remove anomalies by eliminating the lowest 10% and the highest 10% time to contract, this weeds out homes that were drastically underpriced and sold “too” quickly, and those overpriced. Selling “too” quickly leaves money on the table for the seller and likely indicates the home could have sold for noticeably more.

So you’re still well within that time period. In addition, sales in your neighborhood went into the winter slump and just started coming out of that slow time to close period in April. Last year the strongest time for a house to go into pending status occurred between March and July.

Except for the anomalies, for homes on the market over 12 days (like yours), the average time to contract over the last year was 37.5 days. So again, you’re in good shape so far. As for price changes, for those that took more than 30 days to get contract in place, about half had price drops to drive the sale.

Hope this is helpful, keep your chin up!

Jeffrey
0 votes
DeeinAustin, , Austin, TX
Tue Jun 3, 2008
Statistics show that you should receive 1 offer for every 10-12 visits. If you have no visits, you're most likely 10-20% or more off on the asking price based on competing homes in your area. If you have many visits, but no offers, you're within 10%, but may need to re-stage the home, fix small issues, drop the price again, offer incentives, etc.

You have no showings, so you're way off. That's a very hot area and homes are selling fast. Your agent should be gathering feedback, but if there's no showings, they can't do their job. I'd do the following:

1. Go check out other homes in your area in the price range you're asking. Not just open houses, look at them online and then go see in person. Note the size, layout, finishes.

2. Do you have repair issues? Did you get an inspection? Sellers don't often get an inspector before they sell, so you may have further surprises once you're actually under contract.

Another datapoint: how fast do home sell in your area? You may not have given it much time. I think most homes are moving within 30-60 days there.
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Dena, Home Seller, Austin, TX
Mon Jun 2, 2008
Just a quick follow up -- 2 weeks and 4 days now, and only 2 realtors have have come through with potential buyers. They said it showed great but didn't quite meet their needs. I know the market is slow, but geez!!!!!!!!!! My realtor even had an open house on Saturday and no one came except the one realtor who called that morning asking if she could show the house. :(
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Dena, Home Seller, Austin, TX
Tue May 27, 2008
Thanks to all of you who answered me - i'll try to be patient. Have a great realtor - I'm sure it will all happen in good time.

Dena
0 votes
Michelle All…, Agent, Austin, TX
Tue May 27, 2008
Good day Dena
Over the almost 10 years I've been in real estate, the last few weeks of school in May and typically the 1st week of June are usually slower overall because of the many activities families have going on, i.e., end of school, gettting homes on the market, and also graduations, including a lot of families go out of town right after school gets out. With that being said, I wouldn't worry so much, I've already called my sellers and let them know fi we don't have "as many" showings over the next few weeks not to fret. One thing to watch for is not very many showings by the end of June or a lot of showings with no offers - if that happens, the price is bottom line the answer.
Web Reference:  http://www.michelleallen.us
0 votes
Dana and Tom…, Agent, Long Grove, IL
Tue May 27, 2008
Holiday weekends tend to draw less than 'normal' activity, so don't worry about it. If your agent is going to have a broker tour this week, the feedback (and number of agents that show up) will give you a better idea as to whether or not you are competitively priced or not. Give it atleast a couple weeks before you get concerned.
0 votes
Jeffrey Schn…, Agent, Austin, TX
Tue May 27, 2008
Dena,

Your home does appear to be priced well. In the Texas Oaks section South of Slaughter, you're currently the least expensive 4 bedroom house, and your priced below 2 other smaller homes with only 3 bedrooms. You're one of the largest homes of those available, 2nd largest out of 8 homes, so you've got a good product offering that should feel more spacious than the competition, but it's also the top end of your market.

You are also going to fight the top end of the market from a pricing perspective. The most expensive sale in the last 10 months was for $185,000. Being in the category of the most expensive homes in the neighborhood usually makes the sale take longer than the average.

Your agent has priced the property well for the initial listing. Pictures look good and the description is very informative. You seem to have some upgrades/new mechanicals that are definitely an advantage.

Only things I can suggest are that you get the seller's disclosure loaded on the MLS for download, and that you make up a nice 1 page list of all the upgrades/mechanical replacements you've done and have that out with the flyers in the home for any potential buyers. The fact that you're conveying the appliances is also a big help for the buyers coming into this particular neighborhood.

Appears that your agent has done a good job of positioning your home. Pics look nice too! If you want additional appeasement, consider asking your agent to take you into the homes they consider your top 3 competitors so that you see first hand what you're competing against. This can be a real eye opener.

When you move, consider one change, don't buy into the upper end of homes in the neighborhood you're considering. Averages tend to pull the bottom up, and the top down. Being in the top means the averages are working against you. Give it some time, seems like you have a nice home that has things buyers should want.

If I can be of any further assistance, let me know, and best of luck,

Jeffrey
0 votes
Dallas Texas, Agent, Dallas, TN
Tue May 27, 2008
Long holiday weekends NOT MUCH happens for real estate, school is letting out and families are enjoying friends an entertainment. Our office was "dead" emails and calls no one wanted to go out and look HOWEVER this week here in Dallas real estate market we are running 12 hours shifts with Dallas home buyers.

http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
0 votes
John Watts, Agent, Austin, TX
Tue May 27, 2008
Don't worry. This past weekend was a holiday weekend, and there were graduations going on at this time of year. Many people were too busy to be looking at homes, but give them a little time, and things will change. If your home is staged and priced propertly, you will get the visitors and a buyer.
0 votes
Mylendingpla…, , Austin, TX
Tue May 27, 2008
You may want to list your home on other free sites such as Austinhouse.net. This is a realtor and for sale by owner site. It's unique in that it's seen mostly by buyers--not real estate agents. So if your buyer is not represented by an agent you can save 3%.
Web Reference:  http://www.austinhouse.net
0 votes
Jeffrey Schn…, Agent, Austin, TX
Tue May 27, 2008
Dena,

I'll take a look at the property in a moment and give you any feedback I see. As for this weekend, it's not a big weekend for showings as many people tend to use it as a mini vacation. I wouldn't be concerned about it at this point at all.

Regards,

Jeffrey
0 votes
Jeff Kessler, Agent, Austin, TX
Tue May 27, 2008
You just have to give it a few weeks to see. I wouldn't start to panic yet. It was a day to remember lost veterans. So a lot of people may not be out looking. If it is priced right you should see more traffic.
J.
0 votes
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