HOME SALE UPDATE

By in Real Estate | 14 comments

NOT OUR HOME!

 

Our home has been on the market for almost a month and it is not sold! Here’s what my realtor said this morning: 

“We have the largest real estate brokerage company in the area with 50 agents. Usually at this time of year we have 15-20 homes that are under contract. Presently we have 3, all listed under $225,o00. I’ve never seen a market like this one before. We are actually getting a bit concerned. 

In terms of marketing, we have your home on-line on all of the real estate sites with a home tour included. There’s a a smart phone ap that goes directly to the tour and the FOR SALE sign has the tour web address. I don’t think anyone else would be doing any more marketing than we are!” 

My Reaction:

After our conversation, I had mixed feelings. On the positive, our home wasn’t the only one that hadn’t sold, the market in general was down. On the negative, there aren’t a lot of buyers

I must admit, our home looks awesome! My side passion is decorating and after touch up painting, putting in a new kitchen faucet, mulching the yard and planting some flowers, you could move right in! 

I’d love to show you a picture, but since you already know my name, I better keep a bit of internet privacy :). 

More Market Info:

We live in a nice suburb of a larger metropolitan area. The public schools in our area are tops, so that bodes well for families. Since our suburb isn’t too large, there are not too many competing properties in our price range. I think our home matches up fairly well (maybe even a bit better), than the competion.  

What’s Next

I’m not sure. I’m not panicked yet. We hope to move to our new area in the summer, so we still have a bit of time. 

Here’s Where I Need Your Help

  • What do you think?
  • How is the real estate market in your area?
  • Is there much activity?
  • Any other recommendations to get this place sold?

image credit; Duane Hopper

    14 Comments

  1. Don’t lose hope Barb! When we were looking for homes, the biggest hurdle was the price. In fact we looked at one house – we were the first after it was relisted – the realtor said this house has been in the market for over a year but a higher price and they relisted it again at a more realistic price.

    Though he didn’t say it, he sounded pretty dejected.

    We liked it and actually started wondering why wouldn’t anyone like this house! We decided to put an offer the next day. Guess what? The house was gone! We weren’t the only ones who thought it was a good house!

    The price was the only barrier.

    Moneycone

    April 24, 2011

  2. The real estate market is similar by us. A neighbor just sold his house after buying it in July 2006. His house is one of the few houses at a relatively low price point in a desirable town. A couple weeks ago the neighbor dropped the price by about 5% from his original listing price which was 15% less than his purchase price. Within a week the sign “Contract Pending” went up. A motivated seller sells his house by dropping the price low enough to find a buyer. I think that is the harsh reality of today’s real estate market and of any economic transaction for that matter.

    ctreit

    April 24, 2011

  3. Hi Money and ctreit; Thank you for the information and advice. It seems the economy and housing market are very soft. We just lowered the price and I’ll keep you posted. Fortunately, we bought in 2003, so we still have a nice amount of appreciation, even at the lower price point. I’m also pragmatic and dispassionate and understand the market drives the price, not my wishes :).

    Barb

    April 24, 2011

  4. Definitely don’t lose hope, Barbara.

    With your eye for decorating, you are certainly at an advantage compared to other houses on the market. I would love to see your home, but definitely understand about privacy. I have wanted to post pictures of my newly renovated home but also am afraid of internet stalkers too. 🙂

    Clutter and non-staged homes are such a turn off for the potential buyer.

    youngandthrifty

    April 25, 2011

    • Hi Young and Thrify, Thanks for your support. I think you are probably correct! As in so many aspects of life, after you do everything in your power in a situation, the next tep is patience. I’ll keep you posted. (I’d love to see your house too!)

      Barb

      April 25, 2011

  5. The market here in the Midwest near Indianapolis is fairly weak. There seems to be a lot of supply and buyers have the upper hand. It seems like it has been that way for the past several years although there may be a little bit of action as of late. But price plays a big role.

    optionsdude

    April 25, 2011

  6. This part of the process of selling I hate. You don’t know why it is not selling quickly, so you second guess everything. Did you buy already? If not, relax! 30 days is not that long in this market.

    krantcents

    April 25, 2011

  7. Hi Optionsdude, I think you’re right, everything will sell at the right price!
    Hi Krantcents-Thanks for weighing in. My patience is being challenged!

    Barb

    April 26, 2011

  8. Don’t become discouraged. Your home has only been on the market a short time. But…have you thought about possibly renting it out if it doesn’t sell by summer?

    Little House

    April 26, 2011

  9. It’s too early to lose hope Barb. Give it some time, the market usually improves as we enter the summer season.

    BeatingTheIndex

    April 27, 2011

  10. Hi Little House, We did think about renting it out, but the numbers and location don’t work for us. We dropped the price and the activity is picking up 🙂

    Barb

    April 27, 2011

  11. Hi Beating- Agreed, we are seeing better traffic, and the weather is finally warming up!!

    Barb

    April 27, 2011

  12. Hang on for a while. It can be grueling in the beginning. I know I have owned and sold 5 homes, and really never seen anything like this. I once heard Dave Ramsey say to offer the selling agent a 2k bonus for the sale.
    My mother-in-law just went thru this in southern Oregon. She got one offer,not great,and took it. Best of luck. Alan

    Alan

    May 1, 2011

    • Alan, Thanks for the positive comments. Things are looking up right now!! After doing all that we can, we are just remaining positive!

      Barb

      May 7, 2011

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