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I have a house for sale in Trenton, NC that has been on the market since May 2009. I have not had a single showing and I am on my second realtor. Here is my story:
In May we started with a realtor out of the New Bern market. It took 5 weeks to get photos of the house and copies of the contract we signed. We had to track down our realtor to get anything in regards to our house. Come to find out our realtor had another job, this was not their primary job. Guess no time for us. When we asked for open houses, fliers, etc in order to promote our house we were then released from the contract per the realtor because "maybe the Jacksonville market would suit you better." Ok, so in August we switched.
We went with a realtor in the Jacksonville market. We did have an open house in September. A mom and daughter stopped by but per the realtor he thought they were just being nosey, not interested in buying. So far all contact with the realtor has been initiated by us. We have asked for open houses, fliers, etc but have been told that doesnt work.
Due to a job transfer to the mountains, we are now paying on two places. We decided to try lease with option with our house so I can join my husband in the mountains. At least someone can help us with our mortgage instead of paying on two households. We are willing to help someone that is interested in buying our house but needs within a year to buy. Lots of people want to just rent but not interested in buying. I have put ads on Craigslist with hit counters and within 24 hours I had 150 hits each on two ads. So far nobody has called my realtor per my realtor. With 300 hits you would think someone would be interested in at least looking at our house.
We lowered our price $10k, offered buyer incentives and buyers realtor incentives but still no nibble. Our house was appraised in 2008 for $186K and we are selling for $169,900 just so I can get to the mountains.
Trenton is 20 minutes to Kinston, 20 minutes to New Bern, 30 minutes to Jacksonville, and 45 minutes to Emerald Isle. Does that qualify me to be in a Bermuda Triangle?
I would like some advise and if anyone wants to PM me with advise I really would appreciate it. Do I just have bad luck with realtors or what advise do you recommend? I was told that the buyers come out after the first of the year. Our contract expires with our current realtor in February. Should I try another realtor or go FSBO? I already have the house priced that if sold at the asking price I get out with only enought money for a UHaul, thats it.
You say your house was appraised in '08 for $186k. What month was this, and how have median prices in Jones County changed since that month? How has unemployment changed?
I am not a real estate agent, so take my advice with a grain of salt. I happen to believe that what a seller can afford to sell at has no bearing on what a buyer can afford to buy.
I think using a New Bern big-name realtor make sense, since Trenton is considered part of greater New Bern as relates to real estate. Also, by using a name realtor group, they'll put it on the MLS and of course have the pic and writeup on their site, and will do ads in all local publications. Then again, if you want to impress a beach bunch who doesn't want to deal with hurricanes and costly beach homes, you can use Emerald Isle's realtors. Or if you think Camp LeJeune folks need your kind of housing, try Jacksonville realtors. Just choose a recognizable named realtor group.
Since your realtors so far know nothing about advertising, I'll give you the low-down. The ad they put at their website and MLS listing, plus newspapers and mags, needs to be worded just right, with something special about your home being put in the first sentence. Also, an ad should be placed in the Homes and Land mag for the area, as well as the week-by-week Sunday newspapers for New Bern, Emerald Isle, and Jacksonville, and if you have an open house, make sure they get the directions right, and see can they put it on the "open house" page.
The wording of the ad should start out in the traditional way, with how many beds and baths, and right after that a "special" thing about your home. Like for us, it was "gazebo" when we bought this house, but it could be "pool" or "completely fenced." Do not pump up your house too much, leave a little for the imagination. And don't set up buyers to be disappointed in your home; rather be very realistic about the style of house you're offering in your ads. As soon as I changed "dining room" to "rustic dining room," I had a buyer (many buyers were disappointed that we weren't a standard ranch).
The realtor should hold a broker's open, so all the New Bern realtors will remember your home when a customer says they don't want to live in town, but rather in a rural setting; that way, your house will be a contender and they'll show it to them. You might want to add that "historic Trenton is just 30 miles from Emerald Isle Beaches and Camp LeJeune, and 15 miles from New Bern," (rather than driving distances), but add that Trenton has grocers, restaurants, schools, library, and is "home of Lenoir Community College."
Always put anything about a driveway or garage or carport. Put square footage of home, how many acres, and MOST IMPORTANTLY put the price in bold so folks will see it; it's usually positioned at the end of the ad. If the ad is too long, put the price up at the top after the beds and baths. If the company insists on putting some general verbage before all the essentials, it can perhaps say, "Convenient to beaches, affordable small-town living."
As for price, since it hasn't moved in all this time, you really DO have weigh the trouble of fooling with this house, against selling it at a lower price AGAIN. Despite what the appraisal says, Trenton really is in the middle of nowhere, you're not going to get the foot traffic you might in a larger town, and so with the right connections (big realtor company, broker's open, well-written ad) and at a price that will entice people to consider living in a rural area, you only need to provide people with a DEAL. Everyone is looking for a deal.
Price-dropping WITHIN a $50,000 range ($150,000 to $200,000) isn't going to do enough. When folks go online, they put in their range, and many websites have $150 and $200 as set limits, so you should try to get your house BELOW the $150,000 range, brings in a new crowd. Remember, it's what the market will bear. So far, your market will not handle $169,000. So, consider cutting another $20,000 and thus "cutting your losses."
One more thing, which goes without saying, your home must look like it's in PERFECT condition, like a hotel room, if you will. We put flowering plants on the porch (in winter, in the picture window will work), and we stored a fav area rug and got a new one on sale to make the first room look newer, and painted the whole place (paint is cheap). We stored ALL extraneous and unmatching furniture. We warmed up the kitchen with a lamp, a floor rug, and curtains. You could eat off our bathroom floor, new shower curtain of course. You get the idea. HOPE YOU SELL SOON & keep us posted!
If you ever watch that HGTV show Real Estate Intervention, you would know your answer. That guy Mike spends his time trying to reason with folks who are asking way too much for their home. It is human nature.
The market has dropped, and sellers cannot come to grips with it. All buyers hear is that the market is down, so you have a huge gap.
To sell your home, you should go 20 - 25% less than top appraisal. An appraisal in 2008 was probably after the market had peaked, but not before it had really started dropping precipitously. Unfortunately, I don't need to know anything about the house, just the 2008 price. The more you drop, the sooner you sell.
Ouch, that hurts, but that is about where the real market is.
Looking to move to your area from Wyoming. Do you still have your house?? Have several questions for you. OILER][/spoiler]
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