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We moved here from west TN in the fall for hubby's new job. Our house there has been on the market for seven months. We are renting here right now. I refuse to have two mortgages, but I so badly want to buy a
house! Just wondering if anyone else here has a house they cannot sell. Maybe we can start a support group!
I have a house in Brentwood, TN that's been on the market now for three months. Its very frustrating, its a great house on a cul-de-sac with a great backyard! When we bought it two years ago we had to fight 4 other offers within 48hrs of it hitting the market.
We moved out to the northwest about a month ago, we're in a little apartment with all of our stuff in storage...its awful, I feel your pain.
It almost always comes down to price. Ask your real estate agent to give you a market analysis at least every 30 days, showing what houses like yours have sold and what the selling price was. This will show you which way the market is trending, and tell you if your house is correctly positioned in the market.
It's not so much if the house is priced right, it's the fact that many financial experts (including Bears and Sterns) are predicting homes sales (and home values) will continue to decline over the next several years. I am looking to buy in the next few months, but I can honestly tell all sellers, I'm not paying what you're asking. The housing market picture is too unstable.
There are segments of Nashville's real estate market that are still showing positive price movement, and some that are moving backward. The point I was making to the original poster is that if you must sell or buy, good information will help you make the best decision for your circumstance. If you are buying a house purely for investment, you should be very careful in this market. If you are buying a house to live in, because you need one, and plan to stay in it for several years, you will be fine.
It feels like we've just had bad luck. We've had so many people come back for second and third showings and then a) decide on another house or b) decide they have to sell their house first in another city. We've had interested buyers who's contract on their house fell through and another who's wife decided she wanted somewhere to keep horses. We're hoping its just bad luck, have already lowered the price once.
Our problem is similar. Our price is not the problem. We have asked our realtor several times about lowering and she advised against it, because nothing is selling in our neighborhood right now, and it is a nice neighborhood. We are already slightly lower than comps in our area. We have had lots of "tire kickers" but that's it.
Our problem is similar. Our price is not the problem. We have asked our realtor several times about lowering and she advised against it, because nothing is selling in our neighborhood right now, and it is a nice neighborhood. We are already slightly lower than comps in our area. We have had lots of "tire kickers" but that's it.
When you say that you are slightly lower than comps I'm assuming the comps you are referring to are houses that recently sold and that you are lower than the sold price. Some people make the mistake of referring to comps as other houses currently on the market and comparing your list price to their list price. The fallacy here is that if their list price is higher than the market will bear then yours might be too.
Some other things you might want to look at or consider is how well it is staged and how well does it show? Have you had a pre-listing home inspection and fixed everything identified that needed to be fixed? Are you offering the buyer a one year home warranty? Have you offered to pay all or part of the buyer's closing costs? I don't know the age of your house, but is it up to date regarding finishings(i.e., corian or granite counters as opposed to formica) that are appropriate for your community?
Good luck to you.
This is a national problem. It took me 14 months to sell my house in Phoenix and I lowered the price five times. It's the same thing here. There's too much inventory of houses, foreclosures are at an extremely high rate and the economy is doing poorly so there's fewer who can afford to buy right now. It was very frustrating for me too. I wish you good luck, sooner or later someone's going to buy it.
To both of you trying to sell, I'm sorry that it has not turned out as you expected. It can be a tough market out there today, but even with competition and buyers with too much to choose from that they easily forget your house, there are ways to make your home very memorable and stick out against all the others.
I have not seen either of your houses so I'm not making any assumptions, but here are some general tips. Hopefully, some of these will be ones that you can use.
First, I would have your realtor take you to the other homes that are your direct competition. Look at them from a buyer's perspective. Would you choose one of them over your home? How are they priced compared to your house? Look at the price per square foot calculation...how much more or less is yours? How do they look from the front compared to yours? What is the interior like compared to yours? Do they have upgrades in kitchens and bathrooms and flooring and exterior that you do not? Do they appear to be in better move in ready condition than yours? Hopefully, you'll be able to pick up a few things you like about those houses that you can easily implement at home, especially if you find that some of your competition has a few superior features. Have the realtor review the comparable sales in the last 3-5 months, depending on how many have sold. What was the average price it sold per square foot? How much more per square foot is yours listed? If it's above average, it's okay that it's listed above the average, but it probably shouldn't be priced way above the averages. A few dollars per square foot really adds up, so it might be something to consider. Adjust your price if necessary based on what you find. Generally, the rule of thumb is that if you haven't had showings in the last month, then people probably feel it's priced too high.
However, the other biggie besides price is condition. Condition has NEVER been more important in the sale of a house than today. In this area, people are accustomed to living in the house for a few years, making few changes, and then selling it without a problem. Today, buyers want all the bells and whistles and for it to appear to be completely problem free, and it is understandable considering they have many options and can easily go to the one that does offer all they seek. It is hard to view your own home through the magnifying glass of another buyer, but go through your house as if you were looking to buy it today and be crazy picky at repairing everything that needs repairs. Are there cracks in and around trim and molding? If so, caulk it. Are their nail pops? Fix them. Does your paint in the home look practically untouched? If not, repaint it. As for colors of paint throughout, you want to make sure it is neutral, but probably not so neutral that it is the builder grade colors that the builder would use. Those, while they appear to be neutral, also appear to be "cold" to some people too. You want your home to be as inviting as possible so someone could see themselves living there. Most buyers don't look at what they can redo or change...they look at it as it is today. Are there rooms with little or poor lighting? Lighting can be a small investment that will pay off because it is important to set a tone or environment in a home. Is there anything that a buyer would question the condition of the house like a water stain in a ceiling or stains in the carpet or open wiring? A lot of times we overlook things that really aren't issues at all, but they may appear to be to someone else. From the outside, are your windows and doors sealed well? Are there faded shutters or exterior paint wearing? Are there missing stones or bricks or rotten boards? Are your trees and shrubs trimmed nicely so that the house is very easily seen and nicely framed? If it's still on the market when lawns start to sprout have your lawn fertilized and treated by a professional and have it the best looking lawn in the area. Back to the inside...are your kitchens and bathrooms up with the standards that are being put in brand new homes? I realize complete renovations can be very costly, but there are lots of things that you can do to add value and interest without doing a complete renovation. You can paint outdated cabinets. Upgrading appliances are an expense, but if it's needed and you can do it...stainless is still the preference. Replacing countertops in kitchens can be a mid-grade expense that might make the difference in selling your home. Granite obviously makes an impact.
The last thing about your house that I know you definitely can control with few costs is how it is staged. If you have acquired a lot of things, you might consider getting a head start on packing for your move. Putting items you don't need in storage can help a ton. Have all closets only 1/2 filled that are organized very neatly. Take personalization out of the rooms like hallways of family photos, etc. Keep only the furniture and items in a room that makes sense for that room to flow while eliminating items that create too much for the eye or that make the room feel smaller. Remember, it's your house you're trying to show off...not your stuff! Make sure each room is laid out so that it feels homey. For instance, make sure the furniture is positioned so that the fireplace is the focal point in the family room (instead of a tv). As you go into other rooms create similar position patterns based on the focal point in that room. Lastly, sparkle clean, very clean, extremely clean! And clutter free....
A home that is in tip top condition (both with repairs done and in great showing condition) and that is priced right will attract buyers.
I know that was long, but I hope there was something that you hadn't thought of yet that will help!
Good luck.
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Just wondering if anyone else here has a house they cannot sell. Maybe we can start a support group!
