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We have a townhome for sale near Wrigley Field. It's as clean as can be and all updates/repairs have been done. We love the place and wouldn't move if we weren't relocating in 3 months.
It's a FSBO but we've posted a sign in the yard with flyers, sent postcards to those in our zip code (using a mailing list to get the proper income levels for our price), posted on MLS (will pay buyer's broker fee), realtor.com, craigslist and postlets as well as had print ads in the Trib and Reader.
In 60 days, we've had 3 showings. One person hated it (wasn't what she was looking for), one liked it and the last one we had on Friday absolutely loved everything about it but no offer. We are planning on calling that broker for some feedback.
Why haven't we had more showings? Are the pictures bad on realtor.com? The price is pretty close to other comps in our neighborhood (and we have what most of them don't - a 2-car private garage attached to the home and a basement), but could the price be too high?
I'd love to get some feedback on other marketing ideas or changes we should make to help move our fabulous place.
I can't comment on price, because in my area, that price would be too high, by 3x.
The header says 2.5 baths, but the body says 2.1 baths. I'm assuming that is just a typo, since I've never seen a .1 bath. I'm thinking that would have to be an outhouse...
The photos look nice to me. You got rid of all the clutter and it looks clean and simple. You have a lot of rooms, can you put more photos up? Master bath is one that people often want to see, and yours sounds nice. Honestly though, I don't think the photos are the problem. To me, your photos say "This place is nice, clean and well cared for, come see it"
Hopefully someone can comment who is familiar with the Chicago area. I would guess that either there are no townhouse buyers currently in your area, or your price is too high.
I know in my area, most people who buy townhouses are either first time buyers, just starting out, or older people sizing down. By being a 4 story with all those stairs, you've eliminated one of those groups. Maybe in Chicago townhouses have a different primary audience, in which case, you can ignore that comment.
1) Why are your pictures cut in half?
2) You only have four pictures
3) Looks like your home is next to a cemetary?
4) Did you look at how much homes have SOLD in your area or you are just comparing list prices? You can't compare list prices because those people haven't sold. They might be overpriced and never sell their home. You want to compare your home to people who have SOLD.
4) Did you look at how much homes have SOLD in your area or you are just comparing list prices? You can't compare list prices because those people haven't sold. They might be overpriced and never sell their home. You want to compare your home to people who have SOLD.
^^^^^ This ^^^^^
Last 4 years of sales? No way! You should look at the last few that have sold that are the most comparable to what you have. If you have gone farther back than 90 days you have gone too far.
I also agree that you need more pics. A lot more pics.
1) Why are your pictures cut in half?
2) You only have four pictures
3) Looks like your home is next to a cemetary?
4) Did you look at how much homes have SOLD in your area or you are just comparing list prices? You can't compare list prices because those people haven't sold. They might be overpriced and never sell their home. You want to compare your home to people who have SOLD.
I'm guessing there are walls on either side, so the photos were taken vertically rather than horizontally, which was probably the right choice for the shape of the room (especially the kitchen).
I didn't get the impression the home was next to a cemetary. Looks like a courtyard to me.
Quote:
Originally Posted by overlyfondofthings
Pulled the last 4 years of sales for our townhome community and averaged them out.
That's bad. As others have said, you should only look at comps for the last 3-6 months. If I priced my townhouse using an average over the last 4 years, I'd be overpriced by about 15%. Some areas could be substantially more off than that.
And when you looked at comps, as others asked, did you look only at SOLDS? Active listings have no bearing on what your price should be. (Other than if they have been on the market a long time, you know what price is definitely too high).
I don't think more photos would be a bad thing, but I don't think it is what is hurting you.
Realtor.com will only pull 4 photos from the MLS unless the listing agent paid for an "enhanced" package. The local MLS itself may have many more. If more on Realtor.com may help, then the OP could check with their listing agency to upgrade.
I posted specific comments on the property in the Chicago thread.
In this thread I prefer to focus on somethings that I have seen many other sellers attempt to do. It is completely pointless to compare your place to ONLY HOMES IN THE SAME DEVELOPMENT!!!! Even in the EXTREME case of a particularly building / complex having fantastic amenities (gym, indoor pool, in building caterer) there is NO WAY that shoppers are ONLY going to consider other units in your complex! Simply does NOT happen.
Now, I understand the rationale for seller to do this -- "these are most similar to my unit", they have "the same assessment", "I know that my unit is nice / quieter / bigger than other in the complex" but that is SIMPLY NOT HOW BUYERS shop!
Buyers shop for real estate very similar to how they shop for a used vehicle. If they need a minivan they don't much care if it says Dodge or Chrysler, though they will pay more for one with more features and low miles. Even if they ONLY want a 'used Honda sedan' they are going to compare price to ALL available Honda sedans and the one that is best prices given mileage and options is what they'll buy, they don't really care if came from "the Lisle Honda Superstore" or "Joe at the corner" unless one has pre-owned Factory Coverage and they'll only pay a little bit more for that...
In my experience in the Chicago market there is almost NO shopping done on "price per sq ft" basis. People shop FEATURES and layout and location and maybe when all but the last signature is put on the agreed to offer they will try and knock a few bucks off if the price/sq is still a bit high. I like to tease that in our market "people don't buy tires by the pound". And the reality is that the property tax assessments are always a byzantine mess so the cost per sq is especially irrelevant...
I am not, however convinced that the primary reason that the OP has not had showings is that they are mispriced. I think they need representation that will help get the right buyer in to see this property. It may be that the buyers that are shopping for what this townhome offers are NOT the kind of buyer that wants to deal with a FSBO. I was in Chicago yesterday and I have to say I saw Open House signs on every corner I passed. The agents are working VERY HARD to help folks take advantage of expiring tax credits and not having an agent working for you after the LOOOONG run of crummy winter weather can HURT BADLY...
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