Residential Real Estate Agent · oklahoma city, OK · Member since 2009 · 10 posts · 0 votes
I have a property that won't sell. I have had some low offers, but can't and won't go that low. It has been on the market for over 6 months. I am wondering what creative ideas you have to help get it SOLD.
It is move in ready and nothing wrong with it. Market is just slow. It is priced right. Was thinking of an auction, but that idea seems kind of scarey to me. Just ready to sale it and move on to the next one.
FYI - We recently sold our home in this market. Home was move in ready with many upgrades in a very desirable area.
We had a lot of showings but no offers. 60 days in we took a good look at the competition, priced our home below them all plus had it partially staged.
Sold the house about 2 weeks later.
Did we get what we wanted, nope.
Did the buyer get a deal, yep.
It was time to move on, we could have carried the house for an extended period, but why?
Better to cut and move on.
We had plenty of equity so we had plenty of room to adjust the price.
It's a buyers market right now, you have to accept that. You can hold on and wait for a better market, but there is no guarantee when that will happen.
We got a good deal on the home we bought (it is a buyers market).
Yes, we had to discount on the sell side, but we also got a huge discount on the buy side - I'm OK with that.
Bottom line - the right price will sell any home, in any market.
Are you getting showings? Do people know its available? If so, then if its priced right it would have sold. Price is the ONLY real factor.
You say you "can't and won't" go that low. Does the market justify those low offers? Can't and won't sound like some other issue, like what you (or the owner if that's not you) owe, or have invested, or are determined to get for the property. If its priced right, it will sell.
FYI - We recently sold our home in this market. Home was move in ready with many upgrades in a very desirable area.
We had a lot of showings but no offers. 60 days in we took a good look at the competition, priced our home below them all plus had it partially staged.
Sold the house about 2 weeks later.
Did we get what we wanted, nope.
Did the buyer get a deal, yep.
It was time to move on, we could have carried the house for an extended period, but why?
Better to cut and move on.
We had plenty of equity so we had plenty of room to adjust the price.
It's a buyers market right now, you have to accept that. You can hold on and wait for a better market, but there is no guarantee when that will happen.
We got a good deal on the home we bought (it is a buyers market).
Yes, we had to discount on the sell side, but we also got a huge discount on the buy side - I'm OK with that.
Bottom line - the right price will sell any home, in any market.
Had a feeling everyone would come back with the PRICE SELLS HOMES.
It is below market value, that neighborhood just has a lengthy days on market.
I know I just need to find that ready, willing, and able buyer.
Thanks to all the fast replies.
Are you getting showings? If the entire neighborhood has long DOM, then they're all overpriced relative to alternative homes. Have there been any sales where the DOM was low?
Is this your residence, a listing you have, a fix and flip you own, or what?
It is getting showings, and dom are high, but they sell for the listed price. The listing is my sister's home and we don't want to just give the property away, but looks like we might have to. Days are going by and they are just losing more money. Just wanted some ideas of how to maybe sell it quickly and get the most money.
Advertise Rent to Own. Even if you don't want to give that option to someone it stirs up a lot more potential buyers. When I do a Rent to Own advertisement probably 30% of the people who call don't think they can qualify for a loan, but I see they actually can once I run their applications!
Is your sister still living in the house (I'm guessing she is).
I'm sure you've already been over all of this, but I'll mention it anyway:
Is the place spotless?
Is she a smoker?
Are the room colors neutral?
Is the flooring worn?
Is the yard well groomed?
Is there anything out of the ordinary about the floor plan?
Does she have pets - any pet odors (owners don't realize that pets have an odor).
Have someone give the home a good look and give her an honest opinion about anything negative about the house.
What kind of feedback is she getting from the showings?
If the home is priced comparable to all the other homes with long DOM, the house is going to need to really stand out to get offers.
I passed out a flyer through the local neighborhood that had a couple of things in it that brought folks in; the one theme that brought the most lookers was "friends and family" oriented. The "rent to own" also brought in folks (left the flyers on windshields at an apartment complex, and posted on that in BP in some older thread). That property was bought by a relative of one of the houses that got the flyer.
The idea behind "friends and family" in a nutshell goes like this. You live in this neighborhood and you know what a good neighborhood it is. Have your friends and family said they like this neighborhood when they visit? Have them look at this great home we have for sale right here in your neighborhood.
Toss in info about schools, jobs, amenities that interest people (shopping, parks and recreation), safety / low crime: and you have an ad geared toward bringing potential buyers.
Some people refer to this method as "pick your neighbor" or "choose your neighbor", from the perspective that a neighbor nearby sends a referral.
The best idea is to get as much information out about the property as you can. Make people want to come see it and experience it. The more showings you get the better. I have even felt that when possible buyers realize they aren't the only ones people seem to become more eager to buy. With a slumping market however this trend may be disappearing.
When you are in a slow market and that the neighborhood has several houses for sale, the listings compete for a limited number of mortgage qualified buyers. The longer time it takes to sell you will have potential discounts such as value depreciation, low ball offers, closing cost assistence, maintence cost, mortgage/ interest payments, up-grades, and you could compete with foreclosures and short sales that are offering 50-70%.
If you are able to offer private financing/ owner financing, then you could attract a larger pool of buyers - who may have 5-10% down payment with scores between 600-700 and can't qualify anywhere else conventionally.
If you are not in the position to or not totally comfortable with owner financing, then consider selling the owner financed note at closing.
This way, the house could be sold quicklier, and you can limit the holding cost and libility of keeping the house. With owner financing terms, you can sell the house and net somewhere around 90-95% but holding the house longer you can expect to net 70-75% worse case scenairo.