Homeowner · Great Falls, MT · Member since 2014 · 6 posts · 0 votes
I have a single family 3/1 in WA that I need help selling. It has been on and off the market for the last year and a half with no bites. Not real happy with the Realtor's efforts so far and need to find someone that will take this off my hands.
I relocated and need to sell, badly. Currently listed 'at' market value according to Realtor but under some of the comps. Looking at most any option or buyout.
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
12y
I run into this all the time with my rentals and last year with my parents house when I was selling it. If it is priced right and a good value it will sell quickly. My guess is you are not at the market value. Your house is a one bathroom which is a big turnoff.
What is the market like for rentals? If you can't sell it for the price you want can you rent it. I started a blog (see my signature) because my husband job is transient (active duty military). We have done well renting out our primaries when we leave. They don't meet 1%, 2% or even 50% rule but have done us well by following our business plan.
If you HAVE to sell. Than I would look at what selling. Walk through them and ask yourself, what is different between this house and my house. When people do look at the house always ask them why they went with the house they did. I always do this for my rentals. It has helped me figure out the market and in turn rented out my house quicker.
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
12y
I run into this all the time with my rentals and last year with my parents house when I was selling it. If it is priced right and a good value it will sell quickly. My guess is you are not at the market value. Your house is a one bathroom which is a big turnoff.
What is the market like for rentals? If you can't sell it for the price you want can you rent it. I started a blog (see my signature) because my husband job is transient (active duty military). We have done well renting out our primaries when we leave. They don't meet 1%, 2% or even 50% rule but have done us well by following our business plan.
If you HAVE to sell. Than I would look at what selling. Walk through them and ask yourself, what is different between this house and my house. When people do look at the house always ask them why they went with the house they did. I always do this for my rentals. It has helped me figure out the market and in turn rented out my house quicker.
Homeowner · Great Falls, MT · Member since 2014 · 6 posts · 0 votes
12y
Well my house is rented at the moment. For much lower than I am paying for mortgage, unfortunately. The market in the area is very soft. The median household is 22k and there are very few large job markets. It's a city of about 2000 people and a good portion of that are agricultural workers that live on the farmer's property.
I plan on making up a market value myself, but thus far have trusted the Realtor to do his job. There are 6 houses he says are comparable from $90-120k (mine is $110k) that are not moving either. All are listed on the MLS, but was hoping to hit up someone looking for a value-add (could use another bath and maybe HVAC) to invest in to help out a family in need.
Real Estate Investor · Charlotte, NC · Member since 2011 · 252 posts · 56 votes
12y
Yes, unfortunately its overpriced if sitting that long. With that small of a market that is a tough sell and that median income is tough. Owner finance?
Your issue is that the town of 2000 people can't support your price. Your in the "most expensive house in the area" syndrome. If they are agriculture workers with an income of 22k they can't qualify for your house even if they wanted too. You can't "make up a price". The house might be worth X, but if the population can't pay the price than it will never sell.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
@Amanda Bray any dealmaking for this property must go into the Marketplace.
I'm pretty sure that if you put it on the MLS for $1000 it would sell very quickly. So, there's some price between that and your current listing price where it will move quickly, too. IDK what that is. I'd guess its under $90K, though. You could try the bidding war approach. Price it below where you think it will sell and try to get multiple offers. Then ask for "highest and best" and see what's the maximum it will bring. You don't have to accept any of these offers, if you choose. But that might give you a better idea of what it will being. Be aware, though, that if you do get a willing buyer and decide not to take their offer, you may still be obligated to pay the listing agent their commission.
Or, try the bank REO strategy. Once a month drop the price by 5% or so. Just keep it there and keep dropping the price. You might want to try to big drop quickly because the summer buying season is winding down. An offer will take a month or two to close, so if the deal falls apart at the last minute you're in October to get it back on the market.