16 DOM. Daily showings. No offers. Common complaints.

Buying & Selling Real Estate
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16 DOM. Daily showings. No offers. Common complaints.

Scott K.
Reston, VA · Member since 2015 · 38 posts · 2 votes

I'm selling my house in Hawaii. There are 12 houses in my subdivision for sale. My house is the 3rd highest priced listing, priced at $597K. The next 2 highest priced listings are $608K and $649K. There was another listing for $649K which was 13 DOM and just sold.

My realtor says that they are having daily showings. She said there are 5 common comments:

1. negative - They don't like the floorplan (can't change that)

2. negative - Needs painting

3. negative - Needs new carpet

4. positive - The view is spectacular (unobstructed ocean view, best in the subdivision)

5. positive - Price is good

My realtor has been telling the buyers that we are priced lower because rather than putting money into paint and new carpet which the buyer will probably want to change anyway, we've lowered the price.

I've already sunk about $5,000 into repairs and cleaning for the house (after 2 horrible renters), at the realtors request to make it "sale-ready" and now I'm hearing about paint and carpet. I feel like I'm dying by a thousand paper cuts.

I have to also be mindful of the huge mortgage payments I'm making while the house sits. If paint and carpet will definitely sell the house tomorrow without question, it's a no-brainer because I'd spend the same money on mortgage payments in a couple of months.

The house has been on the market for 16 days thus far with daily showings and the common comments and no offers. Maybe it's too soon to try and chase offers by making drastic expenses like new paint and carpet. I don't know, I'm not a pro at this.

16 DOM. Maybe it's too soon to react. What do you recommend?

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Jake Oreskovich
Rental Property Investor · Cleveland · Member since 2016 · 29 posts · 16 votes
10y

Scott, 16 days is nothing! Just hang in there buddy. I definitely wouldn't worry about the paint other than touch ups. It sounds as though your property's selling point is the view. If I'm a buyer looking for a view, I could care less about the paint. As you mentioned before, they will paint it anyway.

Carpet may be a minor issue depending on how much carpet you have. However, being that you are just a smidge under 600k, I don't think carpet would be a major deterrent for someone spending that much on a house with a view.

Just my opinion but I think you just wait it out until you find the person who LOVES the view. That's all it takes is 1 person to love the view, then the carpet, floor plan and paint become irrelevant issues.

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  • Scott K.
    OP
    Reston, VA · Member since 2015 · 38 posts · 2 votes
    10y

    UPDATE: Just got this e-mail from the realtor (I asked the same question here):
    ---

    Realtor said:

    Too soon. We're getting WAY too many showings and WAY too many positive comments to change anything now. Hang tight.

    ---

    0Reply
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    10y

    Lots of showings, and no offers, means it's priced right or at least close to it......for what the buyers Expected to find, but the no offers means they were disappointed in what they found.  For what's that worth.

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  • Jake Oreskovich
    Rental Property Investor · Cleveland · Member since 2016 · 29 posts · 16 votes
    10y

    Scott, 16 days is nothing! Just hang in there buddy. I definitely wouldn't worry about the paint other than touch ups. It sounds as though your property's selling point is the view. If I'm a buyer looking for a view, I could care less about the paint. As you mentioned before, they will paint it anyway.

    Carpet may be a minor issue depending on how much carpet you have. However, being that you are just a smidge under 600k, I don't think carpet would be a major deterrent for someone spending that much on a house with a view.

    Just my opinion but I think you just wait it out until you find the person who LOVES the view. That's all it takes is 1 person to love the view, then the carpet, floor plan and paint become irrelevant issues.

    1Reply
  • Scott K.
    OP
    Reston, VA · Member since 2015 · 38 posts · 2 votes
    10y
    Originally posted by @Wayne Brooks:

    Lots of showings, and no offers, means it's priced right or at least close to it......for what the buyers Expected to find, but the no offers means they were disappointed in what they found.  For what's that worth.

    Thanks Wayne. That sounds like a good analysis. The realtor said the feedback she hears back are they were disappointed with the kitchen being upstairs (vs ground floor) on the same level with the livingroom and bedrooms, and they were disappointed with the old paint and carpet (8 years old).

    New contractor-grade carpet and paint would cost about $8,000. After 3 months, I will have paid that in mortgage payments.

    The realtor says we shouldn't do anything yet.

    What would you do?

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  • Beau Ryan
    Appraiser · Minneapolis, MN · Member since 2014 · 40 posts · 16 votes
    10y
    I would def paint and put in new flooring. Most buyers want turn key. They don't want to have to do the work. 8k on a 600k house is very minimal. Do the work asap. And the home will sell asap. Always sell a property move in ready. If the home is vacant stage it as well.
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Scott K.  put in the new paint and carpet and raise price 20k...   first impressions mean a lot

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  • John D.
    Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes
    10y

    Definitely paint and carpet, at that price point, you will make at least double your money on that investment.  Do it ASAP and consider raising price.

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  • Scott K.
    OP
    Reston, VA · Member since 2015 · 38 posts · 2 votes
    10y
    Originally posted by @Jake Oreskovich:

    Scott, 16 days is nothing! Just hang in there buddy. I definitely wouldn't worry about the paint other than touch ups. It sounds as though your property's selling point is the view. If I'm a buyer looking for a view, I could care less about the paint. As you mentioned before, they will paint it anyway.

    Carpet may be a minor issue depending on how much carpet you have. However, being that you are just a smidge under 600k, I don't think carpet would be a major deterrent for someone spending that much on a house with a view.

    Just my opinion but I think you just wait it out until you find the person who LOVES the view. That's all it takes is 1 person to love the view, then the carpet, floor plan and paint become irrelevant issues.

    Thanks Jake. The house is all about the view. If anything will sell that house, it's the 180-degree unobstructed ocean and sunset view from 500-foot altitude. No other house listed has that view. I bought the house because of the view, and that it was on a cul-de-sac on a bluff looking past all the other houses below, and it was the floorplan I wanted (it's a tract home, I bought it new in 2007).

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  • Scott K.
    OP
    Reston, VA · Member since 2015 · 38 posts · 2 votes
    10y

    Originally posted by @John D.:

    Definitely paint and carpet, at that price point, you will make at least double your money on that investment. Do it ASAP and consider raising price.

    Originally posted by @Beau Ryan:

    I would def paint and put in new flooring. Most buyers want turn key. They don't want to have to do the work. 8k on a 600k house is very minimal. Do the work asap. And the home will sell asap. Always sell a property move in ready. If the home is vacant stage it as well.

    Thanks John, Beau, Jay. I had been leaning towards doing that. I've already got an estimate for the contractor-grade carpet at $2.5K installed from Home Depot (50% of the house is tile) and it's just a rough guess the interior paint will be around $5K-$6K. I figure $8K together.

    I might give it another week as-is, then maybe look at the paint/carpet option and raising the price to at least recover the carpet and paint cost. I gotta keep in mind there are 2 listings over $600K, and 8 listings for $499K-$549K. My neighbor started at $620K, then dropped to $599K, and it finally sold at $571K after 5 months.

    There's price-resistence over $600K. The sweet-spot where inventory is running out is under $500K.

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  • Ron H.
    Investor · Orange County, CA · Member since 2015 · 136 posts · 57 votes
    10y

    Many retail buyers have a tough time seeing past the flooring and paint that is currently there.  I would make those updates.  I would also get more paint estimates.  Price seems high unless your place is on the larger side.  Admittedly, prices is Hawaii could be much different than here in SoCal.  Cool view by the way!

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  • Jake Oreskovich
    Rental Property Investor · Cleveland · Member since 2016 · 29 posts · 16 votes
    10y

    It boggles my mind that you are getting advice to raise the price? Listen to your realtor @Scott K.. They know the market you are in. Realtor's love easy sells. If that realtor thought that you repainting and putting in new carpet would sell the place faster, I'm sure they would suggest it. Putting in new carpet and paint does not justify raising the price once you've already listed it. In fact it is very difficult to raise the price from where you started. You can always come down in price, going up.......not so much. It seems as though you are just getting tire kickers right now. Anyone, serious in buying the home would use the carpet and paint as a negotiation tool to make a lower offer. 

    If people are not making offers, that is an indication they do not feel the house is worth the price in it's current condition. Look at your surrounding market. You indicated that the neighbor was at $620k and dropped to $571k to finally sell. That's a $49k price reduction. Are you willing to sink $8k in paint and carpet to simply try to relist at a higher price, only to let the house sit for another several months and just end up dropping back down to your original listing price, after you've already put in the carpet and repainted?

    Worst case, your bids seem very high! Move away from the guys with the big fancy full page newspaper ads and Angie's List and try to find a painter who simply needs work and I'll bet you can get that paint bid much lower. 

    I've been in your shoe's and I know how discouraging it is to get tons of showings and no offers. Just hang in there buddy and listen to your realtor. If someone really wants that house they are going to make you an offer which is low enough for them to repaint & put in new carpet. Just my thoughts. 

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