Single Family Home Not Selling - Wilmington MA

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

Hi @Eric Black,

Thank you for your response. Your information is just further proving what I have been thinking may in fact be the underlying issue. I have been assuming the price may be a bit too high but it's been hard to try and figure out what the actual value of the home is. Do you have any suggestions on how to figure out what the true market value of the house is? I've had mixed responses on the value by assessors since the layout is in fact a bit strange and it's hard to find comps. Even just looking at what has sold it's very difficult to find a comp on this particular house.

Any suggestions on how to identify the true market value and how to best lower the price when we are continuously getting asked for private showings. I feel like I'm competing against myself on price but want to make sure I drop the price appropriately in order to get an offer quickly.

Thanks again

Marlen Weber

Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes

6y

@Anthony Simboli Have you considered dropping the asking price since it has been on the market for over 30 days? Also, keep in the mind the global issues we are facing. A lot of people aren't buying or selling right now and seem to be waiting to see what the near future brings in real estate. Keep us posted.

Eric Black

Rental Property Investor · Where we are parked · Member since 2013 · 584 posts · 178 votes

6y

Hi Anthony,

You're right, that's a difficult question to answer because a lot is going to depend on the final buyer. In simple terms, I think you are going to need to reduce the price of the house close to what it will cost to change the layout. Therein lies the challenge. For you, the layout may just be a little off and you could make $10k in changes to make it the layout you want. I on the other hand may need to spend $30k to make it the way I want. And we would both be right. :) My advice would be to start lowering the price maybe $5k at a time (or however much you are comfortable with) until you find the buyer that's willing to pay what you're asking and still have money to make the changes they need to make.

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

@Marlen Weber thanks for your input. That's been the challenge as well is understanding the impact of the COVID crisis on the buying/selling. It still seems people are buying and selling but the inventory of homes has decreased which I though would play in my favor given the people still wanting to buy had less options which would push them towards my place. Will definitely consider your suggestions

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

@Eric Black Yup that makes sense. Unfortunately we have not had the best, most detailed feedback but I will try to get some more information from the agent about what exactly about the layout so we can factor in the cost of those potential changes into how much we decrease the price of the house. Will likely consider dropping price soon so it's just a matter of how much for the first drop.

Appreciate your input.

Jonathan R McLaughlin

Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes

6y

@Anthony Simboli I’m not sure you should be panicing yet. You are in the toughest 47 day stretch in memory. Yes, things are selling but mechanically it’s slower and it’s still the beginning of the spring market so buyers likely don’t feel they have to leap. And with the shutdown, lfurloughs etc there is a lot of wait and see especially in first time buyer mode. What is the average days on market in Wilmington? We have all gotten a little spoiled the last few years.

Yes, anything can be fixed by a lower price but.... how is the location for schools and jobs?

Jonathan R McLaughlin

Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes

6y

@Anthony Simboli ok looked at the listing and looks like a great location and plot. It’s definitely an entry level house, so I’d compare it price wise with other entry level options, including condos as well as single families.

The pictures look very attractive—and I like the finishes—but if you look carefully the pictures are highlighting the staging furniture and not the house. I used to be a theatre director and worked a lot with designers and it’s a fairly common mistake to pull the eye to the attractive elements instead of the space.

I see hints of the awkwardness you describe...the slightly rising ceiling and the hallway feel of that open space with the staircase. But the pictures are nice/generic enough I bet people walk in and get a little disappointed.Rather than trying to distract from that maybe post the floor plan and consider other angles? Highlight features like good storage/washer dryer etc that convey completeness and “everything you need”

Who is your market? . You have some cover here...”delayed from covid”... new price and open house on May....”

3 Reply

Jonathan R McLaughlin

Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes

6y

@Anthony Simboli hey Anthony sorry for all the posts but trying to help. Advice worth what u pay for it of course :)

You mention closets but there is only one not very illuminating photo, cleanly more feel for the size of the bedroom, if your buyer is first time in a house maybe stress that everything has been done so no maintenance or worries (wiring, heating system, roof) let them know it has all been done. Pictures are designed to appeal to a “turnkey” type buyer so they might be nervous they have to deal with stuff.

Basically, set the expectations about the layout and the space with clearer photos and inclusion of appealing necessities and start hyping the space as having everything you need rather than hip and beautiful. Let them make that conclusion.

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

Hi @Jonathan R McLaughlin - no need to apologize, I appreciate all of your feedback. some of these things I have not even thought of until you had pointed them out. I'm definitely going to relay this information to the agent as well as look into some of the strategies for better marketing this especially during COVID, could use it to our advantage as well for days on market. This information is exactly what I was looking for. Getting a fresh set of eyes on it is helpful.

Thanks again!

Colleen F.Pro Member

Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes

6y

You are using those stretch pictures I think so a floor plan would give them the actual room size. The rooms may look smaller in person. The wood stove I think isn't helping you. Young families will see it as a negative. Delete the pictures that highlight furniture. The room with the black curtain behind the bed, the bed is in a difficult spot highlighting the issues in the room, are there other options? I also think you need to make the outside more appealing with some flowers (now that it stopped freezing). And this last one may just be me but I feel drawn to looking out the windows at the other houses so I wouldn't pull open all the blinds when people are there.

Takeo Kingi

Real Estate Agent · Camarillo, CA · Member since 2016 · 40 posts · 36 votes

6y

@Anthony Simboli

I haven’t looked at the property online yet, however my first question would be who pulled the comps? I’m hoping you didn’t just use Zillow to determine the comps and value because Zillow (along with other websites) lack quite a bit of information to give you an accurate value.

Secondly you need to remember that we’re dealing with the virus. Yes homes are still being bought and sold, but I’ll tell you in my current market the DOM have gone up from the pervious weeks and months.

That being said that’s the temporary norm to an extent. So I would first make sure you’re getting accurate comps from a realtor who knows the market and is able to property determine a value. Second take into consideration the whole buying, selling and days on market are longer and finally if you have a reliable source for the value maybe let it sit another two weeks and see what happens. If not consider a worth while drop in price.

Best of luck.

Charlie MacPherson

China, ME · Member since 2014 · 3k+ posts · 4k+ votes

6y

@Anthony Simboli I practiced in Mass until 4 months ago - though it was on the south shore. Here's my take after looking over the listing photos:

1. Nice job on the rehab. It looks like you didn't go cheap on the finishes or materials. I would like to have seen photos of the basement, especially the HVAC, electric panel, main beam and supports, though with 1950 construction, you're well past the era of cedar posts and knob & tube wiring. As something of a connoisseur of photography, whoever shot those photos also did a very good job.

2. I'd have preferred stainless kitchen appliances instead of black. I also don't love having the left side of the stove flush with the wall. Splatter makes that a cleaning issue. Neither of those should be deal breakers though.

3. I don't see a washer dryer hookup. Maybe it's in the basement? Not having laundry in the house is a big problem.

4. I don't see any reason to think the floor plan objection is real. It seems like a pretty open and functional layout.

5. The home is on the small side at at 1271 sq ft. I think that's part of the problem. 3 beds in 1271 sq ft means the beds are small. Having only 1 bath is a real downer too. Too late now, but turning the smallest bedroom into a bath is an option to consider. Better if you can include the laundry there too. It sure beats hauling baskets up and down to and from the cellar.

6. If I were representing you, I'd drill down deep on comps and see if your price makes sense. After moving to central Maine a few months ago, I've turned off my Mass MLS - sorry. Be sure that you're running comps with other 3/1 properties in Wilmington that are in similar condition with similar sq ft, acres, garage, non-REO/short sales, etc.

My bet is that you're priced high, given the size of the house - especially if there's no laundry. If there is a laundry, get your agent to edit the listing to reflect that.

Good luck!

Robert Beardsley

Member since 2020 · 117 posts · 84 votes

6y

@Anthony Simboli i agree with the other people posting here the house and pictures look amazing. But it does seem to have an off feeling layout. Im not a professional so take what i say with a grain of salt. Have you thought about renting it out instead of selling until you can get the price you want? One other thing i would say is and maybe this is only my opinion but it looks like the living room should be more centered in the room. I wouldnt want my tv to be set up where everyone has to walk in or go up the stairs. Again that could just be me.

Brian LucierPro Member

Property Manager · Fitchburg, MA · Member since 2012 · 148 posts · 201 votes

6y

Originally posted by @Anthony Simboli:

Multiple private showings are being requested each day. Feedback has been they don't like the layout of the property. However we paid to have the house staged.

@Anthony Simboli

Bummer that this is not going under contract. The statement about the "layout of the property" may be an indicator to a clue what the problem may be. Does the house have a natural flow to it or is it a bit boxy to navigate? Check back with the Realtor that submitted the feedback to see specifically what the issue may have been. Not sure where to go from there. Hope this helps.

Just looked at the listing and the property looks great! Do you think it could just be the covid factor?

Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

6y

@Anthony Simboli this went pending last July and again in late March of this year? First time the list price was 399k. What happened in each of those cases? Did you buy this sometime in the last year or have you owned it a while?

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

@Caleb Heimsoth I tried to sell last year but needed some work so did some rehab including new stairs and flooring as well as a new furnace system. So with that I increased asking price

Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

6y

Originally posted by @Anthony Simboli:

@Caleb Heimsoth I tried to sell last year but needed some work so did some rehab including new stairs and flooring as well as a new furnace system. So with that I increased asking price

So what happened in late March then?
I am guessing your asking price is to high. I understand the idea of asking more but you probably did to much work and won’t get those dollars back.

I figured this was a flip at first but it’s obviously not. Your top dollar (without covid) is probably whatever you went under contract at last summer.
also agree with others that wood stove is probably a turn off to buyers.

Good luck!

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

@Caleb Heimsoth thanks! Hopefully something changes soon. And we actually accepted an offer over asking and buyer had to back out due to personal matters and covid related reasoning. So we went back on the market. Once we went back on market, open houses were no longer allowed in our state.

Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

6y

@Anthony Simboli do you need to sell immediately? Since this wasnt a flip I’m assuming you don’t have a high interest loan.

I would Give it another month and then yank the listing until covid is over, unless you need to sell soon for some reason.

OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

@Caleb Heimsoth it’s not an immediate need but would like to keep investing in other properties and would like to use the money from this to hopefully fun some of my other investments. Will keep in mind though!

Michael Torossian

Member since 2019 · 4 posts · 1 vote

6y

Hello Jonathan, I agree with everyone else, price is generally the issue, but I would also encourage you to research all the homes sold within the area for the number of days your homes been on the market (expand your radius by at least 10-15 miles) so that you have a firm understanding of the types of homes sold in comparison to your home. This will give you an idea of some of the key selling points and provide a solid ballpark of where you stand terms of a "selling" price-point. Good Luck!

Lien VuongBusiness Member

Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes

6y

I feel that the price is fair but that could be a factor in the deal.

It appears that you have it professionally staged but didn't get professional photography? Odd. In COVID climate not only should you get professional photog but you should do a virtual tour of it so people at home can view it at their leisure. I see you have the video there but they have Matterport tours also.

You can also increase the buyer's agent fee on the deal that'll help motivate agents from bringing this to their clients. I might get some flack for this but this is the reality - agents work off of commissions and $ motivates.

Take out "The upstairs is currently configured as a bedroom plus office, but this home can easily revert to its legal 3-bedroom layout. " It is a legal 3 bed so no need for this.

Ask your agent to fully fill out the listing sheet - school info is empty, people will want this for their young family.

Make a list of all capital improvements that were done in the home in last 5-7 years so buyer can see the value

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OP

Investor · Londonderry, NH · Member since 2015 · 163 posts · 59 votes

6y

@Lien Vuong Thank you for your feedback. I'll definitely make sure the agent gets some of this feedback. The photos were "professionally" done but now I'm wondering if they are the best they could be I've had my concerns about some of them. I appreciate the information regarding the listing itself as well. Will consider rewriting it to better suit a virtual selling technique given this is how we have to work for the time being. Thanks!