House Not Selling
Investor · Chicago · Member since 2020 · 34 posts · 14 votes
House Not Selling
Most Popular Reply
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
3yIf you have showings and no offers you are 3-5% high,
if you have no showings you are 5-10% high.
40 Replies
- 3yAndrew FreedBusiness MemberInvestor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
@Marisa JManker - It sounds like you priced it too high. At least in my area, properties priced right in a good area are selling quickly. What is your agent saying about the property listing? How did you decide to price it? When I list a property, I like to price it $10-20k below what is it worth to create a bidding war and get multiple buyers to the property. As opposed to pricing it higher, getting 1 or 2 people check it and and cheap grind you during the entire process.
- Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes3y
@Marisa JManker I checked out the listing. South Holland has quit a bit of inventory on the market compared to a lot of other suburbs here in Chicago. You also have one of the most expensive listings in the area, so the majority of the buyer pool is going to be looking at the averaged price home which is $261,182 currently.
Did you realtor set expectations on the market time? The average is currently 64 days between listing and contract. The median is 41. This all adds up to this process taking a lot of time.
The biggest concern to me would be the lack of showings. You need on average 9 showings to get an offer. Your photos look fantastic, and the house looks nice. All signs lead back to needing a major price drop in the future if you don't get traffic.
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
Hi thank you for responding we at first had It listed at $349k my realtor said that it was within comps . Then one about 5 minutes from our house different style but similar square footage went under contract In 7 days at $339 . She then took the listing off and went down to $335k also too It’s an old farm house so there is no basement & on a Main Street so she came up with the $335k to be compatible to the house around the corner.
Also our house has everything! Brand new plumbing,electrical, hvac , windows & we kept everything original from the house pocket Doors etc and added a 800 sqft master suite! And it sits on 3 lots …so that’s how she came up with the adjusted price at $335k and we also are giving $3500 in closing cost.
Took It down after 5days and relisted the house at $335k Today will be 4 days since the new posting and she’s doing an open house on Sept 9th but based on my research those really don’t seem beneficial & Im really confused on what to do ! If anyone wants to take a look at the house It’s 15533 s state street South Holland Illinois and it’s a very nice suburbs . Maybe another price reduction 🤔 but at what price do we need to market Better to attract home buyers who like Historic Farm Houses ! lol! Please first timer flipper mistakes are worring me - Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes3y
If you have showings and no offers you are 3-5% high,
if you have no showings you are 5-10% high. - Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
Also yo give you guys a better picture we paid $98k rehab was $90k the house was a 3bdrm 1bath but we added the master suite making the house 4drm 2 bath on almost an acre of land ..we had a problem with our Contracter who caused us to be in the house 4 ! Months past the deadline! A mess ! But we stuck through and the house is done at 8 months later ! All in we are at $228k ! What should we have listed it for ? Because comps ranged from $289k-350k depending if the house was rehabbed or not.
Any advice and be honest I’m learning here ! I designed the home my self and I love Interior Design and this house will help me elevate my design skills & Buisness! This house has to sale ! Thank you - 3yTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
Could be the price, could be the realtor (some have more connections than others and do better marketing), could be the home. Houses that are different than those in the area just take more time to sell. Ask your realtor what they are doing to get the house sold. A family member was in a similar situation and changed realtors. They priced the house at market value and between the price change and realtor, they got better results. It still took time.
- 3yTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
Quote from @Marisa JManker:
Also yo give you guys a better picture we paid $98k rehab was $90k the house was a 3bdrm 1bath but we added the master suite making the house 4drm 2 bath on almost an acre of land ..we had a problem with our Contracter who caused us to be in the house 4 ! Months past the deadline! A mess ! But we stuck through and the house is done at 8 months later ! All in we are at $228k ! What should we have listed it for ? Because comps ranged from $289k-350k depending if the house was rehabbed or not.
Any advice and be honest I’m learning here ! I designed the home my self and I love Interior Design and this house will help me elevate my design skills & Buisness! This house has to sale ! Thank youAsk a few people you know what they think of the home and ask them to be honest. Your realtor should be pulling comps as well as getting feedback from other realtors. Did they do a broker's open where once a week realtors tour newly listed homes?
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
Quote from @Theresa Harris:
Quote from @Marisa JManker:
Also yo give you guys a better picture we paid $98k rehab was $90k the house was a 3bdrm 1bath but we added the master suite making the house 4drm 2 bath on almost an acre of land ..we had a problem with our Contracter who caused us to be in the house 4 ! Months past the deadline! A mess ! But we stuck through and the house is done at 8 months later ! All in we are at $228k ! What should we have listed it for ? Because comps ranged from $289k-350k depending if the house was rehabbed or not.
Any advice and be honest I’m learning here ! I designed the home my self and I love Interior Design and this house will help me elevate my design skills & Buisness! This house has to sale ! Thank youAsk a few people you know what they think of the home and ask them to be honest. Your realtor should be pulling comps as well as getting feedback from other realtors. Did they do a broker's open where once a week realtors tour newly listed homes?
The house Is In an area where majority of the homes are bi-level homes .quads and have sub basements. This is the only 2 story Farmhouse In the area.And my Realtor is new she’s a Broker and Realtor her business has only been open for about 3years. She says we’re doing an open house on September the 9th I’m not sure whose she’s Inviting..dose that make a difference and do we drop the price a second time
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
And she had a few Interest …they said the house was Beautiful but they needed a basement there Is no Basement all the homes In South Holland have those lower level basements Ours Is a Farmhouse no Basement but It’s huge ..If this was a concern I wouldn’t have bought the house in the first place as a First time Investor
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
Thank you so much …at first we had it at $349k 5 days later we took it down and re-listed at $335k and gave seller concessions of $3500 towards closing now It’s day 5 and still no showings. So she is going to do an open house on September 9th do you think the price Is still too high ?
- 3yChad NaborsBusiness MemberReal Estate Agent · Dayton, OH · Member since 2023 · 27 posts · 17 votesIs the home staged? I found this to be very beneficial on my flips. Also, professional pictures. I have also offered some closing costs if the buyer uses a specific lender. Good luck! It will sell!
Quote from @Marisa JManker:
Hi there Everybody It’s been a long time since I’ve been on here hopefully I can get some good Advice I would really appreciate it. I started my first Flip and long story short It is finally finished after so many months of obstacles. But now it’s been on the market for 12 days posted on top of re-listing for a lower price and still no showings at all.
The house is different from the other houses In the area that are selling fast ! But this house Is A 1904 Vintage Farmhouse! Totally Renovated with an 1 acre land In the Suburbs of South Holland Illinois
is there anything I can do to help get this unique house sold . Any Ideas would be great full ! Holding cost 💲 are eating into our Potential profit Big time. Thank you - Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
Thank you and she says she didn’t need to stage and yes the house has professional pictures and thank you for the positive feedback.
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3yWow ! I didn’t know that lol! It’s so much too learn perhaps we need to re -evaluate the price again from $349k-$335k now we need to reduce again thank you
Quote from @Marcus Auerbach:
If you have showings and no offers you are 3-5% high,
if you have no showings you are 5-10% high. - 3yIan WalshBusiness MemberLender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
12 days isn't a long time. If it was me, unless the average DOM was like 10 days in my area, I would wait to see if anything comes up within 30 days. Unique properties can be tough to comp. The property will always sell when the price meets the market demand but being aware of the DOM for a location is important so you don't jump the gun.
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3yI see thank you that’s really important to know! Like I said I’m new to this Game and pretty much self taught at this point .I have noticed that the average DOM in this particular area range anywhere from 7-55 days It just depended on the properties
Quote from @Ian Walsh:
12 days isn't a long time. If it was me, unless the average DOM was like 10 days in my area, I would wait to see if anything comes up within 30 days. Unique properties can be tough to comp. The property will always sell when the price meets the market demand but being aware of the DOM for a location is important so you don't jump the gun.
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3yThank you I Designed the house myself & We will definitely re-visit the comps again and After the open House on Sept 9th we will reduce the price one more time.
Quote from @John Warren:
@Marisa JManker I checked out the listing. South Holland has quit a bit of inventory on the market compared to a lot of other suburbs here in Chicago. You also have one of the most expensive listings in the area, so the majority of the buyer pool is going to be looking at the averaged price home which is $261,182 currently.
Did you realtor set expectations on the market time? The average is currently 64 days between listing and contract. The median is 41. This all adds up to this process taking a lot of time.
The biggest concern to me would be the lack of showings. You need on average 9 showings to get an offer. Your photos look fantastic, and the house looks nice. All signs lead back to needing a major price drop in the future if you don't get traffic.
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes3y
@Marisa JManker
It’s been on 12 days…. It’s end of summer and people getting kids back to school. Leave it fro 30 days and see - if price needs reduction reduce it then.
7e investments53 Reviews - Investor · Chicago · Member since 2020 · 34 posts · 14 votes3yThank you that’s something to take in consideration the whole school situation ! Lol! I have First timer Worries!
Quote from @Chris Seveney:
@Marisa JManker
It’s been on 12 days…. It’s end of summer and people getting kids back to school. Leave it fro 30 days and see - if price needs reduction reduce it then.
- 3yTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
Quote from @Marisa JManker:
Quote from @Theresa Harris:
Quote from @Marisa JManker:
Also yo give you guys a better picture we paid $98k rehab was $90k the house was a 3bdrm 1bath but we added the master suite making the house 4drm 2 bath on almost an acre of land ..we had a problem with our Contracter who caused us to be in the house 4 ! Months past the deadline! A mess ! But we stuck through and the house is done at 8 months later ! All in we are at $228k ! What should we have listed it for ? Because comps ranged from $289k-350k depending if the house was rehabbed or not.
Any advice and be honest I’m learning here ! I designed the home my self and I love Interior Design and this house will help me elevate my design skills & Buisness! This house has to sale ! Thank youAsk a few people you know what they think of the home and ask them to be honest. Your realtor should be pulling comps as well as getting feedback from other realtors. Did they do a broker's open where once a week realtors tour newly listed homes?
The house Is In an area where majority of the homes are bi-level homes .quads and have sub basements. This is the only 2 story Farmhouse In the area.And my Realtor is new she’s a Broker and Realtor her business has only been open for about 3years. She says we’re doing an open house on September the 9th I’m not sure whose she’s Inviting..dose that make a difference and do we drop the price a second time
The open house is for whoever drops in. Talk to her and find out how she's advertising the open house and what else she's doing to market the home. I had a family member try to sell a home recently and their first realtor was also new and the lack of connections he had didn't help. They relisted with another realtor who specializes in the area and it made a big difference.
Sometimes it is the price point. eg $360K vs $349K. The lower price will show up for anyone looking for a home under $350K, but the other won't even though someone could put in a lower offer and get it for under $350K. These are things a good realtor will think of.
- Investor · Chicago · Member since 2020 · 34 posts · 14 votes3y
Quote from @Theresa Harris:
Quote from @Marisa JManker:
Quote from @Theresa Harris:
Quote from @Marisa JManker:
Also yo give you guys a better picture we paid $98k rehab was $90k the house was a 3bdrm 1bath but we added the master suite making the house 4drm 2 bath on almost an acre of land ..we had a problem with our Contracter who caused us to be in the house 4 ! Months past the deadline! A mess ! But we stuck through and the house is done at 8 months later ! All in we are at $228k ! What should we have listed it for ? Because comps ranged from $289k-350k depending if the house was rehabbed or not.
Any advice and be honest I’m learning here ! I designed the home my self and I love Interior Design and this house will help me elevate my design skills & Buisness! This house has to sale ! Thank youAsk a few people you know what they think of the home and ask them to be honest. Your realtor should be pulling comps as well as getting feedback from other realtors. Did they do a broker's open where once a week realtors tour newly listed homes?
The house Is In an area where majority of the homes are bi-level homes .quads and have sub basements. This is the only 2 story Farmhouse In the area.And my Realtor is new she’s a Broker and Realtor her business has only been open for about 3years. She says we’re doing an open house on September the 9th I’m not sure whose she’s Inviting..dose that make a difference and do we drop the price a second time
The open house is for whoever drops in. Talk to her and find out how she's advertising the open house and what else she's doing to market the home. I had a family member try to sell a home recently and their first realtor was also new and the lack of connections he had didn't help. They relisted with another realtor who specializes in the area and it made a big difference.
Sometimes it is the price point. eg $360K vs $349K. The lower price will show up for anyone looking for a home under $350K, but the other won't even though someone could put in a lower offer and get it for under $350K. These are things a good realtor will think of.
Thank you I will definitely ask her !
- Flipper/Rehabber · Atlanta, GA · Member since 2014 · 166 posts · 88 votes3y
@Marisa JManker
Good job on the flip. A few things I would suggest because I had a similar issue when I sold my flip in July.
1. Agents are the key to selling homes and are the ones that can motivate their buyers to make the offer on your house vs another. Increase your commission to 3.5%
2. Your 4th and 5th pictures should tease the kitchen and bathrooms. Thats what sells homes.
3. Staging your flip really helps. Especially if you can stage the living area and master suite. So consider this.
4. Instead of placing motivated seller at the bottom of the listing description. Put it at the beginning. Personally I would purchase the appliance instead of a credit but I understand if funds are tight.
5. Offer 2% towards Downpayment and in the private remarks have your agent require 1% as earnest money. That way if your time is wasted that money can go towards the interest payments.
Side note: this is for anyone else reading. Guys This is why you have to make sure there is enough margin on these deals to make a profit if the market shifts because it has compared to the first half of the year.
- Member since 2019 · 7k+ posts · 4k+ votes3y
Quote from @Marisa JManker:
Hi there Everybody It’s been a long time since I’ve been on here hopefully I can get some good Advice I would really appreciate it. I started my first Flip and long story short It is finally finished after so many months of obstacles. But now it’s been on the market for 12 days posted on top of re-listing for a lower price and still no showings at all.
The house is different from the other houses In the area that are selling fast ! But this house Is A 1904 Vintage Farmhouse! Totally Renovated with an 1 acre land In the Suburbs of South Holland Illinois
is there anything I can do to help get this unique house sold . Any Ideas would be great full ! Holding cost 💲 are eating into our Potential profit Big time. Thank youOne problem I've seen is in this neighborhood, the number of active listing is jumping from 30 in April to 80 in July.
Buyer is simply has more choice and it seems....the number of buyer is also not increasing.Tips: Next time try to "time" it properly, buy in Q4 but list it in Feb/March timeframe.
- Member since 2019 · 7k+ posts · 4k+ votes3y
Also if you see https://www.redfin.com/zipcode/60473/housing-market
Problem is with the demand , and increasing supply.
Rather than the house itself. House looks fantastic , better than any 1 mil house I see in Bay Area. - Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes3y
Quote from @Marisa JManker:
Hi there Everybody It’s been a long time since I’ve been on here hopefully I can get some good Advice I would really appreciate it. I started my first Flip and long story short It is finally finished after so many months of obstacles. But now it’s been on the market for 12 days posted on top of re-listing for a lower price and still no showings at all.
The house is different from the other houses In the area that are selling fast ! But this house Is A 1904 Vintage Farmhouse! Totally Renovated with an 1 acre land In the Suburbs of South Holland Illinois
is there anything I can do to help get this unique house sold . Any Ideas would be great full ! Holding cost 💲 are eating into our Potential profit Big time. Thank youI looked up the home. I don't know when you ran comparables to set the price but it looks like everything that has sold within the last 6 months is on average $50K less than your property and they all have basements. Even with an offer the property may have problems with an appraisal. My recommendations:
1. Rerun your comps and drop the price based on the current market; which is different than the market when you purchased the property. When running the comparables also examine the current average days on the market for the area. You may find your current 12 days is not an issue when compared to the average for the area.
2. Increase your seller credit to 6% of the offer (the maximum allowed by FHA)
3. Consider opening up the property as a Rent to Own or Lease/Option- A tenant buyer would have to put up a non-refundable deposit and then qualify to purchase in a short amount of time.
- Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes3y
I looked at the listing on Zillow and really only saw one issue, though it may be a big one.
The description says 2-1/2 car garage. It's fairly well detached from house and not especially convenient. Also, there's no driveway leading up to that garage. The listing pics show a "dual rut" gravel driveway that ends at the rear of the house.
So, from a potential buyer's perspective, they're likely seeing these expenses on top of the acquisition costs: pave the driveway from the curb to garage (low guesstimate: $10k) and possibly add a car port near the back door to the house to make unloading groceries, etc. more convenient.
The description says "Basement: None". However, the pics suggest a crawl space (block foundation) for plumbing, ductwork, etc. This may confuse some potential buyers. May seem like a small thing ... remember: "the confused mind always says 'no'."
State St. is a major artery - lots of traffic, and the yard is not fenced at the moment - not "family friendly". This represents another potential post-acquisition expense.
The room(s) at the front of the house suffer from "big blank wall syndrome". Added windows might have been a good idea (selling point to let light in).
Judging by where Google shows the lot lines, you may want to consider separately selling the parcel where the garage currently stands, build a new attached garage at the rear of the house. Alternately, on the second parcel, you could take that garage down, put up another house with a detached garage to make better use of the land.
I'm not familiar with Cook County's on-line tax system (wonder if there's a GIS for it?). However, I'd want to verify that the tax amount stated in the Zillow listing represents both parcels. If not, that could be a "knock out" factor for potential buyers. Folks aren't hip on the idea of paying taxes for land which sits largely unused or just to provide a place for the garage to stand. Zillow also shows a triangular parcel east of the other two. Not sure about taxes, etc. for that. Might be worth looking into - I did, others might, also.
My $0.02 ...
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