54 showings, no offers...
Investor · Oklahoma City, OK · Member since 2016 · 17 posts · 7 votes
54 showings, no offers...
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8yOriginally posted by @Account Closed:
The house is a 5 bed/3.5 bath plus an office. Entirely remodeled (kitchen/baths/floors). A couple people have mentioned they didn't like the floorpan. 1 feedback said they don't like how it backs up against a major road. 1 feedback said they didn't like the way the garage smelled lol. The majority of feedback has said "Possibly interested" and "priced right". ~4 realtors said our house was a finalist for their client to offer on.
Your agent should be working to get these people who make it a finalist to make an offer. Getting an offer out of someone is a very specific skill set, one that seems your agent may not have.
Also backs to major road...in my market...thats going to be a $25-$50k less in value than properties that are not backing to the road. Selling these kinds of properties is always going to be hard.
A $5k price adjustment is nothing. If your property is at $225k and you drop it to $220k, thats not getting anyones attention. If someone was going to make an offer at $220k, believe me, theyd have made an offer at $225k. Price drops need to be dramatic to get the consumers attention.
Delisting the property and relisting with a new MLS number, if your MLS allows it will make it look fresh on 3rd party websites. That too is on your agent if he hasnt done that.
Doing a brokers open to get brokers/agents in there to give honest feedback always helps. Also, this goes back on your agent.
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- Honolulu, HI · Member since 2015 · 214 posts · 49 votes8yOMG. It really is gorgeous. Take that exact house and put it in Cupertino near the Apple campus and it’ll sell for $3.5+. But we are experiencing a softening of the market, increasing inventory, increasing DOM. As well as what you already mentioned about the slower buying season.
- Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes8y
@Account Closed is right. You've got it priced well until people actually get there and see it. Maybe the major road, maybe the layout, maybe the garage bring it down in comparison.
Price fixes everything. Get it below the 200K threshold.
- Investor · Tri State Area · Member since 2018 · 107 posts · 24 votes8y
I agree with @Jason D. and @David Robertson - Ask your agent to get feedback. It should sell if the home is right.
However, here are something you can think of ...
1. Are your comps run correctly? Where are your comps in relation to your home. You may be priced wrong.
2. Is your street desirable? Is it growing? Is it on a decline?
3. Are your finishes up to par? Does the home mimic successfully sold homes in the area with layout and finishing touches.
4. Does the home have a history (negative one)
5. Does your Agent have a good relationship or a contentious one with other agents?
6. Who is showing the home? Are they doing good job?
7. Is the area a "singles" area, if so, are you trying to sell a "family home" in it. (If so, how are the schools)
There are so many things it could be, but it is probably something glaring. You need to find that out with so many showings and no offers.
- Investor · San Francisco Bay Area, CA · Member since 2018 · 4 posts · 1 vote8y@Russell Brazil I agree with you completely. Spot on 👍
- Investor · Oklahoma City, OK · Member since 2016 · 17 posts · 7 votes8y
Thanks for the feedback everyone! In general, the house in in an A- area. Not high-end but no crime and fairly desirable.
@Jim C. Yes I've considered it and I've had some success (1 qualified applicant backed out before signing the lease) but I'd much rather sell if possible.
@Larry Turowski Yes the stairs are a little close to the front door. But with the double wide door it gives it a lot more space and doesn't seem that tight.
@Derrick Gordon The comps have been run on 4 bed houses bc that's all there is. The street is desirable. The finishes are ~Great on the inside and ~Average on the outside. I could spend a lot more on this but I didn't seem much $ return. The schools are a 7/10, which is really good for Oklahoma standards...lol
- Aurora, CO · Member since 2018 · 180 posts · 166 votes8y
Hopefully staging will help, but other than that, it's pretty bland vanilla. Kinda boring.
The front curb appeal is non existant. If I'm out with my realtor on Saturday to look at houses, I'm going to see 10. Of those ten, 7 have red brick, 9 will have semi dormant grass, and a yellowish brown color palatte. Inside, its a given white kitchen cabinets, white subway tile, bland granite. (Yawn). That flipper couple on TV with the messy divorce, (name escapes me atm) have been doing that color scheme for at least 5 years.Basically, there is absolutely nothing to make your house memorable. No WOW factor. I don't know what your budget is on the flip, but before I dropped the price again, I'd see what I could do with $5K to give it some WOW.
https://www.biggerpockets.com/forums/223/topics/617975-first-flip-completed-successfully-w-pics-and-numbers
This thread, they gave this house some WOW. I don't care if its on a freeway, if I were househunting, that one would stick in my mind. That kitchen and that bath would totally outweigh the negatives.
- Rental Property Investor · Yardley, PA · Member since 2008 · 1k+ posts · 561 votes8y
Nice looking house overall.
The only thing that I don't like is the paint. The walls are a bit too dark, and I prefer white ceilings. Just personal preference. I would like to use that shower, though!
- Investor · Shawnee Mission, KS · Member since 2015 · 423 posts · 114 votes8y
@Account Closed Once we had around 60 showings and no offers on seller's market for 2 months during summer. The big house was in a very good location, after a full renovation. No real feedback from the agents, it was very stressful! I lost whole summer watering the grass :))) I feel your pain. I was loosing around 1K monthly just holding the property, so I started to run open houses on my own for one hour or so, talked to people, got very detailed feedback, added some details here and there to stress the advantages and remove attention from disadvantages, got the offer and closed the deal. Sometimes there are some tiny details in perception, which you could get only personally connecting with people who enter the property. Dropping price 1K or so every week and open houses will move your listing up on Zillow. A lot of people look for the house without the agent and after just ask the agent to do the paperwork. Some buyers prefer to have an agent from their side just for paperwork.
- Investor · Plainfield, IL · Member since 2016 · 8 posts · 11 votes8y
Looks to be primarily updated cosmetics, but still old bones with the same 1964 floor plan and a funky addition. Even fresh paint doesn't "un-date" textured walls and ceilings. Attention to detail is important. What's with all that overpaint on the water line in the powder room? All that reno work and no refrigerator? Paying top of market and no washer or dryer either.
Bought in Jan and three months later asking $100K more. Are you even sure the comps will hold up? Nearby homes have not sold near what you are asking. Seriously not trying to be overly critical, however some of the feedback you are getting seems too nice. Can't your realtor clear out the Zillow price history? Not sure how it's done, however I'm reasonably sure it can be. I think it's important for a flip to not show like a flip if one wants premium dollar. There's a saying out that way.... Pigs get fat and hogs get slaughtered.
$190-195K looks to be the range IMHO. A similar place nearby sold in March for 190K down the road. Yours is not a bad looking place. My experience provides that if you are going to be the highest priced house on the block, the prospective buyer wants perfection. You are lacking perfection. That's OK. Price it right and it'll be gone in a hurry.
- Renter · Las Vegas, NV · Member since 2018 · 278 posts · 71 votes8y
1964? What % of buyers filter out 60s, 70s or even 80s? How many baby boomers are buying rehabs built in the 60s still? Aren't baby boomers in their 70s or 80s or 90s now. Retirement home investments might be the better play.
- Member since 2017 · 49 posts · 106 votes8y
This may sound crazy but...do you remember that show called "Sell This House"? They would hold an open house without any repairs/remodels. But they placed a hidden video camera in the kitchen, bathroom and living room. The candid remarks were very revealing. The "crew" would then take the remarks and upgrade the problem spots. I don't know but if I were you, I would do something like that, just to get some honest answers.... and then fix the problem areas. Also... are you showing the difference between 122,000 to 209,000? Ninety thousand in renovations is what the buyer would expect.
- Riverside, CA · Member since 2017 · 412 posts · 296 votes8y
HI Aaron, 155 DOM is a realtor problem. Seriously. Fire the realtor. You are "presumably" in this to make money. I don't care how "cute" the listing agent is, if she can't get the property sold in ninety days, she isn't doing her job.
If you can't follow the following math, invest in stocks. It's easier.
Since the property is now "shop worn" you have a couple of options:
1) Fire the realtor so you don't have a $12,600 cost ($209,997 * 6%) and sell it on your own. It's a common "trick"
(excuse), of ineffective realtors to use price decreases as a means of solving problems. They promise the sky and then when it doesn't sell, the price decrease is their only "solution". Each "price decrease" of $10,000 costs you $10,000 but only $150 in commission to the realtor ($10,000 * 6% = $600 / 4 = $150 She probably splits the commission with the other agents) . they don't really lose anything and you lose a LOT!2) Run the ad for free on Craigslist, Do an "Open" on your own, and put hidden digital recorders in each room to see what people say. That way you can determine what actually needs to be done to get the place sold. The problem is that it is on or backs up to a busy street. So, your buyer is one that doesn't have kids. It's that simple.
3) Offer the property on Craigslist as a "slight fixer" "owner will carry". No, it doesn't need any "fixing" but that is what gets the calls. You need the phone to ring. You can get $25,000 to $30,000 down from a buyer on a Lease Option, with NO REALTOR FEES (so you are $25,000 down plus no $12,600 fees) so you are $37,600 ahead of the game, plus you can have a 6 month contract with the buyer which reduces your taxes from short term capital gains to long term capital gains and saves you a ton of money since you've already had the property for a while (far too long, by the way). Every day you don't sell prevents you from doing the next deal. The key to flips is TIME. Time on market. DOM. Too much time = too little income.
Now, I will take a "breath" and "breathe"; these real estate agents drive me nuts. You are in this to make a living, now act like it.
- Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes8yAaron Hoak - I got a flip listing with a new kitchen that had expired off two other agents. It had expired at 199900 but I reposted it for $210k based on inventory. Got an offer for 205k in ten days but then Buyer backed out. Sat for about 6 weeks with few showings. I dropped it to 199888 and I got a ton of showings and 4 offers within the week. (My house had a major highway behind it up the hill, and a reasonably long yard) A lot of searches / auto emails are set to 200k and below. Skip the agent bonus and drop the price to 199900 or 199990 and you’ll pop up on buyers email feeds and they’ll ask to see it. For some reason at $210k there weren’t any buyers offering 190-200k but as soon as it was $200k they were offering 190-200k. You can pick up a Stainless Steel ice in door fridge for $800-900 (Frigidaire 25.5cu) delivered and installed and used craigslist washer and dryer for $200-300. Think of the additional expenses the buyer doesn’t want. Another thing I did to bump the showings and offers was to post a Mls open house every weekend Sun 2-4. It percolated through to Zillow if done by Thursday for and made my property on the top of app searches. I also talk with the neighbors and ask if they know anyone interested in moving into the neighborhood. Your agent should also be getting real feedback for you by talking to showing agents on the phone. Obviously you can’t change your floorplan.
- Investor · cary, NC · Member since 2008 · 27 posts · 7 votes8y@Aaron Hoak As a top Realtor for 25 years, in my experience agent bonuses do nothing to sell houses. We cannot make someone want to buy a particular home and experienced agents know that bonuses often disappear in the negotiating. Is there something about the floor plan that is unusual? If there is, that and the busy street are the reason why you aren’t getting offers assuming it is priced right and it is staged now so I’d make sure your broker gets those photos online fast. Also now if it is really priced right (did you deduct 10-15% for the road when you did comps?) then that many price reductions and days on the market are seriously hurting you. I would get it leased to professIonals for a year and then start fresh so days on market are reset. Then interview at least 3 agents who have sold the most homes in that area. Good luck!
- Rental Property Investor · Boise/Portland · Member since 2017 · 709 posts · 742 votes8y
Originally posted by @Eric C.:
Sold 4/2013 for $170k and then 1/2018 for $122k and now after some reno listed for $209k. How did the house value actually drop that much between 2013 and 2018? Something is a bit off...
Beautiful house (!) and I concur with Eric here. The history of these numbers would concern me. I'd move forward cautiously if I was a buyer. I suggest you find another agent or tell your existing agent that he/she needs to come up with a better pitch and figure out how to overcome the objections. If he's telling you that he doesn't know what the objections are... well, that's an excuse and not a reason.
- Rental Property Investor · Boise/Portland · Member since 2017 · 709 posts · 742 votes8y
Originally posted by @Account Closed:
The house is a 5 bed/3.5 bath plus an office. Entirely remodeled (kitchen/baths/floors). A couple people have mentioned they didn't like the floorpan. 1 feedback said they don't like how it backs up against a major road. 1 feedback said they didn't like the way the garage smelled lol. The majority of feedback has said "Possibly interested" and "priced right". ~4 realtors said our house was a finalist for their client to offer on.
An added thought to my previous comment. I know you're trying to get this house sold, but if I can just add a comment regarding your next investment. I don't mean to sound insensitive, but if in fact the issue hindering the sale is due to the road…
I practically got into an argument with my agent over the last house I wanted to buy as a rental, which backed up to a main road. My agent begged me not to buy the house. It was the perfect rental and we could have easily got $1600/mon rent, but my agent warned that we'd lose money on the back end if we sold some day – because of the road. I finally relented and bought house #2 that we'd considered as our second option. Its appreciated $65K in 3 years and I got my $1600/month rent.
- Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes8y@Aaron Hoak I know it’s no consolation but you’ve done a great job renovating the house! Praying for you mate!
- Rental Property Investor · Member since 2018 · 9 posts · 4 votes8y@Aaron Hoak just because you drop the price, it doesn't mean it will sell at that price. You might end up getting multiple offers and have the demand drive up the price. Do an open house during low traffic times for the main road problem, and bake prefrozen cookies to get a fresh baked cookies smell near the garage. Bonus, offer the cookies during the open house. I don't mind the floorplan nor the price. It has a masculine touch to the decor. If you staged it, then add some feminine feel. Like, flowers and candle centerpieces. Do you want a family in there? Who are you targeting to sell? If family, maybe rent a swing set in back yard just for the open house or for pictures. You want a home-y feel. I am a female with 3 year old toddler and husband. My decision holds a lot of weight in my family. Especially on big ticket items. Thank you for sharing your zillow link.
- Contractor · Wayne, MI · Member since 2017 · 25 posts · 14 votes8y@Aaron Hoak I'm a newbie, but I think I remember robert kiyosaki saying something about agents blackballing sellers. Just a thought... hope this helps.
- Contractor · Wayne, MI · Member since 2017 · 25 posts · 14 votes8yI'm a newbie, but I think I remember Robert Kiyosaki saying something about agents blackballing sellers. Just a thought... Hope this helps.
- REI · Palo Cedro ca · Member since 2015 · 35 posts · 7 votes8y@Aaron Hoak so your at $199k now. What's your all in break even? What's your holding cost? Re-launch the listing. Try and re-vibe the "new to market feel". Maybe look for imperfections that might be turning the buyers away.
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