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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95 Replies
- Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes8y
Not sure what the inventory in OKC is. On a busy street, garage smells do not get the notice. Did you epoxy the garage floor?
Several things do not gyrate I suggest you look into it:
You paid 50% less than listed for in a few months at 122K in Jan this year.
Your current listing price is 209.997K not what you replied. 9/22/2019
There is still no staging at this the house. Unless your agent turned off MLS to auto-feed the photos are to be uploaded and populated every 15 minutes.
If you want +72% increase in price you need to work on list at a fair market price.
- Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes8y
@Account Closed Five bedrooms with 3.5 baths, is huge! If it a) backs up to a major road and b) has an office in it, perhaps you should market it as commercial, to attorneys, accountants, dentists, doctors, etc., many of whom run businesses out of their homes.
- Rental Property Investor · Hilo, HI · Member since 2017 · 16 posts · 13 votes8y
My two cents are; get that zillow add cleaned up to not show how much you paid last year. It makes you look like a jerk trying to rip off the new buyer. The fit and finish is not up to standard. The bathroom pic showing the pedestal sink and toilet, both have the supply lines sticking out like the plumber should have his hands cut off. Then the painter just painted over them. Very "flip and rip." Lack of attention to detail can sink your ship. However the main issue, as many have already said, is the comps are off.
- Lewisville, TX · Member since 2015 · 341 posts · 264 votes8yI think $199k is the magic number god offers. It looks great. I’d buy it at full price if it were in Flower Mound, TX & I could get those property taxes.
- Investor · Prairieville, LA · Member since 2015 · 311 posts · 424 votes8y
Overall, the finishes look nice.
Unfortunately, there are several issues that are hard to overcome:
Bad layout of living room/kitchen, backs up to the road, most expensive in the neighborhood, largest in the neighborhood, funky addition, and weakening market conditions. Concerning the layout, wall reassignment/removal would have been addressed on the reno. As far as houses with horrible additions, I typically offer less for those to account for the costs of removal of the addition and the loss of square footage on the final price.
I would recommend:
1. Staging- you said this was done. Photos need to be updated.
2. Drop in price to 199.9k. You will pull in the under 200k crowd. Your market is similar to mine and you will pull in much more hits with this as agents/buyers are probably pulling in searches under 200k.
3. Consider changing agents to someone more experienced in this type of situation. Aggressive social media push should be used.
4. List it as a 4BR. In many markets, a 5BR is a negative. It will also be eliminated searches of 4BR houses. Maybe you can list the extra room as a mancave, she cave, bonus room, etc. I see you already have an office.
5. Pull off market and relist. This will send it to people with a new on market MLS feed.
6. Feedback from every person that sees it. The agent should be able to get this. In my market, a 4 question survey is encouraged.
- Rental Property Investor · San Francisco, CA · Member since 2017 · 206 posts · 138 votes8y
@Account ClosedWow! It is a gorgeous property. You may need another agents with more tricks. I would delist it and list it again with another agent. Stage it with a more talented stager to get rid of the awkwardness of the flow if there is one. Sometimes, small strange rooms should be staged as a hobby room and not bedrooms, etc. Than figure out the funny smell? Can a fresh coat of scented paint get rid of that? Or put in a Hepa filter machine in there for a few days and see if that can get rid of it?
Also I would try listing it at dramatically lower price and see if you can get a lot of traffic at an open house to get a bidding war going? This is a very popular tactic in California. $1 million homes are often listed for $899 and the offer price would be closer or over $1million.
Perhaps try $185K and see what happens? You can always counter back your highest offer. Good luck! I am doing my first OOS flip and hoping I can get this sold soon when I get on market.
- China, ME · Member since 2014 · 3k+ posts · 4k+ votes8y
@Account Closed I think that backing up to NW 63rd St (4 lanes, double-yellow lines) is a real detraction. There's not much you can do to change that, except installing tall plantings. Still, being on a bus route with all that traffic isn't something you can really mitigate.
I'd have your agent drill down deep on comps. Look at other homes recently sold look - and search specifically for those that back up to that street.
What I'd want to know is how much those homes, similar to yours or not, sold for in comparison to other homes not backing up to the road.
Looking at the online photos, it looks like you did a really nice rehab.
Conventional wisdom says that the five reasons houses don't sell are location, condition, price, marketing and demand.
It could be that there is not much demand for a home as large as yours.
It could be that your agent is not doing a great job of marketing, but Berkshire Hathaway has a pretty solid reputation so I'd be surprised if that was it.
My best guess from 1,500 miles away is that it's either location or demand.
- Real Estate Agent · Baltimore, MD · Member since 2018 · 12 posts · 2 votes8y@Aaron Hoak do you have a link to the house?
- Investor · Juneau, AK · Member since 2015 · 980 posts · 741 votes8y
Neat project.
If I were to play potential buyer, taking mental notes....
Drive Up:
) Multi-colored brick is an acquired taste but looks in keeping with the neighborhood.
) Bit of bare dirt there in the lawn by the entry, not major and probably filled in with grass by now.
Inside:
) Everything looks new or newer.
) Cabinets not real high end (but may be norm for the comps).
) Counters are a bit strong/dark.
) Wonder why he did not install washer/dryer.
Other:
) Built 1964, I'd wonder about the HVAC, insulation, plumbing and whether the major systems are recently redone (when). Bit of roof on the overhang looked ok.
) Energy efficiency?
) Schools? Parks nearby (probably a family home).
) I may have missed backyard (fenced? is it nice? for pet or kids it can sell)...
) House/Neighborhood history? Does it come with property baggage? (you got it 1/2 off last year and maybe there is some institutional memory about cars on the lawn or boarded up windows; something else involving yellow police tape or worse. If so, who knows, it may take some seasoning before people see it as a nice, remodeled property and forget the past..).
So I like the overall clean look but was left with some questions before I pulled the trigger. But lots of good advice here on price and how that may get buyers to fire away...
I do like the price you got in at and--while probably not your goal--it might in the worst case be rental candidate. With an economy partly cyclical (oil), if you get $100/barrel in a few years, you might find a booming local economy and houses like this selling like hot cakes--and you'd have inventory! But you have some nice finishes you may have to touch up after some wear and tear.
Best of luck!
- Investor · San Antonio, TX · Member since 2016 · 76 posts · 25 votes8y
You did a fantastic work remodeling it.
- Contractor · PNW · Member since 2017 · 58 posts · 48 votes8y
I didn't read every comment to this post, at the risk of repeating what others have said, that house is plain old ugly on the outside, it looks like two different houses interior vs. exterior. Looks pretty fresh, clean and appealing on the inside but the outside is a different story, zero curb appeal. Some suggestions would be to repaint, paint the brick, I would go white trim outside and a gray body, or another fairly neutral color. The other option would be to focus on an exterior body color that is complementary to the brick if you don't paint the brick. SW color 2848 for body color would be complementary with the brick, white trim to freshen it up. Here is a pic of that color with some brick on a house to give you an idea of what it may turn out like https://i.pinimg.com/originals/32/96/e9/3296e943cf23234fbe9fe6ed52caffab.jpg
- Specialist · Ann Arbor, MI · Member since 2016 · 355 posts · 191 votes8y@Russell Brazil Can you tell more about how to get offers out of interested parties?
- Real Estate Agent · Tampa Fl · Member since 2014 · 33 posts · 20 votes8y@Aaron Hoak Have you had a Brokers Open so you can get an honest opinion. Sometimes the feedback that we receive is not the full reason why the clients didn’t choose it
- Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes8y
@Account Closed this is easy. If you're getting showings and interest, but no offers there's something not quite right about the house or location that's turning people off. It could be something like proximity to a boarded house, trailer park, bar, weed shop, homeless shelter, etc. It could be the house's layout. It could be the fact that it's a flip, and buyers are worried it's shoddy work.
Finding the reason isn't easy, and often buyers are embarrassed to tell you. Maybe it looks good in pictures, but in real life it's not?
100% guaranteed IT'S NOT THE PRICE. If price were too high, you wouldn't have been showing it.
You may want to consider getting a home inspection and offering that to all would-be buyers. Should the report be clean, that will provide a lot of comfort.
good luck. this sort of thing happened to me a few months ago. Eventually it was sold but was not as easy or fun as it should be have :)
- Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes8y
If its not the money, its the money...
- Realtor · Detroit, MI · Member since 2015 · 211 posts · 104 votes8y@Aaron Hoak wait or drop the price and potentially get multiple offers.
- Naperville, IL · Member since 2018 · 330 posts · 357 votes8y
Originally posted by @John Acheson:
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.
John, as a REI you might want to brush up on your demographics. In 2018 the OLDEST Boomers turn 72. The youngest turn 54.
Plenty of people like older houses as they are more solidly built. A 2 x 4 ain't what it used to be.
Not to mention that the OP can do nothing to change the build date of the property.
- Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes8y
Originally posted by @Matthew McNeil:
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.
Are these comments coming from experience? I had a house, it sold for $168k in 2015. Bank Listed it at $285k, and dropped until I bought it for $110k... I put it on the market for $320k and had a first day full price offer. I have never had anyone question why I bought so cheap and am selling for so high.
In my latest flip I even walked the buyers agent through the old layout (from old listing photos). If a house checks all the buyers wants/needs, for a reasonable price, why would it matter what the seller bought it for?
The house isn't selling most likely due to the price verse location/layout. I can see from photos it has two beds/office on the main floor. It seems the "living" space on the first floor is probably small for such a large SF house. Most people don't need 5 beds with multiple masters, and would prefer a living and a family room verse more bedrooms.
- 8yBhuvanandra S KumarPro MemberInvestor · Macomb, MI · Member since 2016 · 36 posts · 13 votes@Aaron Hoak explore your options to rent?
- Real Estate Broker · Chicago, IL · Member since 2015 · 1k+ posts · 2k+ votes8y
Originally posted by @Patrick Britton:
@Account Closed this is easy. If you're getting showings and interest, but no offers there's something not quite right about the house or location that's turning people off. It could be something like proximity to a boarded house, trailer park, bar, weed shop, homeless shelter, etc. It could be the house's layout. It could be the fact that it's a flip, and buyers are worried it's shoddy work.
Finding the reason isn't easy, and often buyers are embarrassed to tell you. Maybe it looks good in pictures, but in real life it's not?
100% guaranteed IT'S NOT THE PRICE. If price were too high, you wouldn't have been showing it.
You may want to consider getting a home inspection and offering that to all would-be buyers. Should the report be clean, that will provide a lot of comfort.
good luck. this sort of thing happened to me a few months ago. Eventually it was sold but was not as easy or fun as it should be have :)
100% guaranteed IT IS THE PRICE. Everything is corrected by the price. Buyers in that price range see the home, on paper they like it, then get there are are surprised by something during their showing (like backing up to a major road) and spend their money elsewhere for a home w/o that issue. Price needs to drop so that this home is the nicest one in those buyer's price range and they "get over" the location or layout because they can't get 5BRs within their budget. So either the home needs to be improved, or the price needs to drop. Location can't change (and can only be mitigated so far), layout can't change w/o major investment, so either change the features and cosmetics or drop the price.
- Rental Property Investor · Raleigh, NC · Member since 2017 · 157 posts · 169 votes8y
@Account Closed I'm not familiar with your local market, but overall, when i hear "It's just not right for me" that means, the price is too hight. It would be right, if they liked the price.
It's really nice remodel, but i think you have done too much for that neighborhood. The kitchen is very typical but i think you went a little too much on the bathrooms. Typical buyer for remodels, gets all their ideas about what is currently in style from shows like HGTV. Sticking to that type of design and finishes, you will appeal to most buyers. The bathrooms don't seem to fit that trend so you might love it, but it might be hard to find the exact buyer for that taste.
Also i dont like the overall brown color on the walls and ceilings. Ceilings should be white to bright up the space, brown just make it dull.
The longer it sits on the market, even if you get to the right price, people will think there is something wrong with it.
Also many buyers will just view the home to see remodel, but then don't think its worth it. Most of the homes in that location appears to be around 130-160k. So buyers don't think the remodel is worth that much more.
I would just do a drastic price drop, get it sell and learn from this. The next remodel will be better.
Personally, i think even if you break even on your first flip, the amount of knowledge and experience you learn will be way more valuable then just being lucky and making ton of profit on that flip.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes8y
Quick thoughts after looking at your ad:
1. Exterior color combination sucks. No curb appeal whatsoever. Either paint/wash the brick to match the siding or change the siding color. Add at least some greenery to frame the building and a small bed to break the expanse of lawn.
2. Built in looks weird by the fireplace. Off balance. The build out at the top looks like it hides something.
3. Kitchen is awfully small for the size of the house.
4. Carpet looks cheap.
5. Shower that big with no door?
6. Turned spindles don't match the modern vibe you are going for in the rest of the house.
7. Window in the shower screams "I didn't want to spend the money to take this out". Even if it's architecturally necessary for the looks outside, it could have been replaced with glass block or raised to the top, etc.
8. Backyard stuff looks like some of my rentals - old but serviceable.
Overall I think you did a good job on the rehab but it looks like you ran out of steam in the 8th inning and refused to call in a reliever. There's nothing about this house that makes it memorable, so what makes it memorable is the busy road.
My thoughts from my recliner :)
Skyline Properties - Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes8y
Have you actually had 54 showings or did 54 bored agents go through solo that left their card?
I made the mistake of listing and staging a vacant house last year. 64 business cards and going over 4x per week to shut off lights, turn down the a/c and close the back door was all it got me.
It eventually sold but I will never do that again.
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