Why won't this sell?

13 Replies

Sfr 4/2 Completely renovated by owner Split level 1198 sqft Full finished basement Garage C- neighborhood Priced for $130k Click (or copy and paste) link to see my advertisement https://www.zillow.com/homedetails/8902-S-Parnell-Ave-CHICAGO-IL-60620/4118604_zpid Why won't this sell? I need to know why this property is not getting as much attention as I was expecting. Is it the price, the advertisement, what? (I know I need more pics but is this really something that would hold up the progress that significantly?)

What do the comps show it’s worth? From reading on here properties don’t sell for two main reasons, over priced or location. Location here could be an issue because a C minus to you could be D to a lot of other people

@Shara Carlton not sure what the issue is, other than it sounds like it could be the neighborhood. I see a house for sale at almost $200K a few houses down, and then one for sale at $82K half a block the other way... The number one way to make a house sell, is lower the price.

@Shara Carlton , I would suggest being patient.  Your Zillow listing is showing as having only been active for 2 days.  Did you do any marketing prior to posting with Zillow? 

Even good deals don't always sell in the first week.  I would give it some more time and then reassess.  Make sure you are paying attention to any movement with the comps or other homes in the area, too.

Hi @Shara Carlton ,

I'm a Florida agent, so I know what it takes to sell a property here, and unsure of the norms in Chicago. I'm going to be totally honest with you, because why beat around the bush?

Your photos are a problem. Most buyers are shopping online, and therefore you should be marketing the best representation of the property. Hire a professional photographer, not only will they take high quality photos, but they will also give enough photos for you to lay them out in a way that gives a walkthrough of the property. Buyers will then be able to figure out the floor plan and make determinations right away to see this property. It costs me $150 for photos on my listings. Take a look at the property next door at 8928 S Parnell, how much better does that property look in comparison? 

I can tell the property isn't ready, or clean from your pictures. Why the tarp? Why no appliances? 

How did you get that price? Is it verified by an agent, or an appraiser with statistical facts? Please don't tell me you used the Zestimate, that's not enough. 

You're also listing this by owner. If you want it really exposed, hire an agent. If you don't want to list it with an agent, at least pay an agent to bring you a buyer. Qualified buyers work with agents, and if you aren't offering commission, you drastically shrink your pool of prospects. 

Good luck!

Why won't it sell?  The list is long:

1 - Pics tell me nothing.

2 - Split level harder to sell.  Can't really count the sq ftg of the finished bsmt.

3 - Price history is scary to a buyer.  Up and down drastically within the last year w/ 6 price changes.  Both "red flags" that something is wrong.

and the biggest one for last...

4 - No comps in the area to support higher that $90k.  Your property's market is defined by the surrounding RR tracks.  Anything outside of that can't be counted for comps.  This leaves only 2 within the last 3 months of $82k and 95k.

There are higher sold comps, but they are summer comps (seasonal price changes) and are outside of the RR track market perimeter. 

Price is usually the problem if you're not getting looks.  But, I have to agree with the others.  These pictures make it look terrible.  Plastic covering??? in the first one.  The backs of the cabinets in the second and third one look sloppy and there's a hunk of TP? papertowel?  something in the second one.  The light on the floor in the third one makes it look like the floor is gouged and the cabinet backs look really bad from this angle.  The door in the fourth one looks like its been the victim of numerous pay or quit notices.  Paint that thing.  The railing in picture 5 is missing one of the uprights.  The concrete is spalled.  Picture 6 has a trash can and paint bucket and the fence needs painting.

You say its completely renovated, and perhaps you did a lot of work. But stuff still looks like it needs work. How does this compare to comps? Do you have it on the MLS?

You have to be careful when doing comps to comp to the same style.  Second floor footage is worth less than ground floor and basement much less.   So, if a third of your 1200 sq.ft. is in the basement, its worth quite a bit less and a 1200 sq.ft. ranch. Don't be fooled by this when doing comps.

Looks sell. It must appear to be worth the asking price. VERY POOR pictures turn people off well before they get to an analysis stage. 

Not to sound like a broken record but the pictures do not make the house look very good. However, price is usually the biggest issue a house will not sell.

01/20/16Sold: Foreclosure Auction$42,500
12/14/16Listed for sale$149,000
07/17/17Listed for sale$99,900
12/01/17Listed for sale$130,000

People can read, and, they also read between the lines. That (together with the comps pointed out by @Joe Villeneuve ) tells them that they shouldn't be offering six figures for this one.

I'm not saying it's not worth the asking price, but, you've been getting some good feedback...

100% guarantee your pictures are why it's not selling or at least getting more interest.  

The first pic, I really wonder-- what are you hiding, is it a fireplace?  Is there a giant hole in the wall?   No offense, but it looks sketchy!    Also, pay a few grand, and put in stainless steel appliances..  kitchen is what will sell it, or at least make people curious enough to look at it!   If you don't have that, you're only getting people who are willing to pay the extra $$ to buy new appliances, and that will knock out a lot of buyers IMO.     If you really want to wow people, put a pretty back splash in!  Kitchen, Kitchen, Kitchen!!!  Either take new pictures, or I'd strongly recommend a professional photographer!

Remember-- you're selling a home, not a project!