Is my house competitive to these comps?

raya7694March 21, 2010

Here is the area listings. My home is 2509 Monica Lane priced at 249,900.

Been on the market two weeks with no showings.

http://www.bnrealtors.com/idx/search/results.html

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jrdown

I clicked on the website you referenced and couldn't find your address and pricing. I looked through all 8 pages of listings in vain. I did see a home that must be right next door to you at 2506 Monica Lane for $215,000. Unless there is significant difference in location, lot size, size of home, amenities and quality I'd say you haven't seen a showing because you are asking $35,000 more for your home than your next door neighbor. It would be enough to keep me from taking a look.

Perhaps, instead of asking us poor souls to sift through things to give you our opinion, you should have had your realtor or agent give you comps within the immediate area and that should have helped you with your pricing strategy. Make your agent earn the commission.

Robyn

    Bookmark   March 21, 2010 at 6:04PM
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raya7694

Sorry for the bad link. Here is one page.
http://www.bnrealtors.com/idx/search/results.html

In response to your reply. The realtors that have toured my home have said it is competitely priced and shows well.
The home you are referring to is the cheapest/smallest ever build in this subdivision on a tiny lot.

I would really appreciate any suggestions. Thanks!

    Bookmark   March 21, 2010 at 8:04PM
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susanjn

That's the same link.

    Bookmark   March 21, 2010 at 9:55PM
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susanjn

That's the same link.

    Bookmark   March 21, 2010 at 10:00PM
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terriks

Here's the OP's house on Realtor.com

    Bookmark   March 21, 2010 at 10:22PM
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linda117117

Raya, if the agents tour said you are competitively priced and you are not getting any showings, I would say you need to spruce up your home. From the pictures I looked at, the house looks almost gloomy. IMO people have gone crazy with de cluttering and made their homes look almost like bachelor pads, with just enough furniture and "stuff" to sit on and eat. You need some life in the home. Going thru your pictures, I would make these suggestions, I'm sure others will have some ideas too,

Dining room: Remove family photo and replace with something to appeal to the masses, put a table runner on the table for some color and interest, maybe some sheer curtains on the windows.

Fireplace Room: Put something in the corner, a plant? add some more wall hangings, put something on the table, another plant or staging item. I would even put an area rug in front of the sofa for some interest. It will also bring the room together.

Kitchen: COLOR!

Master bedroom: Window curtains or toppers, wall hangings, lamps on both side of the bed. A warmer paint color.

I guess what I am trying to say, make the home look like someone lives there, and not like someone stays there periodically. There was only one room in the house to me looked like someone actually lived there. I would also consider painting some of the rooms with a warmer color. Its all too white/gray and cold and stark. There is another home that shows up on the right side of the realtor.com page when you look at yours.(1201 Ironwood) There is so much color in that home, it makes the home look so cheery and inviting that it is making your house look very gloomy.Its priced the same as yours. I would be willing to bet, that's where all your showings are going.

    Bookmark   March 22, 2010 at 8:37AM
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Billl

"The realtors that have toured my home have said it is competitely priced and shows well. "

Then why are you posting on this board if you already got the opinion of several professionals who are familiar with your market?

Did you agent provide you a list of recent sales for homes in your neighborhood? Zillow has all the houses on your side of the freeway selling for under 200k recently.

    Bookmark   March 22, 2010 at 10:22AM
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jrdown

raya ~

I went back and took a look at your 15 photos and then went to the home (1201 Ironwood) that linda117 commented on. You are priced the same but here are a few differences:

#1 - They have 430 more square feet than your home
#2 - They have a built-in bookcase in the family room that looks spectacular
#3 - They have a three-car garage
#4 - The kitchen looks like it has more workable counter space than your kitchen. The extra island is a nice feature.

You included a link to some homes where your house was the 2nd from the top. I am not sure what that was for except that there were other homes that were larger than yours and they were less money.

Yes, the home on Ironwood had more color than yours but I don't buy homes based on that. I do believe that if I compare what your home has to others in the same basic price range that you are a tad overpriced ... say $20K or so.

Take this suggestion as just one of many to consider. If you are pleased with your agent and the work she has done then just hold tight. If you are serious about selling the house then you may need to look at a price reduction.

I know that isn't what you want to hear and I find myself in the same boat as you. I bought my home 5 years ago for a decent price. I paid $210K when the homeowner was sure it was worth $245K and it had been on the market for nearly a year. The downturn in the economy hasn't helped any sellers but at least here in KC it isn't as hard as other parts of the country and I put 25% down on the house so I will make money. I did completely update the kitchen with new appliances, new ceramic tile and a large amount of quartz counter top. I will be lucky if I sell the home for what I paid for it.

Robyn

    Bookmark   March 22, 2010 at 1:50PM
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lyfia

There is something really weird about the photos of your house. They all have a greenish gloomy look and I don't think it is the house necessarily. If you look at some of the pics along the top you can see the green. Might want to have pictures re-taken without the greenish cast and also add in a few more items to make it look a little less sterile.

Can you link to houses that would be true comps to you? Ie within a 5 mile radius and the houses that would be your competition - which would be any in your area of similar size.

I agree the ironwood house leaves a much better impression even though the colors are not to my liking it leaves a good feeling. I think the greenish tint on your pics make the house have sort of a sick feeling. Maybe people doesn't even get past the photos.

    Bookmark   March 22, 2010 at 2:03PM
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annkathryn

This is such an interesting post because Bloomington is my home town although I haven't lived there in 30 years. I went to grade school through high school there, graduating from BHS in *censored*. I remember when the East Side was the place to live, and the West Side was considered undesirable. This was well before all of the developments went up west of I-55 of course, where the OP's home is. I know the developer of all of those new houses east of the Belt Line Road (is it still called that?) around the airport. The high end houses were (maybe still are) on Country Club Place, which is east of downtown. State Farm, one of Bloomington's largest employers, has its headquarters on the east side.

What strikes me is the number of houses on the market - it seems like there's a LOT for a small city.

And the only really useful comment I have is that the Ironwood house is in Normal, not Bloomington. There might be enough of a different market between the cities such that it's not a true comp for the OP's house. Normal is a university town and used to be much more homogenous than Bloomington, which had extremes of wealth and poverty. Normal's schools might also be considered preferable to Bloomington's.

    Bookmark   March 22, 2010 at 2:31PM
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raya7694

Thank you for the suggestions. I have an open house this weekend and will work to get it ready.

The cbhoa is the zip code area in which I live. I live on the West side of town and most people prefer the East side so location will be a factor.

I had a call for a showing today that decided not to come and bought a new construction with a three car garage.

My realtor thinks that we are still priced okay because of a huge finished basement/bath with daylight windows and a tree lined lot.

Only time will tell.

    Bookmark   March 22, 2010 at 3:47PM
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Billl

"My realtor thinks that we are still priced okay because of a huge finished basement/bath with daylight windows and a tree lined lot. "

That is not how you tell if you are priced OK. You are priced OK if comparable houses are selling around you for a comparable price.

    Bookmark   March 22, 2010 at 3:53PM
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coloradomomof5

Raya, you did an awesome job of de-cluttering-which is my weakness! LOL Anyway, if you want to add a bit to the staging you have done, you may want to try some of these ideas. Some may be repeats from previous posters:
Take the items off the top shelf on the square bookshelf in the LR. Put a large plant on top. In the MBedroom, add modern lamps to the nightstands and place a large picture over the bed. In the family room, take down the remaining small pictures on the walls and add some greenery. I love the look of the Rec room. You might add some bright colored throw pillows to the sectional and store away the items on the ledge. (I have a RR ledge and things seem to appear on mine as well!) In the MBath use fluffier towels for staging. I am a bargain hunter by heart and have found may good deals at Home Goods for staging stuff. JC Penney has their white sale this week too! Walmart and Kohl's have nice (and great priced) throw pillows. Your home shows well and just needs a little "umph" to take it up a notch. Good luck on your open house this weekend. Can't wait to hear what your feedback was.

    Bookmark   March 24, 2010 at 5:32PM
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sheilajoyce_gw

I think your house shows fine. I would not do much more to it. When it is warm enough, I would stick some long blooming annuals in the front for a little welcoming color and curb appeal. I like how well you de cluttered the house. You are selling the rooms and the space, and it shows off the space well. I would take more of the family photos down as you want the buyers to picture themselves in this house, and thus do not want to put your family's stamp on it so boldly.

My husband grew up in Bloomington, which was known as the town with beautiful homes. If your house is in the wrong or not-best side of town, you might want to reconsider your pricing to get people to take a look.

    Bookmark   March 25, 2010 at 6:32PM
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