Thoughts on having 5 showing in 3 weeks?

stretchadMarch 10, 2009

So, this is the second time around that we've listed our rental property, located in the suburbs of Indianapolis, IN.

First time around was fall/winter 2007/2008. We had 6-8 showings TOTAL in 6 MONTHS! We were priced $155k which is what we paid for the house in 2003.

So far this time around we have been on the market 3 weeks, with 5 showings thus far (most recently on Sunday), but no promising leads quite yet. We're priced at $150k now.

Other basics about the house:

2200 sq. ft., 3 br, 2.5ba. Definitely in a starter home neighborhood, but unfortunately competing with many listings, and several foreclosures. There's another house on the other side of the neighborhood that is the exact same floor plan but on a non cul-de-sac lot for 5k more than ours.

I'm considering dropping the price soon. We'd like to sell quickly since we've already relocated.

I feel like 5 showings so far is a good number, just based on my past experience, but do you all think otherwise? My previous experience w/ listing this house might be skewing my view!

Here is a link that might be useful: Realtor.com listing

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cordovamom

In this market, 5 showings in 3 weeks is pretty good. My neighbor across the street went into a nursing home in November. From November through February his grandson had no showings at all on the home. Finally had two showings in one day a few weeks ago and accepted an offer. Good luck!

    Bookmark   March 10, 2009 at 10:27PM
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xamsx

stretchad what kind of market is the house in? Have you asked your agent if there are a lot of shoppers, tire kickers and buyers in your area? Do Open Houses draw viewers in your area? what is your competition? How are they priced?

    Bookmark   March 11, 2009 at 7:56AM
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ncrealestateguy

In your situation, you need to sell ASAP, and since you admit that the price needs lowered, do it now! You will never have the number of buyers coming through then right now. (actually the first 3 weeks). Your home needs to be priced as one of the nicest and less expensive homes in the neighborhood.
As of the new year, I am writing multiple bid offers 75% of the time. There are a lot of first timers out there lured in by the low rates and the fact that the lowest priced homes are good deals once again. (and the $8000 tax credit)
So, yes, 5 showings in 3 weeks is fine, but they have all already seen your house at your first price, and by the time you reduce the price, most of those real buyers have already bought. It only takes 2 or 3 days of serious house hunting before people can find a good deal.
You are selling a starter home, so advertise it to first timers... advertise creative financing in order to open up the pool of first timers, (financing is a big deal to most first timers) offer seller pd. closing costs,...
A good thing is that the price range you are in, is exactly the type of homes that are selling here the most. Good luck.

    Bookmark   March 11, 2009 at 8:17AM
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sweet_tea

If you priced it at $155K in 2007/2008 and it did not get an offer after 6 months, then you need to lower your price below $150k. Prices have gone down since 2007/2008, much more than your $5k reduction.

I suggest you spend approx $300 and hire a certified appraiser to give you today's market value of the property. Then price to sell.

It doesn't matter what you paid. It doesn't really matter much what the other homes are ASKING(they could be overpriced too and sit for 2 years unsold). What matters is what other comparable homes have SOLD for in the past 6 months or less.

Spend the $300 so you can correctly price the home asap. The longer it sits overpriced, the more probability that you lose a buyer that might have offered if the home was priced lower. By the time you lower your price, that buyer might have bought another home(which was priced better) instead of yours.

    Bookmark   March 11, 2009 at 12:30PM
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xamsx

sweet tea Prices have gone down since 2007/2008, much more than your $5k reduction.

In my area prices went UP over 5% in the last year.

Again, not all markets are buyer's markets with negative appreciation. Some areas of the country are still seller markets, many are neutral and many are buyer markets. Some markets have had depreciated, some appreciated and some held steady.

    Bookmark   March 11, 2009 at 1:03PM
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sweet_tea

zamsx...The seller is in Indy, which is in a buyers market and has had price declines over the past 1.5 years - 2 years.

Although we really don't know if the $155k price was on target in 07/08 anyway. Actually, it might have been high, else they might have gotten at least one offer during that 6 month listing period. So arbitrarily reducing that price by the general rate of depreciating in the area might not make the best sense.

What really makes sense is knowing today's market value and then pricing accordingly. Thus the suggestion of getting an appraisal.

    Bookmark   March 11, 2009 at 7:38PM
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Happyladi

The house looks very clean and decluttered with nice wall colors. What does your realtor say about the price?

    Bookmark   March 13, 2009 at 12:42PM
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dreamywhite

My thoughts are you are NUTS for selling for $150K it's fantastic and NOT a starter home by any means. In my area (Milwaukee, WI) a home like that will not sell for less than $250K - it's so pretty I have no idea why it's not selling, people are nuts not to buy it now.

    Bookmark   March 13, 2009 at 9:50PM
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stretchad

dreamywhite - I wish it were the case that the house was worth 250k!
I recently moved to Madison, WI (hence the need to sell) and since we were staying in the midwest, and not moving to the largest city in the state I was expecting to see somewhat similar price, but was SHOCKED to see houses just like mine in Indianapolis selling above 200k. We decided that we wanted an older home (but not too old), and found a lovely home that was probably once a "starter" type of home 20 years ago, that would easily be $150,000 less in Indianapolis in a similar neighborhood. Indianapolis is given the nickname 'naptown' because it's quiet, a bit boring, and vanilla, but what it lacks in energy it makes up in being SUPER inexpensive. That's why my husband and I were able to purchase something straight out of college!

We've decided to lower the price to just below $145.
I did learn that there are about 6 homes that were on the market in my neighborhood for quite a while recently went pending which is great news - less competition for me. So hopefully this price change does the trick. When I think about the house from the perspective of the buyers I think 145,000 feels "right". Thanks for the feedback!

    Bookmark   March 13, 2009 at 9:58PM
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ncrealestateguy

If you are looking at the price through a Buyers perspective, and are remaining true to the "hat switch", then you are on the path to selling your home. Be patient.

    Bookmark   March 14, 2009 at 6:29AM
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chrisk327

Not going to make you feel better, but I do like your home. I'm looking for something similar myself in my area. Yours is newer and nicer than most I've looked at.

For what its worth, that house would be going for $500K in my area of NY. I've just looked at a 4br about the same size built in 1960 with only a few updates priced at 540k(overpriced) and if I could get them into the low-mid 400s I'd take it.

    Bookmark   March 18, 2009 at 1:11PM
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jane__ny

I can't believe the price. Seems like you are giving it away. Such a nice house with a large property. Amazing what houses go for outside NY.

Good luck,
Jane

    Bookmark   March 18, 2009 at 11:27PM
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