advice needed: hoping to get more activity in 2014

SellMyHouseDecember 24, 2013

Hi,
Long time reader first time poster!

I know the market in my area(Northwest CT) is slow right now so I'm looking for advice on how to get this sold by Spring!

This post was edited by SellMyHouse on Sun, Mar 23, 14 at 17:44

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Sophie Wheeler

From Zillow: "Among 06790 homes, this home is 35.6% more expensive than the midpoint (median) home, and is priced 13.7% more per square foot."

Here is a link that might be useful: Your competition.

    Bookmark   December 24, 2013 at 7:04PM
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gyr_falcon

After a quick look (sorry, all the time I have at the moment) IMO your biggest problem is what is going on in the immediate neighborhood. Your area seems to be in a rough market. Zillow shows at least 5-6 pre-foreclosures. The similarly-sized house on Chatam Lane is priced $35,000 less and has still been on the market for a year. Do try to view your competition!

Overall your photos look nice and the house looks clean and neat. Lovely kitchen. The photos are all labeled exterior front--but I do see that a lot in listings. I like the final front photo better than the first, but that is just my minor preference. I was uncertain about the clothes hangers in photo 5; where is that area located in the house? Is it possible to show more of the room with the desk? Currently the desk is too prominent in that one. And I could not quite make out the plans; were they showing lot grade? But this is just being nit-picky, really.

I think your highest hurdle will be price--and the price of other houses being sold nearby. Not much you can do about those, unfortunately. Most recent activity appears to be for slightly smaller homes mostly in the $125K-$150K range. But I am not a market expert for your area of the country. I am confident other GWers will stop by to offer their sharp insight. ;)

Good luck!

[edit: Hey, I gave you two "offers". lol Removed one---once I found it in all that code GW added. Yeesh ]

This post was edited by Gyr_Falcon on Tue, Dec 24, 13 at 19:16

    Bookmark   December 24, 2013 at 7:11PM
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nightowlrn

1 - you need a real photographer.
2 - the W/D is in the same area as a PR. Take two separate photos of each area. (I can see the W/D in the mirror of the PR and I cannot see the W/D at all in the other photo - just some hangers.
3 - the back yard is small but the side yard is nice. Use photos that make the yard look bigger.
4 - do you have animals? I see photos and knick-knacks of large dogs. That might be turning off a lot of potential lookers.

You have a cute house in a woodsy looking area. Good luck.

    Bookmark   December 25, 2013 at 4:02PM
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nosoccermom

Have you received any feedback from potential buyers?

    Bookmark   December 25, 2013 at 6:02PM
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nightowlrn

I have to add -- I just saw your pricing game. Playing the game 196, 189, 196 189 -- As an FYI from someone currently house hunting - I dismiss houses with your sort of listing.

    Bookmark   December 25, 2013 at 6:37PM
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SellMyHouse

thank you for the suggestion to remove some of the nick knacks....the reason I didn't include pictures of the washer and dryer is because they are not staying with the house, but yes the WD are in the PR (good eye on the reflection in the mirror!).

In terms of the price change, it was an error, for some reason the price went back up after I had reduced it.. I immediately called my realtor and she said the MLS must have crashed and reset to the earlier price.....I agree it looks sketchy but I don't think there is anything I can do to erase it :(

Thanks Again....I appreciate all your comments

This post was edited by SellMyHouse on Sun, Mar 23, 14 at 17:48

    Bookmark   December 25, 2013 at 8:06PM
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Sophie Wheeler

When someone comments on something about the house that can't be changed, like the too small yard, what they are really saying is the yard is too small for the price you are asking.

    Bookmark   December 26, 2013 at 9:29AM
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jamie81

I think you need new photos. My first thought was that you are showing furniture, not the actual rooms. In several, that is really all you see. A bed, a dining room table, a desk. I get no idea what those rooms are like.

Professional photos can make a big difference. I don't know if its common in your area, but here most realtors have a professional photographer do all their photos.

I see you have a nice fireplace, but I really don't get a feel for what the actual living room is like.

    Bookmark   December 26, 2013 at 11:23AM
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live_wire_oak

$124,998 would get people moving on looking at it. Looking at the market, that would hit the bracket that's moving, and be appropriately priced. Foreclosures ARE comps when they comprise such a large % of the market. They are establishing the new market value of the area.

    Bookmark   December 26, 2013 at 12:03PM
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ncrealestateguy

HollySprings nails it on the head.

    Bookmark   December 27, 2013 at 10:58AM
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SellMyHouse

Do these pictures look better than the originals?

Here is a link that might be useful: New Pics

    Bookmark   December 27, 2013 at 3:20PM
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nightowlrn

I think so! Could use some staging in the study and by the fire place. I don't think it matters that you photograph the w/d even though you don't plan to sell them. On that note however, maybe go buy a super cheap set to include or consider what you have there now during negotiations. You have a nice house, I hope it sells for you soon at the price you are hoping to get.

    Bookmark   December 27, 2013 at 3:34PM
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nosoccermom

Look at the houses that you are competing with for buyers as well as the houses that sold recently, e.g. on www.Trulia.com .

Who are your potential buyers? What's the draw of your house/neighborhood?

From looking at the pictures, nothing jumps out as a big no-no. Your house looks nice and clean, so it's probably the price and the current market.

    Bookmark   December 28, 2013 at 12:50PM
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ncrealestateguy

If you have had no interest in more than 60 days, and other properties are selling, chances are that messing with the pictures is not going to do much for you.
What are comps selling for in your neighborhood?

    Bookmark   December 28, 2013 at 9:43PM
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SellMyHouse

The other homes in the neighborhood are sitting also...sales are slow across the board here since it's the middle of winter..it's certainly not just me......

This post was edited by SellMyHouse on Sun, Mar 23, 14 at 17:51

    Bookmark   December 29, 2013 at 9:54AM
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littlebug5

If I really wanted to sell my house, I'd be less worried about comps supporting my prices than in actually getting people inside the door.

The lower price usually sells first.

    Bookmark   December 29, 2013 at 2:54PM
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nosoccermom

Huh? With that kind of logic, an asking price of 100K would probably result in a very quick sale.
Comps of SALES are justifications for an asking price.... However, it still looks like your asking price is on the higher end of the range.

    Bookmark   December 29, 2013 at 5:25PM
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gyr_falcon

From a buyer's perspective, the current comps are just a starting point. The problem of trying to sell in a market where the prices are dropping, and the foreclosures seem to point to that trend continuing in your neighborhood for a while, is that buyers do not want to pay today's comp price when the house will be be worth less 1-2 years down the road. So smart buyers will only pay the current comp price minus the cushion they feel they need to not lose money when they sell the house down the road.

When do you realistically believe your local housing market will return to today's comp prices, or better, and be on a rising trend? You are going to have to weigh your price against the urgency of your desire to move. Remember, too, details such as raising interest rates may put a dent in the amount of money buyers are going to be able to offer in future months.

    Bookmark   December 30, 2013 at 6:24PM
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ncrealestateguy

Ding, Ding, Ding, Ding, Ding...
GYR Falcon and Littlebug5 are winners.
Sounds like you may be doing what is called "chasing the market".

    Bookmark   December 31, 2013 at 9:12AM
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SellMyHouse

I took your advice and I revised my pics (I think they look great, what do you think?) I edited the descriptions under each pic (they no longer all say exterior front).....any other suggestions other than giving my house away for 100k!!!

TIA

    Bookmark   January 1, 2014 at 1:47PM
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marti8a

I think your new pictures look great too. Best wishes in 2014.

    Bookmark   January 1, 2014 at 2:43PM
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ncrealestateguy

No one said to sell your home for $100,000. They only advised to price it at a fair market value.
You say not much is selling, and then offer us 10 sold comps...
Go back and reread what Gry Falcon has offered you. Read it with your buyer's hat on, not your homeowner's hat.
Your pictures do look better.

    Bookmark   January 1, 2014 at 10:15PM
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sushipup1

Is the the front (and back), always in shadow? If not, take pictures at the time of day when you have sun on the face of the yard or house.

Personally, the exterior shots look unbearable dreary.

    Bookmark   January 1, 2014 at 11:33PM
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SellMyHouse

It's pretty dreary here in the North East...everything is dead for the winter so all my exterior retakes are horrible......for now, I will need to keep the ones from the fall...

What do you all think is fair market value?

    Bookmark   January 2, 2014 at 9:15AM
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lyfia

Remove the dog portion from the notes about the fenced yard. It is enough to say fenced yard.

Where is the spa in the master bath?

Is the office a separate room or is it a bedroom you are using as an office?

House looks nice so either it is just a waiting game to find the buyer that wants what you have for the price you want or increase the buyers pool by lowering the price so for example those that think the yard is too small feel like they can live with It since it is a good price.

    Bookmark   January 2, 2014 at 7:10PM
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mrshanson1

Your house looks beautiful. Please don't overstress over this. Most people buy houses in the spring/summer, and not in the fall/winter. You will sell this spring.

    Bookmark   January 2, 2014 at 8:11PM
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ncrealestateguy

What does your agent say is the reason for the lack of interest? No one here can really accurately give you a FMV. RE is soooo local. Even down to the street sometimes.
I just noticed that your annual tax bill on a $156,000 assessment is $5500 on top of the annual $1200 PUD fee!
I'd be moving too! That's an extra $550 per month on top of the mortgage. Sheeesh!

    Bookmark   January 2, 2014 at 8:30PM
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SellMyHouse

Sine posting this, I've actually had some interest! No offers yet but at least I'm getting showings (it makes me feel a ton better that at least things are happening).....I think you're right about the fall/winter being slow times...unfortunately, patience is something I lack so this is extremely stressful for me....my agent says to stay with the current price...average days on the market for my area is around 160 days so I guess my listing isn't too old...my plan is to try to wait until March before I have a small price reduction...thank you MrsHanson for the encouraging words...I really hope you're right and the spring brings in the right buyer for my house

    Bookmark   January 2, 2014 at 8:50PM
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jamie81

Your pictures are much better. It really is a very nice house. Good luck.

    Bookmark   January 2, 2014 at 9:16PM
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ncrealestateguy

If the avg. days on the market is 160, and you can wait this long or longer, than you are probably fine.

    Bookmark   January 3, 2014 at 6:42AM
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alisonn

Personally, I thought the first round of pictures were way above average--they would get me in for a look. I think with a house in that good condition, it comes down to price, probably.

Best of luck!

    Bookmark   January 7, 2014 at 11:21AM
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