2,443,250
No, there is a reason it hasn't sold. Is it clean? Is it updated? How is the curb appeal?
-
Shirley Coomer
Phoenix, AZ
-
Richard Robibero, e-Pr...
Toronto, ON
-
Nina Hollander, Broker
Charlotte, NC
-
Debbie Reynolds, C21 P...
Clarksville, TN
6,393,494
Time to isolate what the real problem is and get that fixed so that it can be sold.
-
Sean Collier
Collingswood, NJ
-
Nina Hollander, Broker
Charlotte, NC
-
Marco Giancola
Miami Beach, FL
-
Debbie Reynolds, C21 P...
Clarksville, TN
979,496
Debbie - It depends on the goal of your seller client. Do they want/need to sell, are they okay with being a landlord, or can they afford to just lower the price and get it sold. Are they buying another home and need the money out of this home.
Renting can bring up a lot of additional issues, and if they go with a 1 year lease, then they would not be able to sell their home unless someone was willing to purchase it, and allow the renters to stay if they wanted.
-
Nina Hollander, Broker
Charlotte, NC
-
Marco Giancola
Miami Beach, FL
-
Debbie Reynolds, C21 P...
Clarksville, TN
-
Debbie Gartner
White Plains, NY
443,220
My reommendation would realy depend upon whether they NEED to sell it now and weathe renting would cover the monthly costs.
-
Nina Hollander, Broker
Charlotte, NC
-
Marco Giancola
Miami Beach, FL
-
Debbie Reynolds, C21 P...
Clarksville, TN
2,817,671
Hmmm...from all that I've learned here, if it's not selling, it's OVER PRICED.
As others have said, it depends on their objectives. Are they looking to trade up? or move? or content? or need it to be a certain price?
My inclination would be to reduce price or wait...assuming that they want to sell soon (i.e. next 1-3 yrs). Rent is often the worst option for short-term. Well unless you are predicting the market to majorly increase later...but then it goes back to their objective...if they are trading up, that new house will just cost more.
-
Nina Hollander, Broker
Charlotte, NC
-
Marco Giancola
Miami Beach, FL
-
Debbie Reynolds, C21 P...
Clarksville, TN
911,338
They might not want to be landlords.First I would evaluate incentives, closing cost help, grants, price reduction, warranty, seller will pay 12 month of HOA fee, riding mower conveys, etc.
-
Nina Hollander, Broker
Charlotte, NC
-
Jill Moog
Carlsbad, CA
-
Debbie Reynolds, C21 P...
Clarksville, TN
7,836,139
I would try to figure out what is wrong and keep it on the market.
-
Nina Hollander, Broker
Charlotte, NC
-
Marco Giancola
Miami Beach, FL
-
Debbie Reynolds, C21 P...
Clarksville, TN
1,622,432
I had a few like that. It was so strange and I can not grasp why. The identical property was sold in days, and mine was sitting in no vain. Sometimes a right buyer comes along fast, and sometimes you need to be patient.
-
Shirley Coomer
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
2,178,603
Is the surrounding environment a negative factor? There has to be some reason.
-
Nina Hollander, Broker
Charlotte, NC
-
Debbie Reynolds, C21 P...
Clarksville, TN
784,786
Not sure of the best approach, but I do know that renters can be very hard on a home.
-
Bob Crane
Stevens Point, WI
637,434
Sounds like a buyers market in that area, so it comes down to price. Joe Petrowsky has a good idea, except I wouldn't put the price back up. Barbara Todaro suggested a change in marketing strategy, something that stands out. Renters NEVER, unless it is taken off the market and not just for a few months.
-
Barbara Todaro
Franklin, MA
4,882,355
If it is priced right, marketed well, and shows well it should sell. If the seller is motivated I would leave it on the market.
-
Shirley Coomer
Phoenix, AZ
273,237
Shows well, priced below market, landscaped. Hmmmm...
Are other homes selling in the area?
There must be a reason why it's not selling.
-
Sean Collier
Collingswood, NJ
5,583,278
no, I'd review my marketing and obviously I'm not targeting properly..... there's an ass for every toilet, no matter what the market may be....it's not the house or the market that's to blame....it's the marketing!!!
-
Nina Hollander, Broker
Charlotte, NC
2,538,633
Good morning Debbie. Increase the price and offer seller paid closing costs at an amount that would get lots of attention. If it is not price than I would make the property stand out in some other way.
Make it a great week!
-
Nina Hollander, Broker
Charlotte, NC
846,475
If the market is sluggish I would recomment taking it off the market. If it is vacant maybe a short term rental.
-
Debbie Reynolds, C21 P...
Clarksville, TN
3,988,007
The neighborhood traditionally has a long marketing time and the seller got only a few weeks on the market before they had to relocate. Since then more houses in the neighborhood have come on the market and they are not selling either. Theirs is the lowest price of any of the neighbrohood homes. In the general market area there is 10-12 month inventory of homes in this price range. Sellers have priced it at what they paid for it 3 and half years ago and have added an $8000 fence, Plantation blinds and a stainless refridge. They repainted to freshen up the house and it looks great. So bottom line is at the list price they would be taking a $27,000 loss on just the price not counting improvements. They say they can't reduve it anymore.
I can see it sitting on the market until next summer. They are not buying in their new location and are renting. In 3 years they may want to buy again. I know renting could hurt the condition but it would buy time.
Sellers own another home in the area that they have been renting for 6-7 years.
-
Debbie Gartner
White Plains, NY
900,128
I usually advised against rentals when someone truly wanted to sell. Also, the "different" market might be worse... Maybe a different marketing strategy?
4,572,183
During the listing presentation -- I like to discuss the "what ifs" including the scenario you presented here. That would be the follow-up conversation I'd likely be having with these sellers.
1,466,207
Debbie Reynolds It might be a good time to rent the property. At least they will be offsetting some costs of the mortgage rather than let it run down vacant. Things may change this coming Spring.
1,712,676
If it was not an absulute necessity to sell and get equity, your different solutions are all good.
7,138
Debbie, I agree with Troy on this to some point. Renting can be an option but they would need to check with a mortgage partner to see how their numbers pan out to count the lease as income if they are going to or need to purchase another home. And as for selling, what is their motivation?
440,656
Debbie, What feedback are you getting from agents who have shown the house? What are they telling your about price, condition, location, etc. I find that is the best indicator of next steps. Good Luck!
3,416,038
No, I woudl once again check price to make sure of its value. I would then assess who the most likely buyer is and make sure my ads and marketing were beefed up. If it shows well and buyers are looking at it, then the price still may be too high,.
2,436,099
I have a listing with similar challenges. Great house, perfect location, well maintained, priced very aggressively. Trying different marketing tactics, but there is a ton of inventory in the area, and everything is moving slow. I'll keep my eye on here for ideas!
292,685
It sounds to me as though price is not the issue but the market is slow and takes longer time to sell. Keep it on through fall and market for rent as well or rent to own
5,104,931
Of course, one could argue it's not priced under market value if it hasn't sold, although not knowing your market, I can't say Debbie. What the seller does would very much depend on what the seller needs to do in terms of having to sell or not. There's always a risk in waiting for a different market, as it could get worse.
115,432
I have this same quandry on several of my listings - our market cooled considerably this summer. I am hoping that it perks up after Labor Day. I am advising my sellers to consult with me prior to Labor Day so we have our plan cemented and ready to implement the day after. Hoping for better days in the fall!
2,759,812
Good Monday morning Debbie. I would look into the reason that the property is not selling especially in this hot real estate market.
1,157,785
Sometimes certain properties have specific stigmas or issues that cause it to be listed below normal market value. Those types of properties may have significant difficulty in attracting a lender and thus, it may require a specific type of buyer willing to buy the property without financing.
305,560
I have done this. Not so much to rent but if they can carry it for 90 days (especially the winter visitors) sometimes it is the best option
856,072
Good evening Debbie. In my opinion about 99% of the time a renter is the kiss of death when trying to sell a home. I would never recommend a renter. Make it a great week Debbie. Mark
1,683,912
Depending on what the curb appeal is and the inside looks like in the way of clutter, the seller may want to make some corrections or even have some broker open houses, before taking it off the market.
231,224
deb, sounds like you have a handle on it. with the market taking some time , and more on the market now..sounds like being the best priced (and maintaining that stance) will get yours sold faster..others may follow. a short term rental may cause more problems than it fixes...thats a very long average time on market.. oh well.. the only rthing to do is lower the price more i would think... or wait til one of the neighbors does it first?