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Rainmaker
2,432,799
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

No, there is a reason it hasn't sold. Is it clean? Is it updated? How is the curb appeal?

Aug 23, 2015 11:55 AM
Ambassador
4,840,676
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Time to isolate what the real problem is and get that fixed so that it can be sold.

Aug 23, 2015 10:46 AM
Rainmaker
827,572
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

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.

 

Aug 23, 2015 10:05 AM
Rainmaker
352,939
Cindy Davis
SD Home Source Realty - San Diego, CA

My reommendation would realy depend upon whether they NEED to sell it now and weathe renting would cover the monthly costs.

Aug 23, 2015 10:39 AM
Rainmaker
2,766,501
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Aug 23, 2015 10:35 AM
Rainmaker
798,287
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

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.

Aug 23, 2015 10:23 AM
Rainmaker
5,975,228
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I would try to figure out what is wrong and keep it on the market.

Aug 23, 2015 10:06 AM
Rainmaker
1,507,472
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

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.

Aug 23, 2015 04:09 PM
Rainmaker
1,510,941
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Is the surrounding environment a negative factor?   There has to be some reason.  

Aug 23, 2015 10:11 AM
Rainmaker
692,098
Sara Wagner
The Woodland Companies - Adams, WI
Stevens Point Rentals

Not sure of the best approach, but I do know that renters can be very hard on a home.

Nov 25, 2018 05:53 AM
Rainmaker
551,272
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

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.

Aug 24, 2015 01:22 AM
Rainmaker
3,570,463
Richard Weeks
Dallas, TX
REALTOR®, Broker

 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.

Aug 23, 2015 10:21 PM
Rainer
227,137
Richard Robibero, e-Pro, ABR, SRS
Panorama R.E. Limited - Toronto, ON
Selling Your Home as if it were My Own!

Shows well, priced below market, landscaped. Hmmmm...

Are other homes selling in the area?

 

There must be a reason why it's not selling.

 

Aug 23, 2015 10:19 PM
Rainmaker
5,440,957
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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!!!

Aug 23, 2015 09:48 PM
Rainmaker
2,350,102
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

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!

Aug 23, 2015 06:45 PM
Rainmaker
846,120
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

If the market is sluggish I would recomment taking it off the market. If it is vacant maybe a short term rental.

Aug 23, 2015 11:24 AM
Ambassador
3,985,488
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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. 

Aug 23, 2015 11:21 AM
Rainmaker
781,352
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I usually advised against rentals when someone truly wanted to sell. Also, the "different" market might be worse... Maybe a different marketing strategy?

Aug 24, 2015 05:04 AM
Rainmaker
3,729,942
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

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.  

Aug 24, 2015 12:03 AM
Rainmaker
1,417,877
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Aug 23, 2015 11:22 PM
Ambassador
1,706,758
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

If it was not an absulute necessity to sell and get equity, your different solutions are all good.

Aug 23, 2015 11:08 PM
Rainer
7,088
Sean Collier
Century 21 Reilly Realtors - Collingswood, NJ
10 Minutes To Philly

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?

Aug 23, 2015 11:05 PM
Rainmaker
342,571
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

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!

Aug 23, 2015 11:00 PM
Rainmaker
3,207,439
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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,. 

Aug 23, 2015 10:51 PM
Rainmaker
1,624,923
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

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!

Aug 23, 2015 10:42 PM
Rainmaker
292,385
Jack Lewitz
IL Real Estate Specialists - Evanston, IL

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 

Aug 23, 2015 10:07 PM
Rainmaker
3,563,469
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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.

Aug 23, 2015 10:03 PM
Rainmaker
113,789
Jeanne Feenick
NextHome Premier - Basking Ridge, NJ
The Agent you choose REALLY does make a difference

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!

Aug 23, 2015 09:36 PM
Ambassador
2,759,162
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good Monday morning Debbie. I would look into the reason that the property is not selling especially in this hot real estate market.

Aug 23, 2015 07:00 PM
Rainmaker
1,157,329
FN LN
Toronto, ON

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.

Aug 23, 2015 05:18 PM
Rainmaker
304,455
Tammy Adams ~ Realtor / Podcaster
Maricopa Real Estate Co - Maricopa, AZ
A Maricopa Agent who Works, Lives & Loves Maricopa

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

Aug 23, 2015 01:37 PM
Rainmaker
536,982
Mark Don McInnes, Sandpoint
Sandpoint, ID
North Idaho Real Estate - 208-255.6227

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

Aug 23, 2015 01:10 PM
Rainmaker
1,680,689
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

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.

Aug 23, 2015 01:07 PM
Rainer
230,874
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

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?

Aug 23, 2015 01:05 PM