Selling our house.....UPDATE

[DawnM]

Finally have an offer and hoping nothing interferes!

Original Post:

UGH. This is the 5th house we have sold in our marriage. They have all been stressful. I hate selling/buying. Anyway, our house is on the market and has been for 6 days. That isn't a lot, but typically our neighborhood sells quickly and we honestly thought it would sell right away (typical for our neighborhood is 0-5 days, although. few have been longer.)

We put a lot into getting it ready and 3/4 of our stuff is in storage and we even hired staging furniture this time around. Between the repairs and new carpet in some upstairs areas and all told, the total was $15k to get it all ready. I had budgeted $10k so that should have been my clue to budget 50% more. Sigh. But some of that had to be done anyway, we had just been putting it off.

I just need this to SELL!

Tell me your selling stories. I need some distractions.

 

[gmi3804]

Realtor here. The best thing to do is to price your home correctly. An overpriced home is à guaranteed sale for your competition. You should have accurate stats about recent sales. Good luck!

 

[sam_gordon]

We've sold one home and it was 20 years ago. It was on the market for what seemed a long time, I think over a month.

Someone told us the "old wives tale" of burying a St. Joseph figurine upside down. We figured it couldn't hurt, so we did. I believe we had an acceptable offer within a week.
https://www.nyrentownsell.com/blog/...int Joseph is a well,in their yards for years.

https://www.homelight.com/blog/st-joseph-statue-to-sell-house/

https://www.rockethomes.com/blog/home-selling/st-joseph-selling-house

Now, do I REALLY believe that? No. But it didn't hurt.

FWIW, the length of time the house was on the market worked in our favor as we were able to close on the house we were selling and buying in the same day.

 

[DawnM]

Realtor here. The best thing to do is to price your home correctly. An overpriced home is à guaranteed sale for your competition. You should have accurate stats about recent sales. Good luck!

That doesn't seem to be the issue. We have had about 14 showings so far and the little comment sheet realtors can fill out asks about pricing. Not one has said it is overpriced yet. They all say it is fairly priced. We are even less per sq. ft than some of the other homes, but our house is larger so it is higher priced than the ones currently on the market, and lower than some of the others that have recently sold. If is priced fairly and IF people say it is not, we will adjust.

People just have commented on other reasons they don't want our house.....floor plan not open enough, kitchen too small, don't like the way the garage faces.....that sort of thing. Not things we can change.

 

[kdonnel]

My selling stories probably won't help.

I have always sold during a buyers market, never a sellers market.

The first home was on the market for 89 days before it got an offer.

The second home was on the market 82 days before it got an offer.

The third home was on the market 178 days before it got an offer.

 

[Marrila]

Of course you need to look pricing. We have had about 14 showings so far and the little comment sheet realtors can fill out asks about pricing. Not one has said it is overpriced yet. They all say it is fairly priced. We are even less per sq. ft than some of the other homes, but our house is larger so it is higher priced than the ones currently on the market, and lower than some of the others that have recently sold. It is priced fairly and IF people say it is not, we will adjust.

People just have commented on other reasons they don't want our house.....floor plan not open enough, kitchen too small, don't like the way the garage faces.....that sort of thing. Not things we can change.

All those things they don't like they will probably be fine with at a lower price.
I hope you get your asking, but if no one bites you might consider making the pricing more competitive.

 

[dvcgirl67]

Well, at least in my area...NJ, it's still a seller's market, even with the high interest rates because there's next to no inventory. People with mortgages with interest rates that begin with a 2 or 3.... who would need a mortgage on their next home are handcuffed. A house around the corner just sold for more than they would have gotten at the peak of the prices last summer to an older couple who paid cash. The sellers were an older couple who also did not have a mortgage. So, I'd be pretty confident listing my house right now.

 

[DawnM]

All those things they don't like they will probably be fine with at a lower price.
I hope you get your asking, but if no one bites you can always make the pricing more competitive.

That is always a possibility. But not the first thing I go to after 6 days of no one saying it is a problem.

 

[DawnM]

Well, at least in my area...NJ, it's still a seller's market, even with the high interest rates because there's next to no inventory. People with mortgages with interest rates that begin with a 2 or 3.... who would need a mortgage on their next home are handcuffed. A house around the corner just sold for more than they would have gotten at the peak of the prices last summer to an older couple who paid cash. The sellers were an older couple who also did not have a mortgage. So, I'd be pretty confident listing my house right now.

It is here too to some degree, although I think it has cooled just a bit. There isn't enough inventory and we are in a very desirable area.

 

[Marrila]

That is always a possibility. But not the first thing I go to after 6 days of no one saying it is a problem.

A lot depends on your timeline. If you're in a no rush to closing situation that helps.

 

[DawnM]

Our last house (4 years ago) took 30 days to sell. It was not a sellers market, although pricing had gone up. It was a very funky layout of a house and over and over again the comments were "can't work with the layout, weird layout, awkward layout". Nothing we could change.

We waited and waited and finally a family with some unique needs visited our house and fell in love with it as it was perfect for their family. They just messaged me and told me how they still love the house even though 3 of their family has now moved out.

So, we will wait for the perfect buyer. Yesterday some folks came for a 2nd visit, so we will see.

 

[JLTraveling]

Are you sure your neighborhood hasn't taken a turn toward a slowdown? I'm only asking because we're renters starting to think about buying when the lease is up in 6 months. When we were thinking about it a year ago, houses were snapped up before we even had time to see them. We decided to wait till it cooled a little. Now it seems that places around here are sitting for at least 3 months, often much longer, and prices are inching down the longer they sit.

 

[DawnM]

Are you sure your neighborhood hasn't taken a turn toward a slowdown? I'm only asking because we're renters starting to think about buying when the lease is up in 6 months. When we were thinking about it a year ago, houses were snapped up before we even had time to see them. We decided to wait till it cooled a little. Now it seems that places around here are sitting for at least 3 months, often much longer, and prices are inching down the longer they sit.

Well, I just am looking at the sold properties in our neighborhood and searched only the homes sold within the last 3 months, so I don't think so, but we could be at the start of more of a slowdown. The inventory is still low and we have a lot of people moving to our area. More people than we have housing for.

 

[gmi3804]

That doesn't seem to be the issue. We have had about 14 showings so far and the little comment sheet realtors can fill out asks about pricing. Not one has said it is overpriced yet. They all say it is fairly priced. We are even less per sq. ft than some of the other homes, but our house is larger so it is higher priced than the ones currently on the market, and lower than some of the others that have recently sold. If is priced fairly and IF people say it is not, we will adjust.

People just have commented on other reasons they don't want our house.....floor plan not open enough, kitchen too small, don't like the way the garage faces.....that sort of thing. Not things we can change.

Rule of thumb is the you should get an offer after 9 showings if the price is right. Remember, your house is in a price war and a beauty contest, and it has to win both.

Has your agent given you the absorptions rate (how long your property should be on the market given the price) for your property yet? Often times those who fill out feedback forms don't give opinions about price.

 

[JLTraveling]

Well, I just am looking at the sold properties in our neighborhood and searched only the homes sold within the last 3 months, so I don't think so, but we could be at the start of more of a slowdown. The inventory is still low and we have a lot of people moving to our area. More people than we have housing for.

Good luck! I know it's stressful. Our property owner just listed the house we're in, and it's been rough on us...and we don't have to move anything out or stage it. I hope something comes through for you soon!

 

[DawnM]

Good luck! I know it's stressful. Our property owner just listed the house we're in, and it's been rough on us...and we don't have to move anything out or stage it. I hope something comes through for you soon!

Oh no, that means you have to move? UGH.

 

[JLTraveling]

Oh no, that means you have to move? UGH.

Not till the lease is up in 6 months, which we wanted to do anyway. But just the showing and having property management people all up in our business all the time still sucks

 

[DawnM]

Not till the lease is up in 6 months, which we wanted to do anyway. But just the showing and having property management people all up in our business all the time still sucks

That does suck! I don't even like it in the house I stand to gain a profit from!

 

[china mom]

I have had one property sell in 24 hours for full asking price, no contingencies, another one sold in less than a week for over asking, and another sat for five months until I took it off the market and made it a rental. It is a lot of timing and luck (and staging/pricing). But being on the market sucks either way. Good luck.

 

[abdmom]

My house is pending. It took about 40 days, a price reduction and some landscaping to get an offer. In my current area, the average DOM is about 80. Two years ago when I bought, DOM was about 6. Ask your realtor what the current days on market is for your area.

There are 3 houses near me that have sold in the past 3-4 months that I used for comps. They all had pools, like mine does and are in the same neighborhood. All sold for right around the same price, even though a couple had 200-300 more square feet. Price per square foot isn't necessarily a good barometer.

July is generally a slow month. Everyone is on vacation. Even in the areas people go on vacation, they are not looking to buy as much as they are in the spring. Things will pick up around Labor Day.

The house I sold in 2021 sold before it hit MLS. The house I sold in 2009 took over 6 months. Price had very little to do with how fast they sold. It was all about what the market would bear.