We put our property on the market and have had 7 showings with one more this morning. We do have someone coming back tomorrow. But after how many showings would you get concerned.
We keep getting two comments. The carpets need to be replaced (these are in the bedrooms and I would agree, I don't like the way berber wears and neither does anyone else by the look of it), and our lot size is a bit tight. Nothing I can do about the lot size, they are all the same in this neighborhood, quarter acre lots with a 1300 square foot house (3 levels, 4200 square feet). So the comment on the lot, I can't change and an educated buyer would be aware that's what's available if you are looking within a 5 miles radius with this amount of square footage.
The person who is coming back made a comment they didn't like the floors, we don't know which flooring surface, maybe all of them for all we know. The bedrooms and basement are all carpet.
The house shows extremely well and there's been no comment otherwise. One comment we did get back was that the office was smaller than they needed (but they may be back), again nothing I could do with that.... I guess at what point should I get concerned this house isn't going to sell or that in fact I should put in new carpets in the bedrooms? Some of these questions are coming from my own anxiety so I apologize in advance. I remember why I don't like selling...
It's only been since Tuesday and now we are up to 8 showings. I'm noticing some common themes, 1. the upstairs carpet in the bedrooms needs to be changed 2. The lot size is tight (but it is the same size as any neighborhood home in a five mile radius with our square footage 3. The house is too big then there are a few general comments, the office wasn't big enough or in 1 case they just didn't like the floor plan. In 1 case because 4 vinyl side boards had been replaced due to the previous owners having a basketball hoop, a ball went through and damaged the boards, well, the 4 replacements didn't match exactly (close but you can tell), we should re- side the house. In one case, the one most critical, they thought for the price it should have been in pristine condition (that's the one suggesting re siding the house, re doing the driveway) but the house was too big for them. Now when I do a search of homes within a 5 mile radius there are only 2 homes at a lower price point and 1 is one on a lot that in no way you could pay me to take off your hands, I looked at it yesterday.... So I'm really not sure what we should do at this point, I can replace carpet and I can re-do the driveway, but that doesn't make the house less expensive, nor does it make it smaller. My realtor wants to wait until tomorrow nights repeat buyer who is coming to look. Our area sells fast and he feels that although the agents feedback has been at times critical they all said the house would sell fast. In our specific area if your house doesn't sell especially at our size and price point rather quickly there's a problem. I think the 8 showings is already telling us we have a problem. The interior staging was complimented nicely however... funny enough this is how we live, I spent very little to stage the house LOL... I just moved some pictures and furniture around.... So in this post I'm giving the most critical information we have received, we've received compliments too but those didn't come with offers so I'm not paying attention to those.
I'm glad to hear you sold your house (or almost!) usually I'm good with giving advice but in this case I'm too close to it.... and I am anxious, I'm more anxious over this property than any I have owned, who'd have thought...This message has been edited. Last edited by: MauiLuver,
It's not uncommon to have many looky-loos walk through your home after you initially list it. They'll issue various excuses and recommendations like the ones you mentioned. They may not have been serious buyers, anyway.
The key (IMHO) is number of second showings and ultimately, offers. I would listen to your realtor. If you don't receive an offer after a few second showings or stop receiving second showings altogether, then it's time to consider both your pricing strategy and various spruce-ups.
I do know in one case a couple saw our house and put an offer in on a smaller house...
We did have an offer the second day but it was ridiculously low, the guy was trying to get into the neighborhood on a shoestring pointing out the carpets and he didn't like the exterior color.
Meanwhile the house up the street, slightly larger on a smaller lot is sixty grand more, the same color house behind me, same size with completely different color replaced vinyl siding on the back is 107K more (it just came on the market this week as well), our house is the bargain in the neighborhood to begin with....
MauiLover, Don't think that I have ever suggested this before AND not sure that it is right, but if you have had 8 showings in less than 2 weeks and everyone has listed the flooring as a problem?
Think I would bite the bullet, call Lowes/Home Depot or such and have it all replaced at a bargain basement price with whatever their "special of the week" is. Go with a medium price carpet and TOP OF THE LINE PADDING; they should be able to finish the job in less than a day AND before your next showing.
Thanks guys, Charcoalsmom, we did sell a house 2 years ago as well as a vacation home. We purchased this house 2 years and a week ago but our situation has changed in several ways and my Husband has taken a transfer. I guess I am most anxious about this house because I have the most riding on it, I can't get into too many details, but the reasons we are moving are significant, we NEED to sell, I guess in the past we never NEEDED to sell.
I'm ready to go down to Lowes to get the carpet done but the realtor has said hold off at least through tonight. His opinion is that most people replace the carpet when they buy, in our case we put in a new kitchen and bathroom as well as granite tops/undermount sinks and new faucets in the existing baths and never got to the carpet
I'll let you know what comes of tonight and if we replace that carpet, I'm not sure how long it would take to install 4 bedrooms with two walk in closets?
Sorry to hear your life situation changed. Unfortunately, potential buyers can often sense that need and may act accordingly.
Unless you omitted critical information from your posts, I wouldn't worry until showings and (especially) 2nd showings dry up. After a few 2nd showings, an offer s/b received. If no offers come in, then it's time to start worrying.
In the meantime, relax and let the realtors do their job. Sounds like you have a terrific, reasonably priced home. I'm sure you did your best to stage it. It's hard to complete 100% of a large home prior listing. Buyers will always find something, IMHO.
If you want to do some shopping, that's fine - but I wouldn't buy or install anything, yet. You might consider other flooring options, e.g. bamboo or cork. (They've come a long way - many options are available.)
What type of flooring is standard in your area and price range? If you haven't done so already, you could tour the competition while your home is being shown.
Important that you change for the better what you can change.
Buyers are shown homes that meet their criteria, and most are not into rehab or redos. They usually will pick the one they like best from the selection shown to them in move in condition ---from my experience..
We haven't gotten any feedback from last night, I'll probably wait an hour and give the realtor a call... about the only thing I would change in the house is the carpet, and the cost for a builder grade carpet that is currently on sale would be about a thousand dollars or so....
Nobody knows our situation so it's not known we need to sell, so that won't affect the way people view the property.
Originally posted by MauiLuver: We haven't gotten any feedback from last night, I'll probably wait an hour and give the realtor a call... about the only thing I would change in the house is the carpet, and the cost for a builder grade carpet that is currently on sale would be about a thousand dollars or so....
Nobody knows our situation so it's not known we need to sell, so that won't affect the way people view the property.
As for the typical flooring in our area, we have it, there are no homes in the neighborhood with different type flooring than what we have, honestly the only difference is the carpet should be changed IMHO
Just got the word, they like the house but they think the price is aggressive (it's significantly more than we paid for the house due to the improvements we made)... the realtor says they are laying the groundwork for a low offer
Consider it! Consider any offer. I do not know your area or circumstances but you have said you are very anxious to sell the home? How anxious are you? What is more important to you, that you get the most money or that you sell the house quickly? You will have to decide.
Posts: 6510 | Location: North MN & Northern AR | Registered: Oct 01, 2002
We don't have the offer yet, my realtor has a call and email into theirs to see what number we are talking about. If it's 70 grand under we can't consider it, we are flexible, but not that flexible. My realtor is trying to keep me calm, he's a good guy, good at his job, I'm just anxious. He did say that if this doesn't work out to do the carpet. This would be the second lowball offer in a week if it comes through. The problem is we bought the house at the bottom of the market here, we put in upgrades and the neighborhood appreciated, people see what we paid and they want to pay THAT... he says we will find a buyer who is educated on the area. Maybe this deal will come through.... He says he thinks 72 hours before we know.
Just got the word, they are waiting until late this week to see exactly how much a house very close to me is closing for before making an offer, their agent is going back and forth with them.... so I guess this particular buyer is going to wait, we likely won't know anything until the weekend. In the meantime we'll see what other showings we get.
My initial thought: this "buyer" doesn't seem serious.
If she/he is, you'll get an offer. Then you can counter it, if you feel it is too low. I agree, always acknowledge an offer, even if it is a lowball. The key is to get an offer and let the negotiations begin.
Yes, I'd be concerned about the buyer's commitment to the deal, also. Ideally and typically, you receive an offer when someone absolutely falls in love with your home. Consequently, they'll do whatever it takes to close the deal. But, receiving an offer is pretty much always good.
Agree that $1K isn't much (compared to the value of most homes) to replace the carpeting. OTOH, if you're in a subdivision with many identical floorplans and finishes, sometimes it's good to stand out as the upgraded home. Agree, I'd probably do it, too. Be sure your realtor immediately submits new photos to update your online listing.
As you know, it basically doesn't matter how much you paid for your home or the cost of your improvements, although you may receive a few pennies more than the next guy and sell your home faster if you have nice finishes. The only thing that matters is the current market in your area. As long as you reviewed the relevant comps and didn't overprice your home, I wouldn't worry. Sounds like someone's trying to work you -
Sometimes anxiety is communicated nonverbally (say by making too many follow-up calls) so stay cool and remain calm. Keep the faith and it'll happen!
JMHO and take care -This message has been edited. Last edited by: BearCat49,
Thanks Bearcat, the sense I'm getting is they want to make an informed decision and those who I know are saying if it were then they'd be waiting for that final sold number to come in at the end of the week. I did get another look at the comps and honestly I look good, I'm definitely not over priced, although we may have to go down some to make a deal. I would agree, the guy early last week definitely tried to work us over (we didn't even touch it), these buyers, I'm not sure, it's possible they are really trying to make an informed decision... Maybe another showing will occur and we'll find another buyer who isn't questioning the neighborhood and area's pricing...
Maui Lover, Will be interested to know what happens with the latest people interested after they get the figures on the latest sold number.
BUT I think I'd go ahead and start scheduling the re-carpeting job just in case ~ it does take 3-4 days to get on the schedule. To answer your question re time to carpet 4 BDs/2 closets? Well, the obvious answer is to ask the company you hire but, in my experience, it can be done in a day, maybe a day and a half at most, depending on how many individuals are assigned to the job.
Don't forget to buy the VERY BEST PADDING YOU CAN AFFORD ~ it makes a world of difference when you walk on it!
Well they are coming back for a third visit today, just got the word, unfortunately the house is a mess, at least a few thousand square feet of it it's really too big.... that house closes tomorrow, so I really think the pictures of that house and what it closes for is going to dictate what they come in at, they are going to look for any and everything that needs work to come in lower...
Since the couple have scheduled a third visit, it's clear that they're seriously house hunting. To combat the "mess" house being used as a comparable to justify the offer to you, your realtor needs to be compiling your own comps to help their realtor understand the rational for your pricing. Condition and location are just as much a factor in determining true comps as is square footage.
For example, a house with the same floor plan and square footage down the street from us sold earlier this year for about $35k less than what I think we could get for our house. We have numerous upgrades that the sold house doesn't. A buyer's realtor might find it reasonable to use that house as a comp, but I would expect my realtor to sound the alarm to correct that assumption. I hope your realtor will do the same.
Originally posted by MauiLuver: I think he is doing the same, he supplied them a list of the upgrades earlier in the week. I think they likely wanted to take a closer look at those upgrades. The house across from us is a reasonable comp. It does have some thing like a nice deck and better finished basement than we have, but we have a better kitchen and baths and we have AC, something that was oddly not put in these homes when they were built, we put it in, I have no idea how somebody lived in this house for 9 years with no AC, course they had no closet systems either, so there you go.... I think that house across from us will garner a slightly higher price because of its backyard, it backs to a little bit of marshland then homes beyond that, it's a little more desirable, but not say twenty grand more, I would not sell for anything more than 20 grand off that house. So, for me it's good to see where it fell... I'm assured they are qualified, it does seem it's the house they want, but whether they are willing to pay for it remains to be seen. But I do know my realtor is an excellent negotiator, I look at the comps we do look very very good.... so we'll see tomorrow if there's an offer (or Saturday if it's a late day closing), I would like to get more showings in the meantime though.
Oh I meant previously MY house was a mess, I let it go for 2 and a half days and it took two people to clean it for two hours, I'm really particular.... I can't help it.
Well, just got the number for the house that closed across from me, to say my number is SPOT ON would be an extraordinary understatement. Haven't heard anything from the 3 time lookers but have another showing over the weekend. If I still hear nothing by tomorrow afternoon we'll get on the schedule to get the carpet installed. The number across from me was EXCELLENT for me, I'm very pleased.
Got the word a little while ago, the wrote up an offer 45K less than our asking and 60K less than the house across the street closed for today. I did counter ten less than our asking. We will see if they counter at all, if they counter 2 grand, there's no place to go, if they counter ten or fifteen grand higher we might get somewhere by the end of the weekend. Meanwhile I have another showing this weekend, someone that is qualified going through another agent at my agents office.
Heck, if it's your turn, I'd counter at the lowest price you're willing to accept and tell them, final offer. IF, in your heart, that's really the lowest price you're willing to accept.
Looking at it another way, not really knowing the area, etc., if this offer ends up falling through, are you going to regret it, say, in a month, if you don't have another offer? In other words, in a month will you have to lower your price down to what their highest offer is now? (Did that make any sense?)
MauiLuver, Sounds like all of the numbers came out in your favor and I agree with Charcoalsmom's points. If their offer is now 40K below your asking price and 60K less than the house they were "supposedly waiting on," sounds like they are playing the old "see if I can wait you out" game and someone has to blink first...
I agree with CCM to counter back with the lowest price you would be really to accept and still feel good about if they accept it. Remember, you have only been on the market for 2 weeks and have had a LOT of activity. I know you NEED to sell because you have told us BUT they don't know that and might simply be trying to get a bargain.
Decide on your bottom line, offer it and, then if they walk, so be it. It's still early in the process, too early to settle for an offer that is insulting. Of course, up to you ~ do let us know what happens.
ugh.... I didn't tell my DH about the offer until they countered, which yes, put them 40K under asking and 30K less than my initial counter. Essentially we are 30 grand apart. My DH is losing his mind he's so insulted and he's blaming ME! How is their low offer my fault? At this point our realtor has said essentially the same thing as you guys, go back with your lowest and final offer, he feels it's fifty fifty if they will go into our range. The realtor thinks the house is worth what we think the house is worth and the house across the street proves it.
A very stressful morning already... I'm sorry they don't care about the comparables (their realtor said that apparently), but it's not my fault!
I think if we don't have an offer in a month I won't feel badly about it, I WOULD feel bad if I took their offer, thirty grand is a lot of money to lose just because I'd like to sell at day 10 and not day 60... so, the hunt goes on, off to look at carpet today....
Thanks guys, it's the stress I'm sure... but I didn't appreciate waking up to that.
They finally came back with a number that is reasonable but they are still ten grand under my bottom number, not even five grand, we can't do it. They shouldn't have been looking at a house in this price range when typically we sell only five grand under or less in the area.... The house across the street sold for 5 under, and their number substantiates my asking price, but I've now gone 15 under my asking price, something not commonly done. We priced it appropriately. We will see how the showing goes tomorrow.... I'm annoyed beyond belief. They really should have made a decent offer yesterday instead of playing games, like seeing the house 3 times. What I did find out is, they are trying to be conservative because they might only be in the area for one year. That's not exactly my problem. These houses turn over all the time, you can sell them rapidly, they know it, that's why they want it, but they know if they pay market rate they will lose on the commission should they sell in a year.... why should we pay for their only staying a year? So odd.. we always knew this was odd....
Thank you I just got off the phone with the realtor and for certain they also want the appliances for the price they are throwing out there... The realtor is leaving it up to us, if we want to go down five more and say meet us in the middle, they MIGHT do that 50/50. We would save 2 grand on the carpet... He thinks the house is worth more but you never know when the next buyer will come along. I would not feel bad losing 3 grand (so they would have to come up 5), but if they can't come up the 5, then that's 8 grand and I can't live with that, especially on the market only (now today) eleven days on the market.... My DH is already having a near stroke at the price I went down to, never mind going any further.
Sorry to hear about the lowball and everything you're going through but happy that you're seeing so much activity in the market, ML.
Agree with everyone - come down the lowest you and your spouse feel comfortable with, either way (walking away or accepting).
How does their offer appear WRT other factors? Any potentially difficult contingencies, e.g. dependent on the sale of their current home? What's their financing situation? Did they offer a reasonable deposit to guarantee their performance? Sometimes the other factors can make the difference, IMHO.
Hope everything works out well!
P.S. Also agree that you're not responsible for someone else's offer. Sounds like the stress and heat of the moment, however.
Thanks, it's the stress.... I'm glad we are seeing activity as well although I wish it was from people who wanted this size home in this location knowing what the market would bare.
On paper there's nothing of concern in regards to contingencies, no house to sell, they look like they are putting 20% down and can close quickly, which for us that's not a benefit. We can close June 17th, not May 29th (so that is a concern). They did put a reasonable deposit down, that was the first thing I looked for. They put down ten grand, funny that's the amount we are apart...
Maybe tomorrow's showing will go spectacularly well and the person will fall in love with the place!! Unlikely but you never know, I can always hope. I don't think we will respond until after we get the feedback from the mornings visit. My DH is in no mood to talk about it over the phone and he got called into work as I was on the phone with the realtor... this is so unusual....
MauiLuver, So sorry about the friction when the offers came in that were disappointing. Of course, you aren't responsible for the potential buyers' decisions and your dh knows that as well. Bet he is sorry for his reaction (although sometimes men have a hard time saying those words ~ instead they try to show it in other ways) so hope you will give him a pass on this one...
But, bottom line, it sounds like you have done your homework, know the comps and also know what will work or not work for you. Once again, if I was you, I would counter back at the amount that BOTH you and your dh have agreed upon and not a penny less.
It's another day and we will make another counter, we just don't know what it will be though.... The number we are asking as our bottom line has to do with the equity we pull out of here and was what the bank used to qualify us for for the next mortgage.
On the other hand, the lack of contingencies in this offer are appealing but don't entirely make up for what we still feel is a low offer. Our lack of showings and repeat showings from the initial wave has me a little nervous I have to be honest... so we're going to try and work with what we have on the table. One big problem is they can move right away on this and DH has not set his start date on the transfer, so before we sign anything he's got to do that, we didn't think we'd get someone who'd want to close before June or mid-June at the earliest. So we will see how this goes today, both the new showing and the offer on the table. Sometimes you have to sleep on these things....
So we had the showing, the agents feedback is they love the home but want to see some other properties and what is on the market. Lucky for me there are few properties comparable to mine in this area at this price if this is the area they want... I've encouraged my real estate agent to invite them back at the end of their day should they want to view it again. This agent also commented on the fantastic staging, which I'm happy to say is the way I always live But keeping the place clean is an enormous problem....
The one thing I did want to say before was something about the anxiety you said you were feeling about this house. Factor the cost of the anxiety into it and it might be worth taking 5k less than what you had originally hoped for. It's just a thought.
Originally posted by MauiLuver: Well apparently the person who looked this morning won't be ready to write an offer any time soon, apparently they have a hard time making a decision.
When I was initially told of this offer I was told the buyers could go ASAP, takes a few weeks for underwriting, but they were ready. That's great for them but we're not planning to move until June. Well, I came down even further (accounting for that 5 grand of stress), they won't come up, but they want to hear what date we give them tomorrow, I expect if we give them the date in May they want they will give us the extra 5 grand we are STILL short. They looked at the house 3 times, held off making an offer to see the closing number across the street and now have been drawing out the offer for days, this has all taken 10 days. They're desperate to get out of temporary housing yet they're dragging it out. Had I known ten days ago their timeframe I'd be more keen to help them but this will put me in temporary housing... So I went well below my bottom line only now to be in a position to need temporary housing... but no dollar figure agreed to even as of tonight.... The whole thing is crazy and anxiety inducing...