As the subject says my home's been on the market for three weeks. The house is a 2 bed/2.5 bath 1400 sq ft with a loft at the top of the stairs that can be turned into a third bedroom (according to my realtor for less than $1500, but we don't have the available cash to make that happen). We moved out into an apartment to clean it up, so we're definitely getting strapped for cash.
My realtor listed it as a 3 bed based on the ease of turning it into a third bedroom. Before we placed it on the market I replaced the flooring downstairs with laminate, kitchen to living room. I also replaced the carpet throughout the upstairs.
We've had nine showings without a return interest and the closest thing to an offer was a request to turn the loft into a third bedroom before the sale (my realtor requested he add it to an offer, but he's received nothing from that realtor). Out of the nine only one realtor has offered feedback and that was all positive citing that the house was just too small for his client.
We're one of two houses in the neighborhood at that price and sq footage and the other is a HUD property. All the other houses on the market are 200-500 sq ft larger and at least $20k more.
I'm getting nervous and anxious. I can't keep the house on the market for much longer before I'll have to rent it out and that will create other obvious problems. I'm looking for any insight. Thanks and sorry for the long read.
I don't think listing it as a 3 bedroom is helping the house sell. It is not now three bedrooms. If a buyer needs a three bedroom house they may be put off by the perceived additional cost as well as the work required to make the house into what they need and thought they were being shown.
Yes, I agree. Re-list as a 2 bed/2.5 bath with bonus room and price accordingly.
That's what I was afraid of. My realtor said he'd list it as a 3 bed, but note that there's an option for a 3rd in the listing notes. I think he set the price based on sq footage not the number of bedrooms. I'm just frustrated because I could have spent the money years ago (when I had it) to make it a 3 bed but everything I read said to keep the loft.
Just to add to my problems I just found a new house listed yesterday for $11k below what mine is listed for (they paid significantly less for theirs a few years ago). I made the suggestion of dropping the price $6k (I can't afford to go as low as they did) and we're going to drop the price with the hopes that people will be in the neighborhood looking at the new listing over the weekend. Realtor agrees and will make the adjustment.
Thanks for the feedback. It's much appreciated.
Although the listing should definitely be corrected, that's not necessarily the reason your home hasn't sold, IMHO. We noticed it b/c you mentioned it.
What's the market for your home? Who's the most likely purchaser - a young family? If so, the 3 v. 2 bedroom issue may be slightly more important. You may wish to stage accordingly.
Did you review the comps (closed sales) before pricing your home? Unfortunately, the buyers don't care about your cost so your home may be overpriced. If that's true and you're competing with similar, lower-priced units, your home might sit on the market.
Did your realtor contact the other agents to solicit feedback, especially negative comments? Many buyers don't like to criticize someone's home.
Can you provide a link to the listing? You'd probably receive many more comments.
Big Realtor Mistake-- overpowering the listing.
Sometimes Realtors do that to get buyers to the house...and then buyers discover out it is a true 2 bedroom with the loft.
Best your Realtor paint a true picture - that way buyers will not be disappointed, and their Realtor can suggest the third BR idea.
Have your Realtor email you the new listing and look at the photos and read the listing to compare before your price reduction.This message has been edited. Last edited by: real estate lady,
Hello! Yes, where are you located? A listing link would be great, if you can.
The first thing that popped into my mid when reading your first post was "drop the price." Then the 2/3 bedroom thing concerned me as well though it sounds like that has already been addressed with your realtor.
Anyway, best wishes and keep us in the loop.
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