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Agents - What would you do?

Profile picture for PJ Sassifras
My agent says she's out of ideas, so I'm looking for any helpful advice I can pass along. Our house backs up against the train tracks. The train comes by about 4 or 5 times a day for about 60-90 secs. It doesn't bother us, in fact, we don't even hear it anymore. Our backyard has a hill, lots of trees, etc that buffer the noise. It isn't like a freeway or busy street, the noise isn't constant. But, it is what it is.

Here's the link to our virtal tour if you'd like to get an idea about the backyard: http://www.chicovt.com/?cf=tour&vtid=869&

When we listed, comps in our area (not our neighboorhood, no one's moved for years) were selling for just over $200/sq ft. We listed at $188/sq ft. We know the market has changed in 46 days (sigh) so she's preparing a new CMA for us to see if we need to lower the price. My question is, if we're still below comps (sold) and comps (asking) other than lower the price, what can we do? My hubby says we should raise the price and market it as a "Train Buff's Paradise"? :)
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October 13 2007 - US

Replies (62)

Profile picture for Mike2020
Contributions: 741
Keep trying and keep making sure you are under other (sold and asking) comps..

P.S. The music is creepy on that site.
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October 13 2007
Profile picture for Mike2020
Contributions: 741
Nice clean home though. Staged?
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October 13 2007
Profile picture for PJ Sassifras
LOL....I know about the music. I didn't ask for it or pick it.
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October 13 2007
Profile picture for Alan May
Real Estate Agent
Contributions: 4051
before we "rehash" all the things that have already been done... why don't you outline what HAS been done... you say she's "out of ideas"... what ideas has she already brought to the table, and how have they worked out.

How many showings have you had, how long have you been on the market, what's the average market time in your area, how many price reductions have you taken.
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October 13 2007
Profile picture for PJ Sassifras
Mike - Nope, not staged. Just me and hubby and some good ol fashioned scrubby/decluttering.

Elvis - She put it in the newspaper for a month. Had the MLS tour and my hubby is sitting here very sarcastically telling me things like....she's put a sign in our front yard. LOL. We asked for the virtual tour and provided better pictures for the slideshow.

We've been on the market 46 days, the avg DOM is 100. We haven't done any price reductions, yet. 13 showings.
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October 13 2007
Profile picture for Alan May
Real Estate Agent
Contributions: 4051
Newspapers (most print ads) are very ineffective... sellers like to see them, but for anything other than announcing "open houses", they're pretty worthless.
....Virtual tour, these days is a must.. and yours looks okay...(I agree with Mike.. the music's a little creepy, you could ask her to have the music changed...they could give you a few options, or you could provide some music.)
....46 days is not a long time, in a market that averages 100 days... so don't panic. What was your feedback on the 13 showings? What were the major "objections?" Was it mostly the "train tracks" (something you can do NOTHING about) or were there objections about something you CAN address?
...Meanwhile, make sure your presence on the internet is strong... Are you on Realtor.com in an enhanced listing (you should be... and yes, your agent must JOIN in order to provide an enhanced listing!) Once on Realtor.com, the text, headlines, scrolling banners can be custom-edited by your realtor, and SHOULD be! Your photos and virtual tour can/should be linked to Realtor.com. Don't let her give you any "crap" about Realtor.com not being effective. We have found that almost 100% of people BEGIN their search online, and Realtor.com is the #1 visited real estate site... by FAR (the second is ColdwellBanker.com, but lagging waaaaaay behind). Make sure your agent's website is strong, and should be noted on your yard sign.
...at about 90 days, I'd recommend another Broker's tour, serve food... (small finger foods that the realtors can pick-up and run with... and bottled water).
...Individual brochures should be sent to all local real estate offices, targeting TOP agents who sell your type of property, in your area. (Brochures should be in color... http://www.xpressdocs.com/ they're full color, & inexpensive!)
... Last, take a hard objective look at price. Don't worry about cost per s.f. look at price for the HOUSE! Is it realistic? If YOU were buying today, is YOURS the one you would buy?
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October 13 2007
Profile picture for Alan May
Real Estate Agent
Contributions: 4051
continued...

Buyers today have way too many options. Look at the competition in your area... (stretch beyond your personal neighbourhood).. buyers won't be looking ONLY in your neighborhood, why should you be PRICING that way?). disregard price/s.f., if you were spending $300,000-$365,000 today, would your house be YOUR first choice??
... I know that the tracks don't bother you, but they WILL bother 90% of potential buyers (they haven't grown accustomed to it yet, and their parents will argue strongly that they shouldn't buy against the tracks for resale purposes)... discount deeply for the tracks.
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October 13 2007
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mpal

Norwalk, ct

Contributions: 10193
nice job, E, good advice!!
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October 13 2007
Profile picture for PJ Sassifras
Thank you, E, all good suggestions. We'll follow up with our agent.

The negative feedback on the house is always about the train. No objections to color, flooring, fixtures, etc.

When you say "discount deeply for the tracks", what would you determine to be a deep discount? 10K? 20K? more?

Would my house be the one I would buy today? That's a tough one to answer objectively. Especially since I'm older and wiser now. When we bought the house, resale was the furthest thing from our minds. We thought we'd live here for 15-20 yrs and then use it as an income property. However, life has other plans for us.

Anyone else have some creative marketing suggestions E, hasn't already proposed?
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October 13 2007
Profile picture for LinusK
Contributions: 476
You have a really nice presentation for your home... much better than 99% of all the homes I look at. (I notice you took the pictures, not your agent.)

You've done a really nice job with your home.

IMHO it's not the train tracks. It's the price. Look again at all the other homes for sale in your area, and ask yourself if your house is the one you'd buy in your price range. If not, reduce the price.

Oh yeah. And turn off that music!!!
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October 13 2007
Profile picture for Kencashflow
Real Estate Agent
Contributions: 116
My Suggestion would be to not lower the Price and increase the Commission incentives for the Buyers Agent. I know the last three homes I have sold have been 6% Commissions. Agents seem to be more motivated when they are getting paid better. Although this is not always the case, it may make an agent push your home harder if they have an incentive. Also, there are auction companies you can hire to create an auction type situation, read the fine print; I have seen some very effective auction sales. Good Luck
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October 13 2007
Profile picture for CarmelInMist
Contributions: 220
My suggestion is: Answer Elvis' tough questions. Please don't avoid it. His effort would be futile if you avoid his questions. :-)
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October 13 2007
Profile picture for PJ Sassifras
Oh, don't get me wrong, we're going to be doing some soul searching about that "tough question" for the remainder of the weekend. I'm not avoiding it, at all. I'm just looking for advice from anyone willing to give it. You know, different perspectives.
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October 13 2007
The train objections coming from people, may not be objections at all, they may be statements, ie: "Oh, it has a train behind it", does not necessarily mean they mind it, it's just a thing out of the ordinary. Don't automatically jump to the conclusion that people mind something like the train, or a power plant, or....

I sold two homes next to a power substation when everyone else said it couldn't be done without discounting them. The first person said "Oh, does it hum?" I said sometimes. That was it. They liked the floorplan and the neighborhood and the colors themselves and didn't mind the huge ugly thing on the side of their home. If I had brought more attention to it, it would have been a big deal. Make the positive of everything else and skim over the train. Acknowlege it is there in a positive tone of voice (your agent too) and bring up how beautiful the backyard it (like you did with your kids when they had to eat peas).

Your husband is right. There are train buffs (like myself) who like the sound of the train. The market is smaller than the general population, but there are no neighbors behind you like so many new construction neighborhoods when people are looking at you going to the bathroom and taking a shower from 20-30 feet away. It is a truly rare occurance that you get a beautiful home like yours and no back neighbors. Oh, yeah and Pray.
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October 13 2007
Profile picture for azrob
Real Estate Agent

View my 1 listings

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Homes that have something remarkably different, such as a train track or huge powerlines may take a lot longer to sell. Think how slow the market is today, now factor in that 90% of the people looking absolutely don't want your home for that reason. It will simply take luck to get the right person in there, price below everyone else and be patient.
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October 13 2007
Profile picture for Angelique01
Your house is very pretty, JSegress :-) (No advice, just a compliment.)
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October 13 2007
Profile picture for PJ Sassifras
Thanks, Angelique. Compliments are always welcome.

Selling new - I don't suppose you'd like to buy our Train Lover's Paradise at the new price of $325,000? Hmmm? :)

Thanks to everyone else for the helpful advice and compliments. Wish us luck!
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October 13 2007
Profile picture for Marci Reinheimer
Good luck J.
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October 13 2007
Profile picture for TeamHefte
Real Estate Agent

View my 42 listings

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Good Luck! Houses sell on busy roads and backing up to train tracks...be patient and objective. Try to find out what the actual diff in value is for homes that back up to tracks vs those don't in similar areas and be aggressive in pricing.
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October 13 2007
Profile picture for whataboutmycrib
Home looks great. Someone will appreciate that there is no house up against the back yard. At least with a train it only happens a few times a day, imagine if you were next to a busy freeway, that noise is a constant all day long........I would take the train.
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October 13 2007
Profile picture for Alan May
Real Estate Agent
Contributions: 4051
>>When you say "discount deeply for the tracks", what would you determine to be a deep discount? 10K? 20K? more?<<

I wouldn't use a "number" or a "percentage"... look at comparable homes (truly comparable) that are NOT on the tracks (or within spitting distance)... and see where they're priced... and price yourself far enough below those homes that there's a significant reason for any buyer to "choose" to be on the tracks.

I often tell buyers who are looking at properties like yours (places with resale issues) that it can be okay to buy a place on the tracks, if you can get it at a discount... but remember when you go to sell, you're going to SELL at a discount!
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October 13 2007
Profile picture for Alan May
Real Estate Agent
Contributions: 4051
btw... I totally disagree with Ken's suggestion to "up the commisson"... you're already getting decent showings, an extra percent won't increase that dramatically, and the agent isn't the one who makes the "buy" decision.

"buy this house, 'cause I'm being paid more money... just ignore the tracks, you'll get used to it"... ha! People don't buy houses that they don't want to buy, just because their realtor tells them they should!

Any incentives that you decide to offer (extra commish, etc...) should be offered directly to the buyer!! Nothing extra for the realtors... we're already very well paid.
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October 14 2007
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mpal

Norwalk, ct

Contributions: 10193
JSegress, my last house had a cemetary behind it. While it never bothered us it definately held a problem for alot of people. The houses on the side of the street that backed up to the cemetary sold for less money than the houses across the street with no cemetary, so we adjusted the price accordingly. I look at it this way, you bought the house, someone else will too, you just need to make sure about the price and then be patient. Your house is pretty and it will sell!!
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October 14 2007
Profile picture for sas912
Contributions: 4267
And there is no fear that another house will be built behind you!
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October 14 2007
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mpal

Norwalk, ct

Contributions: 10193
true dat sas :)
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October 14 2007
Profile picture for sas912
Contributions: 4267
I was looking at 100 acres that had an old family cemetary on the property and I would have to agree to always give the family access to visit, but no more dead people. I was fine with that because I figured it was a part of the history of the property, and they were certainly quiet tenants....
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October 14 2007
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mpal

Norwalk, ct

Contributions: 10193
LOL sas, I always said they were my best neighbors!
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October 14 2007
Profile picture for Marci Reinheimer
No kidding. LOL No late night parties, no fighting, nothing.
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October 14 2007
Profile picture for cabinfever07
Contributions: 287
"my last house had a cemetary behind it. While it never bothered us it definitely held a problem for alot of people."

I would love silent neighbors! I don't get it....Can you believe there are people who won't buy a home because the address is Cementary Rd? Or in a town called Killingly or Killingworth?
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October 14 2007
Profile picture for pinksandbaby
Contributions: 8579
except for Halloween.... Muw hahahahahahaahhaahahhahahaha!
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October 14 2007

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