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How Long Until We Get An Offer?

Our home has been on the market for 79 days now (Colorado Springs, CO). We have new windows, new paint (interior and exterior), new roof, new carpet, and a remodeled bathroom. It's a small, beginner home (1554 sq. ft.) with 3 bedrooms and 2 bathrooms. 2 of the bedrooms are upstairs and 1 is on the bottom level (basement level), and we use it as a tv room instead of a bedroom. Our house is across from a park, and very close to an elementary school. I believe it is fairly priced $179,995 (price has been dropped twice). The same floor plan 2 streets over is listed for $187,900. We have had 15 showings so far, with 1 second showing. Feedback has been ok, although I think we are dealing with a lot of first time home buyers who expect things to be "perfect". The kitchen is small, 1 car garage, bedrooms not on the same level, etc. is the feedback we have gotten so far. Basically, things we can't change. People seem to love the location. I'm just getting worried because it's been on for 79 days and we haven't had any offers yet. Thoughts? Suggestions?
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February 08 - US
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Answers (17)

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We got a great offer on Monday, that we accepted. Just under asking price :)

Now hoping inspection and appraisal goes well!
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February 19
Thanks for posting your question on Zillow.com.

Well, if you have done 2 price reductions, that means you started too high.  This is bad for you because the longer the property sits on the market, the more buyers thing something is "wrong" with it.  Now, you are "chasing the market" in the form of price reductions.  Your agent should have had more input on this (hopefully you have an agent".

NAR says for every 8 showings, you should receive an offer or the price is too high.  Don't blame it on picky 1st time home buyers.  Blame it on overpricing which is now going to cause you to accept a price below market value.

Good luck.
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February 11
In your experience, are those estimates pretty spot on? Or totally off? Just curious :)

Im my experience, in markets where there is a lot of data, the Zestimabe range is fairly accurate for an average condition home. Your range is $164K – $181K.

Since your listed it before Thanksgiving, your real marketing time is 21 days, not 81. No one buys anything AT MARKET PRICES during the holidays, only distressed sales generally.

My guess is even if you keep it at your price youll get an offer within 60 days - be patient.
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February 09
It is either price, location, or condition....if the condition is good...location is good...it has to be the price.  It doesn't matter what other have their listing price at...it is what comparison properties have SOLD for in the past year.  Clean....smell good...good curb appeal...all makes a huge difference.

I know you don't want to paint more, but if you paint the living room a "warm" beige color it would feel more inviting when they walk in.  Just match up color with your carpet it will make all the difference in the world.

good luck.
Betty
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February 09
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The backyard does need work. It's pretty common out here to not have grass- it's very dry. Most homes we looked at were about the same. Surprisingly, no one has left negative feedback about the backyard yet.
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February 09
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Pictures represent the house completely :) it's super clean, no clutter, no smells, etc. We do have pets, but they are gone for showings and we frequently vacuum. I honestly don't think you could tell we even have them. We did look at homes in our price range, and even about $20,000 higher. None have the updates we do (all need paint, carpet, etc). I guess that's what confuses me.
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February 09
I looked at your link. Your home looks beautiful if the pictures are representative of showing condition. The back yard is unfinished, but I don't know how that compares to your area.

"1 second showing"....do you own pets? Owners often don't smell pet smells, cooking smells, etc.

Traditional Real Estate wisdom states that your price is too high. Sellers HATE to hear that. It might be helpful to ask your agent to show you around as if you were buyers in your listing price range. That could shed some light on the problem. You need to get into the "buyer mindset" when doing this. Buyers want the best deal.

Good luck.
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February 09
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In your experience, are those estimates pretty spot on? Or totally off? Just curious :)
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February 08
Interesting that the Zestimate is $172K..... not bad, brainless algorithims.....
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February 08
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Here is the link to our home, if anyone is interested :)

http://8z.com/homes/8188_Chancellor_DR/Colorado_Springs/CO/80920/AGT-118735762-812727/index.html
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February 08
Profile picture for eoosthoek843
I agree with the price per sq. ft. not being a good indicator. We have a smaller house, and there are a ton of houses with more sq. ft., but I guarantee they don't have the updates we do. I'm not sure people see those things though :(
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February 08
average price per sq. ft. in Colorado Springs is $151.

Valuing property by a $$/sq ft method is a poor indicate of value as that does not take condition, lot size, amenities, financing, quality, view, bedroom count, bathroom count, roof type, fixer - NOTHING - into consideration....

The same house, without any updates, sold 8 months ago for $169,000, so I would say we are pretty fairly priced.

Good point, if correct - well ask your agent whats going on..... no answers ? Get a new agent =- simple


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February 08
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The average DOM is COS is 81, and the average in Briargate specifically (where we live) is 85. So, right around where we are. I guess we were hoping it would go faster. We did list at an awful time (week before Thanksgiving, then Christmas, plus awful weather here lately, etc.)
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February 08
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The average price per sq. ft. in Colorado Springs is $151.
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February 08
Profile picture for eoosthoek843
$175,000 is the lowest we would take for our home. $150,000 is much less than we paid 7 years ago... and that's about what we owe on the home at this point. The same house, without any updates, sold 8 months ago for $169,000, so I would say we are pretty fairly priced. 
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February 08
Ask your Realtor to find out what the average DOM - days on market = from list date to acceptance of offer date - is typical for your Zip code for your SIZE of home, and compare it to your DOM. 

IF PRICED correctly, you should be getting some offers once the weather warms, and we head into spring. If you need to sell it quickly, simply drop the price...... laws of supply and demand, will dictate your final selling price. 
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February 08

After 79 days and 15 showings that says very loudly that the market does not like the price.  Comparing yourself to the similar house priced higher gives a competitive advantage but it is still not selling.   You are priced at $115 and change per Square Foot.   That seems high in almost every market in the country save a few.

For the next 15 days I would drop the price to $175,000.  Buyers and their agents use the internet and search in $25,000 increments and this way you would catch the traffic looking at $150,000 to $175,000 AND the $175,000 to $200,000 shopper.   If in 15 days you don't have an offer time to get serious and drop to $150,000 for the same reason  AND it gets you in line with the rest of America, slightly below $100 per sq ft.

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February 08
 
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