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Need Help Regarding Selling Our House

My wife and I currently own a house and we want to sell while mortgage rates are low.  This house is an old house so it does require quite a bit of routine maintenance on it since it was built in 1928.  I have remodeled ~ 50% of the house because it had inadequate insulation to heat the house after we bought it.  The previous owners told us it was livable in the attic area to find out they had not put any insulation behind the walls (good times).  I have my property listed as rent to own through a local listing company which has been listed for ~ 7 weeks now.  The company has our house listed for $105,000, but Zestimate and other sites have the price listed as ~ $95,000.  Unfortunately the value of our house has gone down since we bought it at top price in 2007 right before the housing market plummeted.  There are a few people that have had interest in the house, but they haven't shown any interest in wanting to schedule an appointment to take a look at the property at all yet.  Should we continue with listing our house on the market with this company or should we list our house with another company?  I don't want to see like a puddle jumper, but I was really hoping to have more action surrounding the sale of our property.  Most of all I don't want to have to lower the price so low that I have to bring money at the time of closing in order to close on the loan.  In addition, we don't have a lot of equity in the home so we couldn't come down on the sale price of the house very much at all.  Let me know your opinion.

  • October 16 2012 - Belleville
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Answers (9)

Profile picture for MarkB2012
Hi Lola.  Thanks for the feedback.  I know that the listing company didn't take very good photos of the house at all.  I will be taking much better photos of my house and asking them to please relist the property again.
I don't know for sure if the price is right for the house, but I'm having a trusted real estate agent come to my house tomorrow to do a CMMA on the property and to provide feedback to me regarding our property.  I am going to request that he give me some constructive criticism, if possible. 
The availability of the house being shown is open throughout the week except for Mondays and Tuesdays because my mother-in-law watches the children and it would be a nightmare for us.
There has been a lot of properties that have sold around the neighborhood, but I will do some analysis tonight to see if there are any homes that have sold that are comparative to my house or not. 
Thanks again for your feedback.
  • October 18 2012
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Profile picture for MarkB2012

First of all I wanted to thank everyone for the feedback.  Jessica I think that the photos that were taken of the house could be much better so I think I'm going to have better photos taken of the house and then have the house relisted.  No my listing company didn't recommend a lower price at all, but in fact they recommended listing my house at a higher price so I didn't have to bring any money to the table at the time of closing (if that will ever occur).  I'm going to be talking with a different agent tomorrow whom I trust very much so I'm hoping it will be a very productive meeting with him.

  • October 18 2012
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I think the agent marketing your home has to have lots of high quality photos to drive the marketing interest.  The home should be in very nice shape with projects done.  BUT If your home is not priced well, you are making other homes look like a good value and there is no reason to look at your home.  Did your current listing company recommend a lower price and you stuck to your guns on the higher price because it is what you needed? 
  • October 17 2012
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You can have the Best marketer in the area, that doesn't mean your home will sale. Our job is to get people in & charm them with the home's appeal. In order to get potential buyers 3 things need to happen: the Price needs to right, the Pictures need to be Great, & the Availability needs to be open.

Secondly, You need to look at your competition & see if you all are on a level playing field. Do they look like your home, if so, are they priced below or above your price.

 Also, have there been many home sales in your area? If not, that may be another reason you don't have any showings. If there have been several sales within the past 2 months, then your home should also be getting showing requests if you have marketed your home correctly (price, pictures, availability).
  • October 17 2012
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  • October 17 2012
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Profile picture for Tom at the Lake
Two things need to happen.  As many buyers as possible need to know about your property and one has to think it is the best property that meets their needs at a reasonable price.  It is the REALTORs job to make sure that buyers know about your property throught their marketing efforts.  The fees are pretty comparable, so pick the REALTOR that has the best marketing.  Pretend like you are a buyer looking for a house like yours and go online to see who's properties are showing up.  Second, you need to work with your REALTOR to put the correct price on it. If buyers are looking at your house and picking others repeatedly, you probably need to get real with the price.  What you "want to get" or "need to get" is really irrelevant to the buyer.  The buyer wants the best property at the best price.
  • October 17 2012
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The bottom line is that if you want to sell, you have to price it to sell.  Your idea of price and the market's idea of price appear to be different.  Sorry to be the bearer of bad news but if you are getting no action or offers after about 30 days...your price is too high.  Lower it and if you have to lower it beyond your ability to bring cash to the table, you are a short sale.

What you need to or want to sell it for is irrelevant.  The market is what it is. Price accordingly and good luck.
  • October 17 2012
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Hi Mark,
Find out how many public website the listing company syndicates with. Hopefully your listing was included on Realtor.com, Zillow, Trulia and other common sites that buyers use. If they don't syndicate with other sites, you might consider using another company.

Next, do you have numerous pictures with the listing? We are at a season ghange, so you might want to change the exterior pictures. Interior pictures should be bright and free of clutter. Does the write-up for your house make it sound inviting? Will your listing company re-list your house as a new listing ... this get's it back out in front of realtors.

Best of luck on your sale!
  • October 16 2012
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Try placing some adds on your own on free websites like Craigslist and see if you get any bites.
  • October 16 2012
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