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re: Real Estate Market
Posted on 4/10/24 at 1:53 pm to WhiskeyThrottle
Posted on 4/10/24 at 1:53 pm to WhiskeyThrottle
quote:
I have a family member trying to sell a house in Burleson (just south of Fort Worth) and it's been sitting for quite some time. No showings. I don't know how to tell if it's "priced properly" but if the right price sells, then it doesn't appear to be priced properly. Kinda odd it isn't even getting shown though. It's a standard cookie cutter neighborhood type of home at a price point most can afford. In decent shape with a smallish pool in the backyard.
Sounds like your family member needs to fire their realtor and probably lower the asking price as well.
2
Posted on 4/10/24 at 1:56 pm to BHTiger
quote:
Not sure what part of the state you are in but the Chas area seems to be rolling right along. A TON of yankee money flooding in and still good job availability. So far the Yankees have left their politics up north. They just like to tell you how good it was where they came from and how much they miss stuff.
Same thing here in G'ville. About had to shove one of them off a bar stool because he wouldn't shut up about how great NY is (while bragging about how much house he bought here for a million $'s).
Posted on 4/10/24 at 2:07 pm to AUHighPlainsDrifter
quote:Maybe. There are times I suggest a seller getting an appraisal before they list a property.
Sounds like your family member needs to fire their realtor and probably lower the asking price as well.
There are times a seller insists on a higher price to list at “we can always negotiate down if need be”. I hear that one all the time, which usually prompts this story from me.
I had a home I sold a client for 850k. About 18 months later they decide to move to the beach, so I go there for the listing appointment. I gave the comparable sales laid out (I got started in real estate working for an appraiser, so I know how). I lay it out, I have a range of 930-950 it would probably sell in, and am going to suggest 949 as an initial list price. They flatly refuse to even listen and insist on a 1,050,000 list price. Since the client has the last word on it, that’s what it lists for.
90 days later, 1 showing. Meet again, they want to go with another agent because they don’t feel like I’m doing enough to sell their house. Fine with me, i suggest another agent with another firm who happens to be building a 2 million dollar home for themselves on the same street.
7 months later, he’s sold 3 houses in that same subdivision for 900k or so, theirs is still sitting now at 950k.
Why is it still there? Because buyers are wondering whats wrong with it.
Moral of the story, listen to your realtor when it comes to listing your house if they give you a comps analysis.
Posted on 4/10/24 at 2:16 pm to WhiskeyThrottle
quote:Run a zillow search for homes for sale in the same area, you can manipulate the map to get the area sized down. Then change in the settings to “pending/under contract”. You can see what’s at least getting offers and what you’re competing against, then (most importantly) ask your realtor for a homes sold in the last 60 days within the area.
I have a family member trying to sell a house in Burleson (just south of Fort Worth) and it's been sitting for quite some time. No showings. I don't know how to tell if it's "priced properly" but if the right price sells, then it doesn't appear to be priced properly.
If the realtor doesn’t know how to do that or have it in your hands in less than a day, get another realtor.
Posted on 4/10/24 at 3:11 pm to llfshoals
Not arguing with the moral of the story, but you lost me here:
I could see potential buyers wondering what is wrong with this home if it were listed for significantly less than the comps, but that isn't the case here. It sounds like this is just a good example of the principle of replacement to me.
quote:
7 months later, he’s sold 3 houses in that same subdivision for 900k or so, theirs is still sitting now at 950k. Why is it still there? Because buyers are wondering whats wrong with it.
I could see potential buyers wondering what is wrong with this home if it were listed for significantly less than the comps, but that isn't the case here. It sounds like this is just a good example of the principle of replacement to me.
Posted on 4/10/24 at 4:03 pm to AUHighPlainsDrifter
quote:Because houses newly listed are moving. Buyers see the new listing, they see the house that has been on the market and had the price cut 100k, they go to the new listing 999/1000.
I could see potential buyers wondering what is wrong with this home if it were listed for significantly less than the comps,
If they went to look at it, probably a different story. They’re not even going to look at it.
Posted on 4/10/24 at 4:05 pm to Mariner
People are still sitting on fat equity stacks and market has stomached rates realizing they won't get back to their current and life changes.
Posted on 4/10/24 at 4:09 pm to llfshoals
quote:
quote:
I could see potential buyers wondering what is wrong with this home if it were listed for significantly less than the comps,
Because houses newly listed are moving. Buyers see the new listing, they see the house that has been on the market and had the price cut 100k, they go to the new listing 999/1000.
If they went to look at it, probably a different story. They’re not even going to look at it.
I thought you were only referring to the price scaring buyers off, but you were saying that the time on the market, due to the asking price, is scaring them off. That makes sense. Thanks.
Posted on 4/10/24 at 4:21 pm to AUHighPlainsDrifter
quote:Anytime. It’s really a combination of the two. I’ve got one property that’s been on the market for 6 months, very little change. Showed again today. Shows about twice a month, and it’s a lake home.
I thought you were only referring to the price scaring buyers off, but you were saying that the time on the market, due to the asking price, is scaring them off. That makes sense. Thanks.
Posted on 4/11/24 at 8:05 am to Fat Bastard
Your post is full of ignorant. Geaux away.
This is a thread on the real estate market. Pay attention.
This is a thread on the real estate market. Pay attention.
Posted on 4/11/24 at 8:12 am to AUHighPlainsDrifter
Sounds like your family member needs to fire their realtor and probably lower the asking price as well.
________
Shallow post. Very little info was provided to determine next step. I use multiple realtors in my business and have knowledge regarding quite a few. It is an industry with quite the range of competence. But to suggest one fire their realtor with the data presented is the ugly side of social media. Man, I hate seeing the thoughts of people like you.
________
Shallow post. Very little info was provided to determine next step. I use multiple realtors in my business and have knowledge regarding quite a few. It is an industry with quite the range of competence. But to suggest one fire their realtor with the data presented is the ugly side of social media. Man, I hate seeing the thoughts of people like you.
Posted on 4/11/24 at 8:26 am to llfshoals
Sometimes, people overthink it.
It could have nothing to do with price.
It could have nothing to do with time on the market.
Some homes are difficult to move because of the driveway (too steep). It is the same s/d as other homes that are moving. But "momma" doesn't like the driveway. Or the way the neighbors property overlooks the yard. Or the home in this part of the s/d is too close to the main road.
A personal home is not a commodity based solely on price vs inventory supply. Someone is going to live in that commodity, and if there isn't an emotional connection (the smallest things can hurt that connection), a majority of shoppers are going to keep on looking elsewhere.
It could have nothing to do with price.
It could have nothing to do with time on the market.
Some homes are difficult to move because of the driveway (too steep). It is the same s/d as other homes that are moving. But "momma" doesn't like the driveway. Or the way the neighbors property overlooks the yard. Or the home in this part of the s/d is too close to the main road.
A personal home is not a commodity based solely on price vs inventory supply. Someone is going to live in that commodity, and if there isn't an emotional connection (the smallest things can hurt that connection), a majority of shoppers are going to keep on looking elsewhere.
Posted on 4/11/24 at 8:31 am to Mariner
Just entered the time of year that is typically the most active.
Buyers needed time to accept new normal on rates.
Some buyers were holding out to see if rates would drop. Confidence in that happening has dropped for multiple months. Staying flat is now the leading prediction.
Sell prices stabilized some and not going up as fast. Although I have seen them start to rise again in the past month or so. But sell prices are very regional, so that may be different where you live.
Buyers needed time to accept new normal on rates.
Some buyers were holding out to see if rates would drop. Confidence in that happening has dropped for multiple months. Staying flat is now the leading prediction.
Sell prices stabilized some and not going up as fast. Although I have seen them start to rise again in the past month or so. But sell prices are very regional, so that may be different where you live.
Posted on 4/11/24 at 8:48 am to Mariner
Anecdotally much different from what I see
Very few listings
Of the agents I’ve talked to, they say that buyers are waiting until the rates drop which the fed keeps promising. Some buyers could also be waiting until July for the commission to hit
Also, sellers tend to sit tight when they have a good mortgage rate so that could explain the low inventory
Very few listings
Of the agents I’ve talked to, they say that buyers are waiting until the rates drop which the fed keeps promising. Some buyers could also be waiting until July for the commission to hit
Also, sellers tend to sit tight when they have a good mortgage rate so that could explain the low inventory
Posted on 4/11/24 at 8:56 am to meansonny
Everything you said is true. Not sure if over thinking it describes it correctly. I am often amazed at how little thought many buyers put into house buying. That is a general statement and may not describe readers on a Money board, but it happens quite a bit.
The type of examples you give can absolutely affect a specific house. But not always. A house can have all those attributes and sell in a day. It only takes 1 buyer for a house. But most buyers want the connection you refer to. They may get it within minutes of walking through the door.
The type of examples you give can absolutely affect a specific house. But not always. A house can have all those attributes and sell in a day. It only takes 1 buyer for a house. But most buyers want the connection you refer to. They may get it within minutes of walking through the door.
Posted on 4/11/24 at 9:34 am to KWL85
quote:
It only takes 1 buyer for a house.
That is very true as well.
Tim Tebow in the first round of the NFL draft? It only takes 1 team. And at the time, both parties got what they wanted.
Posted on 4/11/24 at 12:10 pm to KWL85
quote:Almost every time you can tell when buyers are going to offer on one. I’ve had quite a few cancel later showings so we can go write an offer on one.
day. It only takes 1 buyer for a house. But most buyers want the connection you refer to. They may get it within minutes of walking through the door.
Posted on 4/11/24 at 1:31 pm to Mariner
People gotta live somewhere. There is still an inventory deficit, even though prices and interest cooled it off a bit.
Posted on 4/24/24 at 12:22 pm to WhiskeyThrottle
quote:
and it's been sitting for quite some time. No showings. I don't know how to tell if it's "priced properly" Kinda odd it isn't even getting shown though.
Real Estate 101:
On the market but not selling is 100% a pricing problem.
Posted on 4/24/24 at 1:13 pm to meansonny
quote:
It could have nothing to do with price.
It could have nothing to do with time on the market.
Some homes are difficult to move because of the driveway (too steep). It is the same s/d as other homes that are moving. But "momma" doesn't like the driveway. Or the way the neighbors property overlooks the yard. Or the home in this part of the s/d is too close to the main road.
Sitting on the market too long and not getting the showings is a price problem.
Here is a possible scenario if you are priced 50K too high and lets say for this example you're on the market for 325K but should be priced at 275K
- Client (buyer) gives Realtor the following criteria to search MLS
- 3BR, 2 Bath, 1500-1700 SF, area xyz, price budget 250-275K
- Realtor will likely search 300K and below
- RESULT: you're home doesn't even show up at 325K
-
- Have the Realtor search homes on the market at the price you have your house listed: You will see, at that price point, the homes are a lot more desirable
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