I hope I'm in the right place

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manchesterjack_IHB

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Hi, Just joined the group and after reading some of the interesting posts it would seem like I'm in the right place. My house, in Northwood, 92620 zip is officially off the market right now and I can't figure out why. I understand enough about the economics and market conditions to know how these conditions played a big part in the non-sell but I am lost as to why I didn't get a single offer!! The house is in excellent shape and it was priced under the comps in the area. The feedback from the people who looked at the place was very positive with 3 or 4 couples declaring that they were "very interested" but none of them ever got to the next step of making an offer. If you can accept the fact that this is not a case of me or my ex wife having unrealistic ideas then something else went wrong. If anybody can help or offer any advice that would help me and the ex selling the place I would be very grateful. In order for me to ask for your advice I feel that it's important to not leave out any details so here are a couple of things that may be important.



My ex wife and I finalized our divorce in October 2007 and the house went on the market in the new year after we signed up with a very professional and capable realtor from one of the larger local realty companies.



There is an outstanding Lien in the amount of $10,000.00 that is payment I owe to my divorce lawyer. The lien was structured in a standard divorce practice that is known as a FLAPL ( family law attorney practice lien)



The house is in a great location at the end of a cul-de-sac BUT it does back onto the Northwood loop. The traffic noise has never been a problem, take it from someone who has lived there it's basically non existent.



And finally one last question, what exactly is Feng Shui and how can it affect the saleability of a house.



Thanks for taking the time to read through this and please feel free to leave your comments.



.
 
Lower the price.



<blockquote>priced under the comps in the area</blockquote>


But not far enough. No offers means you're at least 10% too high. Lower the price. There's absolutely nothing about your house that a low enough price cannot fix.
 
You have not nearly posted enough information. What are the specifics on the home (i.e. price, size, lot size, age of home, condition of home)? In fact, if you posted the MLS# it would be even more useful for us to take a look at the listing and be able to comment on it.



But, in general, eff is right, there is nothing that dropping the asking price enough won't fix.
 
Why in the world did you take it off the market? Get it back on, quick.



Is it going to be a short sale ? That could keep people away. I don't know if the lien bothers anyone either.....not sure about that.



I agree, share the MLS # and you'll get some honest opinions from area experts....if you are comfortable enough to do so. If not, PM ipoplaya with the info, he'll give you some intel.
 
<blockquote>The house is in excellent shape and it was priced under the comps in the area. </blockquote>
Others touched on the price, but I feel they failed to address a possible glitch in the logic evident in your statement. If the "comps" are asking prices of other homes in the area, then it is a real possibility that they suffer from wishful (or delusional) thinking. The market price is whatever someone actually pays you for the house. If your neighbors are have WTF asking prices, undercutting them by a few thousand still puts your asking price in the WTF category. If you set your asking price below what homes in your area actually sold for recently and it didn't sell, then you might have a larger problem than just price. More information... please.
 
Eff and IAD are most likely right... "price is the ultimate amenity."



If you're in Northwood, you have a very marketable home. 24 closed sales in the month of March. Nearly one per day. Make sure you're hitting all channels:



<strong>Make sure your broker offers a full 3% for co-op.</strong> Lots of hungry agents out there that <u>only</u> show 3% listings now. Think about it this way: offering 2.5% is a 17% drop in their pay, and many only get two sales per year. In their shoes, which properties would you show? Also, many buyers have their license and are using the co-op as part of their net price calculation.



How is exposure? <strong>Buyers won't buy a home they can't get into.</strong> Is it tenant-occupied? Is viewing by appointment only? Do you make it available on weekends for open house? Any pets? Jumping through hoops makes people pass and move on to the next. It may be a pain to be out of the home on the weekend for 4 hours, but it's a bigger pain watching your equity drip away with every lower comp that closes.



<strong>Is it sexy?</strong> Buyers are not as imaginitive as you might hope, and sometimes need a kick-start. That's why painting, staging, and photography make a big difference. It is a small investment but you have to know you are going to get a quicker sale and make up the difference in time, money, or both. Builders recognize the need and all of the models are done just for this reason. I highly recommend <a href="http://www.itstaged.com">www.itstaged.com</a> (and they'll address any feng shui issues with you). They won't b.s. you.



But back to price... In buying property the mantra is Location, Location, Location. <strong>In selling it is Price, Price, Price.</strong>
 
<blockquote>The sales comparison approach examines the price or price per unit area of similar properties being sold in the marketplace. Simply put, the sales of properties similar to the subject are analyzed and the sale prices adjusted to account for differences in the comparables to the subject to determine the value of the subject. This approach is generally considered the most reliable if adequate comparable sales exist. In any event, it is the only independent check on the reasonability of an appraisal opinion.</blockquote>
Were those comps <em>sold</em> properties or were they simply <em>listed</em> properties?
 
<em>Make sure your broker offers a full 3% for co-op. Lots of hungry agents out there that only show 3% listings now. Think about it this way: offering 2.5% is a 17% drop in their pay, and many only get two sales per year. In their shoes, which properties would you show? </em>



Oh yeah.....THAT's what I don't like about realtors.



Tell me, if you could sell 3 houses that listed a 2.5% co-op, vs holding out for that perfect 3.0% (because you deserve it, of course).....why not? To me, that doesn't make sense.



If you are a buyer's agent, you are doing your client a great disservice.
 
[quote author="Trooper" date=1208084142]<em>Make sure your broker offers a full 3% for co-op. Lots of hungry agents out there that only show 3% listings now. Think about it this way: offering 2.5% is a 17% drop in their pay, and many only get two sales per year. In their shoes, which properties would you show? </em>



Oh yeah.....THAT's what I don't like about realtors.



Tell me, if you could sell 3 houses that listed a 2.5% co-op, vs holding out for that perfect 3.0% (because you deserve it, of course).....why not? To me, that doesn't make sense.



If you are a buyer's agent, you are doing your client a great disservice.</blockquote>


An agent leading his/her sheeple to only the homes that he or she can make the best buck on <strong>is</strong> a great disservice. I agree with you Troop. It is a sickening practice. What's worse is being on the other end of the phone as someone sells out their client by divulging, "I know they'll take $xxx even though they're asking $yyy." for a buck.



In an ideal world that wouldn't happen. Coming from the other side of the curtain, though, I see it happen [realtor all caps]all the time[/realtor all caps]. We can deny it <em>but it is still real</em>. And to dismiss it is just as harmful in the end to a seller as WTF pricing, in failing to get real buyers to the property, bidding on the home, and ultimately buying it.
 
Hi, thanks for all your comments, I was not expecting such a good response.

The listing has been taken down but the address is 66 Bluecoat, Irvine, CA 92620.

Originally the asking price was over $800,000 and all the house for sale at that time were standing at 800k or more.

I was the first one to drop below the 800k mark and I knew we would not be alone for long but after the "best open house"

my realtor had ever had it just went silent again!!!



In the last stage of the listing (my ex ended the agency when the contract ran out)

I was asking for any offer near $700,000 but maybe I left it too late in the game.

I had a figure of $720,000 in my head and it was starting to slip away. At that time an offer of $680,000

would have received a lot of close attention and serious thought BUT no offers were ever made.



Am I really way off the mark here?? or is 66 a bad number in Feng Shui??

I don't get it at all.
 
<blockquote>after the ?best open house? my realtor had ever had it just went silent again!!!</blockquote>
I'm a tenant in a condo that's currently listed for sale. I've seen this first-hand. After talking to some of the prospective buyers, my thoughts are that these looky-loos are house-hungry and buy-shy. They want a house just as badly as the rest of us. However, they know that there's no hurry to buy as comparable properties are engaged in a price war. We've had dozens of people tour the unit and have not seen even a whiff of an offer -- Not even a lowball.



Don't listen to your Realtard about the market having hit bottom. <strong>The bottom is in when the price drops stop, and the drops are still cookin' like Grandma's dumplings.</strong>
 
<em>An agent leading his/her sheeple to only the homes that he or she can make the best buck on is a great disservice. I agree with you Troop. It is a sickening practice.</em>



So, do YOU show listings with 2.5% co-op ? Just trying to see who we're dealing with here.....



I mean, I would think hungry agents would show <em>anything </em>for a paycheck these days.



And the whole "better list it at 3% or else" comment.....pssss, you wonder why we don't like realtards.
 
[quote author="Trooper" date=1208088499]<em>An agent leading his/her sheeple to only the homes that he or she can make the best buck on is a great disservice. I agree with you Troop. It is a sickening practice.</em>



So, do YOU show listings with 2.5% co-op ? Just trying to see who we're dealing with here.....



I mean, I would think hungry agents would show <em>anything </em>for a paycheck these days.



And the whole "better list it at 3% or else" comment.....pssss, you wonder why we don't like realtards.</blockquote>


I can attest that IR2 shows properties at 2.5%. He's taken me to a couple...



As a matter of fact, he's got me in to every property I've ever been interested in without push-back of any sort. I always ask what the co-op so I know what kind of bucks are available should a deal get close, but not quite there.



Troop - like it or not, offering a big commission helps move a property. When my condo hits the market, it'll probaby be at 3.5% co-op.
 
Manchester,



I imagine you'll have a few people respond to your inquiry tomorrow. Would you have any equity left in the house if you sold at 680K ? Or would you owe the bank.



<em>As a matter of fact, he?s got me in to every property I?ve ever been interested in without push-back of any sort.</em>



ipop, is this person perhaps the realtor on your website ? <a href="http://www.ipoplaya.com">In the upper right corner</a>



I'm just saying that to me, 3.0% is obscene enough at these selling prices, 3.5% ....well, it's your money. I suppose if that's what it takes to get more realtors in your door.... with their "sheeple".



All I see this doing, is pushing up the price of the home....because after all, it is priced in to the sale amount.
 
manchester, the house is 28 years old and your price per square foot at $700k would still be at $319 (for a 2,193 sq ft). $800k was definitely a WTF price.



When I go into older home, the small bathrooms, closets and fixtures really turn me off. If you have not installed many upgrades then you have to lower your price further. I used Google StreetView to check out the facade and it looks clean. The house backs up to Northwood/Westwood Loop so it might have turned off some buyers even though you might not think it's a big deal. Feng Shui-wise, if my bedroom is in the back of the house, I wouldn't want it to be adjacent to a street with frequent vehicle traffic.



My suggestion is for you to research the latest "sold" comp in your neighborhood (use catalisthomes.com to pull up sold prices for the last 3 to 6 months) then price your home 10% below that. Good luck!
 
[quote author="manchesterjack" date=1208086946]Hi, thanks for all your comments, I was not expecting such a good response.

The listing has been taken down but the address is 66 Bluecoat, Irvine, CA 92620.

Originally the asking price was over $800,000 and all the house for sale at that time were standing at 800k or more.

I was the first one to drop below the 800k mark and I knew we would not be alone for long but after the "best open house"

my realtor had ever had it just went silent again!!!



In the last stage of the listing (my ex ended the agency when the contract ran out)

I was asking for any offer near $700,000 but maybe I left it too late in the game.

I had a figure of $720,000 in my head and it was starting to slip away. At that time an offer of $680,000

would have received a lot of close attention and serious thought BUT no offers were ever made.



Am I really way off the mark here?? or is 66 a bad number in Feng Shui??

I don't get it at all.</blockquote>


Manchester,



I think your biggest problem was list price. Classic case of over-pricing which limited traffic with too many buyer options out there. For your 2200sf, you probably should have been listed at $699K of late and likely would have at least drawn an offer in the $650-675K range. You are in a good position on the culdesac but backing up to Westwood is a big disadvantage. Unless your house is differentiated from others significantly by upgrades, price, etc. why would someone opt to back up to a well-traveled street? Doesn't matter if there is traffic noise or not, it's the perception by would-be buyers that there could be. Only way to mitigate that is on price I'm afraid.



As a potential buyer in Northwood, I actually drove on to your street during an open house at your place. I never went inside... Couple of reasons. I passed by some pretty aged beater looking cars parked on the streets in the nearby vicinity and that turned me off. If people have thrashed cars they likely have thrashed houses. Not what I want to live near. Also, your place is lacking in curb appeal. You have spanish tile roof right? Was it always that way? Doesn't seem to look right with the rest of the exterior of the house in my opinion. House could use an exterior paint job with maybe a darker color...



MLS photos were so-so. If I recall them correctly, there is a bit of a modern thing going on, but the age of the house shows through too. I think I remember tile counters in the kitchen (which I just see and think about replacing), an outdated looking fireplace, maybe white brick, can't quite recall? You want to spruce up the place for pictures, showing, etc. De-clutter, de-color, and de-pattern. Slap some taupe paint up on the walls. Make it neutral so people can envision living their with their stuff and their decorative style. I think I remember a bathroom with flowers and such painted on the walls. Was that your place, sometimes they all blend together for me?
 
I?m just saying that to me, 3.0% is obscene enough at these selling prices, 3.5% ....well, it?s your money. I suppose if that?s what it takes to get more realtors in your door.... with their ?sheeple?. "Trooper"



I sold my house in '05 paying 2% to the buyer's side. We had tons of people through the first open house and had 3 competing offers with only 4 days on the market. Maybe we were just lucky.



With these overpriced homes, I think 2% to 2.5% is pretty reasonable. 10 years ago, realtors were doing the same amount of work for 1/3rd of the price.
 
[quote author="Trooper" date=1208089651]Manchester,



I imagine you'll have a few people respond to your inquiry tomorrow. Would you have any equity left in the house if you sold at 680K ? Or would you owe the bank.



<em>As a matter of fact, he?s got me in to every property I?ve ever been interested in without push-back of any sort.</em>



ipop, is this person perhaps the realtor on your website ? <a href="http://www.ipoplaya.com">In the upper right corner</a>



I'm just saying that to me, 3.0% is obscene enough at these selling prices, 3.5% ....well, it's your money. I suppose if that's what it takes to get more realtors in your door.... with their "sheeple".</blockquote>


Yeah Troop, IR2 is the realtor advertised on my site. 3.5% going out won't be so bad if I can get IR2 to take 2% to sell it! :)
 
[quote author="waiting2buylater" date=1208090216]manchester, the house is 28 years old and your price per square foot at $700k would still be at $319 (for a 2,193 sq ft). $800k was definitely a WTF price.



When I go into older home, the small bathrooms, closets and fixtures really turn me off. If you have not installed many upgrades then you have to lower your price further. I used Google StreetView to check out the facade and it looks clean. The house backs up to Northwood/Westwood Loop so it might have turned off some buyers even though you might not think it's a big deal. Feng Shui-wise, if my bedroom is in the back of the house, I wouldn't want it to be adjacent to a street with frequent vehicle traffic.



My suggestion is for you to research the latest "sold" comp in your neighborhood (use catalisthomes.com to pull up sold prices for the last 3 to 6 months) then price your home 10% below that. Good luck!</blockquote>


Those rusted, oxidized, beater cars I remember are there on the Google Maps streetview too. The primered one (a Monte Carlo maybe?) looks like a ride you'd see Compton or Watts, not a couple doors down for an $800K house.



Oh yeah, the dark paint/trim doesn't work for the house, especially with the tile roof. Check out the neighboring houses with lighter trim colors. They look nicer IMO.
 
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