What would you do--Home seller?

Okay, a bit of a vent here and a WWYD. Sorry so long!

We have had our house on the market since May. We live in Levittown, Island Trees schools, and we have a 3 bedroom, 2 bathroom expanded cape (expanded to include a formal dining room). It's in excellent move-in condition and bathrooms and kitchen are updated.

We started pricing it at $389,000 which I knew was too high. We didn't get many showings so we lowered to a range, $349,000 to $369,000. Since then we have had about 30 showings. We had an offer for $335K which we couldn't take (we paid $345K for the house, so we are trying to minimize our losses). We have a couple that has been saying they are going to bid, but they keep delaying, and its really frustrating.

Our agent wants us to lower our price to just $349,000. My feeling is that all that is going to do is get more people to see the house, which hasn't been the problem. Rather no one is making even an offer (even a lowball one).

The only problem we have heard complaints about is that we don't have a closet in our master bedroom. We have a wardrobe unit, which we have said we will leave. We are thinking about building a closet up there so people can't complain about that.

What would you do? Lower the price? We can't take less than $340K. Add the closet and see what happens? You can look at the Real Estate listing in my profile, do you think we are being unrealistic?

We don't need to move, we want to move. We are expecting a baby and we really wanted a bigger house before the baby comes. The sad thing is we found the perfect house (we looked when we heard this couple was going to make an offer) and it looks like we are going to lose it because this couple is delaying so much.

Re: What would you do--Home seller?

ive never sold but we bought a house a yr ago. I would leave the price. like you said you are getting the traffic. If people were really interested they would at least low ball you. and at least get some negotiating going.

But def build the closet it is silly but something that small can turn off a buyer. also maybe look into getting some friends to come in and act like they are interested, have them give you feed back. maybe there is something else in the house you can change or fix to appeal to more buyers. GL

Re: What would you do--Home seller?

No advice....but we are in the same boat....except we've been on the market since March of 2008!!!!!!! I know we are priced to high, but since we dont NEED to move, but want too, I can take that big of a loss on it and go into debt over it.

We bought at the markets peak.....who knew.

I feel your pain!

Re: What would you do--Home seller?

I would counter at 340 and see what they say.

It took a year for us to sell our home (put it up May '06 and closed June '07). We started kinda high and dropped our price a few times. We finally got a bid that I thought was insulting but we went back and forth and settled on 10K less than asking price and their original offer was 30k less than asking.

I really don't think that just by lowering it to 349 is going to mean that you get that number. I think you might get a really lowball offer and you might not get 340.

Re: What would you do--Home seller?

Re: What would you do--Home seller?

I think you need to build the closet. I don't think it technically counts as a bedroom without a closet.

Unfortunately, in this market, the buyers have a lot of options, so something like this may make them just walk away.

When did you buy? If you lower the price, you will still be making more than you paid, seems like a good idea to me, given the current state of this economy. Given that we are at a low point, you have to keep in mind that you will be saving on whatever else you purchase.

It is a personal decision though, so you have to do what makes you feel most comfortable. i think building the closet (if you can do so with minimal cost) will def help more people be interested.

Re: What would you do--Home seller?

build a closet! I know it sounds so silly but people want to see that. We looked at a house with no closets at all in the bedrooms and walked away because the rooms were so small (probably not your case) but if you have the room just build a closet as big as you can for that space with out taking away too much.

Re: What would you do--Home seller?

Re: What would you do--Home seller?

I don't have any insight on what to do, but I just wanted to give you some information from my experience. When we saw houses with ranges, we passed them right up bc we had a couple of houses we saw like that, and they only gave ranges to get people to see the house, but they were actually expecting way above the range price.

So anytime I saw a range, it was nixed.

I would fix the price to 359 since you bought it at 345, so that if you have to come down, you don't go below what you bought for. Just my 2 cents.

Re: What would you do--Home seller?

Posted by queensgal

I think you need to build the closet. I don't think it technically counts as a bedroom without a closet.


We've been told this is as well. The house we closed on today was listed as 4 bedrooms. First time we saw it, seller and his agent apologized to us and told us it really was 4 bedrooms plus a full den. Cannot be listed as a bedroom without a closet.

Re: What would you do--Home seller?

Posted by mrswask

Posted by queensgal

I think you need to build the closet. I don't think it technically counts as a bedroom without a closet.


We've been told this is as well. The house we closed on today was listed as 4 bedrooms. First time we saw it, seller and his agent apologized to us and told us it really was 4 bedrooms plus a full den. Cannot be listed as a bedroom without a closet.

.

Message edited 8/3/2009 9:17:53 PM.

Re: What would you do--Home seller?

I think that with the range people are looking considering it is priced at $349 so I don't really think that changing or taking away the range would make a difference. I personally don't like ranges. If you aren't getting offers with it listed at $349 then I wouldn't list it higher b/c its probably not currently worth more. Of the sales in your area about 1/2 sold for less than what you are asking, some short sales etc.
Also I think the pictures on MLS don't really do it justice, maybe they can shoot them during the day- the lighting seems weird.
Good luck

Re: What would you do--Home seller?

IMO, you should build a closet. I would never buy a house without a closet in the master bedroom. That would be a deal breaker as soon as I walked in.

Re: What would you do--Home seller?

Re: What would you do--Home seller?

A bedroom is any room that has a door, essentially, or a room that a door could be added to to make it a bedroom, according to the Town, at least for tax purposes. Closets are irrelevant. Otherwise, people would save a ton of $$ by not having any closets, and just getting a wall full of wardrobes.

However, while a bedroom doesn't technically need a built-in closet, not having one will turn off a lot of people to your home. Closets are easy to build (I plan on extending the one we have in our master bedroom myself), and the small amount of money you invest in building a closet will more than pay for itself, both in resale value, and in time to find a buyer.

Re: What would you do--Home seller?

Thanks all!

We decided to take the range off and I am waiting for my dad to let me know if he can build a closet.

The killer is that my waredrobe holds so much more than a closet would hold, so I hate to build a closet that will end up making the room look smaller and won't hold as much stuff. It's a undormered Levitt, and once we build a closet, the bar will have to go so low, you won't be able to hang long dresses for example.

Re: What would you do--Home seller?

let me ask you something - how big are the bedrooms on the first floor?

every cape i ever looked at has the master bedroom on the 1st floor and i never saw one listed lower than $375K - and not nearly in as good a condition as your house!

capes, IMO, are hard to sell b/c of the 2nd floor. the closet space is an issue and even though you've offered to leave the wardrobe it is in an awkward place and makes the room look smaller.

if it's not too much i would add a closet in each bedroom that doesn't have one, but i have no idea what that would cost. you should have your REA determine if by adding closet space you could raise the price of your home.

and if you don't have to sell, i wouldn't. house prices are rising, very slowly, but they are. if you can afford to stay so you don't take a loss i would.

Re: What would you do--Home seller?

i just am popping in this, but the other night on home intervention on hgtv, there was a guy selling a cape with an armoire in the master. the "interventionist" told him to build a closet b/c all the comps had one.
good luck!

Re: What would you do--Home seller?

i would not lower the price but i would add a closet. based on mls pics, i would also make some minor changes and have the realtor take new pictures.

declutter, declutter, declutter. buyers want to have a clear view of the rooms and not focus on what's stored in the rooms

kitchen
- clear all unnecessary items from the kitchen counters.
- remove all the items on the refrigerator (pictures, notes, magnets)
- clear the top of the refrigerator (appears as if you don't have enough storage)
- buy inexpensive matching dish towels

bathrooms
- remove ALL personal items and store in a basket in a closet (out of sight)
- buy inexpensive matching hand towels
- add candles and decorative soaps in jars
* you really need to totally clear the purple bath. toothpaste on the vanity is a HUGE no, no and buyer turn-off. remove the toilet cover and the plastic storage drawers. declutter the shelves and HANG the towels on bars or hooks.*

office
- room looks clean and a good size but again too much clutter (top of desk and on couch)

bedroom
- hide the laundry basket
- inexpensive updated bedding (you could always fold the current quilt at the foot of the bed).

DR
- add candles and fresh flowers to table

pantry (album pic)
- WAY to cluttered. remove EVERYTHING and keep only the necessary (everyday) items
*clothes and box containing a preserved wedding gown stored in a food pantry translates into buyer's mind as not enough house storage*

although not necessary, i would buy inexpensive vinyl shutters for the front windows and paint the door a striking, bold color.

all these ideas are REALLY inexpensive and IMO would add value to the house without having to change the price. you have to realize that once you list your home, it is no longer yours. it now belongs to the market and the condition should reflect as such (depersonalized and clutter-free).

Message edited 8/4/2009 10:19:26 AM.

Re: What would you do--Home seller?

Agree with skew on declutering.

But just to give you an idea, the "Youngsters" at the blog Young House Love did an Ikea hack job to create two closets in their master bedroom. Just an idea that might work!

GL!

Re: What would you do--Home seller?

Re: What would you do--Home seller?

I would build a closet right where you have the stand up closet and extra storage next to it. Build it right into the eave of the house. It will be extra storage or shoe storage. Maybe a carpenter can come up with some thoughts for you. I'm sure someone would appreciate this kind of closet in a room like this. GL!

Re: What would you do--Home seller?

It looks like u have clothes or coats hanging in your pantry. Can you move them? It makes it look like storage/ lack of closet space is a problem.

Also, just curious---do u have HW floors under the carpet? I know that when we were looking @ houses, if the house had nice HW floors I paid attention to them and less attention to other areas.

U also have a really nice yard---maybe u can try to market that more?

Is there room to add closets near the front windows? Our friends have a cape and that's where they added 2 small closets.

I don't think u should lower the price yet!

Re: What would you do--Home seller?

The first thing i noticed when i saw the pictures you have listed is that the dates on them range from 2002, 2004 and 2005 - that immediately makes me think that the pictures are old and that there is something wrong with the house that you haven't taken updated pictures.
If thats not true, and the date on the pictures is incorrect, then i'd suggest retaking pictures, and also doing what other posters have suggested - declutter.
Most of the pictures (esp kitchen) have clutter that makes the rooms look smaller than they might be and make potential viewers turn away.

I know you've had plenty of traffic looking, and when they look, i'm sure the house is less cluttered (i hope) but think of how many people might pass up even coming to view your house because of the pictures.

I would also remove the range factor from your pricing. A range to me says that you'd rather have the higher number but you'll accept the lower number, and sort of makes you look desperate. I'd list the house at $349K and then you have $9K wiggle room to counter with.

Good luck!!

Re: What would you do--Home seller?