Recent Real Estate Experience needed

[silverc4s]

We have lived in our current home for 19 years, our third purchase over the years. I have listed for sale and am somewhat confused by the responses we are getting.
Here are the facts :
Home listed with a realtor, and MLS
Been on market for about 2 months, reduced price 3 times, about 10% total
Reasonable traffic, 3 open house days, 2 Realtor tours
Only offers have been verbal, and about 10% below my asking price
Countered both with a "meet in the middle" response - Crickets
Realtors of course want me to lower price further, but I am in the low end of the middle in price per sq ft here.
48 homes on market in 1100 home neighborhood, high end @200-220/sqft, low end @ 136-140/sqft.
Our Current listing is at $165/sqft, reduced from $180/sqft original listing.
Limited access Country Club Community in suburban Northwest Austin.
Reasonably healthy market currently.

My questions are:
1. Why verbal offers? I'm used to written offers with fixed time limit but it's been a while. has the market changed?
2. Is there a good way to tell if offer is from a flipper, as opposed to a potential resident?
3. Any additional comments welcomed. I'm somewhat frustrated at this moment.
4. Our MLS listing is 7107805, I think you can pul it up from that.

Thanks everyone, any help is appreciated. This should be my final home sale, at 72, so it's pretty much my current focus..

[creaturecat]

verbal offer? wtf is that? no such thing with a good realtor.
who cares if it is a flipper? i sure wouldn't.
what is the average time to sell in your neighbourhood?

[silverc4s]

Originally Posted by creaturecat

verbal offer? wtf is that? no such thing with a good realtor.
who cares if it is a flipper? i sure wouldn't.
what is the average time to sell in your neighbourhood?

Not sure, I'll post a number of days average a bit later. I want to say it's about 60 days, now slowing to closer to 90 as it gets later in the year..

[asphaltgambler]

Originally Posted by silverc4s

.........................................
Been on market for about 2 months, reduced price 3 times, about 10% total
Reasonable traffic, 3 open house days, 2 Realtor tours
Only offers have been verbal, and about 10% below my asking price.......................................@72, so it's pretty much my current focus..

We're currently in the market to buy in our area (Northern Va) but are very cautious after being 'schooled' in the housing boom/bust. We watch the market every day and have been to a few open houses where we'd like to buy. My observations based on fact:

If I see a new listing and do comps, I mostly see overpriced and under-prepared for sale homes. Further, if I see the asking price reduced 2 or more times in 60 days or less, the property was clearly over priced initially and the buyer is starting to panic already. As a potential buyer for that property, I'm certain the property will continue the reduction in asking price until it meets realistic market level.......................which may or may not be where I want to be.

Also, I see most sellers in our area trying to wring every last effin dollar and then some out of their home with-out spending any to do even minor updates and maintenance. I see properties de-listed and then re-listed on the MLS sometime with price improvements, sometimes not - but as to appear as a .......................wait for it.........a BRAND NEW listing. It's the same ploy the used car dealers do by moving the same cars around in their lot to the front row so as to appear their inventory was always 'fresh'.

This time of the year is not popular for sellers traditionally. Comps in the last 60 days are much different then this past spring when the 30 year fixed mortgage was .3-.4 tenths of % lower. May not sound like much, but everyone has a budget whether it's $1000 / mo or $10,000 / mo. If the cost of borrowing goes up, even slightly, it may price some people out of your home.

By not pricing your home correctly to begin with coupled with the time of year, you may have missed the boat altogether. I see Realtor's many times agreeing to above market listing prices by greedy sellers just to get the listing / contract.

Open houses do generate foot traffic but mostly for the curious and 'window' shoppers. What can be gained is listening to comments from the 'walkers' about the homes' condition and pricing.

Finally, this a real-estate. Verbal offers are nothing more than fact finding for the lowest denominator. If anyone has real interest, they will sign an actual offer to buy contract.

[motion]

The biggest issue I see with your listing is that you've reduced the price 3x in just 60 days. That gives a signal to potential buyers that your listing price is too high for the market, or that you're desperate to sell. Attracts the sharks.

[silverc4s]

You guys are likely both correct. I was probably over optimistic in the beginning, as I did put a lot of $$$ into getting the house up to date to sell. My error was not realizing the difference between my view of ready to market, and the market's view. There are new and almost new homes here, and I guess the bulk of buyers are looking for all the features of a new home, or they will discount for renovation.
House currently has all new flooring, new paint inside and out, repaired 750 sq ft deck, all clean, serviceable appliances. Over $30k in all. Recently done.
Not sure where to turn now. I think I am at a reasonable price for this property, still willing to move some for a serious buyer, but I may have screwed up.
Should I take it off till spring now? I do not have to sell immediately, but want to downsize for sure.

[MBAtarga]

Home sales are definitely seasonal - and you are entering the lull. Take a look at the graph of sales by month on this link -
https://www.redfin.com/research/reports/real-time-housing-market-tracker/2013/price-tracker-september-2013.html#.ViZYX1LXscg

[asphaltgambler]

Well - here's where some realtors will differ. Some will tell you to leave it on the market and look to improve the price again in 30 days. Others will tell you that you should remove it for now and re-list it at the beginning of the year with a price reflective of comps at that time. Tough call at this point.

If you're confident that your realtor is a good one, ask what their strategy is for the final 30 days. Most listing contracts are (and should be) for 90 days max. What do they plan to do, other than the obvious, to get a real offer in your hands by then?

If you've received no real offers in that time, it may be wiser to de-list it until Jan - Feb 2016. That's really not that much time off the market.

[Salty Springs]

Paint the front door "Oxblood Red",works every time!

[porsche4life]

I just pulled up your listing. The pictures are pretty good, and the house is in great shape. However, it is definitely dated. Here in AZ the homes that are going fast are decorated and furnished in the more modern/contemporary style. Gray walls, etc. Homes that are in the current style and move in ready sell first.

However you are in a price bracket that just takes longer to sell, so take that into account. It could take 90-120 days to find a buyer, and we are coming into the slower time of year.

I have no idea if its priced too high, but this chart explains some of that...





*** This is just my 2cents as an AZ Realtor.

[silverc4s]

My thanks to all. Once again in as of the sum knowledge of the members of Pelican. No subject too tough or too obscure, and generosity abounds.
I think we are just going to tough t out of a while and see what develops...

[craigster59]

I looked at the pics. I think you need to hire a home stager, gets some more contemporary furnishings in there. nice home BTW.

[shipfaced]

This is a tough time to sell. If you were to get a contract in hand (verbal?? Ignore them) and you had a 30-45 day closing that puts you right before the holidays and no one to move then. My advise (as a Missouri realtor) is to pull it off the market, do a little more updating (little stuff can make a big difference) and put it back on the market early spring. The advise is free so you are sure to get your money's worth!

[porsche4life]

Yup. Pull it and pull down all the wall paper. Paint ALL the walls a nice beige or gray. Silver fixtures, ditch the gold! That alone will make it look much more modern. If you want to go crazy, ditch the tile counters in the kitchen.

[MBAtarga]

BTW- you can paint over wallpaper if the paper is in good condition and was installed properly. BTDT...

[dennis in se pa]

Wrong time to sell. Holidays and all. The last hat I wore was as a realtor. 13 years. Biggest mistake people make is trying to get "as much as they can" for their house. A properly priced house will sell fast at a good price. An over priced house will take longer to sell and end up at a lower price. And do not even respond to verbal offers. The lazy real estate agent that does this (submits a verbal offer) should be washing dishes somewhere or flipping burgers. Take it off the market until February. Price it right when you do re list. Trust your agent. If you think he is trying to get you to lower your price just to make it easier for him to sell, another trick the low lifes use, consult another agent.

[silverc4s]

Have panted over wallpaper in kitchen/breakfast area, guest bath and master bathrooms. Left the two upstairs bathrooms for the new owner to do to their taste. Also left original carpet in 3 upstairs as good but not new... Kitchen tile is old fashioned but in great shape, rather not do the complete remodel, but price with room for new owner. That was about $10/sq.ft. Of my price decision.

[bleucamaro]

Verbal offer??? I've always heard, "If it's not in writing, it doesn't exist."

Also, your agent might be receiving an inquiry from a buyer's agent asking, "will your seller accept $xxx?" and your agent is presenting it to you as "a verbal offer".

[shipfaced]

I painted over some hideous wallpaper in my house, worked well but be sure to seal ALL of the wallpaper seams with painters latex (and trowel them smooth. Several small coats work better than one big one) so the moisture of the paint doesn't lift the seams. A coat of Kilz followed by a couple coats of color work nice.

[greglepore]

Read Dennis's post 3x. Get the house staged. Stop caring about what the buyer's intentions are. What does your realtor recommend? What price was recommended? Were the offers in line with that price?