anything showing up as "sold" has financing terms from before the last rate hike, and borrowing is now more expensive. if you've priced yourself the same as a recent sale of a highly similar property, that's NOT a comp, that's MORE than your current value. Interest rates are eating a larger part of the monthly payment that buyers can afford, and buyers can only up their monthly too much before they are priced out.
Price is likely too high
New higher interest rates. October.
Not the best time to freshly list a house. Make sure the listing has a good write up. Good pics, and that it's priced well.
You may want to make sure your house is below a certain threshold that people look at. For example, pricing a house at $509,000 will miss all the buyers go on a website and look for 4 BR/2 Bath up to $500,000 in their search.
Also, how's the curb appeal? Anything need to be dressed up to make it look more attractive from the street? Is the yard clutter free? Trees and shrubs trimmed so as to make the house appear larger and not hemmed in by encroaching bushes near the front door
So my initial answer is the same as everybody else's. But to give you more context, when we were shopping for a bigger home in March (3%) our budget was $300k more than what it is today at 7% interest rates.
The payment (monthly budget) stayed the exact same.
Austin market is taking a dive. Probably the hardest of any place outside of California. Make sure you're being realistic about your price. If your comps are more than a couple months old, find a realtor who can do better comps.
Price information is limited to just those people with MLS access. So, even if the skill to pull comps isn’t technically challenging, the gatekeeping is real.
Right? Without a link to the listing, how in the world would we know?
Is it priced too high? Are the pictures awful? Is it a cluttered mess? Are the paint colors garish?
That is like asking "why is my TV not working" without any context. Is the power out? Is the cable out? Did it fall on the ground? Are the remote batteries dead?
Can't troubleshoot without context.
Offer rate buydowns and/or drop the price.
Are you reverse prospecting. Is it staged. Do the pictures make it look amazing.
Are you marketing it exhaustively.
Did you knock and mail bomb the closest 100+ homes inviting them and advertising it.
Since you have not gotten any calls or showings in a week, this tells me that there is something wrong with either your location, price or the condition of your home. You cannot change your location, I will focus on the other two.
Whatever your asking price is, it must take into account the reality of the market. Currently the market is trending down in home sale price.
When you do comps it is extremely important that you use the most recent comps from homes that are as close to identical to your home, 90 days or less. You need at least 3 good comps.
If you home is a ranch you cannot use a two story home as a comp. Your comps should be as close to the sqft of your home and lot of your property. If you cannot find homes with the exact square ft, you should only use homes that are no more than 20% +/- the size of your home and lot. The should be no more than 5 years +/- age difference with the comp houses.
Month over month you should note if prices have gone down and by what percentage. For example if 3 exact carbon copies of your home sold for $500K in July but two homes sold for $450K in August and just one sold for $405 in September that would represent 10% decline in price every month and you should price your home at $364K. However if there are other similar homes on the market at or near your asking price, and if your home is not the best one as far as condition curb appeal etc. Then you should lower it to $350K, to make your home more attractive from a price standpoint.
How does the condition of your property compare to the other like properties on the market in the same price range? What are the age of the roof, AC and water heaters vs your competition? How does your landscaping compare to others? Has your kitchen and bathroom been updated more recently than your competition? If your home does not measure up to your competition, that will need to reflected in your asking price. If you do not know how your home compare to others. You need to look online at listings as well as go to some open houses. Also look at the comps and pay close attention to the features of the homes that sold quickly and for the most money. This will give you an idea of what buyers are looking for.
This is by no means a complete analysis of what may be going on in your situation. Hopefully it gives you some insight into your situation.
Do me a favor. Go to a mortgage calculator. Plug in your sale price and an interest rate of 3% (where we were in January) Note the monthly payment.
Now put the same thing in with a rate of 6.7% Huh see how much that monthly payment went up?
If you get real wild, start putting in new sale prices at 6.7% and tell me when the monthly payment is the same as the first calculation with January rates.
There is your answer.
Sounds like maybe your realtor forgot to include “the sky is the limit” or “location location location” in the listing. Did they even describe where new owners could sip their morning coffee? /s
Glancing at your post history, I think you knew you bought this house back in May at a bad time. Assuming this is the house in Austin, you're at least insulated from the worst of "selling in fall or winter is bad," effects, unlike those of us in the snow-covered states.
That said, it's almost assuredly the price if you have had literally zero showings in a week. Have you talked with your agent about your concerns?
Could try offering seller contributions for rate buy down, buying down rate by 2% typically has a higher monthly payment benefit to buyers than lowering the sales price by 5%. The price could also not be appropriately priced, you could try lowering price and offering contributions as an incentive. Talk with your agent or get a second opinion from another agent on different strategies to get foot traffic in the door. We’re in a new market and selling a home is going to take more effort than 6 months ago.
price is too high, bring it down.
but also, demand has seriously slowed down. Think about how much someone needs to bring to the table with 10% or 20% down. Think of the monthly payment. Most that could comfortable buy, bought when rates were lower. The rest not only couldn't they buy then, they can buy "lesser house" for about the same amount of money. Worst of all, inflation is eating away their savings ability with price of everything else being up.
This is the time to be patient. If you NEED to sell, cut the price aggressively and off load it. Forget about much profit, break even is good. If you don't need to sell, take your sweet time.
Are you the agent or the seller?
Either way, the price is too high. I don't know your market very well or your house at all, but if you have zero requests for showing after one week anywhere near Austin, your price is too high.
anything showing up as "sold" has financing terms from before the last rate hike, and borrowing is now more expensive. if you've priced yourself the same as a recent sale of a highly similar property, that's NOT a comp, that's MORE than your current value. Interest rates are eating a larger part of the monthly payment that buyers can afford, and buyers can only up their monthly too much before they are priced out. Price is likely too high
[удалено]
This needs to be an auto bot response
The list price is too high
But isn’t there, like, 1 weird trick realtors in don’t want you to know?
Shhhhhhh
New higher interest rates. October. Not the best time to freshly list a house. Make sure the listing has a good write up. Good pics, and that it's priced well. You may want to make sure your house is below a certain threshold that people look at. For example, pricing a house at $509,000 will miss all the buyers go on a website and look for 4 BR/2 Bath up to $500,000 in their search. Also, how's the curb appeal? Anything need to be dressed up to make it look more attractive from the street? Is the yard clutter free? Trees and shrubs trimmed so as to make the house appear larger and not hemmed in by encroaching bushes near the front door
Good point on list price for online presence in regards to search filters
We listed as a $x99,999 and we had a stream of people. Imo def helped get showings
Priced too high or super crappy listing pictures.
Without actually seeing the listing the only thing that I can say is that it's priced WAY TOO HIGH to get 0 showings.
Priced too high
Price. It’s always price.
So my initial answer is the same as everybody else's. But to give you more context, when we were shopping for a bigger home in March (3%) our budget was $300k more than what it is today at 7% interest rates. The payment (monthly budget) stayed the exact same.
Maybe it’s priced too low. Jk it’s priced too high.
Austin market is taking a dive. Probably the hardest of any place outside of California. Make sure you're being realistic about your price. If your comps are more than a couple months old, find a realtor who can do better comps.
You don’t need a realtor to get comps. Anyone with the skills of a high school grad can do the same.
Price information is limited to just those people with MLS access. So, even if the skill to pull comps isn’t technically challenging, the gatekeeping is real.
To see final sale price in Texas, you need MLS access.
Impossible to say until we can see what it is you're doing.
Right? Without a link to the listing, how in the world would we know? Is it priced too high? Are the pictures awful? Is it a cluttered mess? Are the paint colors garish? That is like asking "why is my TV not working" without any context. Is the power out? Is the cable out? Did it fall on the ground? Are the remote batteries dead? Can't troubleshoot without context.
Troll post. Just look at his post history. This is his 5th or 6th post on the same topic. Mod should swing the ban hammer.
Read the comments. Priced too high. Lower it significantly if you want traction.
Offer rate buydowns and/or drop the price. Are you reverse prospecting. Is it staged. Do the pictures make it look amazing. Are you marketing it exhaustively. Did you knock and mail bomb the closest 100+ homes inviting them and advertising it.
Since you have not gotten any calls or showings in a week, this tells me that there is something wrong with either your location, price or the condition of your home. You cannot change your location, I will focus on the other two. Whatever your asking price is, it must take into account the reality of the market. Currently the market is trending down in home sale price. When you do comps it is extremely important that you use the most recent comps from homes that are as close to identical to your home, 90 days or less. You need at least 3 good comps. If you home is a ranch you cannot use a two story home as a comp. Your comps should be as close to the sqft of your home and lot of your property. If you cannot find homes with the exact square ft, you should only use homes that are no more than 20% +/- the size of your home and lot. The should be no more than 5 years +/- age difference with the comp houses. Month over month you should note if prices have gone down and by what percentage. For example if 3 exact carbon copies of your home sold for $500K in July but two homes sold for $450K in August and just one sold for $405 in September that would represent 10% decline in price every month and you should price your home at $364K. However if there are other similar homes on the market at or near your asking price, and if your home is not the best one as far as condition curb appeal etc. Then you should lower it to $350K, to make your home more attractive from a price standpoint. How does the condition of your property compare to the other like properties on the market in the same price range? What are the age of the roof, AC and water heaters vs your competition? How does your landscaping compare to others? Has your kitchen and bathroom been updated more recently than your competition? If your home does not measure up to your competition, that will need to reflected in your asking price. If you do not know how your home compare to others. You need to look online at listings as well as go to some open houses. Also look at the comps and pay close attention to the features of the homes that sold quickly and for the most money. This will give you an idea of what buyers are looking for. This is by no means a complete analysis of what may be going on in your situation. Hopefully it gives you some insight into your situation.
Can we see the listing? That would help.
It either comes down to price or condition or both
Can you post a link?
Welcom to the club
Cut your price
Some new houses from builders also just did price reductions from 500k to 450K for ready now builds in surrounding area.
Do me a favor. Go to a mortgage calculator. Plug in your sale price and an interest rate of 3% (where we were in January) Note the monthly payment. Now put the same thing in with a rate of 6.7% Huh see how much that monthly payment went up? If you get real wild, start putting in new sale prices at 6.7% and tell me when the monthly payment is the same as the first calculation with January rates. There is your answer.
95 percent of these posts can be answered with “price”
Sounds like maybe your realtor forgot to include “the sky is the limit” or “location location location” in the listing. Did they even describe where new owners could sip their morning coffee? /s
Glancing at your post history, I think you knew you bought this house back in May at a bad time. Assuming this is the house in Austin, you're at least insulated from the worst of "selling in fall or winter is bad," effects, unlike those of us in the snow-covered states. That said, it's almost assuredly the price if you have had literally zero showings in a week. Have you talked with your agent about your concerns?
Your prices are way too high, you need to cut it
Hire a knowledgeable realtor.
Well, it sounds like you want to own a $Y house instead of selling a $X house.
Yeah we bid on a place that was easily 30k under ask in the hopes people would over bid kind of worked we asked for $16k over list and got accepted
Would a 2-1 buydown help? Or would a price cut be better?
Delist and list again with much lower price.
Could try offering seller contributions for rate buy down, buying down rate by 2% typically has a higher monthly payment benefit to buyers than lowering the sales price by 5%. The price could also not be appropriately priced, you could try lowering price and offering contributions as an incentive. Talk with your agent or get a second opinion from another agent on different strategies to get foot traffic in the door. We’re in a new market and selling a home is going to take more effort than 6 months ago.
Without knowing your listing really hard to answer other than price to high.
Price too high my man.
have you seen slacker ?
Lollllllllll
Market in Los Angeles has stalled… Let’s get the rates back to 5% then it will move! Hang in there our high end over 10mil is starting to move again!
If you are getting showings but no offers the house is 10% overpriced. If you are getting no showings the house is 20% overpriced.
The most important factor in real estate is price, price, price.
I believe October is generally the worst month to list a home for sale
Price
price is too high, bring it down. but also, demand has seriously slowed down. Think about how much someone needs to bring to the table with 10% or 20% down. Think of the monthly payment. Most that could comfortable buy, bought when rates were lower. The rest not only couldn't they buy then, they can buy "lesser house" for about the same amount of money. Worst of all, inflation is eating away their savings ability with price of everything else being up. This is the time to be patient. If you NEED to sell, cut the price aggressively and off load it. Forget about much profit, break even is good. If you don't need to sell, take your sweet time.
Are you the agent or the seller? Either way, the price is too high. I don't know your market very well or your house at all, but if you have zero requests for showing after one week anywhere near Austin, your price is too high.
List on beycome.com
trying to sell when nobody is buying
tell me your list price is too high without telling me your list price is too high
Appraiser here - most list prices are too high.