Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Another Overpricing Update, but Sadder

Another Overpricing Update, but Sadder

Last Summer of 2007, I blogged about a listing I had back in 2006.  That same house has been on the market a month shy of 2 years.  Yes, 2 years!  You might be thinking, "There aren't as many buyers in the million dollar price range as there were two years ago," and you might be right, however, this house is ONLY worth $125 'ish.

There are plenty of buyers in this first time home buyer range.  Why hasn't this house sold after two years?  Two years ago, I told them they might get $125k if they were lucky.  I also told them that if they did this, this, and this, that they would be able to get much more, into the $130's.

This house is built in the early '80s and everything in the house is original.  Original appliances, original flooring, original mini blinds, original wallpaper, original everything.  Their current listing, after going back and forth through a couple of different agents, is listed at $129k

Why are they still overpricing after 2 years??  If it hasn't sold in 2 years for $129k, it's not going to sell now.  At this point, this is what we call a stale listing and people now probably have a stigma about the property, and best of luck to the seller.

What I find sad is that this was a referral 2 years ago, and in the past 2 years, I've sold houses for three people they know and helped those people buy new houses... they just won't learn; not from me, not from their friends, not from anyone.  Very sad...

Comment balloon 10 commentsDonna Harris • May 29 2008 12:15PM

Comments

It is sad when they don't listen. I recently had a seller actually listen to my suggestions. They have made the changes and over the weekend we might have found a buyer. Amazing how that works!

Posted by Rob Muller, Cherokee County Real Estate (ReMax Town & Country) over 10 years ago

I'm guessing in two years you've gone the whole gambit. Your "referring party'? Have they had a chat with them? You've shared how much this has cost them sitting on the market for 2 years? They must have ZERO motivating factor? Have you suggested taking it off the market for awhile, to REJUVENATE the listing? What is their reasoning for not doing any of the improvements you've suggested? How far off are they in their price point?

I guess I could ask you a hundred questions; but the bottom line is: I empathize with you; clients like this can be exasperating

Its KILLING your DOM, huh? WOOWEE

 

Posted by Patti A. Puckett (Broker Associate/Realtor/ISA with Nouveau Riche) over 10 years ago

Donna, after 2 years this is more than a stale listing., This is a petrified listing - rock hard with no life in it.

Posted by Steve Hoffacker, Certified Aging In Place Specialist-Instructor (Steve Hoffacker LLC) over 10 years ago

Wow, 2 years??  That really is sad.  It's sad that the homeowners won't take advice from professionals that know the industry and know why the home isn't selling.  Not much you can do to help those who won't help themselves.

Posted by Nancy Robertson, RESA (Signature Style Staging) over 10 years ago

If it weren't for the fact that you mentioned that everything in the house is original and 20+ years old I would have suspected that they were watching too much HGTV, but if that was they case they would have seen shows like "Design on a Dime" or "Decorating Cents" and done some updating by now.  Eventually reality sets in... it just takes longer with some people.

Posted by Steve Shatsky over 10 years ago

Rob, Very amazing how that works!

Patti, I no longer have the listing.  I terminated the listing back in 2006 because they kept declining showings.  They've had 2-3 other agents since me.  The original referring party tip-toes around the subject while telling all their friends how great I was in selling their home in 28 days and helping them with a new house by knocking on the seller's door because it wasn't on the market.

Steve H, I agree!

Nancy, some want the help, others just want to be time-wasters.

Steve S, I looked at the MLS pictures, and still all original.  They wanted me to market the home as a "former model home".  I laughed out loud with that one!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 10 years ago

Donna, the key word in that description is FORMER!  My experience is that model homes cease to be such shortly after they are occupied.  20-something years later with no updates the only thing it is a model of is a tough house to sell.

Posted by Steve Shatsky over 10 years ago

Donna, the house sounds like it needs many updates from the original stuff, and other than price, that is probably what people don't like.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 10 years ago

It does sound like either price it correctly NOW, or price it and wait until the market reflects its price some time in the future.

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.) over 10 years ago

That is an absolutely amazing story.  I bet they are blaming all of the agents they hired.  I blame the agents for taking a bad listing.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 10 years ago

Participate