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  1. #61
    Join Date
    Nov. 1, 2005
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    Bonsall, CA- with my horses finally home again!
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    2,165

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    Quote Originally Posted by pandorasboxx View Post
    We had to sell quickly or carry two mortgages as we had purchased weeks before a turn key farm. What sold us on that farm with a full price offer with no contingency to sell our home? A completely staged, painted and remodeled home which was turn-key. It clued me in to offer the same.
    .Your statement here intrigues me- I had always considered a "farm" to be a much different than the typical market, requiring a very different buyer and not quite as subject to the wild swings of the McMansion Market (and as such, "staging" a farm wouldn't matter as much as long as it had all the horsey amenities, etc). Our experience: We bought a 9-acre place with a big barn and very cool stone farmhouse outside Philly in 2004 while the market was super-hot, but it was really not subject to the crazy "4 offers in a day" scenario like all the McMansions. Now while we probably did overpay a bit for it, when the market crashed in 2007-08, we were able to re-fi it in 2010 with an appraisal for just about what we paid for it in '04. And now, as we yet again contemplate selling it, and look at comps in the area, it still doesn't seem worth much more than what we paid for it, and this is after totally rehabbing the barn, adding a nice outdoor ring, and doing a lot of work on the house (so I guess by that rationale, it's worth less than we paid for it). We are kind of in a holding pattern on this place though as it's rented out, and trying to figure out how to sell it with renters in it has caused us to hang on to it for year after year as the activation energy to spruce it up and get it on the market is just too high, especially as we are now quite cash-positive on the rent. having it empty for even a few months while it sells will cost us a lot of money, whereas having it rented brings in nice income every month... first world problems, I guess.
    ~Living the life I imagined~



  2. #62
    Join Date
    Jul. 26, 2007
    Location
    VA
    Posts
    950

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    Quote Originally Posted by hey101 View Post
    .Your statement here intrigues me- I had always considered a "farm" to be a much different than the typical market, requiring a very different buyer and not quite as subject to the wild swings of the McMansion Market (and as such, "staging" a farm wouldn't matter as much as long as it had all the horsey amenities, etc).
    Well, I don't think that a McMansion is really all that different from a farm when it comes to buyers wanting to visualize themselves in a new life. Everyone wants to find the home of their dreams and staging helps that along.

    The type of staging may be different but after slogging through a slew of horse properties that are still languishing on the market, I can safely say that many people feel that staging is too hard or a waste of time. The crazy amount of cluttered, poorly maintained, overly personalized, dirty or outdated homes we rejected was astonishing.

    We were looking for primarily the horse facilities but what made us jump when this place hit the market was that the owners presented us with a beautiful, turn-key staged house along with the acreage, barn, fencing and riding ring that resulted in a full price offer with no selling contingency within 24 hours of hitting the market.

    In a buyers market, there are simply too many competitors to think think someone else will see past all that to desire your place above all others, unless it is someone who is looking for a fixer upper bargain which really limits who your market is going to be. Even if you are marketing a horse property, it could mean the difference between sitting months on the market and selling quickly or full price offers and low-balls.


    1 members found this post helpful.

  3. #63
    Join Date
    Jun. 24, 2005
    Location
    Alabama
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    9,274

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    If a place isn't selling, but you know from the comps it's priced correctly then I would try two things. First, find out what the new house sellers are paying in commissions, and see if that's more than resale houses are paying. 1/2 % might be worth is to the buyer's realtor. Second, make sure there are enhanced ads on realtor.com with extra pictures. People love to preview places before looking, and showing exactly what they'll see is a good way to get interested people through the door. Try Craigslist listings with a picture (if they allow pictures). Find out how much the local paper costs for a small picture ad in the real estate section, so you can do the description, and a good front yard picture of the house. It could get the local buyer who wants a starter home. A nice starter home would appeal to the older college student, maybe on the GI Bill; or someone who wants to buy a nice place for the kids while they're in college.
    You can't fix stupid-Ron White



  4. #64
    Join Date
    May. 14, 2008
    Posts
    302

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    An Update from us:

    We would need to pay $40,000 to get out of our mortgage. Of the 20 homes in our development, 3 are on the market for $80,000.

    3 years ago, our home was the best investment we could make. Perfect starter home. Best home for your 3 year plan .....yada,yada,yada.

    The only thing we have "good" is that we can afford to live there. We just are at that point where we hate being there.

    Hope things are looking up for at least some of you !



  5. #65
    Join Date
    Aug. 22, 2000
    Location
    CT
    Posts
    2,481

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    Can you afford to move if you don't sell but rent? A friend ended up doing this in desperation - new job was too far away to commute. I think he did have a line of credit against that house that he used to help finance the move and new house. Turned out to be a money maker as he got a good tenant and the rent more than pays the mortgage, etc.



  6. #66
    Join Date
    May. 14, 2008
    Posts
    302

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    Renting is an option, but there is no way we would get financed to carry both mortgages. Since we know where we are going, we could "rent" the new house from the current owners while we are renting ours.

    My husband works swing shifts and we are expecting in November. Were concerned that renting will turn out to be way too much than we are able to take on. Not to mention, you cant gurantee good tenants. It's such a crap shoot.

    We could cover our mortgage, but to hire a property management firm to handle it we would end up losing money.

    Oh, and who wants to rent when they can buy 3 houses down for cheaper than the rent? People with poor credit ( who wont get approved by our HOA to rent anyway).

    Were still working at it, but it really does suck.



  7. #67
    Join Date
    Aug. 2, 2004
    Location
    Whidbey Is, Wash.
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    9,958

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    I wish we could rent for more than our mortgage! You can write off the difference on your taxes, but unfortunately we'd be $600 in the red every month for the difference between rent income and the mortgage.

    We did a small price drop and offered some closing costs, and still nothing. We hardly even get any showings. It's really frustrating.
    COTH's official mini-donk enabler

    "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl



  8. #68
    Join Date
    Apr. 2, 2003
    Posts
    4,949

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    I'm sure this was mentioned but a quick scan of the thread doesn't find it--

    where are you located? We are looking for a second home, so I always ask when I see threads like this...



  9. #69
    Join Date
    Aug. 2, 2004
    Location
    Whidbey Is, Wash.
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    9,958

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    Well, we're on Whidbey Island, just voted #4 I think on best place to live or retire or something like that! Everyone on FB is like "shhh don't tell" and I'm like "yes, c'mon!!"
    COTH's official mini-donk enabler

    "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl



  10. #70
    Join Date
    May. 24, 2005
    Location
    Winter Park, Florida
    Posts
    3,641

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    Well, we have had several more offers...all about $25,000 below what we are asking.
    We are at the point where we will be taking it off the market. My youngest daughter is transferring to UF in the fall and we will need to start co-signing loans, so that will affect what we can qualify for.
    It is extremely depressing to come to the reality that I will not realize my lifetime dream of owning a farm. This is all I have ever wanted.
    My husband says that the day we take it off the market, Winter Park is going to be hit with a "tropical depression."
    He has no idea. Maybe he will agree to let me sandblast and paint my trailer and get some new furniture to make me feel a little better.



  11. #71
    Join Date
    Jul. 4, 2006
    Location
    New Hampshire
    Posts
    1,474

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    I keep coming back to the idea of selling my house. Two years ago when I seriously looked into it, the news was dismal. Now two years later, things have rebounded enough that it may be possible. The realtors are saying that the market is a little nuts around here right now. Some stuff goes instantly, others sit on the market. The one thing they do say is that inventory is low, which is putting sellers in a better place than a couple of years ago. Right now I am shaping up my house as much as I can so if I decide to put it on the market, it's ready. If I decide the time is not right, at least I can enjoy some improvements until the time IS right.
    -Debbie / NH

    My Blog: http://deborahsulli.blogspot.com/



  12. #72
    Join Date
    Jun. 24, 2005
    Location
    Alabama
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    9,274

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    Cranky-you can always go ahead and declutter, do the minimal fixups (paint the front door, clean the rugs, etc.) to prep for sale and try. Don't buy another place or even start looking, because you'll fall in love with something, and either end up heartbroken that you can move, or go nuts and buy another house before your place sells.

    You can get a realtor or two to give you a market analysis, and tell you about the pricing and marketing plan, then see if that price works for you. If you list they have to put a bunch of great pictures on realtor.com, because without good pictures buyers don't even look. Decide how much you need to make over the remaining mortgage, plus the sales commissions, and remember in some markets you pay part or all of the buyer's closing costs too.

    I would love to sell my house in the far out (used to be farmland) suburb, and move in town, but nothing is selling but foreclosures, short sales, and brand new houses (that's because the mortgage company works with the builder, and the appraisers only use new sales for comps, so the price comes out at market price). If I sold mine I would seriously get screwed by the appraisal (some short sales, and others around here have appraised low), and have to sell for what wouldn't replace the down payments and closing costs on the next house. For now I'm staying put.
    You can't fix stupid-Ron White



  13. #73
    Join Date
    Aug. 2, 2004
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    Whidbey Is, Wash.
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    Well, FWIW, I broached the subject of taking our house off the market to DH. He admitted he thought about it a couple weeks ago. It's been on the market since January and we've had like six showings, no offers, and other houses flying off the market.

    Our house 150 square feet under what most people are shopping for in our price range.

    We incidentally had a call to schedule a showing not 30 minutes after we had this discussion, so it's getting shown tomorrow...then I'm going to wait a couple days and go tell the realtor to take it off the market. Honestly, we're just tired of getting NO shows and yet having to keep the house show ready. We're two horse people with lots of horse stuff, we have two long haired dogs, we are both employed FT+, and because we spend all our money and time on horses (we have three about to be four horses and a donkey!), we're never home and when we are, we're too tired to clean. It's just been exhausting.

    Plus our house is wonderful and I love it...seeing it not being shown and loved by all is a weird feeling.
    COTH's official mini-donk enabler

    "I am all for reaching out, but in some situations it needs to be done with a rolled up news paper." Alagirl



  14. #74
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,274

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    TheJenners-ask your realtor if offering 1/2% more commission would make a difference. Some places do this for new, and that's why the new ones sell faster, even when the price is higher. You might also try taking it off the market long enough so that re-listing would give it a new MLS number, and look new. Some buyers think you can really make a seller drop the price if it's been on the market for a while.
    You can't fix stupid-Ron White



  15. #75
    Join Date
    Jan. 9, 2006
    Location
    GA
    Posts
    2,461

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    Quote Originally Posted by LovelyBay View Post
    Sorry you are having trouble selling :-( We are having trouble buying and it's really frustrating too. We found the ideal property for us, and we can't get the sellers to work with us. We finally got them to come down a little on their price, but now they won't make repairs on the septic system and they want us to give them a non-refundable deposit. Um no! We'd pay for the repairs, but we can't get a mortgage on a house that is demmed "unliveable" due to the septic issues. Both our lawyer and agent said there is no safe way to write a contract for us to make repairs on the house before we close on it because the sellers could back out and then we'd be out the repair $.
    This doesn't apply to the OP, but for anyone else trying to sell a house, but as a buyer it's really frustrating to look through online listings and only see a few crummy pictures, and not very much information on the home. I'm not going to waste my time looking at a house that only has 4 pictures. Also, please make sure your listing agent is helpful and on top of things. We are dealing with a listing agent who keeps dropping the ball, and has been downright rude to us and our agent.
    I think home buying has got to be one of the worst experiences for both buyers and sellers!
    TRUE, and if you are going to sell a house with any sort of outbuilding-barn, storage shed whatever, please include a picture of it. If it is a barn, interior and exterior please. I don't care if it is not great, I want to see if it is worth going to look at it !
    http://community.webshots.com/album/548368465RfewoU[/url]

    She may not have changed the stars from their courses, but she loved a good man, and she rode good horses….author unknown



  16. #76
    Join Date
    May. 24, 2005
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    Winter Park, Florida
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    3,641

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    Quote Originally Posted by TheJenners View Post
    Well, FWIW, I broached the subject of taking our house off the market to DH. He admitted he thought about it a couple weeks ago. It's been on the market since January and we've had like six showings, no offers, and other houses flying off the market.

    Our house 150 square feet under what most people are shopping for in our price range.

    We incidentally had a call to schedule a showing not 30 minutes after we had this discussion, so it's getting shown tomorrow...then I'm going to wait a couple days and go tell the realtor to take it off the market. Honestly, we're just tired of getting NO shows and yet having to keep the house show ready. We're two horse people with lots of horse stuff, we have two long haired dogs, we are both employed FT+, and because we spend all our money and time on horses (we have three about to be four horses and a donkey!), we're never home and when we are, we're too tired to clean. It's just been exhausting.

    Plus our house is wonderful and I love it...seeing it not being shown and loved by all is a weird feeling.
    This is how I feel. Our home is the opposite though..one of the bigger homes in the neighborhood, by several hundred sf. It shows lovely (as I mentioned earlier, we de-cluttered big time, getting a 17 foot POD) and the realtors love the house. We showed it again 2 days ago, the realtor said he loved it, but his clients, from LA, are driving him crazy and he has no idea what they want (the woman even told me she hates Florida and wants to go back to LA but they are here for his job.)
    And then there are the no-shows....nothing like spending hours, pulling up the newest weeds, making sure the dog poop is picked up, cleaning and mopping and scrubbing, only to get a call at the last minute that there will be no showing...or worse, waiting and no one bothers to show up or call. At least the house is clean, and while some of the cleaning is done every day anyhow, there are times when I have to put everything else on hold to meet a scheduled showing and it screws up the entire day. Like you, we have dogs...2 german shepherds and a mutt and both my husband and I work from home. My husband hates the intrusions and feels like our privacy is being invaded...which it is!
    I have a lovely house, it shows well, needs nothing...I am annoyed and frustrated that others don't feel the same way.



  17. #77
    Join Date
    Oct. 6, 2002
    Location
    Philadelphia PA
    Posts
    16,484

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    Lori T, have you engaged with the low offers and gone back and forth? Or just rejected them out of hand. $25,000 off a listing price of what I assume is in excess of $300,000ish doesn't seem like an "insulting, shut down all communication" offer. It sounds like a "start the back and forth" offer.
    ~Veronica
    "The Son Dee Times" "Sustained" "Somerset" "Franklin Square"
    http://photobucket.com/albums/y192/vxf111/


    2 members found this post helpful.

  18. #78
    Join Date
    Oct. 6, 2002
    Location
    Philadelphia PA
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    16,484

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    Quote Originally Posted by Gnalli View Post
    TRUE, and if you are going to sell a house with any sort of outbuilding-barn, storage shed whatever, please include a picture of it. If it is a barn, interior and exterior please. I don't care if it is not great, I want to see if it is worth going to look at it !

    This times 100. And if your property is a farmette, make sure your realtor lists it that way. So far I've found 3 ads in my area where the place is clearly a farmette when I google map, complete with barn and fenced pastures, and there's not only no photo but no MENTION of the barn/pastures in the ad. So someone looking for a farmette would have to be insane-anal and into internet digging to even realize it's a farmette to begin with!
    ~Veronica
    "The Son Dee Times" "Sustained" "Somerset" "Franklin Square"
    http://photobucket.com/albums/y192/vxf111/


    1 members found this post helpful.

  19. #79
    Join Date
    Nov. 7, 2006
    Location
    Lexington, VA
    Posts
    1,390

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    We want to sell our place and build on our five acres in Aiken but the realtor just told us that we need to list it for about $100,000 less than we need to get , so we are not going to list it until spring 2014. We, too, have decluttered, make sure the place is spotless, take the three corgis out when we had a showing......... the market here for horse properties is just awful. We have 17 acres, are only a little over a mile from the Virginia Horse Center, have a decent small rancher (1756 sq.ft.), 5 stall barn, about 12 acres in pasture, fenced and cross fenced, new roofs on everything, just had the driveway sealed, fence posts are in the process of being painted, great landscaping - I could go on and on. Basically, all the realtors here are carrying so much inventory that they don't want to take on another property to advertise unless the price is low enough to possibly sell quickly without much expense to them. Not their fault the market is so crappy, but we are not interested in just being a quick commission for one. So we plan to stay put for the winter, build a new run-in in the winter pasture so the horses can stay out in decent weather instead of going into the barn every night. We are lucky in that we don't have to move, just want to scale back a bit and work less.
    stained glass groupie
    www.equiglas.com



  20. #80
    Join Date
    May. 24, 2005
    Location
    Winter Park, Florida
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    3,641

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    Quote Originally Posted by vxf111 View Post
    Lori T, have you engaged with the low offers and gone back and forth? Or just rejected them out of hand. $25,000 off a listing price of what I assume is in excess of $300,000ish doesn't seem like an "insulting, shut down all communication" offer. It sounds like a "start the back and forth" offer.
    Actually, we are listing our home at $209,000. We started at $224,000. When it was appraised in 2009 (during the bust), it was appraised at $240,000. Our house is one of the biggest in the neighborhood. Our neighborhood is more in the $160-180,000 range. And yes, we have tried to negotiate. The closest we got was $185,000. We are not going to give our home away. Unlike many homes in the neighborhood, we have renovated and replaced just about everything...kitchen, bathrooms, roof, piping, floors, etc. The house shows clean and well, according to feedback from realtors. Like I said, the realtors like the house. You can't get a better bargain for the area and schools. The neighborhood is quite, most of our neighbors and the original owners and are retired. The homes are well cared for. There is no crime to speak of. Streets are tree lined and quiet. Can't figure it out.



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