O.K., I thought I'd mix it up a little bit and in the process alienate my fellow Realtors and anger my constituents all for apparently no good reason. Ahh, but let's examine this topic further and you'll see there's method to my maddness! There's too much inventory, and some of these homes need to move! So, let's take a look at Charlottesville's Top 10 Homes That Aren't Selling and ask, why?
PRICE: The first thing to understand is the ONLY reason homes don't sell, is PRICE.
LOCATION: But what about the age old saying "Location, location, location"? Location is a function of price.
As is condition, age, # of bedrooms, size--every one of the components that make up the home you buy is in direct relationship to price. Now granted, on an individual home there is always going to be variations from one appraisal to another due to personal opinions of value. Do appraisors have benchmarks of value for things like 2 car garage or fireplaces or pools? Yes, but still, you could have 2 identical homes side by side and have different values.
APPRAISAL VS ASSESSMENT: And do not confuse appraisal (what the bank values your property in today's resale market) to what the town assesses your home for taxation purposes (a value you really want as close to zero!).
BANKS OWN YOUR HOME: Lenders use an appraisal of your property in order to determine fair market value. Remember, unless you pay in cash, the bank buys the property and then you pay them back each month via your mortgage. An appraisor, then, is hired by the bank. Thay are allowed to use 2 comparable properties within a mile, or in the same sub-division ideally, that have sold in the last 6 months (better if they can use comparables within 3 months if market is changing rapidly. But sometimes, if the property is unique in some way, an appraisor may have to go further out in area and back in time.), and 1 like and kind within 5 miles that has sold in the past few months. They don't compare a ranch with a colonial or a mobile home with a cape. Must be like and kind.
THAT DARN REALTOR!: Now you could blame the Realtor 'cause they're the ones who told you this inflated price in the first place, right? I mean why did they agree to your price if they didn't think it would sell? It's called buying a listing, guys. The Realtor will agree to your price with the thought they can lower the price later, but at least they get the listing, now! Weeeeee!
EXTRA! EXTRA! READ ALL ABOUT IT!: AND, it's our last Realtor's fault 'cause they didn't advertise it or promote it enough. Nope, function of price, again. Advertising an overpriced listing in every paper known to man still won't sell a home that is overpriced compared to its competition. Stop switching Realtors and drop your price!
VACANCIES: Remember also that vacant homes statistically sell for less and in a longer amount of time.
To Discuss Viewing Properties:
Call me @ 434-220-2228 and leave a message OR
E-mail: Fulton@kw.com
A N D
Check out my special 20% Buyer Rebate Offer!
GoTo: http://www.BuyerRebateOffer.com
So, here is my list of Top 10 Homes That Aren't Selling In Charlottesville, VA.
1. Can a name create a negative first impression and make someone say "yeah, funny, but I wouldn't live on a street called that!" Well, this home, on Tally Ho Dr in Charlottesville, might. I do think the exterior picture, the "sales glamour shot" could've been better. I mean this is a huge home with a big price tag--lets see it! But regardless, overpriced and there it sits. Here's what the Realtor says about it: Charming and distinctive brick and Hardiplank Cape Cod nestled on private, 1.4 acres with extensive landscaping, decking, fenced yard and mountain views. New custom, 1600 sf addition includes 2nd floor master suite. Total of 4 bedrooms plus study, 3.5 baths, reclaimed oak floors, 3 fireplaces, gourmet kitchen with island, eating area and office. 4100 tfsf, 900 ufsf. 2.2 miles to Barracks Rd Shopping. $959,000 for 4126 sq ft.
2. An absolutely gorgeous home, but on Black Cat Lane. Anybody here superstitious? Hmmmm, all we need now is a ladder to walk under and an upside down horseshoe! I know every seller's home is a castle, but guys, it's been on the market too long. Lower the price and lets sell it. MLS Remarks: Beautiful "Oak Hollow", a like-new 2-ACRE Keswick residence offering a SENSATIONAL FLOOR PLAN that begins with a large open foyer that greets you & your guests upon entry. First & second level Master Suites, and an open family room & kitchen combination. Formal dining room with "up lighting", cozy library with wonderful wood detailing & enormous 2nd level Media/Bonus Room. Two laundry rooms. Five crystal chandeliers/convey.The oversized 2-car garage,Terrace level & 3rd garage bay offer storage. $699,000 and worth every penny, I know. But if you want to sell it? Yup. You know what I'm going to say.
DECEPTIVE PERCEPTIONS: Some sellers got caught with their nickers down. They wanted to push the value a little when they first listed, hoping for the best. But the market softend, and continues still--we've actually been chasing values DOWN--and now, there's a perception that there is something wrong with it or why else has it been on the market for so long? When in fact, it's been on the market so long because it was over priced to start, and had nothing to do with condition.
3. Yeah, cute. That's great. Love the renovations. But unless there are gold bars laid under those wood floors or the walls are papered with bond certificates, I can tell you you're WAY off. The cost per sq ft on this home is almost double similar homes! Maybe their nephew is their Realtor and this is a loss leader--just keep it on the market forever and let him practice marketing it, learn to field the calls from it, then hopefully sell the caller another well priced home! Here, some MLS Remarks: This adorable home built in 1960 has been completly redone- like brand new. Completely remodeled- new wiring, plumbing, A/C, refurbished septic, drywall, painting, new windows, and new roof. New kitchen. Fully insulated. All the floors have been beautifully refinished. 3 bedrooms & 2 full baths (private bath off of master). There is a full unfinished basement - great for storage or expansion. Wonderul private rural lot minutes from shopping, schools. Beautiful boxwoods -private lot! Oh and there is a better picture in your inventory--use it!
Check out my special 20% Buyer Rebate Offer!
GoTo: http://www.BuyerRebateOffer.com
4. Here's a gem. You know, they say a picture paints a thousand words. Well, this story's a couple chapters short 'cause there are only 2 pictures. And 1/2 year on the market with no price reduction?
RELOCATION AND UPSIDE DOWN: Now to be fair, 1. sometimes homes are bought by a person's company as part of a relocation offer. And that is why they are often vacant and often not as in-touch with the local market. And with a corporate infrastructure paving the homes road to closing with red tape and listening to homeseller and Realtor with uncaring, impassive ears...well, you can see success isn't always quick. and 2. sometimes, especially in these tougher economic times, people can get upside down in their mortgage. Meaning by the time they sell, they're going to walk away with very little or perhaps even owe money when they close. I can't speak for any of these, but I'm pretty sure that's not the case on any of them.
5. $289,500 gets you this: Beautifully renovated/updated home in a convenient location. Bulk of the work done over the last 3 years including a new roof and windows. New kitchen and main bath with beautiful new cabinets, tile counters and surrounds. Layout options include an in-law/rental area(Previously rented for $700/month) totally separate from the rest of the house or a large master area with a fireplace and sitting/office room. A generously sized screened porch and patio area offer great entertaining possibilities. W-A-Y too long on the market. But I want to show you this home. I like the neighborhood and the house looks in good condition. It shouldn't be punished for being priced improperly. It needs a family to envelop within its loving walls. Let's take a look, defy the marketers, and see if it fits you!
To Discuss Viewing Properties:
Call me @ 434-220-2228 and leave a message OR
E-mail: Fulton@kw.com
6. You know, I think this is a cute little home. I'm actually stumped it's on this list. I think it was a little too high initially and with only a $10,000 adjustment--well, here it sits. But I'm telling you, I would look at this house and put an offer on it. It's in a nice little area convenient to everything and has a lot to offer. MLS Remarks: Warmth & charm just mins from Rt 29, Barracks Rd & UVA. White brick-front ranch in quiet neighborhood. Open Floor plan and chef's kitchen overlooking deck & full fenced backyard. Hardwood & ceramic tile flrs, large master (2 BRs combined) plus 2nd BR & 2 full tiled BAs on main level, finished lower level is perfect as rec/game/media room AND has grandfathered 3rd BR. Lots of storage inside & out. Purchaser will receive 8 day 7 night Hawaiian Lodging accommodation upon closing.
Did you get that last bit about the Hawaiian vacation? Oh come on!! "Hey honey?! We gotta' go look at a house tomorrow, and bring your checkbook!" This is just a no-brainer, guys! It gets even better when you factor in my special 20% Buyer Rebate Offer!
GoTo: http://www.BuyerRebateOffer.com
7. Being marketed as a fixer-upper and sold "as is". Gotta' give 'em credit, the relocation department OKed a $50K price correction. But at $299,000 and 3/4 of a year on the market, I think somebody missed the gate on this western Albemarle home!
Check out my special 20% Buyer Rebate Offer!
GoTo: http://www.BuyerRebateOffer.com
9. $299,900 MLS Remarks say: LOCATION, LOCATION, LOCATION. One story brick home conveniently located seconds from the city line of Charlottesville. This home offers beautiful hardwood floors, a formal living room and dining room, built-in shelving, HUGE screen porch, finished recreation room in Basement, another bedroom also in the basement, and 2 brick fireplaces.(one brick fireplace upstairs and one in the basement.) But now you're educated and you know location is simply a function of price! And this price is too high for this location and home.
THE FREE MARKET: Another thing to understand, I don't determine price, nor does the seller, or the head of the US Treasury. The market determines price. And what the market can bear must be demonstrated and supported by the listing Realtor at the time of listing using the appraisal methods I mentioned earlier.
10. Come on! I would die for a gorgeous listing like this! Out on Free Union Rd., I'm thinking of showing this one to the Mrs. and I'm not even in the market for a new home! But this one is really cute, with beautiful land. But here's a trick question,and I know you'll get the answer if you concentrate...why...hasn't...this...home...sold? FOCUS! The answer? Uh huh. P-R-I-C-E. Now let's go take a look and make an offer you and the seller feel is fair considering the sold comparables that support our offer!
To Discuss Viewing Properties:
Call me @ 434-220-2228 and leave a message OR
E-mail: Fulton@kw.com
HEY!! THERE'S MORE THAN 10?! WHAT A SPECIAL REALTOR!! GOING ABOVE AND BEYOND!!
11. You know, I run by this home all the time. It's really quite nice! I love the enormous surrounding lawn. I think the road it's on is lovely. There is a vineyard right behind it, a pond...and the house is really beautiful, too. Too bad they got the price wrong. Slower market in the outer areas of the county versus in the more established developments or right in C'ville. This house is out on Burnley Station Rd. I like it. I think you would, too. Don't let prices and time on market turn you immediately off. $560,000 after an enormous price reduction! Let's go take a look.
Check out my special 20% Buyer Rebate Offer!
GoTo: http://www.BuyerRebateOffer.com
12. Guys, guys. Is this really the best picture you could lead with in your effort to sell this beautiful, historic home? I'm sorry, but this does NOT look like a $770,000 home on almost 8 acres, with 5 bedrooms, 3 fireplaces, a pool, and horse facilities...wow! And the history imbedded within its walls. I know you've dropped the price a couple hundred, maybe? But it's still sittin' there. Drop it some more, tell the world, and chalk it up as keeping with this market that is particularly unforgiving on specialized homes like this, in this price range.
To Discuss Viewing Properties:
Call me @ 434-220-2228 and leave a message OR
E-mail: Fulton@kw.com
Check out my special 20% Buyer Rebate Offer!
GoTo: http://www.BuyerRebateOffer.com
Comments(0)