Why didn't my Lake Sinclair house sell?

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695

Why didn't my Lake Sinclair house sell? A unique look when I wasn't trying to list the property.

Today I did a 'favor' for a friend who is a commercial real estate agent.  She has some listings for a client in town that are commercial and the client also owns some lake property.  So I wasn't after the listing, I was involved as a voice of experience to a friend.

  • The house has been on the market for nearly 600 days.  
  • It spent 6 weeks marked as "pending" and didn't close.
  •  The house is a major fixer and the MLS indicates it needs some TLC. 
  • The yard is a big fat mess
  • There were just TWO photos in the MLS
  • It's priced about $40,000 over the closest comps

It's not hard to see and it's even very easy to say when I'm talking to my friend who is the agent for the owner.  Seeing this home has given me a laundry list of posts to write. I've got some things to say based on just that little list above that might just help a seller or three. Maybe the best idea I can have is to be bluntly honest and not "feelings" considerate when addressing price, condition and marketing.

If this seller decides to list this home with me after my assessment I see it being priced differently, the grounds being cleaned up, and honest photos being taken and an honest description that this property while having some potential needs more than a paintbrush and carpet.  Frankly it needs to be totally remodeled and likely rewired and plumbed. This property needs offer a great price an pontential and be marketed that way.

And it's really up to them.  Do they want antoher 600 days of doing what they have been doing that didn't work or do they want to make a change.  I do wish I knew why the contract didn't close. I have guesses, but it would be helpful if I really knew the answer to that, but I don't.  Oh and by the way, my friend who is in commercial real estate was not the listing agent. She doesn't list residential property and I don't list commercial property

 

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Topic:
Home Selling
Location:
Georgia Baldwin County Milledgeville Lake Sinclair
Groups:
Georgia Real Estate
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Rainmaker
1,436,713
Kat Palmiotti
406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!) - Kalispell, MT
The House Kat

What they have been doing obviously hasn't been working!  It's time for a new game plan and you're the one to do it -- hopefully they'll decide to switch tactics and get it sold.

Nov 01, 2014 05:34 AM #1
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Sharon Paxson
Compass - Newport Beach, CA
Newport Beach Real Estate

Yikes - 600 days - that is incredible. Well I hope they list with you and listen to you about being honest about it's condition in MLS, and showing accurate photos. Only 2 photos after all that time? Incredible! And they stuck with the same agent for 600 days . . . 

Nov 01, 2014 05:58 AM #2
Rainmaker
2,113,377
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Hopefully this long time on the market has made them realize that they need to change their marketing plan....otherwise they will just see more of the same.  Some people never learn.

Nov 01, 2014 07:34 AM #3
Rainmaker
600,540
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

If the photos lie, or shade the truth; if the marketing message soft pedals the reality; sure, you may get someone to a showing.  Once they get there, they won't be interested.  If the marketing conveys the truth and the price is realistic, you will attract the real buyers and you'lll get into a real contract.

Otherwise, the listing is a fictional romance novel rather than a true listing, and it will never sell.

Nov 01, 2014 11:22 AM #4
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2,864,359
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Kat Palmiotti well it's not working

Sharon Paxson sad for the seller, and even if they don't choose me, it's sure time for a change.

Sharon Tara what's that old line about continuing to do the same thing and expect a different result... 

Claude Labbe that's quite poetic, I bet you write great ad copy.

Nov 01, 2014 11:48 AM #5
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4,300,186
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tammy Lankford sometimes I don't understand why they don't 'get it'!

Like any other item for sale, selling of a home is a beauty contest and price war! (Thanks David Knox.)

And hey, make sure you post good news and your success story here on AR - soon!

Nov 01, 2014 02:15 PM #6
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Tammy Lankford,

Broker GA Lake Sinclair/Eatonton/Milledgeville
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