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