Why Didn't My Clermont FL Home Sell? My Neighbor's Home Went Under Contract in One Day

By
Real Estate Broker/Owner with Cam Realty and Property Management

Why Didn't My Clermont FL Home Sell? My Neighbor's Home Went Under Contract in One Day


It is not a good feeling to see your neighbor who just listed his/her home packing while you're looking for ideas to get your home sold after four months.
Remember the day you made the decision of selling your house? Based on what you read and heard, home prices have increased with high demand from the buyers in the area where your house is located in. The next step was to find a local, knowledgeable REALTOR®. You asked around, checked online and interviewed a few agents, and chose the one who suggested the highest list price out of all the other agents. Who doesn’t want to sell their house for as much money as possible, right?

You signed the listing agreement, your agent took photos of the house and it was input into MLS(Multiple Listing System). Days, weeks gone by with no showings! Not a big concern as you’re still living in the house and your trusted your agent on the price which you also liked regardless of what the other four agents told you based on all the active and sold comparables in the area.


Then, you see a sign across the street from your house with a nice “Under Contract” rider. Yikes! You then go online to see what it was listed for and what their house looked like. Well, their house was priced $38,000 lower than yours, they have an additional 410 sq ft gla and some upgrades which your house doesn’t have. You immediately think they’re just giving the house away but are they? Or, is it possible that they took the advice of a knowledgeable REALTOR® who suggested the list price?

Home Sellers, I have news for you! Even if your local market is identified as a “Seller’s Market” with high demand and low inventory, homes are worth as much as buyers are willing to pay for them. Grossly overpriced homes either see price reductions, sell at a much lower price than the list price if buyers even make an offer or become Expired Listings.

Before you start pulling your hair out and start the blaming game, do yourself a favor and think realistically. If you were a buyer, would you pay almost $40,000 over market value? Especially if there are other homes available for sale at lower prices.
Don’t select an agent because they’re telling you what you want to hear, you will lose! Select an agent because they’ve demonstrated knowledge and you trust them.

How are some homes selling in just a few days? What are these sellers and their agents doing?

Here are some tips;

-Price it well(within market value range)
-Make sure your house is show-ready(inside and out)
-Pictures sell. Check the photos of your house online, are you pleased? Do they need work?
-Get a copy of the MLS sheet from your agent and check every single line
-Don’t put any showing restrictions. Remember, if your house can’t be shown, it will be sitting in MLS for a long time
-Make sure your Real Estate agent is answering his/her phone and responding to emails

Would you like to see a “Just Sold” sign in front of your house? You can if you’re willing to make some changes.

Clermont FL homeowners, if you’re thinking about selling your home, I would love to have the opportunity to speak with you. Call or text me at 407-929-1852, email bethatalay@gmail.com or visit www.WhereToLiveInOrlando.com

Why Didn't My Clermont FL Home Sell? My Neighbor's Home Went Under Contract in One Day

 

Comments (20)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great post, Beth... I keep repeating and repeating to my clients that even in a hot seller's market a home has to be show and photo ready, priced right, and marketed right to sell. And I also remind them that while they might be hearing about homes selling in one or two days, the average days on market in our area is still around 28 days...

Mar 03, 2021 11:01 AM
Beth Atalay

Hi Nina Hollander, you are absolutely right, sellers market doesn't mean a home will get multiple offers or sell in a few days.  

Mar 03, 2021 12:49 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Well done, Beth- Regardless of the market, buyers still want to see the value in their purchase, especially if, as you said, there are comparable homes in the area for less. 

Mar 03, 2021 12:33 PM
Beth Atalay

Thank you so much for the feature Kathy Streib, I appreciate it. 

Mar 03, 2021 12:49 PM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

I think the proper pricing strategy and right agent (in Clermont Beth Atley of Course) make the rest easy.

Mar 03, 2021 02:25 PM
Beth Atalay

Thank you Jeffrey DiMuria 321.223.6253 Waves Realty 

Mar 04, 2021 07:41 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Oh, Beth Atalay It is unfortunate that (1) agents deceive sellers in such a way, and (2) sellers buy into the pricing because they want to believe their home will sell for so much MORE. 

Even in a hot seller market, the buyers will drive the price up to what they are willing to pay. 

 

Mar 03, 2021 03:03 PM
Beth Atalay

You are so right Kathleen Daniels, Probate & Trust Specialist. I see listings on the market for over 180 days where a typical home sells in 30 days.

Mar 04, 2021 07:44 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

FEATURED IN CRAP-TACULAR

 

Mr. Crappy Says

Flush Over-Priced Listings

💩💩

💩

 

Mar 03, 2021 03:04 PM
Beth Atalay

Thank you so much for the feature Kathleen Daniels, Probate & Trust Specialist, I appreciate the feature. 

Mar 04, 2021 07:44 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Beth - buyers who are "out there" seeing and buying properties right now often "know" a market better than some sellers.  They "see" your competition and may have been involved in a multiple offer situation and "lost" --- if you're not seen as being competitive, you are not in the game.  Smart post.  

Mar 03, 2021 03:23 PM
Beth Atalay

Hi Michael Jacobs, you're absolutely right about that.  Regardless of the market conditions, overpriced listings do nothing but sit on the market.

Mar 04, 2021 07:45 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Beth,

Beautifully said, buyers are not stupid by any means, and some sellers get lured by agents promising the moon and Mars...LOL A

Mar 03, 2021 03:27 PM
Beth Atalay

It makes no sense Ron and Alexandra Seigel yet, we see it all the time.

Mar 04, 2021 07:46 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Carol Williams I really enjoyed this post and I am suggesting it for your Second Chance Saturday!

Mar 03, 2021 03:29 PM
Beth Atalay

Thank you so much, I appreciate it!

Mar 04, 2021 07:46 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Beth,
Right on! It's easy for sellers to get greedy in a hot market but they do need to think like a buyer when pricing their home.

Mar 03, 2021 04:02 PM
Beth Atalay

Sage advice Carol Williams. Some sellers are too attached to their homes, I don't think they really want to sell when they demand a considerably higher list price than what the market indicates. 

Mar 04, 2021 07:47 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

I just saw this happen with my neighbor's house Beth! Everything else has been flying off the market with multiple offers and escalating prices - but for my neighbor's. His was sitting for a month+ (in some areas/markets that would be considered fast; at this very moment in time & the locale, it's slow) - and I knew it from the beginning. It had zero curb appeal, cosmetic "fixes", and was poorly marketed (no staging, no professional photographs, and mistakes in the listing) but was priced at the top of the market of course. 

Presentation matters! Price matters! And the perfect agent to bring it all together. 

P.S. If a Clermont, Fl home hasn't sold, it's because they didn't hire Cam Realty! You know the market very well, Beth, and understand what it takes - in a hot or slow market. 

Mar 03, 2021 05:24 PM
Beth Atalay

It happens all the time Andrea Bedard. What I don't understand is why the sellers sit back and wait.
Thank you for your kind words. 

Mar 04, 2021 07:49 AM
Andrea Bedard

I think it's because these sellers believe they are saving money by going this route, Beth Atalay, perhaps it's a discounted commission, or a friend of a friend. But they fail to consider (perhaps it wasn't pointed out) the carrying costs, and how an investment of properly preparing & presenting will yield bigger & better results. 

Mar 05, 2021 08:01 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Yes, yes, yes Beth, pricing it right from the beginning is the best way to prepare for a successful sale!

Mar 04, 2021 04:55 AM
Beth Atalay

Absolutely Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 

Mar 04, 2021 07:49 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Within the first week, if you haven't had showings, you should know exactly what is wrong, the market has told you loud and clear, haha.

Mar 04, 2021 06:15 AM
Beth Atalay

That's definitely a clear indication the house is overpriced Brian England 

Mar 04, 2021 07:50 AM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Beth love this post.  Don't hire an agent that tells you want you want to hear.  Hire an agent that tells you the facts of the market and how to prepare your home for sale. The other day a seller wanted to list higher due to our hot market but that is not a wise idea, so he didn't.

Mar 04, 2021 09:53 AM
Beth Atalay

You're so right Anna Banana Kruchten CRS CRB, Phoenix Broker, I've seen sellers, select agents, for the wrong reasons and get frustrated when their homes don't sell. 

Mar 09, 2021 07:39 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Beth Atalay - As much as I agree with everything in your post, I am flabbergasted over some of the offers and sales I have seen over asking in the Sedona area. It is nuts!  I had one offer $50,000 over ask and I just saw another one sell for $70,000 over ask.  I know that these are exceptions to the rule but this is what we are up against when sellers see these exceptions.  You are spot-on making sure the property has proper pricing. After that, it is up to the market and property conditions on what the house sells for.  

Mar 04, 2021 04:30 PM
Beth Atalay

Good morning Sheri Sperry - MCNE®,one of the buyers I'm working with learned quickly that they had to offer over asking to win in the bidding war. Luckily, they're paying $10,000 over asking, not $50k It is nuts for sure.   

Mar 09, 2021 07:45 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

No one is just going to throw money at a house because it came on market. It still needs to be within value of others that have sold.  That seller is learning a very harsh lesson

Mar 05, 2021 09:08 AM
Beth Atalay

Hi Ed Silva, many are removing the appraisal contingency to get the house, it is a tough market for the buyers for sure. 

Mar 09, 2021 07:46 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

You are offering such great advice, and yet, there are sellers ( and their agents ) who think they will be the exception. Nope, it's not gonna happen. 

Mar 06, 2021 07:03 AM
Beth Atalay

Hello Debb Janes EcoBroker and Bernie Stea JD, we can certainly provide guidance for buyers and sellers but the decision is theirs when it comes to who they work with. 

Mar 09, 2021 07:47 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Beth Atalay what a great post. Don't know how I missed it the other day. You are right on the mark.

Mar 06, 2021 08:06 AM
Beth Atalay

Thank you so much Rocky Dickerson 

Mar 09, 2021 07:47 AM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Beth, Sage and sound advice.  Sometimes sellers forget that savvy buyers already know what competing homes sold for.  Many buyers tour homes, their brains filled with CMA knowledge and selling prices. Whether or not seller accepts what their home is worth, agents and buyers do know.  The seller who does not deal with facts about price suffers the consequences of their decision in an expired or tired days on market listing.

Mar 07, 2021 01:15 PM
Beth Atalay

You're absolutely right Kris Collis, Associate Broker 

Mar 09, 2021 07:48 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Beth - I really like this post you wrote because it's filled with truth. Agents who list high are not serving their clients' needs well at all. Giving false hope is, well, you know...

I am proud to know Agents and Brokers like you Beth who achieve and don't deceive. 

Mar 26, 2021 07:57 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Excellent post.  Pricing is difficult even for agents right now.  As a seller to simply take the highest list price as your decision in an agent seldom works out well.  Again an excellent post for sellers.  Mark

Mar 27, 2021 09:31 AM