Ken's Naperville Real Estate Blog : Why hasn't this home sold yet? Rock Ridge, Naperville

Why hasn't this home sold yet? Rock Ridge, Naperville

It was a rainy morning in Naperville, and I had a 10 AM appointment to show a home on the east side of  the city.  A great location....

Although I don't normally like to show homes on a rainy day, today would be different.

I was only showing one home.  I was with a couple of friends who were also my very first clients.  I will always remember my first sale...

We were seeing a home in the Rock Ridge subdivision in Naperville,  My clients loved the location and the school district.  From the outside, the home was very appealing, even on a rainy day...

Rock Ridge Naperville
-a rainy morning in Naperville...

They were looking for a slightly larger home, and wanted a quieter street. 

As we walked in the door, I couldn't help but say "Whoa!"...

The house was cool.  The sellers had great taste, and everything was new...

They had a different style too.  Unusual.  The kitchen actually opened all the way to the front door... 

And it was a beautiful kitchen.  Tons of granite, with high quality cabinets and appliances.  It really drew me in...

The whole house did.

After about 20 minutes enjoying the first floor, my friend asked, "Why hasn't this home sold yet?"  A common question...

"Price" I answered.

"Really?" my friend asked...

"Yes.  The home has been on the market for 47 days.  Not a long time, but it has been shown 10 times.  No offers yet. 

"Every day a home sits on the market, it is dropping in price..."

Ken

Comment balloon 23 commentsKen Tracy • August 26 2012 10:50AM

Comments

Every home has a buyer for the right price!

Hope you have a great end to your weekend!

Posted by Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker, RVA Home Team - Winning with Integrity. (RVA Home Team) over 5 years ago

Now that's curb appeal. But ever curb appeal can't overcome a high price.

Posted by Doug Rogers, Your Alexandria Louisiana Agent (Bayou Properties) over 5 years ago

Nice looking home - Good luck selling it.  I love to show homes in the rain, that way if there are water issues, they can be seen early on.

Posted by Karen Steed, Associate Broker Haralson Realty (Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton) over 5 years ago

Hi Ken, that is a good line, we think we will use on our next listing.

Posted by Bob Miller, The Ocala Dream Team (Keller Williams Cornerstone Realty) over 5 years ago

My business parter is from Naperville and I sent him you post

Posted by Joe LaVallie, 111363 (HomeStreet Bank) over 5 years ago

That is a good way to answer a question about why a house hasn't sold.

Posted by Barbara S. Duncan, CRS, GRI, e-PRO, Executive Broker, Searcy AR (RE/MAX Advantage) over 5 years ago

Ken, interesting post, but how did you know it had been shown 10 times if it wasn't your listing?

Posted by Debra Hight, Debra Hight (Coldwell Banker United, Realtors) over 5 years ago

There is one and only one reason a home does not sell  PRICE!  Price can overcome any deficiency with a home.  It can overcome location challenges and condition issues as long as the price is right.

Posted by Gary McEnery (Real Estate One) over 5 years ago

47 days on the market and no price reduction? I tell my clients when they are signing the listing agreement if we don't have any offers in the first 2-3 weeks, we will need to review the pricing strategy and reduce accordingly. I believe some agents are either in denial on the price or afraid to tell their clients that the house is overpriced. If your buyers really love the property, they should make an reasonably priced offer and see if the sellers are ready to accept it. 

Posted by Suzi Sandore, North County San Diego Homes (RealtyONEGroup) over 5 years ago

Good point! I make sure to point out to my clients if they don't originally go with the price I suggest, and we go higher to appease them, I explain that if we don't have an offer in 2 weeks we reduce to the price I originally suggested as I am typically able to price the homes according to market value and what will sell. Explaining that they get their best offer in the first 30 days is key! By the way, I was just in Naperville last week...love the area!! Just couldn't deal with your winters ;-) I know how many IL folks end up out here in sunny AZ...so if you ever have past clients or associates heading this way and want to earn a referral fee while also recommending a great agent that specializes in relocations...send them my way! I'd be happy to return the favor if I have anyone looking there. My sister-in-law lives in the same general area. Thanks and Good Luck!!! ~Sharon

Posted by Arizona Home Group RE/MAX Excalibur (The Arizona Home Group) over 5 years ago

This is the story you need to tell those sellers who ask "can't we just start at XXX and then see what happens?"  47 days with only 10 showings... definitely there was an issue with the price!

Posted by Jennifer Prestwich, Your Castle RE Colorado (Henderson, Thornton, Broomfield and Westminster) over 5 years ago

It is always interesting to see what happens when a house, with significant CDOM, hits the right price after a reduction.  Generally, there are people waiting in the wings to make offers!

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) over 5 years ago

Price is king in almost any sale...not cash...not location...not condition...Price!  Anything will sell (or be taken off of your hands) for the right price. 

Posted by Mike McCann - Nebraska Farm Land Broker, Farm Land For Sale 308-627-3700 or 800-241-3940 (Mike McCann - Broker, Farmland Broker-Auctioneer Serving Rural Nebraska) over 5 years ago

Hi Ken

I have several listings that I am asking myself the same question about.... It is a crazy market- so it is either a price reduction or take it off the market.

Good luck selling it

Barbara

Posted by Barbara Carter, Serving Your Real Estate Needs in the Hudson Valle (C21 Alliance Realty Group) over 5 years ago

some homes are just odd too and they need the right people to buy them.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) over 5 years ago

Ken

I'm in the same boat. My cliients thought their house is worth more than what I wanted to list it for, so we agreed that after a few days and we don't have an offer, we'll reduce the price.

I requested feedback from several agents who came to brokers tour, open house or who showed the property. And their responses helped to justify the price reduction.

Posted by Pacita Dimacali, Alameda/Contra Costa Counties CA (Alain Pinel) over 5 years ago

Hi Pacita, Gene, Barbara, Mike, Sharon, Jennifer, Arizona, Suzy, Gary, Debra, Barbara, Joe, Bob, Karen, Doug, and Shannon.  Thanks!

Thanks to AR for emailing this little post out too!

I counted the cards on the table.  There were 10...

Nice house.  Still hoping to put a deal for it!

Thanks again!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 5 years ago

What do the comps say?  Possibly add for a few nice touches & go for it.

Posted by Lyn Sims, Schaumburg IL Area Real Estate (RE/MAX Suburban) over 5 years ago

I do marketing for our team, but all the marketing in the world won't sell a home if it's not priced right.

Posted by Lynda White, Admin. Mgr., Keller Williams Realty (Bluegrass Homes & Farms Realty, Agent Know How) over 5 years ago

Price overcomes any other obsticle.  But I have to say that 47 DOM doesn't seem like long based on my local market.

Posted by Janna Scharf, Coeur d'Alene Idaho Real Estate Expert (Keller Williams Realty Coeur d'Alene) over 5 years ago

How about when it sits for 47 days and shown over 100 times and still hasn't sold?

Posted by Cyndi Carver, Issaquah & Bellevue Specialist (Northwest Real Estate) over 5 years ago
Its, Wait and watch game. At the end, every home gets sold. Big or small, doesn't matter.
Posted by Sham Pathania (Save Max Real Estate Inc. Brokerage) over 5 years ago

#19 said it best. A high price is hard to overcome.

Posted by Wayne B. Pruner, Tigard Oregon Homes for Sale, Realtor, GRI (Oregon First) about 5 years ago

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