Posted by DT(NJ) on June 23, 2007 at 07:03:25:
Send me your contact info and I will see what I can do.
Thanks,
DT(NJ)
tcgnorth@yahoo.com
May go into foreclosure. CAN’T MOVE INVENTORY - Posted by oJ
Posted by oJ on June 22, 2007 at 19:39:04:
I have done very well in this business but have been struggling very badly with inventory on the market.
These properties are all listed. I’ve lowered the asking prices at least 2X for each house.
I don’t know what else to do. The properties get showings but no offers. I am moving out of state and don’t want to rent them.
I don’t have much money to take a loss but I may have to consider it. I have made every payment on time but I don’t know will happen next month.
Please help.
oJ
Re: May go into foreclosure. CAN’T MOVE INVENTORY - Posted by Don (VA)
Posted by Don (VA) on June 25, 2007 at 10:08:48:
Good advice from Gene and Sailor. If the properties get showings but no offers, then you have to figure out what the problem is and address it. Some here might argue that price solves all problems, but as Gene and Sailor point out, there are often far better ways to overcome buyer objections. You/your agent has to find out what those buyer objections are. Maybe it’s something specific. Maybe not. But do the best you can there, and check out comparable properties. What have your lookers actually bought? What is your current competition? Then go with staging, make sure the landscaping is attractive, etc.
Good luck.
Re: May go into foreclosure. CAN’T MOVE INVENTORY - Posted by Gene
Posted by Gene on June 23, 2007 at 10:10:29:
Put yourself in a buyers shoes…what dose your houses have to offer them?
Shop your market, look at all the houses you would be competing with…is yours the obvious choice???
If not make sure it is.
Staging, lighten and brighten, declutted is critical to sell…but in a saturated market I think price is usually the #1 factor.
Gene
Re: May go into foreclosure. CAN’T MOVE INVENTORY - Posted by Sailor
Posted by Sailor on June 23, 2007 at 07:40:45:
This is an older post of mine on the same topic:
http://www.creonline.com/wwwboard/messages/3515.html
In the current mkt I would add staging. There are companies who bring a truckload of furniture & set up the homes beautifully. Surprisingly, empty rooms look smaller than ones well-furnished. This is prime selling season, even in a b-a-d mkt, so do what needs to be done. Check your curb appeal. I’m doing one right now where I added curved flower beds in the front, but instead of planting I filled w/rubber mulch & potted plants that can be changed out. Looks quite tidy & more expensive than it was. Pots can be moved from one property to another as needed.
$10 sheer curtain panels soften a room, hide ugly windows & views, yet still let in plenty of light. I recommend you get a female friend or family member to tour the homes & itemize the problems.
Even if you are using agents, I would make sure YOU are in charge of marketing. You need Pennysaver ads, frequent open houses (have your friends babysit when you have multiple ones), signs, balloons, flyers w/pics on cars & bulletin boards, neighborhood buzz (let them pick their new neighbors), referral fees–anything you can dream up. How about paying some teens to conduct a FREE car wash in the front while you have Open House?
Lowering prices is not as effective as addressing the problems & making homes appealing. Houses ARE selling, even this summer, so do what is necessary to turn your properties into family homes. Good luck!
Tye
Re: May go into foreclosure. CAN’T MOVE INVENTORY - Posted by Murphy
Posted by Murphy on June 22, 2007 at 20:14:23:
What state are you in?
Re: May go into foreclosure. CAN’T MOVE INVENTORY - Posted by oJ
Posted by oJ on June 23, 2007 at 06:26:25:
I am in the state of CT.
Re: May go into foreclosure. CAN’T MOVE INVENTORY - Posted by Kevin
Posted by Kevin on June 23, 2007 at 10:52:59:
I’m right over the CT border in NY.
Send me your contact information, maybe we can work something out.