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

By
Real Estate Agent with Charles Rutenberg Realty - 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

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Rainmaker
650,982
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

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

Aug 27, 2012 10:12 AM #4
Rainer
41,701
Joe LaVallie
HomeStreet Bank - Mountlake Terrace, WA
111363

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

Aug 27, 2012 10:19 AM #5
Rainmaker
736,434
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
CRS, GRI, e-PRO, Searcy AR

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

Aug 27, 2012 10:26 AM #6
Rainer
53,733
Debra Hight
Coldwell Banker United, Realtors - Houston, TX
Debra Hight

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

Aug 27, 2012 10:29 AM #7
Rainer
7,323
Gary McEnery
Real Estate One - Royal Oak, MI

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.

Aug 27, 2012 10:44 AM #8
Rainmaker
156,484
Suzi Sandore
Keller Williams North County - San Marcos, CA
North County San Diego Homes

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. 

Aug 27, 2012 11:20 AM #9
Rainmaker
127,234
John Sposato, Sharon Coffini & Melanie Didier
The Arizona Home Group - Chandler, AZ
Arizona Home Group

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

Aug 27, 2012 12:32 PM #10
Rainer
338,133
Jennifer Prestwich
Henderson, Thornton, Broomfield and Westminster - Henderson, CO
Your Castle RE Colorado

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!

Aug 27, 2012 04:20 PM #11
Rainmaker
761,359
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

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!

Aug 27, 2012 07:18 PM #12
Rainmaker
354,859
Mike McCann - Nebraska Land Broker
Mike McCann - Broker, Based in Kearney & Serving Rural Nebraska - Kearney, NE
Nebraska Farm Land For Sale 308-627-3700

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. 

Aug 27, 2012 07:32 PM #13
Rainmaker
142,941
Barbara Carter
C21 Alliance Realty Group - New Paltz, NY
Serving Your Real Estate Needs in the Hudson Valle

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

Aug 27, 2012 07:53 PM #14
Rainmaker
1,286,370
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

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

Aug 27, 2012 07:53 PM #15
Rainmaker
665,364
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

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.

Aug 28, 2012 09:02 AM #16
Rainmaker
490,236
Ken Tracy
Charles Rutenberg Realty - Naperville - Naperville, IL
Naperville Illinois Real Estate

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

Aug 28, 2012 11:45 AM #17
Rainmaker
844,401
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

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

Aug 28, 2012 12:08 PM #18
Rainmaker
234,426
Lynda White
Bluegrass Homes & Farms Realty, Agent Know How - Louisville, KY
Admin. Mgr., Keller Williams Realty

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

Aug 29, 2012 08:29 AM #19
Ambassador
656,382
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Real Estate Pro

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

Aug 30, 2012 11:33 AM #20
Rainer
56,558
Cyndi Carver
John L Scott, Inc. - Issaquah, WA
Issaquah & Bellevue Specialist

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

Aug 31, 2012 12:52 AM #21
Rainmaker
177,308
Sham Pathania
Homelife/United Realty Inc. Brokerage - Mississauga, ON
Its, Wait and watch game. At the end, every home gets sold. Big or small, doesn't matter.
Sep 08, 2012 09:33 PM #22
Rainmaker
264,568
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

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

Nov 16, 2012 09:04 PM #23
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Rainmaker
490,236

Ken Tracy

Naperville Illinois Real Estate
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