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Real Estate Market Lately
Posted on 7/31/19 at 7:43 am
Posted on 7/31/19 at 7:43 am
What is going on with the local housing market (BR) today? Seems like with interest rates dropping, more homes should be selling.
We are currently trying to sell our house while also building. The selling is stressing us out. Our home "shows" very well, and we've repainted and made some upgrades to the home to sell. However, it's been very slow. We can't even get showings anymore. We've reduced the price by 10k and still nothing. Been on the market since May and only had 1 real bite, and that one is still pending.
I've been hearing that the BR housing market is very strange right now. Typically we go through 7 year cycles, but i'm told the 2016 flood really screwed things up. However, our house never flooded, nor has it ever come close to flooding.
I've also heard that we are "competing" with selling a used house vs. all of these "new" homes for sale, yet new home costs are $190/SF +, and we are well below that $/SF to sell. So we shouldn't even be in the same market, unless someone wants a considerably smaller house.
Any thoughts?
We are currently trying to sell our house while also building. The selling is stressing us out. Our home "shows" very well, and we've repainted and made some upgrades to the home to sell. However, it's been very slow. We can't even get showings anymore. We've reduced the price by 10k and still nothing. Been on the market since May and only had 1 real bite, and that one is still pending.
I've been hearing that the BR housing market is very strange right now. Typically we go through 7 year cycles, but i'm told the 2016 flood really screwed things up. However, our house never flooded, nor has it ever come close to flooding.
I've also heard that we are "competing" with selling a used house vs. all of these "new" homes for sale, yet new home costs are $190/SF +, and we are well below that $/SF to sell. So we shouldn't even be in the same market, unless someone wants a considerably smaller house.
Any thoughts?
16
Posted on 7/31/19 at 7:51 am to BugAC
I sold mine for full asking (Baton Rouge) in two days 6 weeks ago. The house was only 2.5 years old. I have friends that are struggling to sell theirs though. I do think it has a lot to do with the new vs old homes depending on price point that is.
Posted on 7/31/19 at 7:54 am to BugAC
2019 has been a slow year from everything I can tell. 2018 was on fire.
Posted on 7/31/19 at 8:15 am to BugAC
(no message)
This post was edited on 12/21/21 at 1:16 pm
Posted on 7/31/19 at 8:17 am to thatguy777
It’s all about pricing it right. If you list it at the right price to start, it will normally sell faster. What generally happens is people are going to over price their house then drop the price. A lot of potential buyers look at new listings only if they have been looking for awhile. If you don’t price it right from the start, the potential buyer may never notice the house.
We are at the very end of busy season for real estate, every year it starts slowing down now before kids go back to school.
We are at the very end of busy season for real estate, every year it starts slowing down now before kids go back to school.
Posted on 7/31/19 at 8:35 am to BugAC
Market nationwide is slowing down. I have been telling this board that this was coming. Housing price growth has consistently outpaced wage growth by a large margin for way too many years now. Interest rates can only help so much.
Posted on 7/31/19 at 8:52 am to stout
quote:
Market nationwide is slowing down. I have been telling this board that this was coming. Housing price growth has consistently outpaced wage growth by a large margin for way too many years now. Interest rates can only help so much.
Certainly agree with this. But that doesn't explain OP not getting any offers.
OP, you are overpriced. End of story. Drop it $50k and I bet it sells in 5 days. So you need to figure out the actual sell price.
When the market is hot people try and overprice and then get offers. Which is smart, but when it gets soft if you are too overpriced then you won't get an offer.
Posted on 7/31/19 at 9:32 am to BugAC
Any thoughts?
................
Listing with a realtor or trying to sell yourself?
................
Listing with a realtor or trying to sell yourself?
Posted on 7/31/19 at 9:34 am to baldona
quote:
But that doesn't explain OP not getting any offers.
Why not? It really could explain a lot. In a slowing market buyers have more options so his home may not be as desirable as other inventory for a lot of reasons including price as you mention.
quote:
OP, you are overpriced. End of story. Drop it $50k and I bet it sells in 5 days.
Of course it will sell at a $50K lower price. Anything would. You need way more details before making this blanket statement.
Posted on 7/31/19 at 9:47 am to BugAC
I have thought for years now that Baton Rouge is a completely overpriced market.
There are now a ton of cookie cutter 3BR 2BA 1500-1800 sqft in the $200-$225k range.
There is a complete lack of good options in the $250k-$350k range. And this is where a majority of the city should be. People have been over extending themselves and inflating these homes to $400k+ and it can only go on for so long. I have no clue where your house falls, but those are my thoughts.
There are now a ton of cookie cutter 3BR 2BA 1500-1800 sqft in the $200-$225k range.
There is a complete lack of good options in the $250k-$350k range. And this is where a majority of the city should be. People have been over extending themselves and inflating these homes to $400k+ and it can only go on for so long. I have no clue where your house falls, but those are my thoughts.
Posted on 7/31/19 at 9:51 am to LSU1018
quote:
If you don’t price it right from the start, the potential buyer may never notice the house.
We started pricing it about $10k higher than what we were happy selling it for, but even at that price, we were within range of other similar houses in the market. We've since dropped $10k.
Posted on 7/31/19 at 9:53 am to XanderCrews
quote:
Post pictures of your house and maybe someone can see something glaringly wrong with it. Or get more honest feedback also list the price, so we can compare/contrast.
If not I doubt you will get good information.
TBF: Not all people can take criticism.
Sorry, not doing that. I can take criticism. Trust me. We painted all of our cabinets and made some upgrades to the outside. We've had feedback from multiple agents and prospective buyers. We've listened to and addressed any issues. A lot of what comes up is "i wish it had a 4th bedroom" or the more common "i wish it had a pool".. My concern is the complete lack of showings.
Honestly, we've heard several times, "it would be perfect if it had a pool".
This post was edited on 7/31/19 at 9:57 am
Posted on 7/31/19 at 9:54 am to ItzMe1972
quote:
Listing with a realtor or trying to sell yourself?
Realtor
Posted on 7/31/19 at 9:54 am to BugAC
It doesn’t matter what you’re happy selling it at. What do comps suggest? What condition is your house in compared to comps? Anything odd about your house (i.e. in a flood zone, right across from a school, on a busy street, etc.)?
Posted on 7/31/19 at 9:56 am to PhiTiger1764
quote:
There is a complete lack of good options in the $250k-$350k range
This is our price point. We are now actually, about 5k under what typical sale price in our neighborhood is going for, for our square footage. 3BR, 3BA.
I have some time until the new house is built. But i want this headache to be over.
Posted on 7/31/19 at 9:58 am to Ingloriousbastard
quote:
It doesn’t matter what you’re happy selling it at. What do comps suggest? What condition is your house in compared to comps?
It is in line with the comps. And actually, slightly under the comps.
quote:
Anything odd about your house (i.e. in a flood zone, right across from a school, on a busy street, etc.)?
No flood zone. No school. Semi-private neighborhood. Only negative would be we have a drainage servitude running through the back yard, so our backyard is sloped. Which is great for drainage, but again, it's not a flat yard. We also added a deck with pergola since we originally bought the house.
This post was edited on 7/31/19 at 10:02 am
Posted on 7/31/19 at 10:05 am to BugAC
That last part could be an issue, but it’s hard to say without knowing your yard exactly. Do your roof or appliances have considerable age?
Posted on 7/31/19 at 10:07 am to BugAC
yea i am seeing the halt as well... i put mine up for sale 3 weeks ago and but came in a little high for it being in Southdowns by Sprouts, Rouzan
I am starting to decrease the price to be around 200-202 sq ft which is what I think is the right price. I did come in hot at 210 sq ft. per the suggestion of the realtor.
I am starting to decrease the price to be around 200-202 sq ft which is what I think is the right price. I did come in hot at 210 sq ft. per the suggestion of the realtor.
Posted on 7/31/19 at 10:09 am to BugAC
"I have some time until the new house is built. But i want this headache to be over."
Some things take time.
Could be back to school time making things slow. What's the average days on the market in your area?
Some things take time.
Could be back to school time making things slow. What's the average days on the market in your area?
Posted on 7/31/19 at 10:18 am to Ingloriousbastard
quote:
Do your roof or appliances have considerable age?
12 years old.
We do have a lot of bushes and stuff out front, that i am going to cut down considerably. They don't look unkempt, but they are big. Was thinking of doing that this weekend.
But stuff like that, to me, doesn't seem like something that would prevent a prospective buyer from even scheduling a showing.
This post was edited on 7/31/19 at 10:21 am
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