Single Family Home Not Selling - Wilmington MA

[Anthony Simboli]

I'm writing this in hopes to find some guidance on why a single family property I have is not selling. A little information is below.

Location: 8 Faulkner Avenue, Wilmington MA 01887

Days on Market as of 4/27 (47days)

Current Status of Single Family homes for sale in Willmington MA - Currently this house is the cheapest (move in ready) house on the market at $419k. The only other house cheaper on the market is a cash/rehab loan only property.

Showings so far - 2 open houses right before COVID shut things down. 

Multiple private showings are being requested each day. Feedback has been they don't like the layout of the property. However we paid to have the house staged.

Renovations have been completed and big expenses have been taken care of (i.e. new furnace, new staircase, updated rooms, newer deck etc.)

Could anyone provide some guidance on what we can do to get an offer and why we may not be getting an offer even though all things point to we are priced right. (i.e. highest viewed/saved house on zillow in that town, cheapest in the town, multiple private showings per day) 

Thanks so much!

[Eric Black]

Hi Anthony,

Unfortunately the answer is not going to be what you want to hear. Houses that don't sell typically because they are priced too high. The number of views on Zillow has no bearing on if your house is priced correctly. That only indicates it is in the price range of a lot of buyers. Your prospective buyers have given you the answer, they don't like the layout. Paying to have the house staged just makes a house with a bad layout look nice. It's hard to get an idea of the layout of a house from the pictures on a website so until they actually see it they can't get a feel for the layout. This may explain the high number of showings with no activity. 

Even if all of the rehab has been done and the house looks great, if the layout is bad, a buyer is going to have to invest significant money to knock down walls and change the layout to something they want. If they're buying the house at market value for a property with a good layout, then having to spend an additional $10-20k to change the layout makes it an above market deal.

I'm not trying to be a downer or rain on your parade, but the reality is, if a house has been on the market and has had a lot of showing and no offers, that means it's priced too high.

Eric