Selling - bigger hammer needed - Marketing channels & Financing Avenues

Seattle, Washington
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Selling - bigger hammer needed - Marketing channels & Financing Avenues

Gena Moore
Homeowner · WA · Member since 2023 · 7 posts · 2 votes

Hi.

We are selling, and clearly at the wrong time.

Per our agent, we are priced right, and there is nothing wrong with the house. 

The problem? We are in the mid to upper level of the market, the interest rates are obscene, and fall is here. Apparently the rain makes people not buy houses.

My obscenely outdated degree from the -80’s;—dating myself here—, is marketing. I don’t know the first thing about real estate though. Which is why I’m here.

Something just feels OFF…

To me—in a tough market, you need to differentiate from the competition, and you need a much better way to reach your customers. 

To me, having price as your only tool is crazy. 

It may be the market is toast for the year, but if that’s the case, I want to know so—not guess. Also—IMO, some things sell in any market. 

With that, I want to ask this fine community for help with two things:

1) What kind of financing is available to buyers? Any new(ish) fintech product not widely known? Something else? Looking to learn about sources outside of conforming / conventional loans. 

2) Any great marketing platforms we should know about? We’re signing on with Roam. Any others? 

3) —The big ask.. What makes a house sell? What makes it sit? What should we do to make the house more attractive to buyers? 

4) We’re considering the medium-term rental market, and are clueless. Any good platforms? Sources of wisdom? What’s the one thing you wish you knew back when you were a 1st time virgin landlord?

Our Listing: https://www.zillow.com/homedetails/2704-Brown-Rd-Ferndale-WA...

PS: Even light sleuthing will reveal I’m using a screen name on BiggerPockets. The reason is this is an open forum, and I like to limit access to my personal info where I can. Business transactions would of course be given full info.

PPS: Please forgive my rudeness but.. Just in case the wrong folks come across this (I know they will be in the tiny minority)..

We are not open to investor offers, or any other 50 cents on the dollar deals. Also NOT trying to sell via BiggerPockets. Seeking to learn, so we can be more successful. Last; only honest, ethical, above-board solutions please. 


Thank you so much everyone for any advice you can give. 

~Gena

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y

@Gena Moore

Your listing is 3 weeks old…. What’s the average listing for that price point in that area?

I think more and more we are heading back to the norm even with low inventory that houses will take longer to sell - especially if it’s higher end in that area because who are the buyers? Entry level are people who haven’t yet bought but most people are not upsizing right now. If it was on market 3 months then I would start to look further but 3 weeks. Be patient

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10 Replies

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  • Yu Liu
    Investor · Tallahassee · Member since 2019 · 249 posts · 93 votes
    3y

    1) Main thing is interest rates are high right now so unless the property is in an very desirable area and at a great price, then it doesnt make sense to buy when rates are 8-9% right now. 

    2) Marketing platforms, MLS is the best way to go followed by social media group (Facebook groups, etc)

    3) what makes a house sell comes down to location and price, but above all price. You could give me the best location but if your house is way above what I could afford, I wouldn't want it. 

    4) you can look into renting it out if the numbers make sense. I can help you take a look at if MTR would be good, could you do STR?

    Hope that helps!

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Gena Moore

    Your listing is 3 weeks old…. What’s the average listing for that price point in that area?

    I think more and more we are heading back to the norm even with low inventory that houses will take longer to sell - especially if it’s higher end in that area because who are the buyers? Entry level are people who haven’t yet bought but most people are not upsizing right now. If it was on market 3 months then I would start to look further but 3 weeks. Be patient

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    3Reply
  • Richard F.
    Honolulu, HI · Member since 2008 · 3k+ posts · 2k+ votes
    3y

    Aloha,

    Your Agent should be able to provide you with all kinds of statistics on the local market from the MLS, including Days on Market, number of available units, list vs selling price of solds, neighborhood activity, and much more. The Agent should also be able to provide you the specific comps being used to price your property. Maybe go take a look at one or two in person to really compare finish and overall "feel".

    For marketing, be sure you have, at a minimum, high quality photos that lay out the "story" of the home. Videos and other media offer more creativity, but not everyone spends the time to watch them, and they can be poorly done just as easily as poor photos.

    The biggest thing that helps sell the house? The House! Make sure it is fully functional; VERY clean, including windows and screens; and a fresh coat of interior paint if it is at all tired or multi-colored or just "lumpy". The pics look generally good, but some areas are somewhat cluttered. Not all buyers can "see through" occupants current use of the space. Even furnishings can affect their impression...everyone has different taste in colors and styles. Consider staging with a different and less "full" style. Be sure the listing is available through the MLS to other sites that many cooperate with, to maximize eyeballs. Open houses, although "old school", can generate local interest through the neighborhood lookey loos, and get some people in that might not otherwise.

    With Holidays fast approaching, and school in session, most markets are slowing down and will likely remain slow through February or March. If you decide to rent while you wait, be sure you do not commit the rental to ANYTHING beyond your target date to relist, and be very clear with prospective Tenants of your plan. Do NOT be one of those Seller's that wants to have their cake, and eat it too! Once it goes back on the market for sale, you want it as absolutely easy as possible for others to Show the property. It should be vacant if at all possible. I've seen many deals pass by because a Seller couldn't meet a showing time window.

    If your Agent suggested only offering under cash, and conventional loans, they hopefully explained their rationale, which is typically "faster, easier" closing. I do not keep up with loan products, I let the Lenders handle that, and refer my Clients to several preferred Lenders. Your Agent should be able to connect you with one that can update you on current offerings.

    1Reply
  • Gena Moore
    OP
    Homeowner · WA · Member since 2023 · 7 posts · 2 votes
    2y
    Quote from @Yu Liu:

    1) Main thing is interest rates are high right now so unless the property is in an very desirable area and at a great price, then it doesnt make sense to buy when rates are 8-9% right now. 

    2) Marketing platforms, MLS is the best way to go followed by social media group (Facebook groups, etc)

    3) what makes a house sell comes down to location and price, but above all price. You could give me the best location but if your house is way above what I could afford, I wouldn't want it. 

    4) you can look into renting it out if the numbers make sense. I can help you take a look at if MTR would be good, could you do STR?

    Hope that helps!


     "Main thing is interest rates are high right now" --> This is exactly it.

    What is MTR and STR?
    I've been in touch with a local property manager. It doesn't look good for renting.




    0Reply
  • Gena Moore
    OP
    Homeowner · WA · Member since 2023 · 7 posts · 2 votes
    2y
    Quote from @Chris Seveney:

    @Gena Moore

    Your listing is 3 weeks old…. What’s the average listing for that price point in that area?

    I think more and more we are heading back to the norm even with low inventory that houses will take longer to sell - especially if it’s higher end in that area because who are the buyers? Entry level are people who haven’t yet bought but most people are not upsizing right now. If it was on market 3 months then I would start to look further but 3 weeks. Be patient


     You're right Chris. 
    There are buyers in our area, I'll say that--high-end buyers with lots of cash also. 

    I think the interest rates coupled with the idea the market is about to fall off a cliff, and the time of year is our biggest issue. 

    For now, we've pulled it off  the market.

    0Reply
  • Gena Moore
    OP
    Homeowner · WA · Member since 2023 · 7 posts · 2 votes
    2y
    Quote from @Richard F.:

    Aloha,

    Your Agent should be able to provide you with all kinds of statistics on the local market from the MLS, including Days on Market, number of available units, list vs selling price of solds, neighborhood activity, and much more. The Agent should also be able to provide you the specific comps being used to price your property. Maybe go take a look at one or two in person to really compare finish and overall "feel".

    For marketing, be sure you have, at a minimum, high quality photos that lay out the "story" of the home. Videos and other media offer more creativity, but not everyone spends the time to watch them, and they can be poorly done just as easily as poor photos.

    The biggest thing that helps sell the house? The House! Make sure it is fully functional; VERY clean, including windows and screens; and a fresh coat of interior paint if it is at all tired or multi-colored or just "lumpy". The pics look generally good, but some areas are somewhat cluttered. Not all buyers can "see through" occupants current use of the space. Even furnishings can affect their impression...everyone has different taste in colors and styles. Consider staging with a different and less "full" style. Be sure the listing is available through the MLS to other sites that many cooperate with, to maximize eyeballs. Open houses, although "old school", can generate local interest through the neighborhood lookey loos, and get some people in that might not otherwise.

    With Holidays fast approaching, and school in session, most markets are slowing down and will likely remain slow through February or March. If you decide to rent while you wait, be sure you do not commit the rental to ANYTHING beyond your target date to relist, and be very clear with prospective Tenants of your plan. Do NOT be one of those Seller's that wants to have their cake, and eat it too! Once it goes back on the market for sale, you want it as absolutely easy as possible for others to Show the property. It should be vacant if at all possible. I've seen many deals pass by because a Seller couldn't meet a showing time window.

    If your Agent suggested only offering under cash, and conventional loans, they hopefully explained their rationale, which is typically "faster, easier" closing. I do not keep up with loan products, I let the Lenders handle that, and refer my Clients to several preferred Lenders. Your Agent should be able to connect you with one that can update you on current offerings.


     Thank you so much Richard. This is very good advice.

    0Reply
  • Yu Liu
    Investor · Tallahassee · Member since 2019 · 249 posts · 93 votes
    2y
    Quote from @Gena Moore:
    Quote from @Yu Liu:

    1) Main thing is interest rates are high right now so unless the property is in an very desirable area and at a great price, then it doesnt make sense to buy when rates are 8-9% right now. 

    2) Marketing platforms, MLS is the best way to go followed by social media group (Facebook groups, etc)

    3) what makes a house sell comes down to location and price, but above all price. You could give me the best location but if your house is way above what I could afford, I wouldn't want it. 

    4) you can look into renting it out if the numbers make sense. I can help you take a look at if MTR would be good, could you do STR?

    Hope that helps!


     "Main thing is interest rates are high right now" --> This is exactly it.

    What is MTR and STR?
    I've been in touch with a local property manager. It doesn't look good for renting.





    STR = Short term rentals (think airbnbs)

    MTR = Mid term rental (30 day stays, think travel nurses or corporate housing)

    1Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    In our opinion, the number one reason most people buy a house is they love it.

    A HOME is a concept or feeling, different from a HOUSE, which is physical.

    So, buying a HOME to live in is an emotional decision.

    Logical Property Management4.9455 Reviews
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  • Robert KurkaBusiness Member
    Real Estate Agent · Jh1 Homes - Seattle & Tacoma · Member since 2022 · 32 posts · 15 votes
    2y

    Your house is for sure priced right. 

    It's all about affordability and the average household income is only about $75,000 in Ferndale. This means their income is $6250 a month.  The mortgage for the home you selling at is a monthly payment of $6,350 a month. That's more than most people can afford. 

      Just be patient and it will sell. I just got a new buyer pre-approved at 6.43 interest last week so we are close to this market getting very busy.

    Without land, you can get a slightly bigger house for around 550k in Ferndale 

    FHA USDA and VA loans all have the best rates right now.

    Using a Real Estate agent and brokerage with a large network of buyer agents helps a lot. A company like Compass or Keller Williams will expand your network to the whole brokerage. 

    Here is a CMA

    www.compass.com/listing-presentation/view/cma/cma-141d7401-f...

    1Reply
  • Gena Moore
    OP
    Homeowner · WA · Member since 2023 · 7 posts · 2 votes
    2y
    Quote from @Robert Kurka:

    Your house is for sure priced right. 

    It's all about affordability and the average household income is only about $75,000 in Ferndale. This means their income is $6250 a month.  The mortgage for the home you selling at is a monthly payment of $6,350 a month. That's more than most people can afford. 

      Just be patient and it will sell. I just got a new buyer pre-approved at 6.43 interest last week so we are close to this market getting very busy.

    Without land, you can get a slightly bigger house for around 550k in Ferndale 

    FHA USDA and VA loans all have the best rates right now.

    Using a Real Estate agent and brokerage with a large network of buyer agents helps a lot. A company like Compass or Keller Williams will expand your network to the whole brokerage. 

    Here is a CMA

    www.compass.com/listing-presentation/view/cma/cma-141d7401-f...


    Thank you so much Robert. 

    0Reply
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