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Selling a home on a busy street (Dallas)

7,125 Views | 67 Replies | Last: 7 yr ago by FincAg
PTXaggie08
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I am trying to sell my home in Dallas. It sits on a busy street (Skillman) between the Village and the M streets.

I, alongside my broker, have looked at several comps, and we believe the home to be worth $330k-$350k if it did not sit on Skillman. And yes, I am looking at good comps with same square footage, bedrooms, baths, upgrades, etc. We also have it staged impeccably.

Since the house sits in front of 20,000 cars a day, we have it listed at $300k. Which is well below anything around me. It's the best deal in East Dallas.

No hits. No showings, weak open house. Can't seem to drum up interest.

How much discount is appropriate for the busy street? How can I get people to come look at this house?

I think buyers reps are scaring away the clients because of the street. Is there any way to overcome this?




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Can you post your listing?
752bro4
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Anecdotally, I can tell you that I almost bought the house caddy-corner from you at St. Moritz/Skillman in Summer 2015, and only looked at it because parking was not on Skillman.

A good % of your neighbors have a circle drive. When we were looking earlier this year, I wouldn't have ruled out something on a major road so long as it had a circle drive. The parking situation/backing out of my driveway if I hadn't pulled all the way into the gate to turn around would scare me away personally.
PTXaggie08
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Listing on Zillow

Yep, I understand the circle drive concern. But again, I tried to bake that into the price.
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Two questions...

1. Did you purchase for $175K in 2013? It's not very relevant other than to ask if the market or your upgrades have really raised the price $125K. No doubt it could have (and the Zestimate actually backs that up from 2013-today) easily done just that - but just asking.

2. Did you just have a pending sale that fell through? Sorry, I'll get blasted for this, but that's what Zillow is saying. And if so - why did it fall through? Wonder if that slowed down people wanting to see it.
PTXaggie08
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My other concern, there is this house listed 2 blocks from us.

Zillow Listing

We went to their open house yesterday. Excellent comp in terms of specifications. In fact, I personally think my house shows a little better. (mine has a laundry room and 2 car garage as well)

They had 12 people on their open house sign in sheet. And its listed $45k higher than my house.

I just think if I could get people in my house, it would generate an offer.
PTXaggie08
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Premium said:

Two questions...

1. Did you purchase for $175K in 2013? It's not very relevant other than to ask if the market or your upgrades have really raised the price $125K. No doubt it could have easily done just that - but just asking.

2. Did you just have a pending sale that fell through? Sorry, I'll get blasted for this, but that's what Zillow is saying. And if so - why did it fall through? Wonder if that slowed down people wanting to see it.
Yes, I paid $175k. But we extensively upgraded it. Stained the hardwood floors, paint, appliances, etc. It's a completely different house.

And yes, I had a self-represented buyer that I foolishly went into escrow with. After the inspection, he wanted a $25k reduction with no supporting backup. We asked him to terminate.
PTXaggie08
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PTXaggie08 said:




And yes, I had a self-represented buyer that I foolishly went into escrow with. After the inspection, he wanted a $25k reduction with no supporting backup. We asked him to terminate.
Also, this guy quoted my purchase price and told my listing agent that he didn't think I should make that much on this house.
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PTXaggie08 said:

PTXaggie08 said:




And yes, I had a self-represented buyer that I foolishly went into escrow with. After the inspection, he wanted a $25k reduction with no supporting backup. We asked him to terminate.
Also, this guy quoted my purchase price and told my listing agent that he didn't think I should make that much on this house.


Yeah, thats crazy and irrelevant. Did you have many showings before it went pending?
PTXaggie08
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Premium said:

PTXaggie08 said:

PTXaggie08 said:




And yes, I had a self-represented buyer that I foolishly went into escrow with. After the inspection, he wanted a $25k reduction with no supporting backup. We asked him to terminate.
Also, this guy quoted my purchase price and told my listing agent that he didn't think I should make that much on this house.


Yeah, thats crazy and irrelevant. Did you have many showings before it went pending?
Bold edits because I agree completely.

No, not much activity at all. Which is why I went against my gut and flirted with this guy.
SteveBott
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I did not look at your listing but if you do not have a half circle in the front on a busy street you need to put one ASAP. Don't build a cash improvement to the seller after financing. You do it and raise the price so the buyer CAN finance in the first mortgage.

An unusual home listed in the slowest season not getting a lot of traffic does not raise my concern much and you tied the place up for what, 2-3 weeks?

We are very early in moving to the peak of the season.

Chill and if don't have the half circle drive....
SteveBott
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OP disclaimer I'm mortgage not realty so I defer to them from here on out.
TXAGFAN
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I think you're asking too much, but I'm not a pro. Skillman is a big and very busy street. I realize it was when you bought it a few years back as well, but it's only become busier.

Hope I don't get flamed on this...
1) would get the crib out of your listing photos. It looks weird since that's not a nursery and if anything looks in the way. Plus, I think people inevitably wonder why people are moving and crib means kids and busy street means they must be moving because of how busy the street is for young kids.
2) your yard pictures are confusing. You seem to have a big grassy yard in one picture and then there are two large unflattering pictures of gravel/concrete with a VERY small patio like area with a small stip of grass. Again, busy street and no backyard (easy to assume since last photos are of driveway) is a big negative to most buyers with or without kids.

I live on a neighborhoood thoroughfare and assume it impacts house probably 5%ish. If I lived on Skillman I would expect a MUCH bigger price reduction compared to comps. Like 15%+ difference. Need to drop your price with no viewings in a week IMO.
SoTheySay
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I'm mobile and hopping between browsers so bare with me...

1. Front door photo is awkward. And the paint color on the closet is too.
2. You have a lot of paint colors.
3. Based on photo I would rearrange the living room. Couch to face TV and float/not pushed against wall with chair at and angle, likely where the couch currently is.
4. The photo of the TV/bar thing isn't doing you any favors. I would remove the TV and put a real table assuming this actually functions as a breakfast room.
5. Clean and stain/paint the grout perhaps.
6. Crib or bed. Not both.
7. Why am I looking at your dresser?
8. Can you flip your bed and nightstand so that your bed isn't covering a window?


SoTheySay
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Also, not sure of the date of previous contract and termination but in my personal experience I have felt that there was a stake period between coming back on the market and any sign of activity.
Rustys-Beef-o-Reeno
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Ok I looked at yours, the 345k house and the 280k house.

First the street you are on is crazy busy. That will lower your buying pool 30% right off the top because there will be people who simply will not buy it at any price.

Second, repaint the inside. Paint all the interior doors white with white trim and paint all the walls the same color neutral with white ceilings. You have way to much going on.

Get better pictures taken. It looks like someone used an iPhone. Spend some money on good professional pictures

Not sure what is up with the texture on the inside but it's heavy and dates the place. Not worth getting rid of but make sure you use a flat paint, now a gloss or semi gloss which I think is on their currently. It will dull the texture and make the walls look smoother.

The other problem I have is that the house exterior is ugly and lacking charm. Basically the only thing selling this house is the location which is being offset by being on a main thoroughfare. Not sure what to do but I would look into trying to update the front elevation. Maybe paint the exterior white , add some shutters to dress up the windows and add a pop of color with the front door. Maybe you can add a nice railing on the big porch slab that right now just looks like a concrete block. Are picket fences allowed in the front yard with an automatic gate? You need to make this house have charm from something because right now it reminds me of a duplex in college station.

Or you could not do anything and drop the price to $270k because I dont think your house is that much better than the house 20k cheaper on the same street with 500 more sq ft.
Rustys-Beef-o-Reeno
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Also don't take offense, just giving my non biased honest opinion
PTXaggie08
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TXAGFAN said:

I think you're asking too much, but I'm not a pro. Skillman is a big and very busy street. I realize it was when you bought it a few years back as well, but it's only become busier.

Hope I don't get flamed on this...
1) would get the crib out of your listing photos. It looks weird since that's not a nursery and if anything looks in the way. Plus, I think people inevitably wonder why people are moving and crib means kids and busy street means they must be moving because of how busy the street is for young kids.
2) your yard pictures are confusing. You seem to have a big grassy yard in one picture and then there are two large unflattering pictures of gravel/concrete with a VERY small patio like area with a small stip of grass. Again, busy street and no backyard (easy to assume since last photos are of driveway) is a big negative to most buyers with or without kids.

I live on a neighborhoood thoroughfare and assume it impacts house probably 5%ish. If I lived on Skillman I would expect a MUCH bigger price reduction compared to comps. Like 15%+ difference. Need to drop your price with no viewings in a week IMO.
Yeah, we talked about the crib. It's a large room, which is why we use it as a guest room (for my mom) and the baby.

But removing a crib isn't going to happen with a new mother. I'm sure others can sympathize.

And I believe I am more than 15% from market... which is frustrating.

PTXaggie08
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Rustys-Beef-o-Reeno said:

Ok I looked at yours, the 345k house and the 280k house.

First the street you are on is crazy busy. That will lower your buying pool 30% right off the top because there will be people who simply will not buy it at any price.

Second, repaint the inside. Paint all the interior doors white with white trim and paint all the walls the same color neutral with white ceilings. You have way to much going on.

Get better pictures taken. It looks like someone used an iPhone. Spend some money on good professional pictures

Not sure what is up with the texture on the inside but it's heavy and dates the place. Not worth getting rid of but make sure you use a flat paint, now a gloss or semi gloss which I think is on their currently. It will dull the texture and make the walls look smoother.

The other problem I have is that the house exterior is ugly and lacking charm. Basically the only thing selling this house is the location which is being offset by being on a main thoroughfare. Not sure what to do but I would look into trying to update the front elevation. Maybe paint the exterior white , add some shutters to dress up the windows and add a pop of color with the front door. Maybe you can add a nice railing on the big porch slab that right now just looks like a concrete block. Are picket fences allowed in the front yard with an automatic gate? You need to make this house have charm from something because right now it reminds me of a duplex in college station.

Or you could not do anything and drop the price to $270k because I dont think your house is that much better than the house 20k cheaper on the same street with 500 more sq ft.
Not taking offense, and I certainly appreciate the feedback.

Maybe I'm too into this emotionally, but I've toured the other houses. Mine is hands down much nicer. The other homes would require paint no matter what, whereas, my home only requires paint if you don't like the colors.

(and the paint is actually the best feedback we've got from the few showings we've had. Everyone loves the inside of our house, they just don't like the street)

And totally agree on the outside. We put the landscaping in, painted the door, and replaced the light fixtures in an attempt to liven it up. But it's still a yellow brick house.

$270k? Show me another house for $270k in this area. And no, the other house on Skillman is not even in the same ballpark. It needs $20k worth of work before you could even move in.
PTXaggie08
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Seriously guys, very much appreciate the feedback. These are all really good opinions that me and my wife are talking about.

Helps to have some non-biased data...
Rustys-Beef-o-Reeno
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How long have you been on the market? 6 months? Lowered the price 35k?
You over priced it to begin with and now it's just sitting. I bet if you priced it at $299k right off the bat it would have already sold.
But as it is, $300 isn't going to get done without some improvements.
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Rustys-Beef-o-Reeno said:

How long have you been on the market? 6 months? Lowered the price 35k?
You over priced it to begin with and now it's just sitting. I bet if you priced it at $299k right off the bat it would have already sold.
But as it is, $300 isn't going to get done without some improvements.
I'd be tempted to rent it out for one year and then sell it next Summer.
Matilda
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I live in your same zipcode (a little further south behind Haymaker between Greenville and Live Oak) and I frequent mockingbird/skillman fairly regularly. My guess is what's hurting you isn't solely the "busy-street" Skillman location. My concern would be the single full bath.


If i'm looking to settle down with a famliy, i'm concerned with the busy street and the single bath. If I'm a young professional/SMU kid, i'm really only concerned with the only having one full bath. Especially, since i can go down the street and find a full 2/2 townhouse in the same price range.

Again, no criticism just my opinion of the market. I would think of maybe targeting the young professional/SMU kid market and focus on central location, proximity to SMU, and the yard. Just my two cents. Good luck!

752bro4
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popcorn ceiling
no crown molding
no curb appeal
no stone kitchen countertops
non-neutral paint

IMO, your house compares more with the house on Trammel ($250k, 2/1, 1,136 SF vs. 2/1.1, 1,304 SF)
Matilda
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752bro4 said:

popcorn ceiling
no crown molding
no curb appeal
no stone kitchen countertops
non-neutral paint

IMO, your house compares more with the house on Trammel ($250k, 2/1, 1,136 SF vs. 2/1.1, 1,304 SF)
agreed on the comp. Basically the same benefits of location without being on a busy street. The inside of your house is definitely nicer but not $50k nicer.

Also, your neighbor at 4335 Skillman (listing his place at $280, $168/sf v $230/sf) isn't doing you any favors .

p.s. I think new pictures will probably help alot. The picture quality of these other listings look much better online.
Matsui
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curb appeal is bad
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Be patient and let the other one sell first
PTXaggie08
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Premium said:

Rustys-Beef-o-Reeno said:

How long have you been on the market? 6 months? Lowered the price 35k?
You over priced it to begin with and now it's just sitting. I bet if you priced it at $299k right off the bat it would have already sold.
But as it is, $300 isn't going to get done without some improvements.
I'd be tempted to rent it out for one year and then sell it next Summer.
Really want the equity to put into another house up in Richardson...
752bro4
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Might want to avoid buying on Belt Line, Spring Valley, Arapaho, or Campbell. Just a thought.
dallasiteinsa02
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The curb appeal is killing both you and the 4335 Skillman listing. I would paint it and put some shutters on it asap. The iron railing idea would help too.

Not to beat a dead horse, but you are also 3 doors down from Mockingbird.
PTXaggie08
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752bro4 said:

Might want to avoid buying on Belt Line, Spring Valley, Arapaho, or Campbell. Just a thought.
aezmvp
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As said above I would seriously consider painting inside and out. There's nothing wrong with the interior paint, but it's just not appealing for buyers coming in exposed to a steady diet of HGTV. Shutters are cheap. Get some. Also maybe some inexpensive exterior lights/ landscape lighting. That will really help your curb appeal. The interior really does need a flat or at worst eggshell texture paint. If you don't replace the counters there are some very inexpensive DIY resurfacing kits for $150-200 that would really spruce it up.
aezmvp
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PTXaggie08 said:

Premium said:

Rustys-Beef-o-Reeno said:

How long have you been on the market? 6 months? Lowered the price 35k?
You over priced it to begin with and now it's just sitting. I bet if you priced it at $299k right off the bat it would have already sold.
But as it is, $300 isn't going to get done without some improvements.
I'd be tempted to rent it out for one year and then sell it next Summer.
Really want the equity to put into another house up in Richardson...
Unfortunately the market doesn't care.
bthotugigem05
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I'm looking for houses in Dallas and that's in my price range, location kills it. Speaking as an architectural photographer, your best chance will come from having mind-blowing photography done to get someone to fall in love with it before seeing where it is. Go get Shoot2Sell to give it their treatment, they're decent and well-priced.
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I'd also agree with the outdoor space being more usable (back yard) and to spruce up the curb appeal. That with some minimizing and repositioning furniture... and indoor paint. Spend $3,000 and get it right.
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