Advice On Selling A House?

(I'm a minor so I don't know a lot about any of this stuff. I know I'm probably an idiot. My parents don't know how to use online forums so I'm doing it for them.) This is my parents' first time trying to sell a house. The agent recommended one price, which they thought was a little high compared to other houses in the neighborhood that have sold. They settled on a lower price. The house has now been on the market for about four months and there hasn't been any interest in it. Not even one person. No one showed up to the open house either. The closest we've gotten is five separate people who wanted to schedule a viewing and then cancelled later in the day. The price was lowered once after the first month, again after the second, and again at the start of this month. It is now far below other houses in the area, and still nothing. I've been reading the posts on reddit about houses not selling, and the consensus is that it's always the price, but considering how low we've gone with nothing, my parents are concerned something else is wrong with how we're doing this. The house was built in the 90s, which I guess is old now. It has been heavily remodeled and new landscaping was done within the last ten years though. But it still has popcorn ceilings which some of the things I read say is really bad. The neighborhood is good, it's near a lot of well-rated schools, parks, etc. My parents and I are very desperate to move, so they're willing to lower the price further, but wanted to know if there are other common things that keep a house from selling.

Hi, Anon! Yeah, I'm sure there are experienced people here who can help you - myself included - if you don't mind a bit more of a wait, please? Myself, I've got regulars I'm behind with so I'll have to catch up with them first, but (Arnie voice) I'll be back, and hopefully others will pitch in meantime. Bear with... :)

Hi again Anon! Right - here's my own epxerience baton to pass on: "(I'm a minor so I don't know a lot about any of this stuff. I know I'm probably an idiot. My parents don't know how to use online forums so I'm doing it for them.)" (Just quickly: What's this bit? - "I know I'm probably an idiot"? Don't be daft. You're not Mystic Meg or Nostradamus? Not having experienced something before doesn't make you an idiot, it makes you inexperienced at (that thing), that's all. So - fine - we've established Fact 1: That you are not Telepathic. Okay, haha.) "This is my parents' first time trying to sell a house." Ahhh! Even more legit excuse, then. Okay, I'll see what I can do (am not reading ahead): "The agent recommended one price, which they thought was a little high compared to other houses in the neighborhood that have sold." Question 1: ARE they? Have you looked online at those in your price bracket AND *same location* or equal position in relation to the shops, etc., AND style, size, square-footage of house outdoors and in? Question 2: How many agents did your parents book to give you an appraisal and starting price? "They settled on a lower price. The house has now been on the market for about four months and there hasn't been any interest in it. Not even one person. No one showed up to the open house either. The closest we've gotten is five separate people who wanted to schedule a viewing and then cancelled later in the day." There is such a thing as under-pricing, too, you know. People assume (yawn) something's wrong with it, hence you're making up for it with the extra-low price. OR what happens is, you place yourselves at the TOP of a price-echelon. E.g. if your house should be 250k, but you're on at, say, 199K, then you're in the starter-buyer's bracket, meaning, no way in hell can THEY afford it and, now, due to said assumption, the buyer bracket above the starter-uppers isn't interested to find out what's not right with it. But let's see... "The price was lowered once after the first month," TOO SOON! FAR too soon! "again after the second, and again at the start of this month." TOO SOON, TOO SOON, TOO RAPID! This agent just wants their commission and stuff your parent's profit! Ring other agents (preferably ones that've been established for decades or longer) and ask for them to come round and tell you what *they* think. "It is now far below other houses in the area, and still nothing. I've been reading the posts on reddit about houses not selling, and the consensus is that it's always the price, but considering how low we've gone with nothing, my parents are concerned something else is wrong with how we're doing this." Is it kept sparkly clean and neat and tidy for every viewing? "The house was built in the 90s, which I guess is old now." Not really, no. "It has been heavily remodeled and new landscaping was done within the last ten years though. But it still has popcorn ceilings which some of the things I read say is really bad. The neighborhood is good, it's near a lot of well-rated schools, parks, etc." The popcorn look is coming back in. INCLUDING DOWN ONTO WALLS. (That's 70s, actually...depending on which country you're in? RSVP?) "My parents and I are very desperate to move, so they're willing to lower the price further, but wanted to know if there are other common things that keep a house from selling." Answer my questions and I'm sure we'll get to the bottom of it. :)

PS: This might be the agent's thinking: to set a high price which then suddenly starts sliding down the cost-pole, meaning, vendors in a hurry to sell, buyer had best view and offer quick-sharpish before someone else grabs the giant bargain. S/he hasn't taken into account the present climate, including WORLD economy and investors not knowing what inflation etc. is going to do to their savings/earnings. What I'd suggest is, coming OFF of RightMove et al for enough months to be re-presentable as a new listing, once, by then, new viewers have joined the market. How long was the agent-vendor contract that your parents signed for? And what's the normal agent Sales Commission rate in your area, and did yours undercut it? Sorry if any of this is double-Dutch - just ask if you need me to explain anything. (This is precisely how we learn, eh. :))

Sorry - forgot to add: ...And then you can go back on all the online sites at the RIGHT price. It's only been a piddly 3 months (with those stupid too many drops) so, starting again fresh (after a break) won't be difficult or appear iffy to anyone. Sometimes some agents ARE that bad that you have to quickly cancel and go with another - or even insist on a joint agency deal (twice the commissions BUT much less the cost of each). It'll be the other agents that could advise on that. Probably best to ensure the 'reality-checker' and potential replacement agents aren't ones that are pally with yours (just to make things even harder for us mere mortals) (don't get me started).

Hi Anon, Have your parents tried advertising in local weekly publications with classifieds/ads? Usually these will go on display in your county as well as several neighboring ones, and help attract attention to people who might not have realized something was available in that area. Don't ask me why print publication still works so well, but it seems to. Or it could be the reverse issue, and you need to get the word out online. There are a lot of popular sites for that, the one that comes to mind is Zillow. But there are many others, also. I don't know how that all works. My family had trouble selling their old home years ago, also. I think what helped them was, they realized the first realtor they were going through wasn't doing as much for them, so they changed to some other realtor and they did a much better job advertising and promoting the home. In the end they didn't get quite what they had been asking for out of their old home, but they found a buyer and it worked out okay. I know a lot of people talk about it being a buyer's or seller's market, and that it constantly changes depending on your area. It might not be a good seller's market right now? Or maybe, nobody really has the kind of money laying around that you'd need to put down on a house. I'm sure they'll find a buyer eventually.