Our farm has been on the market 6 months now...

Discussion in 'Real Estate' started by KnowOneSpecial, Nov 30, 2017.

  1. KnowOneSpecial

    KnowOneSpecial Well-Known Member

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    ...and it’s nowhere near sold. :(. https://www.realtor.com/realestateandhomes-detail/408-S-Main-St_New-Douglas_IL_62074_M75460-94975

    We’ve done a lot of work on this place but it’s a farm and there’s always something that needs to be done. We’ve put about $10k into new carpet, cabinets, etc but since it’s not like something out of HGTV and doesn’t have an open floor plan no one wants it.

    Meanwhile we’ve moved and we’ve chewed through our savings. I’m having to get a job to make ends meet. I wouldn’t have to at all if this place would sell. Part of it is we went with a realtor that was sure she could sell the snot out of the place. She even told us to set the price $50k higher than we did. As it is, we’ve come down $24k and the price right now is just $5k more than what we bought it for 9 years ago. Our contract with her is up Jan. 1st and we can’t wait to get a new realtor.

    Anyone else having luck selling a hobby farm?
     
  2. Bellyman

    Bellyman Well-Known Member

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    It looks like a nice enough place. Do you have any real comparables in the area that would tell you what other similar homes have sold for? Has your realtor or any of the lookers given you an idea of the things they don't like, other than it's not an open floor plan?

    There aren't a lot of options. You can get another realtor. But I would suspect that most of the people in the area that have an interest have either already seen it or they've dismissed it just by looking at the pictures and deciding it's not right for them. You could lower the price to what a willing buyer were willing to pay. I don't know what that would be. True comparables would be helpful in knowing. Or, you can work on the negatives that you're learning about and try to fix or negate them.

    Finding a new realtor could be an answer if the current one is really just not as competent as she had seemed to be. A good realtor might be able to work with an interested party to put together a deal where the current one couldn't.

    Lowering the price can be disheartening, especially knowing all that you've put into the place. A buyer really doesn't see anything except what is now, though. And either they like it or they don't like it, they think it's worth it or they don't think it's worth it.

    And fixing can be difficult to figure out whether the end justifies the means. Would it be better to spend $35k to fix the negatives and sell for what you're asking, or would it be better to lower the price by $35k? (I just picked that number out of the air, by the way, just for sake of illustration.)

    The map shows the place being in town, not something a lot of wannabe farmers are thrilled about, especially with restrictions. It is kinda dated looking in some of the pictures, no shame in that, but people watching HGTV are probably expecting a different look.

    Not meaning to be critical, not at all. But I feel for ya. Hoping someone else will have even better ideas. Best of luck!
     
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  3. hunter63

    hunter63 Well-Known Member

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    4.75 acres isn't real big for a farm....But I think your price is OK...
    Just need to right buyer.
     
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  4. KnowOneSpecial

    KnowOneSpecial Well-Known Member

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    Comparables are right where they should be. We have had three realtors interview for the job and we’re priced a little below the average.

    Pouring more money into it doesn’t really make sense as the feedback we’re getting is the guys like the place and they get all ready to buy but the woman wants the HGTV Home. Feedback has been things like “wanted an open floor plan” and “wanted finished basement”. Those things are hard to fix.

    As for being in town...we knew that was a deal breaker. On the plus side it’s a small town and you can feel like you’re in a community and it’s on the sewer system. We also have two wells with good water. On the bad side the town can limit animals but I’ve gone to plenty town meetings and the only time horses on under 10 acres. He also had a bad fence and the horses kept getting out. I’ve never had a problem with them and I had goats who thought a fence was a joke! (Granted they went to the school next door and ate down the poison ivy-they we’re actually asked to come back and for a while I would shepherd them over and they cleared some of the poison ivy free of charge!)

    One of the pluses is the old feed store. The dock in back would be a great wood shop or mechanics dream. But you have to have a specific purpose in mind for it.

    We just need the right buyer to come along...soon.
     
  5. Bellyman

    Bellyman Well-Known Member

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    It may be that another realtor would have more people connections and thus be better able to find "just the right buyer". I know that is the case in the area we are in. We looked for years not finding what we wanted, going through a half dozen+ realtors. And then we found a good one. And the place we bought, we initially said, "NO!" She didn't give up. She wasn't obnoxious and she did continue to show us places we wanted to see afterward. But she didn't give up on us after hearing us say no. Plenty of other realtors did. We ended up coming back to this one because we saw potential for the place to be better than it is, whether that's for our use, or as a place to build equity and move up later. It's not exactly what we wanted, but it's a place to start.

    Interestingly, the realtor that we worked with to buy our place is doing over 10% of the business of the mortgage company branch that my wife is working at. She's a go-getter and she's good at what she does. Wish I had a good way of telling you how to find people like that. They are definitely worth their commissions.

    Maybe that special person you're looking for will be along shortly. Hoping for you. And wishing you the best! Who knows, maybe someone will have the cash to give Momma a new home for Christmas! :D
     
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  6. BostonLesley

    BostonLesley Member

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    IMHO, adding photos of the kitchen and dining room and living room would help :)
     
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  7. hunter63

    hunter63 Well-Known Member

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    I'm sorry... but HGTV and DIY channels have screwed up the housing market....
    "Oh, I saw it on TV ....So this is what I want to have.".....Anything can be done in an hour....construction quotes are always very low....BIL pricing......AND you have to deal with it.,

    I think you may want to widen your market...lose the "Farm" angle ....your realtor is bring in "farmers", then have buyers find out that animals are limited as well and being in the city...with restrictions

    People buy acres and house square footage...any thing else is window dressing....

    Quick story
    Two houses for sale on our block side by side...each was on an identical lot...both built by the same contractor in 1972...floor plans the same.... about 1500 sq ft.....

    One belonged to a friend...he and his wife spent 35K on new windows, contractor told them they would save energy( in about 150 years to pay for it)... and they could recoup the expense (true to a point as they did get tax credits)...
    Than another 25K for the kitchen.....people that bought the house didn't like it.... and redid everything

    House next door.....original everything and run down from 1972....friend's house was priced to take into account the money spent...
    Both ended up selling for about the same price...friend did a little better... but spent a lot more.....and got out from under it.

    The only time big ticket items pay for themselves is when they both are the same price...and are may tip the scales for a faster sale.

    If you want out...drop the price.....IMO
     
    Last edited: Dec 2, 2017
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  8. GTX63

    GTX63 Well-Known Member

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    I learned a long long time ago two things sell a house-location and price. Everything else is a peripheral and I'm speaking as someone who has purchased a lot of them for personal and business.
    I agree with hunter63 and will add that many times a buyer will take the lesser priced home in order to have the money to "make it their own" or add their own touch.
    Now with Illinois, the property taxes are the highest in the nation, the schools can be hit or miss, the state economy is a mess, well, you already know all of this. Folks, a lot of folks, are leaving Illinois for free states.
    My advice would be to go with a big name realtor like ReMax and use their top dog. Someone who is proven. Do not fool around with the locals that sell a dozen homes a year or work at it part time. If they can't do more than take pictures, place and ad and wait for the phone to ring then they aren't doing any more than you could; they just have a license. Which brings up my final thought-you may have a couple options; either be willing to cut the price deeply now or live thru a thousand cuts. The best offer you will get will be the first offer you get.
    The other option is to handle it yourself and list it locally, on line, craigslist, etc. If you are getting close to going under with it, sell it at Auction with a high end reputable company.
    Godspeed. It may all seem daunting, but the good news is that it will only take one buyer.
     
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  9. Wolf mom

    Wolf mom Well-Known Member

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    Take it off the market for the holidays. You can legally do this. Do not relist with your current agent. Make sure the current listing contract does not have any "if the house sells within X # of days I get a commission or I get a commission if I've showed the house to the buyer..." Give it a rest as it's a tired listing.
    When you interview for a new realtor, ask for proof of how many "hobby farm" listings they have sold, if you want to list it that way. Ask how else they can market the property. I think that maybe the way to go, rather than hobby farm. Acreage means privacy, peace, quiet to many. Hobby farm means work to others. Leave it open - let the prospective buyers decide what they want to do with the property. Someone who refers 10% to a mortgage company may be selling tract homes and not your type of agent. A seasoned agent works off referrals and old contacts, not just new contacts.
     
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  10. Esteban29304

    Esteban29304 Well-Known Member

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    Market prices are different all over the country. In many areas, including here , prices are not back UP to what they were 9 - 10 years go, & you would be selling at a LOSS .
     
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  11. LittleFarmrJohn

    LittleFarmrJohn Well-Known Member

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    If that was near me I'd buy it, unfortunately if it were near me it'd be half a million bucks. How I long for retirement so I can relocate.
     
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  12. mreynolds

    mreynolds Well-Known Member

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    Have you considered renting it out for money? It could get you through the hump. Even if you live far away you could get a property manager and they would charge 10% of rents. Might get 1000-1200 a month or more out of that depending on your area.
     
  13. Fishindude

    Fishindude Well-Known Member Supporter

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    Six months is not all that long for a rural place to be on the market. A year or more is not unheard of.
    If you are not getting showings, I'd terminate your realtor at the end of their contract and relist with another.
     
  14. TWG1572

    TWG1572 Well-Known Member

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    Like someone else said, that place would be $500K around here. Location, location, location...

    The only feedback I'd give on the ad is that I'm confused what the bluish green building is. I'm assuming that might be the old feed store? If so, it makes sense for me for that to be at the back of the listing with some of the better pictures up front. I know when I look at listings, it's the first 3-4 pictures that either hook me or cause me to close it. I don't know as you want the feed store pictures featured that prominently in the listing. Just my uneducated 2 cents.