Why did the 5 offers fail to go to contract?

This is the question you need to answer. The offers were made and I assume you found them objectionable for one reason or another. What was the reason? Price?

If you do a large bath remodel, you won't get your money back. If you make small changes to update/refresh your master, you will get all of it back, possibly more.

Post pics of the bath and the laundry room so we can see what you are working with now,

Where is your list price relative to the market? Specifiically other homes in the neighborhood that are on the market and those that have already sold and closed.

Why did five offers not go to contract?

It is probably a negative yes, but you would come out ahead lowering the price, because you could probably lower the price less than what you would spend on a new master bath.

I have to agree with saratogaswizzlestick though it may be tempting to remodel the bath to attempt to bring in offers. While it may attract offers it may also not be what it takes to get the house closed at it's current price. The bathroom remodeling project will also take around a month in which showings wont be ideal. As a developer i have learned to take the advice of local trusted realtors. There may be less expensive selling features to add appeal as well as upping the commission to entice buyers brokers to help the deal completely close.

^Agree. The best thing you can do to refresh a bath:

• Extreme cleaning - even grout
• Declutter the entire bath
• Repair grout, caulking etc
• Re-paint if necessary
• New accessories - shower curtain, towels, etc
• Sometimes new lighting is required to showcase your refresh
• New hardware when necessary

When you start changing vanities and tile, be prepared to spend big bucks and that's is not what you want to do when selling. Refresh rather than remodel.

Agree with above comments and will add this (and hopefully anyone reading this who is considering buying a new to them home pays heed as well). If a bathroom, particularly with a shower or tub shower combo was just recently renovated (obviously "to sell"), this can be a major deterrent for the savvy buyer. Why? What you don't see is the most expensive aspect of a project like that IF it is done right. Savvy buyers know this and immediately question what corners were cut to save money on the reno. They would request warranty info. on all aspects including written documentation from the professionals involved outlining the methods and materials used and the conformance to industry standards. We have been called by too many new homeowners to tear out and replace failed showers that were "new" when they bought it. So, no, price accordingly and allow the new owner to pay to get it done right and to their taste. A final related comment: we occasionally have realtors or "stagers" request that work be done to "fix up" a tiled area. Clean up grout or replace caulk? Acceptable (although we don't do maintenance on work we didn't originally perform.). But too often the request involves trying to mask a "problem". No, no. If you are buying a new to you home, ask for receipts and disclosure of all work performed on the home in the past 12 months. And if anything had to do with a shower area...dig deep. Our two cents. Good luck with the sale of your home.

Drop the price the 50K it would cost to fix the problem, and you’ll sell. If that bath is the only problem. If one of the 5 that already offered hasn’t moved on, ask your realtor to approach them again.

Why did you let 5 people walk? What kind of bad negotiator is involved here?

Is the house failing inspection? If all the offers come in too low, you need to adjust your expectations of the market value. Another thought is you might be negotiating for an extended possession or closing date or other unusual request that buyers are having trouble working i to their own needs. Ask your realtor why this is happening and if you dont get satisfactory answers, maybe you need a different realtor.

Dont redo the bath to sell, just drop the price

Hi,

I read through all the comments and truly appreciate the advice. My home was listed at the end of March for $689K, we are in a hurry to sell because I'm sick with a chronic disorder & my husband had to relocate without me due to the sale of our home. We received 2 offers, came to a meeting of the minds at $670K but they fell through due to one finding a home better equipped for his large family, the other because of massive layoffs at his workplace. But, these offers did tell us that at $689K we were at the correct list price. However, because we are motivated sellers, we did a $30K reduction, with recognition that the Master Bath needed to be remodeled.

At $659K we received two offers at $625K, neither party was negotiable, we therefore declined the offers as we had just reduced by $30K & had received offers at $670K. I hope you're following me!

The last offer from very difficult buyers went on for approximately 2 weeks, we had worked out the "kinks", agreed to $655K with the condition of settling a survey issue, which turned out to be a non-issue. The buyers declined to go through with the purchase even though all was right with our house. it is unclear as to why they decided against buying.

Now we are into June, the market in my area slows down to a trickle after July 4th and we are still sitting on this house. When I wrote in to HOUZZ I was considering taking it off market to remodel the bathroom (I would NEVER do a remodel that was not up to industry standards) and also to let the listing expire in order to hire a new Realtor. Our current Realtor is a very nice person, but I know we need an aggressive marketer/negotiator and she does not fall into those parameters.

Now my big problem lies with the fact that we are covering quite a large mortgage payment (our property taxes alone are $15K+) & a rental for my husband. I truly believe the bathroom is a huge issue, as I stated in my last email, I find that buyers are looking for upgraded kitchens & baths at the very least.

My question remains: do I take it off market, remodel bath, hire a new Realtor & re-adjust the price back to it's original $689K or do I further reduce the price considering I definitely need to be with my husband & the carrying costs are impacting us dramatically?

Patricia here again to answer your queries. My house passed inspection, we are not setting any difficult terms of sale & it appears we are definitely priced to sell according to what has closed in our area over the past year. Although the bathroom is small it is clean & bright with updated sink, faucets & lighting. The shower needs to be re-grouted. The fact remains that adjacent to it is the laundry room with a spa tub, it makes no sense.

Hi Patricia, thank you for sharing the nuts and bolts of your 'journey' with us.

you had some bad luck at the beginning, i agree.

i'll share my story which might help you. i'm on the buyer side of this one.

the seller of our current home of 9 years put this house on the market of summer '08. she had a quick offer which subsequently fell through because the buyer was diagnosed with cancer. back to active listing, an accepted offer backed out over a non-issue termite situation, the seller decided they just got cold feet over the housing collapse and felt they had offered too much. this was late fall '08. seller took it off the market again, relisted june '09 at 10% less than the fall price had been. (approx. 900K to 800K ).

thats when we came into the picture; we'd been looking to do a slight relocate starting in march that year... so this house was new to us. i was wildly excited by the house (location location..... right in the center of an ancient MA town), 5 people made offers that day, we won at full price + cash offer so no mortgage contingency.

whats the point of telling you my story? just that things like this happen... buyers have problems, buyers get cold feet. but time goes on and markets change and the seasons change and the buyer pool changes and you need to be price dynamic with all those things.

which do you want to do? sell fast or get a best price?

my personal advice is, MOVE NOW. rejoin your husband. have the house repainted inside, empty. floors refinished if you have hardwood. REGROUT YOUR SHOWER. you'll have the listing pictures with your things in it, keep them, take new ones empty and painted, decide which look better, use a combination of both. the 'broken' ensuite might look different when the house is empty.

adding, we did NOT choose to buy houses at top price that were freshly remodeled. they cost more and the remodeling was not to our taste. the house we bought didnt require work so much as was priced to reflect the kitchen was 28 years old, there was a clawfoot tub in the master bath, the hall bath was 80 years old (and now its 90 years old.....a great time capsule).

Thanks so much for sharing. I think your idea works best. The house will more than likely show better empty, floors & painting done. I've my work cut out for me, this has to happen very soon, as we can't cover the two places for very long. I hope it works!!!

Post your listing. And pictures of the bath if they are not in the listing.

best of luck to you Patricia, as soon as you said you and your husband had to be in different places because of this.... wahhhhhhhhh i couldnt bear it.

AAH, you understand ninigret! My husband & I are best friends, we're all each other have & I'm sick to boot. Unfortunately, we really don't have the money on hand to re-paint & polish the floors, the going rate would be between $7-8K. I'll have to think hard on just what to do. I'm in a pickle, but I do appreciate your advice. Thank you.

Maybe lowering costs and possibly staging the room will help. Since it isn't remodeled, maybe adding some contemporary pieces or accents will help make it more visually appealing. Good luck!

We haven't seen ANY pix of the "product" you're selling. That's what I call advising in the dark on a "pig in a poke." It can't hurt to let us help stage your home. Sometimes one is just too comfortable in their home to see the flaws in what they're offering. You said one offer fell through because he found a home "better equipped" for his family. What does that mean and how does it relate to your less well-equipped home? Your laissez-faire realtor may not know how to show the home in the best light, and if she hasn't suggested staging it, that may be a problem. Do you just have too much stuff which hides the spaciousness and visual square footage you have? If she can't be specific about feedback (even from those who make no offer) you have a communication issue here. How long have you lived there, and how much stuff have you accumulated over that time? Perhaps your stuff is hiding the house, or product, and putting you at a disadvantage in the realty market.

I’m interested in listing too. I’m a buyer, and doing as much research as I can (since all the wonderful folks at Houzz “encouraged” me not to do a new tract home.

99% sure I’m unwilling to by any house that was remodeled for the sole purpose of selling.

I don’t want to pay a premium on it + have it not be what I want. If I’m gonna pay top dollar I want it to my exact specs.

I would suggest to relist it, maybe at a lower price like $670, without the remodel. I think the reason you got so low offers the second time is because you dramatically reduced the price and people think you are desperate to sell.