Listing Update for 5801 Orchid Lane in Dallas

As of 9/2/2025

Hi Al & Edith, I am continuing my efforts towards marketing your listing & doing my best to find a buyer.

Below is a recap of the marketing I've done so far, the results we've gotten, current market conditions & my recommendation going forward.

Marketing I've done so far

• Syndication to all the major home search website (Zillow, Trulia, Redfin, etc)
• Dedicated property website: http://www.5801orchid.com/
  
• $1,531.97 in marketing costs
  
• 40,481 Impressions with 303 clicks (Last 30 days)
  
• 2,057 views (Last 30 days) on Zillow with 51 saves (Last 30 days): https://www.zillow.com/homedetails/5801-Orchid-Ln-Dallas-TX-75230/26757574_zpid/
  
• 87 reverse prospecting & marketing to other Realtors
  

Results to date

• 7 phone calls
• 9 private showing requests
  
• 7 Open house with 30 visitors
• The home has been listed for 54 days
  

Market stats for comparable homes

Criteria used: Attached or 1/2 Duplex, active, pending, expired, cancelled & sold within the last 180 days, within the 75230 zip code, between 2,500 - 3,500 square feet

Active (available for sale)

• 0 comparable active listings (your competition)
• Click to see PDF report
  

Pending (under contract & has not closed yet)

• 1 comparable pending listings (what buyers are paying)
• $705,000 average pending price (may be higher or lower after closing)
• 8 average days on market
  
• Pending price per square foot: $252
• Click to see PDF report
  

Sold (closed in last 12 months)

• 1 comparable homes sold in last 365 days (what buyers have paid)
• Square footage: 2,970
• List price: $650,000
• Price per square foot: $219
• Click to see PDF report
  

Canceled (3 months)

• 4 comparable homes canceled in last 90 days (seller took the home off market)
• Average square footage: 2,867
• Average list price: $798,725
• Average price per square foot: $280
• Click to see PDF report
  

75230 Market Stats for August (all homes)

• Active number of listings: 218 (highest amount in past 5 years)
• Cumulative Days on Market: 41 (average)
• Average close price: $985,592 (down from last year)
• Number of sales: 24 (below average)
• Average closed $ per Sq Ft: $289 (your listing is at $267.89)
  
• Click to see PDF report
  

Professional Opinion & Recommendation:

We've had 1 private showing since my last update a week ago but we had 5 people come through the open house this weekend.

The feedback I've gotten from the new showing & open house visitors is that the location is great but that the home is not within a price they're willing to pay.

I've done my best to generate additional interest by countering with what price would make sense & I haven't gotten any serious answers. 

It's hard to gauge how comparable homes are priced because most of the others have been taken off the market. 

There is 1 comparable pending home @ 10510 Berry Knoll at $705,000. This home has a small back yard, is fully updated and has slightly smaller square footage.

There are also 3 other homes that were available for sale when Orchid was listed but have now either expired or cancelled.

We're working towards an $825,000 price with the planned reductions.

I will plan for another open house on 9/13.

I recommend that we continue with the current plan of phased price reductions until we find the right price that a buyer is willing to pay. I agree & believe that this home will take a certain type of buyer & will take more time. 

My original recommended list price range was $775,000 - $825,000.

As an additional point of consideration, the average 30 year fixed conventional mortgage rate is 6.53%. Rates are starting to come down slowly & you can see more details here: Average Mortgage Rates.

Please share your thoughts & feedback.