Of course, all ills can be masked with a price reduction, but it is my belief that a professional will actually want, need, desire, to know what in reality is occurring. If you have your sellers best interest at heart, you will want to know you are delivering every buyer to this home possible. Or you can make the seller believe they overpriced. That seems easier to many. But, I'm sure you want to know if you've got what the 'STUFF' the seller is paying for.
What is the expected level of activity. No, not what other agents or ListingBook says but based on YOUR research. What is the expected level of activity? How do you calculate it?
Glad you asked, here we go.
1. Number of home SALES each month for comparable property
2. Number of home SALES each month for similar priced homes.
3. Number of home SALES each month for comparable and equally priced homes.
4. Where are the greatest number of comparable homes selling?
5. Where are the greatest number of equally priced homes actually selling?
6. Where are the greatest number of equally priced and comparable homes selling?
7. What distinguishes these homes from the subject home?
Analysis of these values will create for you a 'TARGET" value.
At this point you also have incredible, insightful data crucial to create your strategic marking campaign.
Who knows about the subject house?
In the following assessment, take care NOT to use redundant values. For instance, Zillow and Trulia are redundant.
How many have accessed the detail sheet?
How many have clicked to activate the movie?
Assess every human action related to the subject property? This also include buyer calls, blogs responses from buyers, SMS and text messaging and showings. This is the count of REAL buyers, not hits, views impressions, web traffic or all the associated hocus pocus..
This is your BUYER value
Buyer value needs to be 100 times your Target value. This means your marketing IS working and the buyer HAS reviewed the property and it has fallen outside of their 'value bracket' which results in silence.
Now you know if it is your marketing or the price. Now you actually KNOW, not wish and hope it is good enough. You may find a critical rearrangement of your marketing to reduce redundant exposure to the same audience (is that redundant?) will better serve your home sellers.
I would think a professional would want to know if they've got the stuff.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor FL
chat with me on: http://www.FloridaRealEstateMadeEASY.com
Specifically, what makes you and the seller think that the house is worth your current price?
Are there features that make it outstanding versus the competition? If so, then were those features for their own benefit and enjoyment, or did these features get added because the owner believed that a buyer would certainly pay more for it?
How do buyers determine value? They walk through house after house, and they make an offer on the house that offers the most features and benefits for the least amount of money, right?
If you are not getting showings, then take Ron's advice.
You don't even need agreement on this, the Buyers are screaming at you;
Are you holding out hope that the perfect buyer is still out there?
Remember the definition of insanity;
"Doing the same thing over and over, and expecting a different result."
Good luck and may God bless
Also have you had the seller "clean" the house of personal photos and clutter?
Good luck, hope by the time you read this you already have an offer!
1.Ask your seller if he/she would be willing to give any buyer consessions.
2.This is a little old school for some agents, but how about a broker/agent preview? invite local agents to come out for a preview.
3. Make sure seller is open to all types of financing including FHA.
Note: if the property is not showing at all, it very well may be over priced. If the price is too high, not only will a property not show, but it actually helps sale other properties inthe area that are priced right.
Best of Luck to You
If the house isn't even showing, it's highly, highly likely it's the price. But check the marketing. Do an all-out marketing blitz, as Inna suggests. Then reevaluate.
1. Place house in multiple listings
2. Place a sign in the yard
3. Pray someone else will sell it
I always suggest that there are a 4th and a 5th P that many agents disregard:
4. Prospect for buyers everyday
5. Price watch
Just keep posting: Craiglist, Trulia, AR, FB, your site/blog, a property website, Google+, etc. Do as many open houses as you can ( if it is ok with the owners), fliers to neighbors, supra on the door( easy access). If in two weeks of aggressive marketing , it is still nothing, it is the price.