Foreclosure in 33156>Question Details

Kathy Ambros, Home Seller in 33156

house on market 60 days with family realtor, 3 realtor showings from MLS,

Asked by Kathy Ambros, 33156 Mon Oct 29, 2007

We have had our house on the market for 60 days. We have had realtors come from MLS 3 times- all loved it but wouldnt buy because it is on a busy street. We have had over 10 people see the sign outside and come in. All say they love it, but never call back. I am not sure if I should switch to a realtor that does more marketing, ours only has it on MLS. The house comes up on realtor.com, trulia and other websites. Also other houses in the area with "marketing realtors" are also not selling so should I even bother to switch to a realtor, we are obviously getting plenty of showings. We are having a huge advertised open house this weekend coming up. House is priced at $620K- 8370 SW 88 Street Miami, Fl 33156. Maybe market just isnt moving too much. Also do I price for what the least is we can take ($600k) or will people expect to try to haggle so I should leave it where it is? I know lots of information. I am so confused. Dont want to make a mistake.

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Your written opinion of your Realtor is

Our realtor is a family member that only put it on the mls for us. He specializes in foreclosures and doesnt really "sell" houses, so he hasnt expended any money . He even refers the calls to my cell phone


and doesnt really "sell" houses,
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and doesnt really "sell" houses,
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and doesnt really "sell" houses,

I think we found your problem.
1 vote Thank Flag Link Mon Oct 29, 2007
Mr.P, Other/Just Looking in Arizona
MVP'08
Sound to me like your realtor is doing everything that they should be doing to be successful on your behalf. Remember that the realtor has already expended a significant amount of dollars on your behalf, and they don't make anything if your house doesn't sell. If there have been plenty of showings, and a big open house, and you are on all those websites, your realtor is doing a lot more than may appear to you. Discuss your concerns with your realtor, so they can tell you what they have done specifically. It more than likely is just that the market is extremely slow!!
Web Reference: http://www.myketriebold.com
1 vote Thank Flag Link Mon Oct 29, 2007
Selling will come down to price and exposure of your property. All the advertising in the world will not sell and overpriced property. You do need to market a right priced home and let all potential buyers and buyer agents know it is available. In that 'exposure', you need to present all of the best attributes in the best light possible, and call attention to the best features of the property. The price can compensate for the condition of the house. The better the condiditon and more updated, the higher end of the value scale for the specific neighborhood. Price also needs to compensate for the location....i.e. a busy street. Properties on busy streets getneraly take longer to sell.

Examine your price, and discuss it w/ your Realtor. Does your Realtor know your market? Can he strongly and confidently tell you why he recommends a particular pricing strategy? In a market with an excess of inventory, some of the best houses at the good prices will still not sell. There are simply too few buyers for the number of offerings. In order to capture the attention of a buyer, you need to stand taller, brighter, shinier, and be more attractive than the competition. Buyers will seek the best bang for the buck.

Examine your marketing. Print has minimal effectiveness, except for niche properties marketed to niche markets. Focus online. Are you everywhere online? Is your listings enhanced by preferred locations, or addtional text, banners, photos, floorplans, tours, etc.?

Review the pricing strategy and the marketing with your Realtor to see if any changes might increase your chances of selling. Expect that you will have to go through more showings to obtain a contract, simply because of being on a busy street. After buyers tour, they will discuss the pros and cons. The weight given to the busy street will often shift buyers toward another property. The only way to compensate for a busy street is price.

As an aside, I favor price reduction over incentives. Here's the reason. People look for the main points that interest them first, and pursue details only if there is interest. Buyers ask, "How much?" before I can say, "Hello." If the price is off to them, they are off to the next property. Compare it to a headline in a newspaper. If it doesn't catch your attention, you don't read the artice. Compare to solicitation mail received in your mailbox. You glance at the envelope and determine you will or will not open it, depending on your 3 second glance at the envelope. Ditto for how buyers search for properties. The price is a factor that will influence a yes/no decision to pursue further. Another reason I favor price over incentives is that buyers search on search engines by price point. You may not attract buyers that you would otherwise with a price reduction.

I do see value in using incentives in negotiations to make a deal come together. If buyer and seller don't meet on price, but a seller will offer some other incentive, it can make a deal work.
0 votes Thank Flag Link Tue Oct 30, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Is your family member realtor local? I always am able to generate more agent interest in the areas that I am familiar with the different agents and am able to get them out to me broker opens. On the other hand, the majority of my sales come from thhe public or an agent finding the house on MLS, which leads me to surmise the problem is price, not marketing. If your house is on a busy street, and that's the feedback, what can you do to make it more attractive? Move the street? No, but you can change the price.
0 votes Thank Flag Link Tue Oct 30, 2007
You have ah house with challenges - on a busy street - location is not great; It's been on market for 2 months, with 3 showings and a total of 10 people walk into the house due to the sign outside in two whole months. In a difficult market, shall you use a realtor who does minimum marketing or one who does more marketing?

How does your house look on the internet? How's the marketing material and plan? How does the price of your house compare to similar ones on the market? Did you price your house to stay in front of the curve or are you pricing it the way it is becaues of your bottom line? How do you compare to other houses around the area? What is your Realtor's advise on the price and does it makes sense? Maybe you can have a good talk with your Realtor about all these and more.

Sylvia
0 votes Thank Flag Link Mon Oct 29, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
Kathy,
You may not be getting the same personal attention that another realtor would. Your listing is not suffering from it if you are posted on other websites and getting showings. I would ask for a current market analysis to make sure the market has not slipped since you put on market. Another Realtor may give you more personal care, you may have to pay more for it though.
0 votes Thank Flag Link Mon Oct 29, 2007
Our realtor is a family member that only put it on the mls for us. He specializes in foreclosures and doesnt really "sell" houses, so he hasnt expended any money . He even refers the calls to my cell phone.
0 votes Thank Flag Link Mon Oct 29, 2007
Most houses in our area range from $580-650. We are at 620, but the one at 580 is smaller than ours and a smaller lot. The ones at $630, $640, $650 are most closely comparable to our house in square footage and lot, though ours is completely new kithcne and baths and those do not.
0 votes Thank Flag Link Mon Oct 29, 2007
Hi Kathy,
You need to have your Realtor do a specific and very focused market analysis for you..what the least YOU can take and what the market will give you are often two very different things. You are at the mercy of the market, like everyone else who is selling. You have a great location and a terrible location at the same time--being down the street from Dadeland and Baptist is wonderful, but being right on N. Kendall is not.
Pricing is EVERYTHING right now...also, don't be afraid to change Realtors...using a family member is one of the fastest ways to poison a relationship.
If you are near your expiration period and are planning to make a change, I would be happy to consult with you.

Ram
0 votes Thank Flag Link Mon Oct 29, 2007
This is typical of what is happening in today's market. There is just too much inventory for buyers to chose from and yes they do expect to negotiaite pricing. You are getting activity on the home which is good but no offers. That would indicate that pricing is an issue. Buyers today need to perceive value before they will make an offer. With no perception of value they will just move on to the next house.

Do you know how many homes are for sale in your immediate area? If so how are they priced?

In today's market you need to price your house below the market from the beginning, because to try and play catch up in this market is not a wise idea. There are homes being listed for sale everyday. You want to be ahead of the pack, not stuck in the middle.

Good luck and be patient.
0 votes Thank Flag Link Mon Oct 29, 2007
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