alyflanz, Home Seller in Hempstead, NY

When is it time to take your home off the market?

Asked by alyflanz, Hempstead, NY Mon Aug 19, 2013

We've had our home listed for sale since April 1st. We've had close to 100 interested parties come through our doors yet no offer (I know one interested party had trouble getting financing). We've already dropped our price. We're still getting some weekly showings but my husband & I are getting tired. We're ready to call it quits & leave it alone for now, take it off the market - wait until next spring. Thoughts?

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Answers

11
The rule of thumb is; if you are getting a lot of showings and no offers then your are close but not quite there on price. A 3% reduction will get you an offer maybe multiple offers!
I just had a listing at $375,000. It got tons of showings but no offers. Whe we reduced it $364,900 we got 3 offers and it sold at $358,000.
Good luck. September brings out more buyers. August gets slow because everyone is on vacation and getting ready for school.
0 votes Thank Flag Link Wed Aug 21, 2013
Happy update to share with you all - we got an offer yesterday which we countered. We're waiting to hear back. Hoping to hear something soon (I've read it sometimes take around 24 hrs. to hear back?)Thx for all your input!
0 votes Thank Flag Link Wed Aug 21, 2013
Good luck!
Flag Wed Aug 21, 2013
Don't give up, if you are getting so many showing but no
offers yet is a little concerning. A really good look into
most and maybe all of the ideas given by the people's response.
wish you the best.
0 votes Thank Flag Link Tue Aug 20, 2013
alyflanz,

Most of the time when you have many showings it indicates that the property has issues. The feedback you receive may not be completely honest . There are three reasons homes don't get offers. 1. The property is overpriced for your current market. ( Have your agent give you a market analysis based solely on recent (IE: last 30 days,) similar sold sold listing in your neighborhood to find out.)
2. The property has issues that can't or have not been corrected to appeal to potential buyers. Either street appeal or interior issues.
3. Buyers are not interested in your area due to other concerns. ( This does not seem to be the issue due to your showings.)

Have your agent follow up with a phone call to agents who have shown your home and request honest and direct feedback from the agent. Make sure you get the other agents opinion of your property. Taking your home off the market may not be your best option if interest rates go up in the future. Have a frank discussion with your agent and develop a plan. Fine tune your marketing and review all options that may increase your chance of getting a great offer on your home. When you make price changes if necessary, don't do it in small increments and chase the market. Position your home as the market leader. Hope this helps. I wish you all the best.
0 votes Thank Flag Link Tue Aug 20, 2013
Our agent seems just as baffled as we are. No doubt there have been a few specific concerns; neighbor has a motorhome, we're on a local str. off a dbl yellow near an elementary school, we have cats (made sure any smell issues were eliminated), some wood paneling on 1st floor, but all in all most comments have been positive - love the kitchen & baths, nice clean home, etc.
0 votes Thank Flag Link Tue Aug 20, 2013
All those things you mentioned should have been figured into the price. Due to the number of showings without offerssomething is not correct be it pricing or marketing.
Flag Tue Aug 20, 2013
What is your agent suggesting...if you are getting the traffic but no offers review the possible causes with your agent. Does pricing need an adjustment; does the property show well at all times, is neat, clean, clutter free, sparking kitchen and baths, don't forget the exterior for curb appeal, etc.; does any bulky furniture need to be replaced/removed, is fresh paint necessary, does any old carpeting need removing/replacing, etc. To take off the market or stay on is a decision only you can make; however with so many showings you may be better served improving the price and making any necessary cosmetic repairs....discuss with your agent, he/she can better advise.
0 votes Thank Flag Link Mon Aug 19, 2013
Our agent is not the best communicator in the world. He seems just as baffled as we are. No doubt there have been a few specific concerns; neighbor has a motorhome, we're on a local str. off a dbl yellow near an elementary school, we have cats (made sure any smell issues were eliminated), some wood paneling on 1st floor, but all in all most comments have been positive - love the kitchen & baths, nice clean home, etc.
Flag Mon Aug 19, 2013
100 showings and no offers means something is wrong, it could be the price, or the listing information the public is seeing is not painting an accurate picture; buyers are showing up expecting one thing and seeing another. As far as taking it off the market the problem is that you are thinking with the crowd. A lot of homeowners will take their homes off the market until spring, and it is true there will be many fewer buyers, but proportionally I think you are better served to stay listed. The buyers that are out in the fall and winter are generally serious buyers with little to choose from. Staying listed should mean less showings, but more serious buyers. Based on the feedback received and their own knowledge your agent should know what's wrong. Have them redo the original CMA and make sure your pricing is current, each local market has gone up or down so the suggested price from April probably isn't the correct price strategy now. Good luck.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
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0 votes Thank Flag Link Mon Aug 19, 2013
If you are getting 100 showings and no offers there is something that is not appealing to the buyers. Have your listing agent add to comments motivated seller. It gives a suggestion that there is some wiggle room. Are the taxes very high? If so are they grievable taxes, something to look into. If the price is good you would have offers.

Check those suggestions I made if that doesn't help start looking to see if sprucing up the house would help or lower the price.
0 votes Thank Flag Link Mon Aug 19, 2013
If you are getting a lot of showings, you are close to the right asking price. If you are not getting a lot of offers, your price is too high.

Is the house well staged?

Ask your Realtor to provide you with a new set of recent solds (no further out than 90 days) in the same zip code and same school district. Perhaps your price is still too high.

It's always the price.
0 votes Thank Flag Link Mon Aug 19, 2013
We have it listed as a price range of $399 - $429 to help spark offers. Orig. we listed it for $439. It's a 4 bed/2 full bath house - updated kitchen & baths. We think it's very fair for our neighborhood & recent comps (not taking into acct. any short sales). We're not on a dbl yellow, but off of one near an elementary school, a very good one at that. House is not cluttered & in good showing condition.
Flag Mon Aug 19, 2013
Wow! 100 showings, really, and nothing!?! Wow! While waiting until next Spring is certainly an option, but you never know what the market may do - it could go - it could down. If you've had that many people without an offer it must mean that you're close to the price but not there yet. The property is priced properly enough to generate interest but not enough to generate actual offers. What kind of feedback are you getting? Is it location, condition, etc.? It's difficult to give you a better answer because I don't know the property itself. Good luck no matter what you decide to do.
0 votes Thank Flag Link Mon Aug 19, 2013
100 Showings! 100 interested parties.
And a deal could not be put together.
There is most certainly something WRONG!
-
Share with us what the 'buyer' feedback was?
Your agent did get buyer feedback to reveal why thes interested parties did not present a purchase offer.
=
Give us the rest of the story.
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I had a long lived listing that went under contract after many showings. The cause was the community. The buyer was risk tolerant. Sometimes you just have to wait or take a beating on the price.
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So, what the rest of the story?
0 votes Thank Flag Link Mon Aug 19, 2013
We live in a nice area - very desirable school district. One issue, which is out of our control, is our neighbor's motorhome. It's fairly large. We have nice plantings growing in-between our driveway & theirs, which will eventually block its view, but ppl have mentioned it. We offered to help pay for mthly storage costs, but neighbor refused.
We also have some wood paneling on first floor. Everything else has been completely updated - baths, kitchen, etc. That's an easy fix I think though.
Flag Mon Aug 19, 2013
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