Home Buying in Sonoma>Question Details

Mary, Both Buyer and Seller in Sonoma County, CA

i have lots of lookers but No offers in over 30 days. House is priced right per many R.E. agents and our own?

Asked by Mary, Sonoma County, CA Sun Nov 8, 2009

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Mary, So many variables to address and you give absolutely NO CLUES! What's your price point? Is this the "Entry Level" for your neighborhood? We plenty of "priced right" listings out there which aren't selling because the Seller is "stuck" on a price and will not price "ahead of the market" to effect a sale. Did you do a "foreclosure radar" search of your neighborhood to see any upcoming bank foreclosures coming up in the near future? This could drive down your pricing for the area. I do this for ALL of my clients so we can gauge our price point so as to get out of Dodge before the REO's start showing up--you CAN'T compete with a mega-bank!
In Sonoma County the area with the least activity is $500,000 to $1,000,000 with the homes OVER that languishing for months! You also didn't mention WHY you are selling? Foreclosure imminent? "Need" your price so you don't have to sell "short" or for less than what you owe on the property? This of course has NOTHING to do with pricing! The market determines price--not our own personal needs or desires! Retiring, moving down, moving out of the area? Divorce? Job Transfer? All of these variables need to go into the consulting by any savvy Realtor when determining price.
If you are under $400,000 and have not recieved an offer in 30 days then you are abolutely OVERPRICED! Over $500,000--don't sweat it! But double check your pricing and be aggressive. If you are priced with everyoen else who is NOT selling then WHY are you on the market? Don't wait for the smart Seller to come onto the market and set a NEW price substantially below your "absolute" number. They will become the NEW comp on the block. The price I could get you today may be relegated to the dust bin with an aggressive priced neighbor! Don't "chase the market down". YOU'LL NEVER CATCH IT!
For the latest marketing data have your Realtor pull up a "broker metrics" for your price point and area. Also pull the Foreclosure Radar search to find out what looming forclosure issues you may be facing. lastly, analyze the REO and Short-Sale market as per your price point. All of this data the smart Realtor has readily at his or her fingertips. If they do NOT? Hmmmmmmmmmm?
2 votes Thank Flag Link Sun Nov 8, 2009
Hi Mary,
I will be happy go give you some more pointers..just send an email my way.
In Los Angelesl, we try to price the property just a bit below market value or more if the property needs work or is older, to bring in the most interest.
It's important (in terms of marketing and selling) that you understand this type of market (investor and first-time homebuyers).
1 vote Thank Flag Link Mon Nov 9, 2009
All of the below, Mary. If the price is truly competative, then you need to make the look more attractive, curb appeal and the inside. You may need to do both, lower price and pretty-ing up. Sellers need to be aggressive in this market. On the other hand 30 days isn't that long in this market, but you are right about thinking about what you can do next to generate an offer. Good luck!
1 vote Thank Flag Link Mon Nov 9, 2009
Hi Mary - generally if you are getting lots of lookers but no offers it may have to do with how the house shows. Condition is very important in this market. I don't know whether you are living in the home or it is vacant but either way a staging report might be a great place to start. Sometimes a little decluttering and moving of furniture can make a huge difference in the way the house flows. You may have some things that are too taste-specific for buyers and they can't see past them. Neutral is the way to go when selling your house.
1 vote Thank Flag Link Mon Nov 9, 2009
My colleagues have given you excellent advice to consider. I'd recommend that you ask your agent to get very specific feedback regarding what potential buyers thought of your home. Know that you may hear something that you can't change or don't like, but it essential that you understand others perceptions. Address items that you can and be open that both time to sell and price may need to be revisited.

Best of luck!
1 vote Thank Flag Link Mon Nov 9, 2009

My friend Mike Kelly has given you some excellent answers and advice, Mike knows this market probably better than any Realtor I know. There really is nothing else I can add except, best of luck.
1 vote Thank Flag Link Sun Nov 8, 2009
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