Home Selling in Strongsville>Question Details

Kaimik, Both Buyer and Seller in Ohio

Great home in Strongsville not selling?

Asked by Kaimik, Ohio Sun Aug 24, 2008

We're selling a great 4 bedroom, 3.5 bath, with a nice finished basement on a wooded cul-de-sac lot in northern Strongsville. Priced right compared to local comps. New neutral paint, cleaned carpets, nicely decorated and immaculately clean and uncluttered. We had lots of showings the first week, but it's been quiet the last couple of weeks and no offers. We reduced the price last week with no results. Any lower and we'll have to bring money to the table to close. And we've already lost all the $$$ we spent professionally finishing the basement. What else might help move this home? Any other thoughts would be greatly appreciated!

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Answers

16
As a Realtor here in Strongsville, here's a few ideas that may help:

Make sure that you home is getting as much exposure as possible.

- Make sure your home is featured on as many key internet sites as possible, Realtor.com, Cleveland.com, top local Broker sites, Google, Craig's List, etc.

- How well do the pictures shown online showcase your home? This is VERY important. Each time a buyer views you home online this is their first preview of your home. If it does not impress, they will not as to come by to see it!

- Do you have regular advertised Open Houses?

- Is there a written marketing plan for getting your home sold?

If your home is properly priced, positioned, and marketed it should sell within around 90 days. Also, you should not have to give a agent bonus, because a buyer will choose your home anyway if it is the right one. A good Realtor will never push a home on a buyer for more money. You could use the money in other ways or save it so you do not come up short.

These are just a few suggestions. Please let me know if this helps. Good luck!!!
1 vote Thank Flag Link Sun Aug 24, 2008
Kaimik - Do you think you may peak some interest if you offered a 3% start rate for qualified buyers?
This is possible. It's a Seller -Funded 2-1 Temporary Buydown. You pay discount points at closing.
.025 x mortgage amount = Cost of Buydown for Seller (Estimate)
Savings for the Buyer is substantial!


To calculate your actual cost and savings for the Buyer:
http://www.321advantage.com/sellers-calculate-your-rate
0 votes Thank Flag Link Tue Dec 1, 2009
I have commented once before about property in Strongsville and how to get them sold. Currently there are 295 Activity properties with 46 pending that means that only 1 in every 6 is currently selling or there are enough home on the market for 7 months (if no one else comes on the market.) Plus the current selling price is about $94 per square foot. If you really want to sell you must price your house better, not the same as, others in your comparable price range. You must be willing to be the best house on the market in your price range.

A couple of things that may help; one the new tax credit for second or third time buyers will help you because this is a new incentive. Second, I would never give a realtor a bonus, he is not the one buying the house, if your commission is fair the Realtors will bring their clients.

Offer different things to the buyers and changer them frequently. If your are not including the appliance with the purchase offer them a $1000 gift card from Home Depot for appliances, You can pick them up but not activate them and leave them where the appliance are. One client I had had a vacant condo and he hung cards where the entire appliance were as a bonus to the buyer. Offer other gift cards I once hard a client offer 25 different gift card to restaurants in the area. If someone is buying a bigger house they sometimes need different furniture offer $2000 gift card to Levin furniture. These will open the eyes of buyer and that’s what you want as a seller.

Good Luck Selling
Jerry A. Lorenz
440 724 4402
Web Reference: http://www.lorenz-543.com
0 votes Thank Flag Link Wed Nov 25, 2009
I would love to speak with you about my " Talking House" program. Feel free to contact me at 440-623-3502 or danademing@yahoo.cm. Visit my website at http://www.demingsells4u.net.

Thank You,

Mr. Dana Deming

Prudential Professional Realty
0 votes Thank Flag Link Wed Nov 25, 2009
And yet another update, one day later. Our pre-approved buyers, two weeks from closing are now being denied a loan. Nothing in their financial status has changed. What a mess. Anybody want to come see the house, it will be active again on Monday.
0 votes Thank Flag Link Sat Jan 10, 2009
Again, appreciate all the responses. The good news is that we're now one of the homes in pending status, whew! We did take a huge loss though and will actually have to bring about $20,000 to close. But, we've already relocated, and better now than 6 months from now! Just glad to have it almost done.
0 votes Thank Flag Link Thu Jan 8, 2009
Strongsville has always been a very transient city with a large number of middle management/income people flocking to either build or buy existing homes. Based upon our economic times these types of job are quickly disappearing in the metro Cleveland area and hence the ease of selling.

I remember three to four years ago I would work very hard to get listing in Strongsville because I know I could close them in 60 days with very little work; not so today.

If you really want to sell…then you need to form a partnership with your Realtor and make bi-weekly or monthly changes in the marketing presentation of your property. With 300 Active listings and only 29 pending in Strongsville as of 01/08/2009 it takes a lot of work and energy by both the seller and the Realtor to see that SOLD sign. Today you need to give the buyer a reason to come to your house and not overlook it.
0 votes Thank Flag Link Thu Jan 8, 2009
Thank you all for the responses. You were all very helpful! I've compared our home to others in our area and am confident we are priced competitively. We're on the local MLS, this site, and Realtor.com. Ads in the Sun and Plain Dealer. Two open houses (with a grand total of 3 people who showed up!)

We're rethinking the agent bonus, but are now thinking of offering $2,000 cash at closing to the buyer. Does that sound reasonable?

Also, we had about 10 showings the first week, but then nothing for almost three weeks. Is this normal? One couple is interested, but their agent is on vacation for two weeks. Another couple had a relative see it, but they won't be in town for two more weeks. Are all the buyers moving so slowly? We're not in one of the "big" developments in Strongsville, so are we just being missed? It really is a great house and shows nicely, so I guess we just need to be patient.

Thankfully, we purchased well within our budget, so we're not stuck. But, it would be very nice to not have to bring additional money to close. Especially after losing everything we've put into it (about $25,000). This was our first house too, so to lose this much money is tough. Hope our next purchase will be better-timed!

I really feel for all those whose homes are now worth tens of thousands less than what they owe. We're counting our blessings. And we're relocating closer to family, so it's a small price to pay. A bit painful, but it could be much, much worse. Really appreciate all the feedback. If any of you have a buyer, let me know! : )
0 votes Thank Flag Link Sun Aug 24, 2008
Kaimik,

Agents would bring buyers to your home, regardless of compensation offered... especially if they are truly interested in representing their clients' interests!

Instead of offering a bonus to the agent, why not offer your limited time bonus to the buyer!? Just food for thought!

Again, good luck.
0 votes Thank Flag Link Sun Aug 24, 2008
K
A couple of tips that might help you.
When you sat down with your Realtor, what expectations were discussed?

I tell my sellers that I expect 10-12 showings in the first two weeks, or we adjust the price. The rule of thumb is that homes that sell in the first 30 days sell closest to asking price. So if we don't have showing activity, then we won't be able to get any offers. The other rule of thumb is it usually takes 12 showings to get an offer, so no showings, lower the price. Showings, but no offers, lower the price.

Selling a home is more like chess than poker. A good Realtor will identify the homes that are your competition. The average buyer looks at 12 homes before making a decision, so in most cases we can identify the 10-12 homes that are strong competitors, and we watch what they do. For example, if there is nearby competitor, and they lower their price after two weeks by 5% (a common practice), then I would make my seller aware, and chances are we'd be forced to do the same.

If that home sold after the price reduction, and we were not getting any offers, I might be inclined to recommend another price reduction.

The bottom line is that the good deals are bought first. So by carefully monitoring the competition, which is always changing BTW, then I keep the seller in the loop with the market changes. I had a listing, a home right down the street came on the market, 5% lower than ours, and had a better garage, we immediately lowered our price, went into escrow a week later.

Remember, it's not what you paid, how much you owe, or how much you want to net. The buyer and the market set the price. The listing price is a marketing tool.
0 votes Thank Flag Link Sun Aug 24, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
We would never want an agent to push a buyer toward our home. But if this home is a great fit, a little positive encouragement would be nice! We really would like to see someone in our home who loves it as much as we have.

However, we are considering the agent bonus because we feel the home will sell itself if we can just get buyers through the door.

We were hoping a bonus, with a time deadline, would create a bit more sense of urgency. We are moving at a certain date and whether our home sells determines whether we will be renting or buying in our new location. We looked at it as a little encouragement, rather than bribery!
0 votes Thank Flag Link Sun Aug 24, 2008
"Also, you should not have to give a agent bonus, because a buyer will choose your home anyway if it is the right one. A good Realtor will never push a home on a buyer for more money."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Lisa

I gave you a thumbs up for that alone even though it was overall a great post.
0 votes Thank Flag Link Sun Aug 24, 2008
Sounds like a nice property! Bottom line is that you need to promote the features and benefits of your home to the prospective buyers that come thru the door. Show them that your home is better than the rest for the same price.

I've got a couple videos on my website (Parts 1 & 2) that may have some other tips for you. The Referenced link below is for Part 1 of the two parts.

Good luck!

Art Hotes ~ RE/MAX Classic
Serving Northeastern Ohio
Art@ArtHotes.com
http://www.ArtHotes.com
Web Reference: http://tinyurl.com/5aszwh
0 votes Thank Flag Link Sun Aug 24, 2008
Kaimik

I agree that teamwork is essential. Any outside efforts that you do, you should keep your agent fully informed of, and always use the agent's contact info. That being said/posted, you might find something on the FSBO blog attached to the link below that you might use in conjunction with your agent's efforts. Good luck.

http://rockinblu.blog-4u.co.uk/
0 votes Thank Flag Link Sun Aug 24, 2008
We do have an agent currently. Just exploring all routes to a sale. Seems we all have to work at it in this market! Also just decided to offer an agent bonus...
0 votes Thank Flag Link Sun Aug 24, 2008
Do you have an agent, or are you going the FSBO route?
0 votes Thank Flag Link Sun Aug 24, 2008
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