Here are some statistics that will hopefully help you determine if indeed your home is priced competitively. The fact that you have had many showings and no offers may already be an indication that your house is overpriced. On dropping the price vs. offering incentives; I recommend hands down that you lower the price. I would say the number one attribute of homes that are selling is that they are priced very attractively.
As of March 2008
There were 293 single family homes listed for sale in your zip code
10 properties went into pending sale in March
8 properties closed in March
The average price per square foot for houses for sale in your zip code in March was $150.00 down from $217.00 in September 2007
The houses that sold in March were listed for an average of 85 days and sold for 93% of asking price on average
The average price of homes listed for sale is $412,000
The average price for homes sold in March was $322,000
Months of inventory figure in your zip code has significantly come down in the last couple of months; being 36.6 months in March compared to 146 months in November. This number comes down as sales increase, homes listed decrease, or both.
Hope this is helpful,
Disclaimer - please don't think I am being mean...this is an honest and caring post
Katherine gave some great stats. What you really need to do is call her and talk with her about those stats.
Here is the truth:While you have been holding out for "Your Price", other homes, over the past 18 months, have SOLD.. And while you sat back, the market has declined. I cannot tell if you have a Realtor or not, if you don't, should find one and listen to them.
Buyers do not care what you paid, how much you owe, how much you invested...they are buying value. That's why we call this a buyer's market. They call the shots. So the price per sqaure foot dropped $150 down from $217. If my math is correct that means the average per square foot price is $67. Ouch!
So instead of biting the bullet and pricing it right and getting it sold, unfortunately, you, like others, are now in some pretty deep do do. With that much inventory (36 months), you have to make some tough decisions. Which is why whomever you talk with needs to know three things:
1. Your market
2. Your property
3. Your situation
Please call her up, make an appointment. If she gives you bad news, don't blame her, you did have a better market earlier, however now you need to get serious, because this is spring selling season. So after this, and the next bunch of rate re-sets, (coming in July and August, ) it could get worse.
We have some customers that do both - they offer incentives, reduce the price and stay on top of the market by us providing regular market analysis.
If your house has not sold in one year - you also have to take into consideration specific feedback from people that have seen it. Does it show well, does it have curb appeal? Will staging benefit you? What do comparable homes in the are look like?
Please read this article I wrote about chasing the market - http://www.miamism.com/miami-home-sellers-to-the-race-ready-set-go
And also read this article on staging:
A marketing strategy is a lot more than ads and pricing - make sure you have covered all bases and you study what has worked, what has not, and what changes need to be made.
I read somewhere that 40% of home sales are to people who knew people, so talk it up to everyone everywhere.
FHA financial officer
When buyers come to buy from a FSBO, they expect a lower than the market price.
They know the seller won't be paying commissions and expect the savings to be passed on to them.
Being overpriced by 50K (unless you are in over 500K price range) is VERY overpriced.
Overpricing is not good at all, by the way, because the longer the property sits on the market, the lower the final sale price will be.
Sellers hire agents because:
1) they sell the property for more money
2) they sell quicker
3) they create more exposure/traffic
4) market the property more extensively
5) have network of agents with ready input - on how to improve the property f.e.
6) have more access to potential qualified buyers through channels available to them
7) have stats available to adjust to trends (up or down)
8) buyers trust experienced educated professionals more than they trust unknown sellers
9) realtors don't have a sentimental attachment to your house and can market it objectively
At this point, I suggest to really re-look at the appearance of your home, redo the house in HGTV style - with staging, removal of clutter, flowers, freshly baked cookies smell etc. Prepare a colorful flyer with dates of permits/improvements. Do an appraisal and put it out for the open house along with the inspection report showing all is fixed (fix everything that you know needs to be fixed prior to inspection). Home warranty is very nice as well. To decide on the price - find out great comparables in your area - visit them to see how your property is better/worse. Try to be objective on the price. Expect to end up selling below the market after selling for a year without a realtor/larger exposure.
You could pay for buyers closing costs and their home warranty - but first you need to get that qualified buyer thought the door...
Hope this helps,
Beachfront Realty, Inc.
There is no reason you should have your house listed that long. If it is true that you are priced competitively then there is no way it should have been on the market longer than 60 days. The time that you have wasted trying to sell your home, putting the ads on the flyer and everywhere else, the showings, etc does not equate a home that is priced to sell at a competitive price.
Have you stepped back to see if everything that you think you are doing/have done is correct?
I have not had a listing longer than 90 days in the past 6 months! In fact my last two listings have sold over the appraised value so it's not that we are giving anything away, as some would think.
What are you doing to market the property besides the antiquated method like the flyer?
Feel free to contact me so that I an show you why when we list, we do so to sell. What you think you have been saving has actually cost you in time, effort and opportunity cost.
I am here to help and to get you on to the next chapter of your life.
Looking forward to working together,
Keller Williams Realty
After you do that, create 2 or 3 free accounts in environmental friendly sites like ozoshare.com. Share the selling of your home in this sites with catchy titles for example: " Environmental Improved Home for Sale, Go Green Home for Sale, Environmentally Resurfaced Home for Sale," Then add a short description indicating the improvements the house has. I assure you not everything is money, there are people out there with enough money that care for our environment and and would rather pay a few more thousands for a property that they feel happy about.
Good Luck and let me know how it goes!
There are many reasons that a property sells and sells for at or over asking price and an
equal amount of reasons that a property does not sell.
Having MANY people come by to preview is great- but having fewer QUALIFIED people is more important.
I would suggest a few things-
1. Get a professional appraisal
2. Establish a Home Warranty
3. Talk to and/or List with a good local agent (if you have not already
WATERWAY REALTY, REALTORS®
Mott Marvin Kornicki, Broker/Owner
More About Me ? http://www.About.Me/Mott
1, Your home is above half million. According my experience investors are not likely to buy above 400K at 33193. Because less profit space. And the market is going up largely because there are so many cash buy from investors.
2. If it's below half million then "50K over the least im willing to accept "certainly is not a realistic asking price. At present "going up" market, usually seller expect higher price but buyer expect price of a year ago. There is a gap between seller and buyer."50K over "also drives away investors.
Good strategy to me is drop price to " real market value" if you want to sell faster. Or, if you really don't mind waiting for offers, you may keep that price but at least let " a lot of people " who come to see your house know you may reduce the price. Put "willing to negotiate" on your flyer may be a good idea. Get an offer first and then you have chance to decide reduce the price or NOT.
The best advice I can give you is to interview agents that work the area you live in . You want an agent you can trust and is a full time agent with lots of knowledge of the market . If you have any questions feel free to reach out to me .
Samantha Tenzer Friedman
Cell 786 314 6100
Website : http://www.tenzersellshomes.com
How did the sale go? I hope that some of the tips we offered helped!
For those trying to sell their homes in todayâ€™s market please heed to the advice:
â€¢ â€œMarketing is for Professionalsâ€
â€¢ â€œThe Price is Rightâ€
â€¢ â€œHome is a menâ€™s castleâ€
â€¢ â€œLocation, Location, Locationâ€
â€¢ Donâ€™t try to sell it yourself, hire a professional.
â€¢ Make sure the price is justified.
â€¢ People will fall in love with a house that makes them feel at home,
Make sure your property is the one.
â€¢ Location will affect the value of your property, and how quickly it sells.
What are you waiting for? Thousands are making money in this market.
Let us help you buy that foreclosed property today! Quick closings!
How does it look online and in person? What does your property say to buyers?
- same as the others
- or , wow , we need to put an offer on this property - it looks like home.
Have you considered having a home staging consultation to finfd out what buyers think?
Over 85% of buyers search online before visiting a listing, does your's stand out in the online photographs?
The shortest advice I can give you is to hire a professional to help you sell your house. This is not a market for amateurs or people who do real estate part time or as a hobby. Even for those of us who do this 24/7 it is difficult.
Sales is much like fishing - it does not matter how hard you try, you will not catch a 100 lb sailfish in a lake. If you want to catch a sailfish in this area, you have to go out in the gulfstream and you're going to have to be deep. The FLYER is a good publication to bring you curious people to your house - but not necessarily buyers. I am going to give you the agent's secret for finding buyers.
Our secret is other agents. The majority of sales for Realtors come from other Realtors. Smart agents primarily market to the public to get listings. When we want to get buyers we market to other Realtors.
We are constantly getting buyers contacting our personal websites, company websites, secondary referral websites, newspaper ads, magazines, etc. Our company spends millions of dollars to attract those few buyers who are looking.
The first thing we do when those buyers contact our companies is to find out how much they can afford to buy by getting them pre-approved for financing. Then we look for properties that meet their budgets. The people you attract through the FLYER and other local publications, while curious, may not be able to buy as you have already found out.
If your house is your most valuable asset, you probably should seek professional help to sell it. A good agent generally sells at a higher price than the average owner covering his/her own commission. As you have already found out, selling a house is not like selling a car or other small commodity. Particularly in this market, selling a house takes professional knowhow and dedication. I will be happy to assist you.
I understand your frustration. My name is Angel Barroso, I'm a Realtor with Coldwell Banker Residential Real Estate in Coral Gables. If you are thinking of hiring a professional to sell your home, we would like to show you what we do in a buyers market to net you the most for your property. Have you had a professional CMA done on your property? If not, please contact me today and I will conduct a professional Comparable Market Analysis on your home at no cost to you. I will also prepare a marketing plan that will get your home sold in the time you want and at the same time protect your most valuable asset. Have you noticed that For Sale By Owner signs are disappearing? Sellers are beginning to realized that they need us. This is not the time to test the market. We must act fast if you want to net more for your home. The first 3-4 weeks are the most critical, if we don't have an offer within the first 4 weeks, there is something wrong with the marketing plan. For more information on what we do, please visit my website http://www.ForSaleAgent.com. I know we can sell your home even in a market like this.
I run my own monthly stats for the tri-county area. Currently, all of Dade has approx. 17,000 single family homes for sale. At the current absorption rate (houses sold per month), this equals an inventory of 43 (!) months. Normal would be 6 to 9 months.
I would call Katherine, find out if she works in your area and, if you don't have Realtor, ask her to take your listing. If you do have a current listing agreement with a Realtor, talk to her/him and agree to a realistic listing price; if that doesn't work cancel the agreement and then call Katherine.
All the best,
You need to partner with a broker and have constant exposure on the Internet and MLS, which is where 85-90% of sales occur. A Realtor who knows the market should also be guiding you through the changes in market data, and be showing your home for you, rather than have you do it. There are many reasons for this. If you'd like to discuss it in person, I'd be happy to meet with you, preview your property, and go over a marketing plan to get you sold.
The reality of the market is that some homes will not sell. Who priced the home and what were the comparables used in doing so? That will greatly affect positioning the home to sell.
The best way to attract buyers is the internet. Make sure there is a strong online marketing presence. Even if you do drop the price by 50K, unless it is competitive and the best on the market, there is still no guarantee that it will sell.
Define what good shape means? Good shape to one person is not mint condition to another. If you want to attract the most buyers, the property needs to be below market value and the best condition on the market.
The more time your home stays on the market, the more $s you will lose. Sorry, that's why it is a Buyer's market right now.