Home Selling in Freehold>Question Details

Shalala, Home Buyer in 08820

Home Listed in the Market for 3 months now and not a single offer.

Asked by Shalala, 08820 Wed Sep 26, 2012


I need some advice on how to proceed with my situation. I have a single family ranch house that we bought in 2007 for 300k and we spent about 30k on renovations. Our house value has significantly come down. Initially we listed it for $285k and no luck, few weeks ago we bought that down to $268k...We had quite a few showings after the house price was bought down, however we still didnt get an offer...I still have about $240k in mortgage realtor fees that i have to pay...Im ok if i dont get any money from selling this property but i really dont want to pay anything to sell this house. Do you think the price is still the factor for no offers?.

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Francesca Patrizio’s answer
The golden rule is as follows: price it; monitor the number of showings and offers - if dismal; reduce. If the reduction produces lots of showings, but no offers, then price remains too high. When it is priced "right", then the showings and offers will come.

While I do understand your desire to not pay to sell your home, unfortunately in today's market many people are doing so. If you wind up losing say $20k on this property, consider yourself ahead of the game . . . . I've had seller's lose way more than that just to sell and "get out" from under. Unfortunately the state of the economy today. No need to hold on to a losing investment.

Francesca Patrizio, ePro, SRES
0 votes Thank Flag Link Sat Nov 10, 2012
The surest test of price is he market response. The fact that showings picked up with the improvement suggests to me that you are getting closer....the fact that no offer came from the increased activity suggests you still aren't quite there.

So yes, I think it is very possible that price remains the issue.

By all means ensure that everything else is working well - reflect on the feedback on those showings, be sure your advertising/online exposure is super strong. Make the home easy to show, and inviting for every showing.

Good luck to you. It sounds to me as though you are very close.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Fri Sep 28, 2012
Hard to tell. How is your advertising? What comments have come from the buyers who did look at it? You did renovations, but how does the house show? How many homes similar to yours have sold since you listed it? What is your competition priced at?
I tell my sellers when there are showings and no offers that the buyers think you are overpriced. Have your agent do some homework and find out what the buyers are thinking. Showings are a good thing, if you are getting the feedback to help you sell.
Selling usually boils down to price. Bottom line, when a house is priced well it will sell and it will sell quickly. Especially at your pricepoint!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Sep 26, 2012
Well there are only a few choices you have, at this point you say that you will need 240 K to pay off your loan, your realtor fees and did you add in the closing costs to you the Seller and are there any outstanding taxes.... Just consider it all, and then remember a buyer will come in and will want to
negotiate somewhat, and then there will be an inspection which may bring up some other issues, hopefully not, but one never really knows.

So make sure your bottom line is really your bottom line.... and then the question of pricing is irrelevant
to you because that is what you need to cut even....

THEN you need to sit down with your Realtor and put on your creativity hats:

There is much a Seller can do and that with support and ideas from your Realtor....
Make changes to the homes interior and may be exterior, sometimes it is as simple as putting some en vogue colors on some walls, sometimes just one wall in a few rooms to save money.
move around furniture or even remove some, have your Realtor get the help of a professional stager, to set up furniture in a different way, and may be remove some and bring in some new
may be remove curtains, and replace by blinds, we here do not know your home, but anything
that can help to show your home on the NEW photos and may be you have to hire a professional photographer to get the best photos and then have your Realtor market your home everywhere on
the internet...... encourage Realtors to come to a brokers open to see your home in a new light.

Hope this helps

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Wed Sep 26, 2012
Good Morning Shalala

Price is usually the main factor in selling a home however, your price reduction has at least brought you some buyers. That is a good sign, but still NO offers? Many other factors come in to play as well, location condition, upgrades, windows, roof, heating and air conditioning.....
I tried to do a search in our MLS system under Freehold and Freehold Twp, I did not come up with any current listings priced at either 268 or 285.
Talk to your agent, LISTEN to your agent, what does he/she have to say?? What are similar homes selling for in your area? The condition of these homes? The time frame that they are selling?

If I can be of any other help, please feel free to reach out
Karen Sluyk
Peninsula Realty Group
732-530-7755 office
732-567-7152 cell
0 votes Thank Flag Link Wed Sep 26, 2012
Everything is a potential factor. My question is, what have you done in the past 3 months to help your Realtor sell the house? Yeah, I know, that is what they are being paid to do, but that wasn’t my question, what have you done to help? Did you post the property flyers at work, grocery, everyplace else you have been during that period? Did you turn the flyer into a .pdf file and email it to everyone you know asking them to forward it to everyone they know?

Next, trade it for something neutral, like a vacant lot. Vacant lots are harder to sell than a house. Have your Realtor prepare a list of all the vacant lots listed within 50 miles of your house, then call every listing Realtor and ask if the owner of the lot would be interested in trading for your house. If your Realtor has time to make the calls you may have the wrong agent or there aren’t many listings. If the other Realtor says there is interest have your agent call them. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Sep 26, 2012
This is complex situation.
#1. Have you signed a limited service agreement or working with a Flat Fee broker? If you have you need to reconsider.
#2. What is the number of sales in your community of homes just like yours?
#3 Home many homes are for sale, just like yours?
#4. Where are homes, just like yours, selling in the greatest volume?
#5. What is the current distressed or potential distressed profile?

Based on the sales data you can extrapolate the amount of activity your home should get.
Based on your 'rank' in competing homes, you should anticipate when an offer should be received.
Based on the condition of your home compared to competing homes, verify you are using the right STRATEGY in pricing and marketing. (Beauty pageant, price war, time urgent)
NOTE: Give thought to proactive offers.
Your multi-dimensional real estate professional should review with you the three most common marketing strategies to selling your home. These strategies require you to trust the DATA and have faith in the professional you have hired. Second guessing or ignoring the data results in a 'career' listing. No one likes that.

Finally, Price cures all issues, but the seller takes it on the chin EVERY TIME! Reducing the price WITHOUT doing proper analysis is the lazy agents marketing strategy. Often their ONLY marketing strategy.

Best of success to you,
Annette Lawrence, Broker/Assocate
Remax Realtec Group, Palm Harbor, FL
0 votes Thank Flag Link Wed Sep 26, 2012
it is hard to say with out seeing the house but it may be the price you have to give it some time also to get the wright buyer in there you have to think of what made you want to buy the house thats may be what the next buyer is looking in a house also
0 votes Thank Flag Link Wed Sep 26, 2012
Hi Shalala,

It is most likely price. Have your Realtor do a Comparative Market Analysis (CMA) using SOLD comps within a 1 mile radius of your property (the closer, the better) that have SOLD within the last 3 months (6 months at the most). This will give you current market value.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Wed Sep 26, 2012
we are at 2003 prices unless you have done a lot of improvements. you agent shold be able to show you comparable sales so you know you are priced right.
Since you are getting showings but no offers it is most likely price but staging your home could help too.
0 votes Thank Flag Link Wed Sep 26, 2012
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