Home Selling in Connecticut>Question Details

Lkat0697, Home Seller in Windsor, CT

How can we help generate more traffic and offers on our home?

Asked by Lkat0697, Windsor, CT Sat Jul 9, 2011

We have to move in a very short time due to a job transfer. Our home has been on the market for just over a month. We have had a brokers open house and they all stated that our home was priced right. Our regular open house brought 6 couples and we have had 5 showings. However there are no offers. We do not want to drop our price yet however our time is running short. What can we do??? I feel like my hands are tied and I feel I need to do something!!

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You will need to discuss your concerns with your listing agent and follow their advice. Home market values change in this market frequently. To better get the activity of your home, you may want to drop the price to where your home is viewed by buyers who are working with agents that can purchase in the price range of your home's current market value. Although many sellers want to negotiate, in this market, pricing about 3% higher than the actualy market value per the CMA is your best option. Keep in mind that what you list it for does not hurt what you will sell it for as a buyer's agent also does a CMA for their buyer to determine thge market value of your home. Open houses really benefit the show and tell, but never brings the results. Even if you consider offering a buyer's agent a bonus, the home still has to appraise out via the current market worth. Not sure what your home is priced at, but dropping to where it is above 3% of current market value will still allow you room to negotiate and get your home's, or close to it, market value in today's market. Have another CMA done and ask for feeback of all showings.
0 votes Thank Flag Link Sat Jul 9, 2011
First you need to check your price by getting a new market analysis. You should be priced at or just below market value. If price is not the issue walk through your house as you were the buyer. Is anything out of place, does it need any repairs, is there any odors, is your home clean, uncluttered and freshly painted?
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jul 9, 2011
Two things that will generate more traffic, tell you broker to add to the MLS listing a $3,000 - $5,000 bonus for the buyers side commission to any one that brings a successful sale in the next 30 or 60 days! Anyone showing buyers property in your price range will take a bite at the bonus and bring buyers to see your home!
0 votes Thank Flag Link Sat Jul 9, 2011
I am glad to hear that you have the home in tip top shape, that is important. Every home seller wants to get the most than can when selling their home this is understandable. The market will determine what your home sells for so pricing as I said earlier is key here. . If you have to move soon lowering the price to accomplish that is what is in order. I have friends who had their home on the market for several years , because they were determined to get what they wanted as apposed to what the market would bare. They chased the market down and lost 10's of thousands in value in doing so. The market is still declining and you must stay in front of it.
0 votes Thank Flag Link Sat Jul 9, 2011
You need to depend on your agent for guidance here. If he/she is recommending a price reduction, go with that advice. A month is not long on the market but your agent can tell you what the average days on market is in your area. If you need to sell in a shorter time, you need to be priced under the market average.

You are not having a lot of traffic, and ultimately you need more people through the house to generate an offer. If you are able to rent at your destination for a few months (and if you want to go through the double move) then you have some time, but if that doesn't appeal to you, then drop your price. Other buyers around you who aren't moving out of town have the luxury of sitting back and waiting but you do not.

I have done loads of relocation work with clients and have seen this happen many times. Some folks took up to a year to sell their original house; others decided to rent it and rent in their new city. A lot of it depends on the specific market in Windsor and your destination market. If Windsor is still in the doldrums and your destination is starting to heat up, you'll want to unload your home as fast as possible, but if the reverse is true, it gives you a bit of time. Best of luck!
0 votes Thank Flag Link Sat Jul 9, 2011
The definition of Insanity is to continually doing something the same, and expecting different results!

Every single time we see that someone is having trouble selling their house; they loudly proclaim that everyone says the price is right!

98% of the time, the price is not right: If the price were right, they would have sold the house.
In that same 30 day period, did any comparable houses sell?

On the off-cance that the problem is not PRICE:
how's the curb-appeal?
is the house cluttered with personal affects?
is there too much furniture?
does the house look LIVED-IN, or is it a PRESENTATION for the Buyer's?
does the walls have bright colors, or, worse, WHITE?
you held ONE Open House in 30 days?
how many signs did you use to direct people?
who held the Open House, you are your Agent?

So, looking at this list; you need to lower the PRICE!

Good luck and may God bless
0 votes Thank Flag Link Sat Jul 9, 2011
We have staged our home. It has always been pristine and we make sure it is show ready on a daily basis. We have had a pre inspection done and have already taken care of everything found. We are concerned about dropping the price to what our absolute lowest we would go and not allow any wiggle room. The home is move in ready.....
0 votes Thank Flag Link Sat Jul 9, 2011
Hello Lkat0697,
Price is always a motivating factor in this market. You need to be priced below similar homes in your area to have a quicker sale.

Also, you may wish to consider offering some type of incentive to the buyers such as: a credit for closing costs or offer to help with financing if it's feasible for you.

Make sure that your home is showing it's best by removing any clutter and personal items on the interior and have your yard look neat and trimmed.

Good luck selling!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sat Jul 9, 2011
What type of comments did you receive on the homes appearance and condition. If the home is priced right, maybe there is some other detrimental factors. Lowering the price to be below others may just be the answer. The longer you carry the cost of the home will be eating into your profits any way.
0 votes Thank Flag Link Sat Jul 9, 2011
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