Home Selling in Cumming>Question Details

Stt, Home Seller in Cumming, GA

How does an agent sell my home w/builder & owner foreclosers in same neighborhood? Orig. purchase over $300k. On mkt. since Feb 2010. New agent??

Asked by Stt, Cumming, GA Sat Nov 20, 2010

zip 30028

Help the community by answering this question:


Are you assuming your agent is the reason you can't sell your home for more money that it's worth? There is so little information here not allowing anyone to truly answer fairly. What is the list price of your home? How was that determine? How is that price in comparison to the competition? Are you 5%, 10% or 20% over priced? Do you expect your home to sell for more than it's worth? Do you understand what an appraisal is? do you understand that an appraisal will be required a certified process of determine the TRUE value of your home (a reasonable estimate as to what you can expect a buyer to pay for your home) which in turn determines exactly how much the next buyer is going to be able to get a loan for in order to purchase your home. Be a buyer for a few minutes and look at all that there is to offer in your community at the different prices. Which listing is the best deal right now? How many homes have sold in your community in the past 6 months? How many are going to sell in the next 6 months? if 1 home is going to sell in the next 3 months, why should it be yours. lots of good thoughts below... especially Lee b/c he always has something true & good to say....if your home is overpriced your agent has no chance of effecting the sale at all. Actually, if it is overpriced, the only thing your agent is guilty of is not being honest with you about where it should be priced in the first place or worse, not able to determine that information to from the beginnin. PRICE is your single most important marketing factor in this market. Get in line of get off the market. It's pretty simple.
1 vote Thank Flag Link Sat Nov 20, 2010
New agent, or seasoned veteran, most overprice.

First time seller, or experienced investor, most overprice.

Third quarter numbers in metro Atlanta reveal that 62% fail to sell at all while listed.

You and your builder are in that 62%, and I'll bet that about 12-15 houses in your submarket in similar condition, with similar size and finishes have sold since February, so review what just happened and stop blaming your rookie agent.

Inept agent. Yeah, maybe.
Web Reference: http://intowninsider.com
1 vote Thank Flag Link Sat Nov 20, 2010
Very difficult, especially when you're competed with the builder (who can offer new homes and incentives) and foreclosures (which offer low prices).

If your home's been on the market since February, it's priced too high. I recognize you may not be able to price it lower, but you're caught between a rock and a hard place. If you don't have to sell, don't.
1 vote Thank Flag Link Sat Nov 20, 2010
Don Tepper, Real Estate Pro in Burke, VA
New Agen? My answer is probably not, because the new agent is not going to be a magician, he or she will have similar means available to market and advertise your home, as long as you have a good relationship with the agent, trust him or her, and have great communications, then sit down and discuss the market surrounding you, if your price is competitive and your home has been well prepared for showings, staging, painting, repairs etc. or ask your agent if he or she can suggest some inexpensive additional changes, and then let the agent inform you about the surrounding market, what has sold and what price as far as homes are concerned that are in your price range and in your
type and size of home, that will tell you two things is mine priced competitively enough, is mine updated enough, then you can discuss with your Realtor what you can do about it....

There is some advantage to selling a home that is not a short sale and not a foreclosure, ask your agent to
explain, but updates, curb appeal, and price will make the difference....

Good luck to you!
Edith YourRealtor4Life and Chicago Connection
0 votes Thank Flag Link Mon Nov 22, 2010
There is very little information in your question to go on - however, Don T and Lee T have great answers. With all the negativity in your developement, most buyers are going to be very leery at best - then you have the new homes and builder incentives to compete with...and the coming wave of new foreclosures this winter.

You ARE between a rock and a hard place - unless you put a lot down and have the ability and stomach to significantly undercut everyones elses price for a quick sale - and strategies for other than a quick aution-like sale stand little chance of success - stay put if you can.

Good Luck.
0 votes Thank Flag Link Sun Nov 21, 2010
You need to wake up and smell the coffee
Do you know what is going on in your market? See the link below.
Values are dropping at 20% per year, or over 1.5% per MONTH.
So if you need to, either be able price it to sell (which means competing with foreclosures and short sales)., or do not bother.

We do market the market, we simply deal with the market. If your goal is to sell over market value, then I would not take your listing.

You need to be realistic and develop strategies that make sense:
1. Do you Absolutely need to sell?
2. What are your alternatives?
3. What happens if it does not sell?
4. The straight answer is that your property is worth 15% less than it was in February, so get a clue. Either price it to sell, stay put, or.....
0 votes Thank Flag Link Sat Nov 20, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
Wow! I'm a little bothered by the agents that are trying to win your business by asking you to call or email them.

You asked a question. Your answer is simple. LT and the other agents are right. You are overpriced if you haven't sold. Features and benefits...what are you offering at or below the same price that the builder is offering?

Is the builder offering a 5% commission to the Buyer's Agent's? If so, pony up. You have to pay to play even if you wind up paying 8 or 9% in commissions to get your home sold. There must be a reason why you're selling so soon. New job? New family situation? Whatever it is, if you really need to sell, you'll make it work.

I sold a home in Brandon Hall last year for $300k when the builder was selling the EXACT same home for $320k. We KNEW we had to beat the competition. Yes, my Seller brought LOTS of $$ to the closing table, however, he's happy with his family in Vancouver today.

Good luck!
Web Reference: http://www.TeamBrittain.com
0 votes Thank Flag Link Sat Nov 20, 2010
Listening to the typical realtor blaa blaa......your house will sell only if you can demonstrate to the buyer that your property is a better value than the competition

If the buyer will get a better value with the foreclosure or if the builder is offering a better value, you will have a tough time
0 votes Thank Flag Link Sat Nov 20, 2010
Have to disagree here with some of the answers, although there are good points in all of them. First of all, it is possible to sell a resale against new construction and foreclosures. We've done it several times this year. It will come down to your price for the size of the house and upgrades you have versus your competition, just like in any neighborhood, only worse. You have some buyers that only look at new construction so you have to entice buyers willing to look at resales that your home is the best VALUE. That doesn't mean you have to be the lowest price, but the best price for what you have to offer.

Also, only about 10% of the homes in your price range are pending right now which means you better be in the top 10% of value for all homes in the area in your price range, not just your community.

Have you seen your FMLS listing? How do the photos look? Write up? Where are you marketed, syndication wise? How active is the agents website. Marketing is really important now too. You need to be on the first page of trulia, zillow, enhanced realtor.com, etc. There are too many listings so if you aren't, the buyers may never see you.

Hard to tell you exactly why you aren't selling without analyzing the home. Are you getting showings? If so, what is the feedback.

Look at the marketing and see if you would select the home as a buyer. If not, something is likely wrong. See if you can find it easily on the internet too.

If you aren't happy, ask some agents to come present to you what their plan would be.

Let me know if you have more questions or need help.

Good luck!

The Sherry and Maria Team
Keller Williams Realty Consultants #1 Team
Sherry 678-283-1710
0 votes Thank Flag Link Sat Nov 20, 2010
Lots of variables here, pirce, exposure and appeal are going to need to be in line. Look at each, given the neighborhood situation it sounds like you need to price it ahead of the others but you might also have few buyers wanting to jump in there with so much negative activity.

Drop the address out here, you'll get more focused opinions.

Web Reference: http://www.hrmiller.com
0 votes Thank Flag Link Sat Nov 20, 2010
Five factors sell a house in this market:

1. It must be Sparkling clean! (Windows, too.)
2. Everything that is obvious has already been repaired.
3. Move-in ready. All I have to do is write the check and start moving.
4. Professionally staged. The Builders model is staged, and that is your primary competition.
5. PRICED RIGHT @ MARKET! If you aren't in the top 25% in condition and the bottom 25% in price, forgetaboutit.

You might enjoy my recent blog article: http://www.trulia.com/blog/ellen_doc_stephens_realtors/2010/…

If you were a Buyer, which house in your neighborhood would you pick? If it is over-priced, no amount of slick marketing and prospecting will do any good. You'll just be telling more people that your home is over-priced. If you have met all these criteria, then make sure your agent is actively prospecting for a Buyer every day. The best agents make it a point to actively try to find a buyer for each listing.

Good luck,

Doc Stephens, REALTOR
0 votes Thank Flag Link Sat Nov 20, 2010
Hi Stt,
Your issue has nothing to do with the Agent or your home, it's the market. It's common these days for nice homes to sit on the market 6 months or longer. The best advice for sellers is to keep your home and rent it out until the market picks back up and homes are selling at their true value. I wish you much success whichever route you choose,
0 votes Thank Flag Link Sat Nov 20, 2010
Have you tried a round robin event to sell your home?
Web Reference: http://www.karenphillip.com
0 votes Thank Flag Link Sat Nov 20, 2010
You need to make sure your agent is marketing your home, and not just on the MLS. It needs to have as many interior photos as possible and posible a virtual tour.
0 votes Thank Flag Link Sat Nov 20, 2010
Unfortunately, that's an all too common scenario right now. I live and work in Cumming and know that there are many neighborhoods that either haven't been finished or where another builder has come in, purchased remaining lots and is beginning to build and sell again.
I would be happy to help you with your property. I have lived in Cumming for the last 13 years and work work with buyers and sellers in Forsyth, Gwinnett, North Fulton and Cherokee counties. Please contact me at the address/phone numbers listed below and I can give you an assessment of the market and offer my expertise in pricing your home to sell! Thanks!

Nancy Huffman
Solid Source Realty GA LLC
770-475-1130 x8345
0 votes Thank Flag Link Sat Nov 20, 2010
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