flash718, Home Seller in Brooklyn, NY

How many offers should I have received in 3 months on the market?

Asked by flash718, Brooklyn, NY Thu Apr 18, 2013

My apartment has been on the market for almost 3 months and has not had many showings, and only 2 people came to each of the open houses. now that it is spring, i was expecting more but it has slowed down considerably. I received 2 offers which were 20k less than my asking price and they refused to go up so I didn't not accept them. I am not very happy with my agent as he doesn't keep me up to date on things and I am not sure if the apartment is not generating a lot of interest because of the price (we already lowered it once, from 159k to 154k ) or because he is not doing enough, or if its just a slow market. I am a first time seller and very confused/anxious!

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Ask your Realtor to provide you with a list of recent sales that are comparative IN YOUR BUILDING. By recent, we mean preferably within the last 90 days.

Ask how and where the Realtor is marketing your property.

Are the offers through other Realtors or only your agent (red flag). Offers should come from everywhere or you are not being marketed properly.

if a buyer is to secure a mortgage, the property MUST appraise. You cannot get $20,000 more than similar apartments in your building ... recently.

If similar properties have sold significantly higher, something is wrong with the marketing.
1 vote Thank Flag Link Thu Apr 18, 2013
thanks for the answer. the last sale in this building that I am aware of was in January 2013 and it was also a studio apartment that is a floor above mine. it sold for 148k. I have asked my agent numerous times about marketing and don't get a straight answer. There is also an identical apartment to mine on the floor below with the same asking price and it has been on the market for a very long time.
My apt is listed on zillow and trulia, but that is all that i am aware of. i am also not sure where the offers are coming from as they are all being delivered by my agent. we had a very unsuccessful open house on Sunday where I pressured him into advertising it in more places (he showed me an ad on craigslist and on zillow) and I haven't heard from him since.
Flag Thu Apr 18, 2013
Hello Flash,

It is not a slow market, in fact I have many buyers looking for property and I don't have enough inventory. You need a good, experienced Realtor to re evaluate your situation and get you place sold ASAP. Feel free to call me anytime... Advice is free.


Luke Constantino
Realtor
Keller Willams Real Estate
Commercial/Residential
Direct: (212) 300-3919
lukeconstantino@gmail.com
1 vote Thank Flag Link Fri Apr 19, 2013
You really should be having this discussion with your agent; and you may have turned down your potential buyer's offers way too quickly; keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place. Review comps with your agent recently, sold similar properties in the immediate area, see what the data suggests, and if necessary adjust accordingly and be as competitive as possible. Your agent may not necessarily be at fault, after all even though you may not have been happy with the offers received, if it wasn't for his marketing efforts one may not have received any.....
1 vote Thank Flag Link Thu Apr 18, 2013
I paid 130k for the apartment in 2007, and put in about 15k of work. I want to sell but I am not in such a hurry as to lose money. If i take an offer of 140k after commission I will hardly break even and I do not want that to happen. As for comps a similar studio one floor up from mine sold for 148k and another identical studio is listed one floor below mine for 154k as well. that one has been sitting on the market for a very long time. the apartment is in very good condition with a brand new kitchen, granite, stainless steel appliances, brand new cabinets and tile floor. there is also new parquet flooring throughout. the bathroom is in ok condition though original to the building (1964)
Flag Fri Apr 19, 2013
The conversation you should be having is with your agent. I'm in California and not knowledgeable in your area. However, I can speak to communication.

When I sit down with a seller we talk honestly about the market, what's on the market, how their home compares to what is pending and what has sold. How long those homes are taking to sell and what they sell for. Then we determine the Seller's expectations of the listing agent, their timeline, goals, and motivation, a day of week to communicate and review any changes in the market, and have a game plan in place to reposition the home in the market.

Pricing is a big part of marketing. If you received two offers around the same price, I would say that the market is dictating the value of your home. If your home is overpriced, no amount of marketing is going to get the buyer to pay more than a comparable property.

There are many factors which determine a buyer's desire to offer on your property. Is it easy to see? Does it show well? Is the location desirable? Has it been upgraded? Can it be financed? To name a few. In rare cases agents from outside of the area may not have it listed on the right MLS. Other than that, it sounds like you are over priced.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Thu Apr 18, 2013
It is NOT a slow market. The market has turned around so quickly it is making everyone's head spin except yours and your agents it seems.
Obviously there is something not right with the scenario you have described, but what is will take some looking at. But any agent that takes a listing in your price range and does not confidently think they can sell it within three months should not have taken the listing in the first place. The commission is not large enough to pay for three months marketing!
Call another agent , hopefully someone that specializes in your neighborhood and knows your building, for a second opinion. Ask your management company if they are aware of any detriments to the marketing of your building: IE not enough owner occupants or perhaps a few foreclosures in the past year? Crime?
It may just be that your agent has grown tired of it and does not have time for it....get a second opinion.
Good Luck.
Kathryn Lilly, Broker
Realty on the Greene, LLC

P.S I do not Know the buildings in Sheepshead Bay well enough to help you.
1 vote Thank Flag Link Thu Apr 18, 2013
Dear flash718:

I hope I am not your listing agent but if I am... I am sorry that things have not gone perfectly but it is not my fault... your price is to high!

All kidding aside, the issues that you are describing usually are more about the price as opposed to a lack of effort on the part of your agent. Co-ops often times can be hard to sell for many reasons such as the monthly maintenance being too high, the flip tax being too high or the building not being maintained that well. We would need more details and to actually see your co-op in order to give you some real input.

For now I say have trust and faith in your agent and communicate to him or her very "matter of factly" about how you feel and figure out the best course(s) of action to take together. If I can be of further assistance, please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Thu Apr 18, 2013
No you are not :) I live in a "luxury building" in gravesend on ocean parkway. I don't want to reveal too much as to not offend my seller if they stumble upon this.
I am not sure how to go about getting a marketing analysis. a comparable studio apt one floor above me sold for 148k in January. My listing price is 154k and the identical unit to mine one floor below is listed for 154k also, so I don't think its priced unfairly. we also already dropped the price once and I don't want to keep dropping it. I have a newly renovated kitchen with granite countertops and stainless appliances. I also put in new wood parquet flooring. There is a huge terrace, 24hours doorman, pool and newly renovated elevators. the lobby is also undergoing renovations. The only feedback from viewings that i received from my agent was that they complained the apartment was "too small" and that the maintenance was too high. I do worry about marketing and exposure, though I could just be a nervous first time selle
Flag Thu Apr 18, 2013
I know that this question is older and this property may have sold by now but for those reading in the future let me say that I don't think that the price reduction was very significant. Think about how people search for homes online. They pick an area and they pick price ranges and those ranges that show up in the search boxes are round numbers. Like $100,000 - $150,000 or $150,000 to $200,000.

Pricing the home at or below the $150,000 mark would get a lot more eyes looking at your place.
Web Reference: http://plymouthhomes.tv/
0 votes Thank Flag Link Fri Jan 10, 2014
You should sit down with your agent (and no one else) and discuss your concerns with him/her.
Ask how they are marketing the property besides the Open Houses.
Price is usually the issue when there are few and/or low offers, but condition of the apartment or building (financial and otherwise), marketing and the experience/availability of the agent can also be problematic.
With regards to your unhappiness with the lack of communication from your agent, weekly updates should be sufficient, whether or not anything is going on, you have a right to know. Maybe your agent doesn't want to sell your unit anymore...ask. You can be released from your current agreement.
When your current arrangement ends, and you are in the market for someone new and experienced with co-ops in the area, give me a call.

Janine Acquafredda, Associate Broker
House-n-Key, Realty
(917) 584-7685
nycrealestatepro@yahoo.com

http://www.janinesellsbrooklyn.com
FACEBOOK: Brooklyn Properties For Sale
0 votes Thank Flag Link Fri Jan 10, 2014
Hi Flash - since none of us know the address or the condition, we cannot really give an opinion, except that it is probably priced too high. The market is jumping right now, but coops are more
difficult to sell for a number of reasons. The issue with your agent you must address with your agent.
Just keep in mind that when it expires hire a new one. good luck
0 votes Thank Flag Link Thu Apr 18, 2013
Try to sit down and speak with your agent is what the
current market and how he can do to market the apt.
Ask your agent what is the problem.
0 votes Thank Flag Link Thu Apr 18, 2013
You realize that you only lowered it 3%?
I doubt that anyone looks at the last digit.
You have proof that your LISTING PRICE is too high:
You have two obvious choices.
0 votes Thank Flag Link Thu Apr 18, 2013
The first thing is to get an updated market analysis that shows what your property is worth in todays market. it should contain sales from other units in your building. Compare your price and ask your agent the pointed question why they think it is not selling,
0 votes Thank Flag Link Thu Apr 18, 2013
Hi flash718,

I am a seller not a broker and I've read your question and answers from others. This is very informative post that helps me as a FSBO in Sheepshead Bay. From you replies you mentioned that the biggest issues that people had with the apartment that it had high maintenance and small size. These are very serious problems. Why get a small apartment and pay high maintenance when there are comparable apartments with better offerings. Price of the apartment is not the only factor that goes into purchase decision. You also have to factor in location, size, condition, maintenance, HOA history and finances and many other factors. To give you a comparison my 1 bedroom condo for sale has very low maintenance and huge in size and includes parking. These are the things that people are interested in. I bet you my monthly HOA is less than 1/2 of yours and includes free gas.

Are there other buyer distractions that you can think of?
Flag Wed Jul 2, 2014
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