Home Selling in 13326>Question Details

Marieke, Home Buyer in Clinton, NY

I have a home for sale in the Coopertsown, NY area. It has been on the market for 2.5 years now and I have had 2 different realtors. What do I do?

Asked by Marieke, Clinton, NY Fri Feb 3, 2012

Should I look at changing realtors again? The price started at $219K and is now down to $149,900. I don't know how to get it shown more and am getting frustrated.

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I am JoAnn Hubbell, a Broker with Hubbell's Real Estate on Main Street in Cooperstown. We have been in business for 40 years. Has anyone done a market analysis? We are an independant office, not MLS. The independants handle 90% of sales in Cooperstown. Our web site is one the first ones to come up in a search. MLS puts your property with thousands of others, thus making it confusing for a Buyer. Check out our web site, http://www.hubbellsrealestate.com , to see why we average 3,000 hits a day.
0 votes Thank Flag Link Tue Feb 19, 2013
Really, 90%. I bet Realty USA would like to hear that number. MLS not only gets you exposed to thousands of more buyers but also exposes it to hundreds more agents that can expose it to their buyers without having to search each website of the "independent" agents. Besides a "Realtor" professional are those that belong to National Association of Realtors and live by their code of ethics. The only thing confusing to buyers is why they have to look at each "independent's" website to see what is listed, rather than one MLS feed. Just saying..........
Flag Tue Feb 19, 2013
GOTCHA!

Although not 2-3 years old as some recycled questions are.....

This time sensitive post is nearly a year old. One would only hope the seller found a resolution last spring/summer and has moved on.

Bill
0 votes Thank Flag Link Thu Jan 17, 2013
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes Thank Flag Link Thu Jan 17, 2013
I am a realtor in the Cooperstown, New York market. Is your house listed in the MLS? Many of the Cooperstown Real Estate Agencys are not in the MLS and depend on the local buyers. Without your home being listed by a MLS realtor you are missing out on potential buyers across the country and even world wide!

The market in Cooperstown is slowly coming back, and hopefully this spring we will see more buyer interest.

Is your housed priced correctly? Have you been given updated information on sales in your area? These are important factors in getting your home sold at the best possible price and in the least amount of time. Good Luck, I hope the new year brings you a buyer!
0 votes Thank Flag Link Thu Jan 17, 2013
Make sure you are dealing with an MLS agent that does Marketing!!! Marketing you home in today's world is the only way to sell properties, thus exposing it to as many potential buyers as possible. An excellent website is a must with many features to draw clients in. It's all marketing and if they are not experts at it your home will continue to languish on the market!!!
Steve
0 votes Thank Flag Link Thu Aug 2, 2012
Marieke, it is very difficult for us here not knowing your home what to recommend.
There is always something one can do to improve on the homes chances to find a buyer.... Staging,
new paint, curb appeal changes etc., But no Realtor can change the market surrounding your home, nor
the location of your home, its age, style etc., and certainly we cannot really create Buyers. In most parts of
the country we are in a Buyers market, too many homes on the market, many more than there are ready and
willing and able buyers, therefore the buyers select from many available homes and they can go for best for
the least amount of money.... So many homes stay behind for years until one day the right buyer comes
along. Reducing the price could help, but sometimes just the right buyer has not yet come along...

The best I can suggest at this time, sit down with your current Realtor and look at what has sold in your
area and what has not and how long it took most of the homes to get sold. Your Realtor most likely has
soon some of the homes competing with yours, or could see them even take YOU to see them and you
can get a good feeling how yours compares to others in that price range in your area...

And then discuss what you can change, sometimes new photos after you have moved some furniture around, or out, may be a wall or two painted in a more modern darker tone etc. all can refresh your
home to the buying public. Your Realtor could also decide to change the description of the home in
the multiple listing service and on website, to make your home FRESH AGAIN.

Good Luck to you!
Edith YourRealtor4Life! and Chicago and Northern Illinois/North Shore Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike!
Edith Always goes the X-tra Mile with a Smile for her clients......

Find out how when working with an experienced Realtor buying and selling real estate will
become a pleasant and successful experience by going to:
http://www.tinyurl.com/MeetEdithHere
Edith Speaks French, German, English some Spanish & more
Referrals are always highly appreciated and I work in many areas of the US with my partner
agents
0 votes Thank Flag Link Fri Feb 3, 2012
Consider having a discussion with your agent before making any decisions; begin by reviewing comps with your agent, recently sold similar properties in the immediate area; if your pricing needs adjustment, adjust accordingly and be very competititve; also review marketing strategies, make sure the exposure is maximized. In today's market pricing and marketing that maximize exposure are paramount, without, it won't really matter who the agent is...
0 votes Thank Flag Link Fri Feb 3, 2012
Hello Marieke
I would suggest meeting with your agent. It might be a good idea to update the comps in the neighborhood. I had a listing that I had for a while that I had to hold open week after week to get people in. I had nobody coming through. So maybe suggest an open house and a brokers tour. Not sure how your market is there but with the number of homes in inventory that makes for longer market times however 2.5 years is a lot! Good luck!

Heather
0 votes Thank Flag Link Fri Feb 3, 2012
I think the CMA or Appraisal would help you make a decision. However, the market is very slow.
0 votes Thank Flag Link Fri Feb 3, 2012
Marieke
Don't drop the price again we will have to do a new Competitive Market Analysis.
I can try to help you in the best way.
0 votes Thank Flag Link Fri Feb 3, 2012
I would suggest an independent Compaative Market Analysis or Appraisal to find out the true value. The market is very difficult and has been for some time.
0 votes Thank Flag Link Fri Feb 3, 2012
Marieke - I'm not in your area but here is what I would suggest. Have your realtor pull current comps so you can know what is for sale today and at what price. Also get comps on recent sales. You may find that even with the big price drop you have made that you are still overpriced for the market.
Best of luck.
0 votes Thank Flag Link Fri Feb 3, 2012
Maybe I can help you. I don't do in-town property, nor do I do much with homes without acreage, BUT I work in this the area and know quite a bit how things are going and maybe I can give you insights. Best to contact me about this off the forum (roland@thebardrocks.com)
Web Reference: http://farmsunlimited.com
0 votes Thank Flag Link Fri Feb 3, 2012
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