Home Selling in Schenectady>Question Details

Hwint, Home Seller in Schenectady, NY

I live in Schenectady NY and we have been trying to sell our home. How do I know if we need a new realtor or it is just a hard time and city to sell?

Asked by Hwint, Schenectady, NY Thu Nov 10, 2011

We live on the North Side, our house is only 13 yrs old. Great Condition, Double Lot, 3 beds/2 full baths. It has been on the market for over 4 months and NO showings - NOT ONE. When we have people over, they all comment on what a nice house we have. It is not perfect, but it is a lot better than many of the houses in Schenectady. We already lowered the price $5,000. We feel like we would be GIVING it away to go any lower because of the improvements we have made to it, and the price that we purchased it at, but we have not had ONE showing. Any suggestions?

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Some areas have a longer sales cycle than others. Typically as the price increases the sales cycle increases. Locations have higher and lower demands, for example, property in mid-town Manhattan commands a higher value due to higher demand. Property value in Machias NY, a rural community by comparison, will command a lower value. Areas in and around cities commonly have shorter sales cycles than areas in rural or less densely populated areas. It all comes down to market value.

Market Value: The highest a buyer will pay and the lowest the seller will accept. Sellers always want the highest and buyers always want the lowest.

The best suggestion I have is if you are looking to solve the problem in selling a home is to talk to a Realtor. Call me.
0 votes Thank Flag Link Fri Jan 25, 2013
Hi, The first thing you should know is what the activity is like on other similar homes in the area. I would ask the agent what their marketing plan consists of and what you can do to stand out from the competition. It sounds like you have a lovely home but proper pricing and marketing are crucial in order to sell it. Don't be so quick to release your agent until you have had this conversation with them. Frustrated sellers are always quick to blame the agent, at the same time it could be partially your agents fault.

Chris
0 votes Thank Flag Link Thu Jul 5, 2012
I am assuming the agent you have it listed with is a member of the multiple listing service, right? When you listed your home what price did the agent feel was in the range of your home? Did you price the home in that range? Did your agent have a group of realtors from his/her office preview the house (caravan) to give suggestions as to what they thought was the right price, what was exceptional about your home, what you could do to improve curb appeal, etc? Curb appeal gets buyers into a home to see what it has to offer. If you have only had one showing so far I would suggest you sit down with your agent and ask them what they think is the reason and then take their suggestions.
0 votes Thank Flag Link Thu Jul 5, 2012
What has been your realtors advice? You mention that your home is better than the competition, but I always like to use this analogy If you're looking to buy a DVD player and Macy's has it for 89.99 and then you go to target and they have the same brand DVD player with all the bells and whistles for only $10 more, what would you do? You would go back to Macy's and demand a discount. What you need to do is sit down with your realtor and look at what's on the market and price your home competitively, so you can beat out the other homes and who knows you may even get multiple offers.

Marco Gomez
NYS Associate Broker
Keller Williams Landmark II
Marco.gomez@gmail.com
0 votes Thank Flag Link Tue Nov 15, 2011
Hi, I would first consider having a sti down conversation with your agent. Intiailly a markerting plan should be discussed with you along with proper pricing. I would ask your agent what they have done beyond the local MLS and look at the activity for other homes in your area. If the situation is the same for other homes then it's the market. If it's only your home then the above should be re-evaluated and modified where needed. The listing agent is only good in the sellers eyes the day they take the listing and the day it sells...

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Fri Nov 11, 2011
Hwint,

Making a generalization, can in some cases be unfair....however, since the three main considerations for buyers are: price, location, and appeal, it would be fair to assume that your home falls short in at least one of these catagories.

Regardless of who lists your home, the fact remains that the four months that it was listed were a complete failure. Getting no showings over that period of time in any market in unacceptable. A reevaluation of your homes price, curb appeal and presentation is a must.

And if you are serious about selling your property, you will need to abandon the concept of feeling you'll be giving it away. These are different and challenging times that require the ability for individuals to be willing to accept things for what they are and the real estate market in most locations is not a "seller's market."

Our best recommendation is to find a good agent with a great company and work with the advice they provide.

Good luck,

Bill
0 votes Thank Flag Link Fri Nov 11, 2011
Well, that is an answer that you need to think about. I can speak for my area and year and as of now, I am ranked #1 in the state for all Coldwell Banker Realtors. My point is that we are busy!
Is your home staged? How does it show? What is the feedback? Where is it marketed? How many websites does your home appear?
You do not have to give your home away. Please emal or call me if you'd like some free advice. Always willing to help!

Frank Dolski MBA, ABR, e-PRO
Associate Broker
CARTUS & SIRVA Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
215-803-3237 (mobile)
215-794-1070 x-103
f.dolski@cbhearthside.com
http://www.FrankDolski.Com
Web Reference: http://www.FrankDolski.com
0 votes Thank Flag Link Fri Nov 11, 2011
Hi there, sit down and have a heart to heart with your agent. A shortage or absence of showings - and offers -is confirmation that your price needs to be adjusted. We do our best to set an initial price, but once you hit the market, the real answer comes into focus.

I agree with the prior poster, a price reduction of $5,000 may not be making a difference. If you have exhausted a price band, the way to explore the next one is to move into it price wise.

The market is tough, with price and condition being most important. But price trumps all, you've got to get that right in order to sell.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Nov 10, 2011
Hello,


I agree you should speak with your agent. Ask questions. Also, if your home was overpriced in the beginning reducing it $5,000 may not make a difference. It could still be overpriced. If I could have the address of your property I will be happy to review the listing in the MLS and give you feedback.



Thank you,
Shelley Englert
518 812-5510.
0 votes Thank Flag Link Thu Nov 10, 2011
I don't believe that you will be giving anything away. You really can not price a home too low because market value, demand will drive the home price. Meaning if you offer your home at a low price and supply plenty of quality pictures online with great marketing, you will likely attract more than 1 potential buyer and that could inflate your price.

That being said, if you have to question your agents tactics of marketing your home, than they probably are not communicating their efforts as well as they should, or they don't communicate because they have nothing to show...

You should sit down with your agent and ask them what they have done to market your home, where your home is visible to potential buyers and what is their plan for the next few months?
Did they just put a sign in your front yard and list it with your multiple MLS? unfortunately that is just not good enough these days, and you could pay someone much less than a Realtor/Real estate agent to do that!

You need an agent with online marketing expertise AND a great grasp on your local market, someone who works full time in RE and is willing to do anything to get your home sold. Your home should be visible on homes like: Trulia, Realtor.com, Zillow, Craigslist, YOUTUBE!, facebook, twitter. Word of mouth is the key. I am not familiar with your local market, so Newspaper ads may be relevant in your market as well. Open houses can never hurt! and they should be advertised. Email marketing to agents that focus on your homes neighborhood/area are also effective.

You can also try offering an incentive to buyers for a limited time...department stores use this tactic for a reason...it works!

I have a list of questions on my website: http://www.circadianrealty.com/selling-my-home that you can ask your agent, or any future agents you hire... click on the link for Questions to hire your next agent

I would also add to that list:

1. How many homes have you sold in 2010 and 2011 respectively?
2. Of those sales, in how many did you represent the seller? the buyer?
3. How many hours do you average working a week in Real Estate?
4. What is the average price of the homes you sell?
(If it is a good agent it won't matter whether your home is less than their average because they will know that every piece of business is just as important as the next. You can have a 500K buyer that settles and never refers you any more business, or you can have a client that settles 100K of business and is so thrilled with your service they pass you referrals that can amount to much more money than the 1 500K sale...)


At the end of the day, it might be your market, but you should understand what is going on, and your agent should be explaining it to you! Ask them for statistics on your market/zip code with Days on Market, Absorption rate: available comparable homes vs sold homes over a certain period of time, and you should get out and look at some of your competition to see if there is anything you can improve on.

Good luck!
0 votes Thank Flag Link Thu Nov 10, 2011
You won't be giving anything away, if you're not attracting potential buyers...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. In setting a price, it is in the seller’s best interest to focus on the current market conditions--therefore do review comps with your agent, recently sold similar properties in the immediate area; see what the data suggests and adjust accordingly, be as competitive as possible....
0 votes Thank Flag Link Thu Nov 10, 2011
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