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.
NYS Associate Broker
Keller Williams Landmark II
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
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.
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
CARTUS & SIRVA Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
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,
Unwavering Commitment to Service, Unsurpassed Results
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.
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.