Home Selling in 83815>Question Details

Mike G, Home Seller in Coeur D Alene, ID

I'm a motivated seller with a 3 bedroom 2 bath home in CdA built in 2002, 2 car garage, central AC/Heat Pump, sprinkler system fully landscaped

Asked by Mike G, Coeur D Alene, ID Mon Jul 26, 2010

in a quiet neighborhood. I'm not getting the showings I think we should be getting. Priced at $179K. Is there just too much on the market? Are we overpriced?

Help the community by answering this question:

Answers

5
Mike G,

There are really only 3 things responsible for selling a home: marketing, condition, and price. Your showings may be suffering due to a lack of marketing. Each agent will do this differently and it's something you usually want to ask right up front.

At a minimum the property should be ACCURATELY entered into the MLS, a sign placed on the property, flyers, and a lockbox on the door. It should be easy for agents with interested buyers to gain access. If inventory levels are high like they are in our area, a home that is difficult to show will be passed over.

At the next level your agent should have a mass market approach as well. 92% of buyers and sellers start their investigation online and you can guess where we put a lot of our marketing dollars. You'll want to find out how your agent is exposing your home to potential buyers. If there's nothing beyond the minimum you might be suffering from a lack of marketing.

If your appeals to a particular niche, you might want to address specifically who your target market is and have a plan for how you intend to reach them. Golf course properties and luxury homes will usually require some marketing dedicated to reaching their target audience.

Open houses can work but they are specific to each property. If other homes in the neighborhood generate a fair amount of traffic it may be worth investing in hosting and open house to help get the home in front of more potential buyers who may have missed it in their property search.

Other valuable marketing information are showings which you stated are down but you may have some. Feedback from agents who have shown the property may shed some light on how your home shows and what a buyer thinks in comparison to other comparable homes they have seen. If your agent is not providing you with this, you’re shooting in the dark.

Condition is important. Your home needs to put its best foot forward. In a market with high levels of inventory a home that shows well will stand out. While a fresh coat of paint or updating the appliances won’t necessarily make it more valuable it will make more desirable. Have your agent send you pictures of homes in the price range you’re competing with and take a good hard look at what they have to offer. It may also help to call on some family or friends who will give you and objective opinion about how the home shows and how well it stacks up against the competition.

If the previous two are in line with where they should be price is going to be the deciding factor. A home priced above its competition is competing with homes have an entirely different class of buyers and they are going to be far more discerning about the fit and finish they’re after for the money.

A real eye opener for clients of mine is to go out and tour competing homes. You’ll get a firsthand look at what you are up against and be able to make a more informed decision about how to proceed.

Best of luck to you.
1 vote Thank Flag Link Mon Jul 26, 2010
Mike, as per my below response in July of 2010 and Russ Spriggs response as of a few hours ago. How is it going? Did we help you with your dilemma? Has your home finally sold? As I had mentioned, I have sold quite a few homes, with the criteria you quoted, in the past year. Let us know all know how you did.... Warm Regards, Pam Jank, pamjank@hotmail.com, http://www.SellingNorthIdaho.com
0 votes Thank Flag Link Wed Feb 23, 2011
Mike, you've rec'd some good info and advice here.if your home is still for sale, I'd say that your next step is to have it PRE-INSPECTED . . . It gives potential buyers that warm fuzzy feeling, like a Good Housekeeping Seal of Approval!
You can then advertise it as being Pre-Inspected, and we can even put a sign out front that advertises the fact!
Call me if you'd like more details . . .
Russ
0 votes Thank Flag Link Wed Feb 23, 2011
Dear Mike,

In order for a Realtor to guide you in a property valualtion, much more information is needed. You did not mention your Square Footage, Location/Neighborhood, The Style (Rancher, 2-story, Multi-level, Split Entry, Rancher w/Basement, etc), additional amenities (Granite, Tile, Hardwood Floors, Appliances, etc). Is your home "Staged" to sell? All of this makes a big difference in value. For example, I just closed escrow on 4 homes that had all of your above stated criteria. They closed escrow for $138,000, $285,000, $630,000 and $750,000.

The best way for you to find out if you are priced competitively is to have your Real Estate Agent run a new CMA (Competitive Market Analysis) for you ASAP. And then follow your agent’s advice. Our market is continually changing. Any information regarding sales from 6+/- months ago may no longer apply to our current market conditions.

If you do not have an Agent/Brokerage representing you in the sale of your property, please give me a call, I am more than happy to help. See My Free MLS Property Search at: http://www.SellingNorthIdaho.com
Pam Jank, GRI, CRS, SFR, RRS, ABR, PH: 208-661-2282
0 votes Thank Flag Link Mon Jul 26, 2010
Hi Mike,
What is the sq footage of your home? Lot size? There is definitely a lot of competition, but you are in the price range of homes that are selling. Are you working with a Realtor or trying to sell on your own? I could give you comparables to see where you need to be price wise, but I would need more specifics/details. Please email me at kellywhite@21goldchoice.com and I can get that to you right away. Or you can call me at 208-659-4818
0 votes Thank Flag Link Mon Jul 26, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer