You stated that your home is vacant. Is it staged? I look at about 5 homes each day in Woodinville, most are vacant and look desperate. In addition to being priced "right", you also need to set the stage for buyers to feel comfortable in your home. Some agents may feel that price is everything, but in my opinion, it is only 90%. Staging and condition are the other 10%. If you're priced at the top of your range in terms of $/sqft, then your home better be the nicest (not only on the block, but in the neighborhood too!).
For some sellers, getting the home to that pristine condition and perfect price might not be realistically feasible, and so the price becomes the great equalizer. The activity in our area has been slow but should pick up as we approach the new school year. Buyers have choices, and most of the comments below are right on the money. Buyers are looking for "value", not necessarily the lowest price.
Best of luck in your move!
Some great posts I read.
My two cents whenever anyone complains about their home not selling it this:
1. Since your home hit the market, how many homes have sold?
Since homes are selling, it is not as if all the REaltors are on vacation. They are selling homes that buyers perceive to have the most value.
2. Since your home was listed, how many homes have come onto the market, how many homes are your competition right now?
Go look at these homes, objectively compare them with yours. The easiest way to add value is to lower the price, but there are other things you can do...buy down program for buyer financing, include extras.
3. Market time will kill your profitability. In most markets homes that sell closest to asking sell in the first 30 days. The longer a home sits, people ask "What's wrong with it?" At 120 Days on Market in my MLS, homes are selling at 93.6% of asking. Within 30 days they are selling for 98.5% of asking.
You need to sit down with your Realtor and come up with a plan that works. Between your monthly carrying costs and loss of value due to market time, you need to completely re-think unless you've got time and money to burn.
BTW, feedback from showing agents is worthless if you don't have an offer. UNless the showing agents are buying it! In the first 2 weeks I expect 10-12 showings, out of that should be one offer, on average. No showings, lower the price, no offers, lower the price.
Run the numbers, this sale is costing you and it should not.
There are plenty of people out there who want to buy but have either been priced out of the market the past few years and/or are waiting to see how low prices will go.
In the real estate market, perception is reality, and if those buyers believe it will go lower, it will go lower because sellers will have to drop their price (if they can) in order to sell their home.
If a property has not sold in 6 months then, I am sorry to say, it is not priced right, no matter how many wishful agents tell you so.
The market will eventually turn around as it always does, and the Seattle area has a phenomenal job market which means that we shouldn't feel the pain quite as badly as other areas around the country.
But anyone who will tell you when it will turn is surely selling you snake oil. The financial crisis is still to be sorted out and there is much uncertainty in the air.
I wish you the best of luck in selling your property and I hope that you can get as close to your price as possible.
2) It's difficult to get in the mid $600,000s there without a remodeled kitchen. $599,950 is the general asking price for those homes without a kitchen remodel. Assuming it's your standard 4 bedroom, 2 1/2 bath with dark wood trims.
Floor plan makes a difference as well. Woodinville has too much of a good thing. The home styles tend to be quite similar, making price the primary differentiator. Prices are down a bit, so find your closest comps on the same side of Avondale as you are, and you might need to be a bit lower than that. Certainly not more.
As to Seattle doing better...that was from 2005 through 7/2007. Now there are many fewer buyers nationally, including Seattle, due to the Mortgage Meltdown. You don't want to run past October 15th at the wrong price, so making sure the price is right now is imperative due to time of year.
Good luck! I put my house on market yesterday. It's a crap shoot out there, that's for sure. Just not enough buyers to go around, and those that are ready to buy are not acting quickly. Plus they are tough at inspection time after beating up on price.
Also, many more homes falling apart at home inspection this year than in the last few years. So when you do get a buyer, be nice and reasonable even though you don't like the sale price, or you may be looking back at the sale that WAS in escrow.
Only you can decide how long you can afford to wait. If you must sell you will probably need to either spend more money (update those bathrooms?) or aggressively lower your price.
Best of luck.
Best of luck.
In order to "move" your nice home you need to price aggressively - you should be priced below the competition (remember they are sitting at their prices also), your home has to be better than the competition - pre-inspected & move-in ready (yes it is worth it to pay for new interior paint and new carpets if they are needed), and your home has to be better marketed than the competition - home is staged inside & out, great photos, and have maximum internet exposure. It sounds like you done many of the key things - so you really need to evaluate whether you are priced correctly. Also - make sure when you think about competition you are comparing homes that have the same style - a split level just doesn't compare the same as a 2-story in the current market.
Market Data for your reference:
* Woodinville (98072 zip code) $600-700K, all styles of home
* As of today, there are 32 homes active on the market, 5 pending, and 3 have sold in the last 6 months.
If you want, I can send you a chart showing depreciation and appreciation in the different towns in King County. On my web site, http://www.mcknightrealty.com, if you click on Market Statistics, you can see some great graphs that will give you a clear picture of the Eastside market, which includes Woodinville.
As usual great, sage advice from the previous folks who have answered! I would echo the others who have said get out there and look at the competition. Have your agent show you the direct competition and go through those houses (possibly with a good friend who will give you an honest opinion) and really put yourself in the buyer's shoes. Daniel also makes a great point about staging. A completely vacant house can look cold and desperate as opposed to spectatularly uncluttered! I find when I show vacant homes, many of my clients are busy trying ot figure out "what happened?" they want to know what unfortunate turn of events caused the house to be 'abandoned'. And then the talk may turn to how desperate the sellers may be for a low ball offer.
None of this may apply to you, but just be certain that you have your lights on, some nice staging, and if after looking at the comparables with your agent, you truly see that the others have new kitchens/baths or other more meaningful updating than yours....it's time for a price drop.
P.S. The rule of thumb is that after 10-12 showings you should have an offer even in a down market . Ask your agent where you fall in that spectrum? He/ she should know how many true showings vs. just previewing agents have been through. Good Luck!!
According to trulia
There are 25 foreclosures in your zip
There are 211 homes for sale
This is your competition. See how you compare. The other issue may be with the fianancial system. Someone may like your house but they are not able to get the financing.