Have to agree with Mack and others.
You'll have to bite the bullet and yield on price. What's more, price only gets them to look. You have to do the things that people in the market for a home are looking for - excellent floors, great kitchen. The home has to be immaculate and staged well.
Price brings them to the door, staging and curb appeal sell.
BTW: I like to play billiards. Quite a few people do. Keep trying.
Best of luck to you,
Since 1989 I have been selling homes in Dane County. Granted this is a new economy, but I have never seen a buyer decide to look at a house because of an incentive, or buy a house over another because of the incentive. So, I am not a proponent of incentives. Sorry. That's not the answer you were looking for. I do applaud your efforts to be creative.
In September I did a thorough review of 10 local markets in Dane County including Middleton and the homes in the townships. You can read the results on http://www.Madisonhomes.blogspot.com The State Journal picked up and reported the findings. This is what might be relevant to you:
1) People who did sell reduced their price until it was in line with other comparable sold homes in their area. Offers were received typically within 30 days of the last price change. That tells me there are buyers out there, but we don't get the looks until the price is in line with expectations, and expectations are low.
2) Ten percent of our inventory is using Range Pricing. Range Pricing, when done properly, is an effective way to reach down to the qualified buyer who has capped their search below where the bank has qualified them. It is possible that your incentive may be icing on the cake if you can get a person who is being conservative in their search to come and take a look. Read my blog post on Range Pricing and if it sounds interesting to you, have your realtor contact me for the Range Pricing Statement of Intent. This is critical to help realtors and the public best understand range pricing. There are so many misunderstandings about RP that it is important to explain clearly.
I've been looking at property in the Middleton area for almost a year now and everything I see is still way over priced. In perspective, I am also trying to sell my home in another state but in a upper tier development ($450k-650k). Almost every home that I look in Middleton has lesser quality materials interior and exterior than is in mine and yet owners are still asking $75k-$100k more. I'm sorry but I'm not going to pay $100k and get less. Upper tier buyers are getting smarter and wiser. We know what it costs to put in granite, hardwood floors, custom cabinetry etc. and we know the difference between quality work and shabby work.
Real estate in the Middleton/Madison area is lagging the national scene by 6 months if not a year. Follow the comments by Keith, Donna & Jon and forget the incentives. If you are desperate to sell then your price MUST be lowered. I'm already pricing my home more than $70k less than I have into it and that is with top of the line interior, premium interior finishes that I don't hardly see in homes in Middleton.
So bite the bullet and reduce or take it off the market.
I would say that you are on the right track with these ideas.
However, you know the minimum price that you could accept for your home. If you are unable to reduce it any lower, I'd suggest removing it for the time being until you can get the amount that you're looking for.
Hope this helps!
I have some news for you and it is not good.
Look at the link below. According to Trulia home values have dropped 9.2% in the last twelve months.
The average sold price is $305K, which tells me that you are in the UPPER TIER of home prices. As the economy continues to tank, there are fewer buyers that are qualified at your price point, and those that are buying want a good deal because it is a buyer's market.
That means if your home is worth $500,000 it has lost 4.6% in value or $23,000 in the last six months. You are doing what we call "chasing the market". You will never catch it.
"We have lowered the price as far as we can afford". Then take it off the market. You are clearly over-price. Look at the link....Trulia reports that 244 homes sold recently, so the problem is not that homes are not selling. Also, interest rates are the lowest in 70 years, so it's not financing.
I do not mean to be negative, but you need some truth. In any given market 75-80% of listings are overpriced...otherwise they would be SOLD. So if your listing STARTED overpriced six months ago, and you continue to reduce the price, but are still overpriced, everyone knows that your home is overpriced and will not show it.
Sorry to be the bearer of bad news.
I am going to try to answer your ideas
A pool table is more of a liability than an asset, most buyers will want it to go, with few exceptions....
1500 carpet and paint allowance just tells the agent and the potential buyers, that the home needs updating
carpet removal or new carpeting, and painting....
And any incentives to a Realtor will not make the Realtor bring a buyer he or she otherwise would not have brought.... Realtors need to look for the homes that fit the needs, requests, price range, style and updates their clients are looking for...
In your price range many homes are newer constructions with greatly upgraded baths, kitchens, all brick construction etc. if your home needs new carpeting (hardwood flooring underneath, then remove the carpeting!!!!!!!) painting in attractive colors, and potentially a wall here and there in a dramatic color scheme, like deep blue, or warm red, nice browns will pop the photos on the internet (where all buyers start looking these days) make your house look the most attractive possible on the internet to get potential buyers intrigued to want to see it in person!
Price, double check the market and competing homes again with your Realtor.... Have him or her show you a few homes in your similar price range, adjust your price, use staging, new photos and good luck!
Edith YourRealtor4Life and Chicago Connection
Working always in the very BEST interest of her clients....
I generally do not have much luck with allowances.....for negotiations yes but to bring buyers to the door no. Since January only 23 homes that feed into Middleton HS between $500,000 and $600,000 have sold. Of those 23 homes 13 were sold below their assessed value. The square footage never went below 3000 and most of the homes had finished basements. Most had granite and updated kitchens were located in Blackhawk, Middleton Hills and estate like applications with a wonderful professional lot.s All these extra features have become a must have to sell your home in the upper markets. Generally speaking when a home is not moving it is because of three things. #1 Over priced. #2. Needs Updating and or #3 Location.
I would forget the add-in extras and just reduce your price........have your realtor revisit the actives you are competing with and look at your holding costs monthly. Get creative - can your purchase party on the other side of this transaction help you out? - look at cost saving options at every angle. Yes, we all want to get a certain price when we sell but if you have to get the house sold then drop the price.
Best of Luck,
The Birschbach Team
You got very good advise from everyone here. The one I'd like to talk about is the price. With the assumption that you are in a declining market, you are saying that your home is priced well compared to others. This is the part I want you to verify. In a declining market pricing a head of the market is kety if you want to sell quickly. In other words If recent sales data show that a home like yours sold at 550,000 than it'll be wise to price your house bellow 550,000.
Pricing ahead of the market will create interest that will bring more showing and may produce multiple offers.
Good luck to you and Happy Thankgiving.
One more thought: Your first showing is not in person these days. Spend the money on carpet and paint. Sell the pool table for the cash to use on upgrading the house. Consult with a stager, your realtor will know effective stagers.
To get your buyer in to visit, we have to look good on-line.
If you cannot afford to lower the price further - why not consider staying in the home? Make some upgrades or changes to make the home more attractive to you and your family.
You can put the home back on the market when we see some improvement and appreciation in prices.
Serving Maryland, D.C. and Northern Virginia
A comprehensive internet presence is also key.
The alternative is, if you can re-arrange your finances, sit back and wait, and hope the market catches up to you.
All the best,
The three most important sales factors to consider for any property are:
1. Price- homes need to be priced in step with the local market....if there is doubt, consider having an appraisal done.
2. Appeal- let the home put its best foot forward by "making it shine" both inside and out. Curb appeal will make a difference.......
3. Visibility- the more people that know about the opportunity it represents, the better your chance of finding a buyer. A successful marketing plan is far more evolved than the local MLS and a yard sign. A major internet presence may be helpful.
Usually homes don't sell as quickly as others because of price, location and or condition. All of these things have to be in sync with one another before they make sense to a buyer. If your home is overpriced for your neighborhood then make the adjustment, if your home isn't in the best condition for the price you're asking then change the price to fit the condition or vice versa.
So before you start giving away everything under the sun and looking somewhat desperate take time to see the overall picture first.
In the end, it is getting the price right that will do the trick, but you've got some ideas here. I think I would team them up with a price adjustment even if modest if at all possible.
I have another idea for you if you have interested buyers, discuss with your agent the idea of a reverse offer. I've never done this myself but the idea really intrigues me - particularly if you have an interested buyer that you are trying to get off the dime, surprise them with an offer in reverse.
Good luck to you,
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