Home Selling in 01501>Question Details

crappymcgee, Home Seller in Auburn, MA

Listed 72 hours, total of 19 showings, 2 LOW offers

Asked by crappymcgee, Auburn, MA Mon Jan 14, 2013

We listed our house 72 hours ago, and have already had a total of 19 agent-accompanied (not an open house) showing. Most of the feedback has been positive, and that it is well-priced. So far, we've received 2 very low offers. We are submitting for best & final, but don't believe we will get either offer to where we want to sell.

What should our strategy be from here? Keep it up at the original price for a few more weeks & see what happens, drop the price, or try to fix a few things that showed up on the feedback?

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With that much activity I would wonder if you are priced too low or are you offering something unusual? I would wait a while and let the more serious buyers enter the playing field. Most buyers want to "sleep on it" so you might get better offers in a week. Many buyers assume they can steal it with a quick offer or a low cash offer. Wait it out a while. Good luck!!
0 votes Thank Flag Link Mon Jan 14, 2013
In the end, the market speaks. 19 showings is great - I don't find it as surprising as others probably because inventory in my area is very tight - three properties this week got 20-25 offers each. But if you're getting lots of showings and not getting your price you'll want to have a discussion about price with your agent. Don't put that off - your very best buyers are those 19+ buyers who come in early. Those are the buyers who are familiar with the market and have been waiting for the right property to be listed. After you've been on for a few weeks your showings tend to be brand new buyers - and more often than not they're not ready to make an offer on anything until they see more. Adjusting your price is best done early in my opinion.
0 votes Thank Flag Link Tue Jan 15, 2013
If you have chosen your local pro well, their advice should be the most useful.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Mon Jan 14, 2013
I think your agent is giving good advice. Perhaps you should call for best and final due in 48 hours from now (also post that on the MLS) this will give ample time for more showings and more buyers to submit.

Good luck!

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0 votes Thank Flag Link Mon Jan 14, 2013
Looks like we posted at the same time and that you are following the advice of your realtor. Best of luck in getting the best price for your property!
0 votes Thank Flag Link Mon Jan 14, 2013
I too am intrigued as to what you are offering that you were able to get 19 showings in 2 days. That is impressive in any market. It is a bit curious to me that the offers are both so low given that situation. I would imagine that you are priced in ball park range given the numbers of potential buyers you are getting. With 19 in the first two days, how many do you have scheduled in the next few days? I would be inclined to keep negotiating these offers by giving them a counter offer, but would also keep actively showing the property.

This is all being said not knowing your exact situation. If you are working with a realtor who knows your situation and market place, their advice should be what you follow.

Best of luck!
0 votes Thank Flag Link Mon Jan 14, 2013
We are represented by a seller's agent. We are the only home in our area at our price point - most are at least $10K higher or lower. We are also priced under assessed value, but I think that is common in this market. In my opinion, it is priced low but of course as the actual seller I am a bit biased.

We chose not to counter the actual offers, and instead requested best & final since we have several more showings today and tomorrow. Our agent has put the information out on MLS & MAPASS so agents will know to tell their buyers who may be on the fence to go ahead and submit an offer if they're interested. Then we'll see what happens --- hoping to get at least one more offer in.

Thank you all for your input!
0 votes Thank Flag Link Mon Jan 14, 2013
This is one of the many reasons to hire an experienced Realtor,if you already have on consult with him/her and if you don't think about getting one to represent you as all the buyers have their own representation, as it appears from your question, and the will most likely be asking for a commission. As for your strategy you will get different answers here that might leave you more confused on how to proceed. I personally do not see an offer as an insult but rather as the beginning of negotiations . Best of luck.
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0 votes Thank Flag Link Mon Jan 14, 2013
My general rule of thumb is 12-15 showings you should have an offer.

I am very curious that you had 19 showings in two days and two low ball offers. That is a tremendous amount of showings in such a short period of time. Usually in that case, you are in a bidding war.

Without knowing the exact situation and the property it is hard to comment. For some reason your home has attracted a lot of attention but maybe is priced to high. I would talk to your listing agent and get their input.

Given it has only been 72 hours, I would give it at least a good 10-15 days before accepting what you call a low ball offer.
0 votes Thank Flag Link Mon Jan 14, 2013
Hello there,
I noticed that you do not mention a sellers agent. Are you trying to sell your home yourself?
If you are and you have had that much activity, congratulations for a job well done.

You also do not mention if you have countered back to either of your low offers. I understand you are asking for highest and best however, if you do not counter back then the potential buyer is basically forced to counter back on their own initial offer. This gives them no idea as to where you want to be or how flexible you might be on the price.

A good strategy from here would be to keep the price where it is for a few more weeks and also fix the few things you mention have come back to you in feedback.
These items will keep coming back so take care of them now to avoid additional low offers.
Good Luck!
0 votes Thank Flag Link Mon Jan 14, 2013
I think it is important to understand what has driven so much traffic to your home. Is inventory low in your area? It is in mine! New listings will get the most attention right out of the gate, and each home will garner more attention if choices are limited. In addition, if your home is priced in a way that it appears to be a great value compared to existing listings you will attract a lot of eyes right away.

It is wise that you are willing to work with the two offers you have, even if low, rather than be "insulted" and telling them to go away. They may be testing the waters to see what your level of motivation may be (and who can blame a buyer for that?!). They may be willing to come up some- or a lot! It is important to keep in mind that the terms of an offer should be considered as well at the bottom line. Are they well qualified? Are the dates aligned with what you need? Are they willing to take the home "as is"? If you pass, drop the price and pay for fixing the items mentioned, will you be at the same place in your net proceeds some months from now?

Since I do not know all your circumstances or your home this is all just food for thought. But there is a maxim: "First offer, best offer". Best of luck!
0 votes Thank Flag Link Mon Jan 14, 2013
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