Jeannie, Both Buyer and Seller in Billerica, MA

My home has been on the market for 3 mos. the contract is about to expire. The agent has worked very hard.

Asked by Jeannie, Billerica, MA Tue Jun 23, 2009

We've had many open houses and the home is online. I can't think of anything else they can do to get my house sold. My question is: They are a local Real Estate office and I wonder if I should go to a much more well known agency?

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Answers

10
Hi Jeannie- Good answers below. And again, 3 months is the starting point these days. What is the average DOM in Billerica? Probably at least 4 months...
The one thing that "may" help bring some calls/ traffic to your place is a seller buydown of the new buyer's mortgage rate. This kind of marketing push is not done very often, especially if you are not a homebuilder/ developer- but it can help set you online or print ad apart from others. If you'd like to see how that might work, please call or email me. Thanks, and good luck,

Ken L.
1 vote Thank Flag Link Wed Jun 24, 2009
Jeannie,

To address the question you asked, you need to find out whether the agency affiliations - is it a National /International Firm, is it franchised, is it part of a corporate structure - make a difference in sales in your town. What is the brokerage with the dominant market share in your town? It is not only the efforts of the agent, but also the network associated with the brokerage, that can increase the exposure of your property to the largest pool of potential buyers.
0 votes Thank Flag Link Wed Jul 1, 2009
Can you post your listing link so we can see the home? Also, did you have it professionally staged or at least have a professional staging consult? As for price, what are the comps in your area and how does your price relate to the comps?
0 votes Thank Flag Link Tue Jun 30, 2009
Jeannie - Most Realtors will tell you Price Price Price!
We agree that your home needs to be aggressively priced in this market...
then you need to do something to make your home stand out among the competition.

Think about reducing the Buyer's monthly payment. (Ken L.'s suggestion).

If you are a Buyer and you are looking at 2 homes ...each priced at $300,000.
Seller # 1 offers to reduce his price by $6,000
(This would lower your monthly payment by $32.98/month =$1,566/month

Seller #2 offers a Buyer's incentive: $6,000 at closing that can be used
1.) as a standard price reduction
2.) toward closing costs
3.) toward an interest rate buydown.
a.) permanent buydown (1,504.21/month)
b.) temporary buydown (1,259 Year 1 and 1,424.17 year 2)
4.) Any combination of the above within lending guidelines.

Buyers would rather make the lower payments...
The numbers don't lie...Payment speaks louder than price!

We represent Motivated Sellers... as a value-added service to a Realtors marketing plan.
Charts/scenarios and calculators...
Web Reference: http://www.321advantage.com
0 votes Thank Flag Link Tue Jun 30, 2009
Hi, Jeannie ... is your home a single family or condo? The average single family home on the market in Billerica has been on the market for 150 days and condos have been averaging well over 200 days.

In the past three months, 56 single family (averaging 131 days on the market and most of the activity happening between $250K-$350K) and 19 condos (most having been on the market over 300 days with no real bubble, but ranging in price between $100K and $400K) sold in Billerica ...

As was mentioned already, homes are indeed selling in Billerica. And, in fact, many homes did sell well within 30 days which usually indicates not only good marketing, but that they were priced well.

If your home has been in the papers, has had open houses, is online and is listed in MLS ... then, one might have to look at the asking price. As advised below, ask your agent what he/she thinks will make the house sell. The connections and resources that a real estate agent/office has does indeed play a part in how hard one would need to work to sell a house, but not always. And if the agent has worked very hard, then the problem may be with other circumstances.
Web Reference: http://www.commonmoves.com
0 votes Thank Flag Link Sat Jun 27, 2009
Jeannie
Type your property's address in google. That will give you an idea of exposure.

The buyer that purchases your home will come with an agent 90% of the time. If no agents are showing your home, they are not on vacation. They are showing other homes.

Find out how many homes, like yours, have sold during the time yours was on the market.

Homes are selling, just not yours...
0 votes Thank Flag Link Wed Jun 24, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
You do need to sit down with you agent and review pricing. You also need to make sure that your house has been staged correctly for selling. Talk to your agent.
0 votes Thank Flag Link Wed Jun 24, 2009
I think you should first sit down with your agent and ask them to present new ways in which they plan to get your property some more foot traffic and serious buyers besides just a price drop (which might be all it takes). if you arent happy with their response (and i dont mean if they tell you things that are hard to hear as a seller, I mean if they dont seem organized) then you have every right to go out and interview other brokers. I would be very careful NOT to sign anything too early ... Go out and interview 4 agents/agencies and see who has the best plan.

If you give us the area you are selling in and the price range we may be able to identify on a more big picture scale what problems you are facing. For instance the area may have a low absorption rate and high inventory which may mean that your property has tons of competition in a town where places aren't selling.
0 votes Thank Flag Link Wed Jun 24, 2009
Jeannie,

In this market, 3 months isn't long. The question is, are you getting showings? If so, what is the feedback? If you aren't getting showings, then it's time to change the marketing plan. Incorporate the feedback into the marketing plan, too. That might mean adjusting the price, taking new pictures, staging the house, doing another broker open house, etc.

But that doesn't answer your question. You seem to like your agent, so as Scott suggests, have a meeting and talk about what to do. I would give them a couple more months, see if there is progress, then talk with other agents to consider a new contract.

Good luck!

PS- provide a link to your listing when you post here- lots of agents will see it , and maybe one wll have a buyer for you!
Web Reference: http://homes.debn.net
0 votes Thank Flag Link Wed Jun 24, 2009
Perhaps you could sit down the your agent & their manager/broker/owner to review your marketing plan and options available to either improve the plan or to move on & explore other options. Alot might also have to do with your pricing, features, condition & stats compared to other properties (your competition) that are on the market and which ones that have gone under agreement. Sometimes it's good to have such a meeting to clear the air & address your concerns & consider all options available. There are alot of variables to cover, perhaps with some additional imput you might be able to find an solution.

Best of Luck,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Tue Jun 23, 2009
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