Success in selling your property for highest and best price will result from a combination of price and exposure. Your product that you are marketing is your home. You can clean, stage, and add to the curb appeal to maximize your price. Price according to the comparables and market conditions. Donâ€™t chase the market. If you reduce your price slightly behind the market, you will continue to be chasing the market without hitting the finish line. The other, equally important part of the equation is the marketing. If your property is overpriced, aggressive marketing will not cause a buyer to produce a contract. In fact, aggressive marketing on an overpriced listing actually helps move the competition by drawing more attention to what a good deal it is by comparison. When your property is priced to sell, and you have an aggressive marketing campaign to support it, you will find a buyer.
Donâ€™t chase the market. Price to sell.
Should you change agents? Review the marketing campaign that has been in place. Are you well represented on several web sites? Do you have premium positioning? Do you have banners, headlines, and added text? Do you have multiple photos? Are they clear and do they portray your property well?
Have a candid discussion about the marketing support your property has received from your current agent. Let the results from that discussion guide your decisions about renewing your listing with that agent.
Deborah Madey - Broker
Peninsula Realty Group - New Jersey
Renting is an option if you need the money and you don't have to sell at this time. If your house is priced high it may sit there for a long time.
Joanne LaFleur Broker/Associate
Jones & Company Realty
Without knowing anything about your market or your personal residence, I can tell you from experience that vacant homes do not show as well and tend to stay on the market longer in my area.
I recommend putting some furniture in the house (even if you have to rent it). Living room or family room, master bedroom and dining area. This will really warm the interior up. If you have relocated too far away, have an old neighbor of friend do a thorough once over of the exterior and clean up any issues.
Neutralize any colorful walls with a nice taupe or eggshell color. Make sure the carpets are clean.
When you get some furniture in the house, switch agents and take new photos. Here is an interesting article about how important your photos for the MLS are.
Everyone has heard the litany of "Must Do Things" that ensure the sale of your home. Perhaps many of you have done these things and still your home languishes. On average, a potential buyer stands at your doorway for two minutes. That is the time it takes on average for their agent to locate the lock box, retrieve the key and read any instructions. The potential buyer is already assembling their impression and opinion of your home and they have yet to step foot in it!
Is the concrete clean? Are there stains on the brick? Does the home look "cared for?"
Now they enter your home. What makes your home different from the 45 other homes they have seen and the 50 more they are about to see? You need them to stop, take their time, have a reason to put your home on the short list and maybe even fore go looking at the remaining 50 homes on their list.
That is where we at Hercules Flooring and Refinishing come in. We can take care of those stains on your concrete and brick to give a great first impression. We can refinish those counter tops, bathrooms and kitchens. We can offer you affordable flooring that leaves an impression rather than the "stock" flooring potential buyers have seen at every other house. We put your needs and budget first because in times such as these no one wishes to see yet another "Foreclosed" sign.
This can be one of the most stressful times in your life. We at Hercules Flooring and Refinishing want to help. Call or email us, together we can make your home the one that buyers remember.
Please don't give up on selling your house. While the market has changed slightly, due to fewer Buyers looking and even fewer being qualified for a loan, there is hope. Your home does not need to appeal to every Buyer, it only needs one. There is a Buyer for every home, you just need to find the right Buyer.
If you decide to hold on to the property, you may wish to consider leasing the home. This would allow you to "reset" the clock for your number of days on market. Your home would appear as a fresh listing for lease. You could always have your agent mention that the home owners would be interested in selling if any potential tenants expressed an interest in purchasing.
I just wanted to give you a snapshot of whats happening in Shady Hollow right now. The average list price per square foot is $113.55 for homes similar to yours. Built in 2002 and between 2400SF and 3000SF.
The Average Sold price per square foot is $120.32
The High Sold price per square foot is $130.27
The Low Sold Price per square foot is $105.98
The average Days on Market is 100.
I live and work in Shady Hollow so I am uniquely aware of how our specific market has changed recently. In fact the comps for price per square foot is about to go up slightly as I have another Shady Hollow home that is closing next week. This home was priced at $134. PSF, and we got a contract for $133.39 PSF within four days of listing. So this will help bring the comps up slightly, which may help you.
I still suggest that you have your home staged and have your agent hold open houses to attract buyers. Create open house flyers and distribute to all the neighbors within a few blocks of your home. They may be looking to move up or they may have a friend that wants to be in Shady Hollow. If you can get potential Buyers inside they will see what a lovely home it is. Make sure that Jim is doing everything possible to effectively market your home in every venue that is available to him. If Avalar has a property tour I would try to make sure your home is included. Make sure your home is listed on all of the websites where potential Buyers may be shopping online. Seventy-five percent of home buyers start looking online first.
Please let me know if I can do anything to assist you. If your agent does not want to hold an Open House, I would be pleased to do it for you as I work in Shady Hollow. This should not pose any kind of conflict for him, as it simply makes your home available for more potential buyers to see the home. I wish you the very best of luck on the sale of your home. Please call me if I can help you with an Open House.
Betina Foreman, Realtor Austin Texas
1801 S. Mopac, Suite 100
Austin, TX 78746
I just read through all the answers - some are very valuable. However, the market we find ourselves in is unfortunately reaking havoc on sellers, even in Austin. Buyers are hesitating because the value of their investments (down payment) have dropped considerably. In looking at our area stats, the number of homes sold has dropped dramatically since the end of August. It means that houses are sitting on the market longer, even if they are a gem and move in ready, such as yours.
My recommendation is to hang tight - if you can. Only you know your financial situation, but stay the course a bit longer, with your current Realtor, and discuss your concerns. If you think leasing may be for you, talk it over with your Agent and advertise is as "For Sale and/or Lease".
My biggest recommendation is to discuss your concerns with your Realtor. Meet face to face and be frank and I'm sure you will feel a little better.
Good luck and best wishes!
Mitzkat & Associates Realty
I agree with Betina. One thing you may want to ask your Realtor is if your home is being staged properly. Stats indicate that if your home is staged properly it will sell faster and at a higher price. Adding just a bit of curb appeal can go a long way.
Good luck in selling your home.
Frank Martinez - Realtor
Mission Realty, Inc.
Share this with your real estate agent. This lender has been helpful in coming up with strategies for sellers in reaching buyers.
Success will breed Success!
Jack L. Wagner CMP, CCLS
L S mortgage Services
216 W. University Ave.
Georgetown, TX 78626
Hope it helps! :-)
Based upon your pricing strategies, you are following the market. You are behind the trend. You should be ahead of the trend. With the trend going downward you must be about 2-3% below the average SOLD price to really start shaking the Buyers off the fence. The Buyer does not want to purchase a home at prices which occurred two months ago, close in 30 days only to find the prices have dropped again below what the Buyer paid for the house.
It does sound like your home has been well maintained, is on a great lot, and painted in a neutral pallete....Irm, I just took a look at your house on MLS. Have you painted the lime green room? If not, you might want to remove the wallpaper trim and repaint. I also checked on the price and compared to the SOLD comparables you are priced between the low and average - a good place to be, but still no buyers. HMMmmmmm. The house is now empty I believe you stated. It does need some nice staging, but some Sellers just don't have the money to stage. Somehow it needs to be staged, drop the price another 2-3% at the same time your agent does an Open House and make sure he advertises it all over the internet in enough time for as many people as possible to see it. When an Open House is posted on the net, the Buyers are alerted, and when there is a price change, the Buyers are alerted again. Post these a couple of days apart and then have an Open House. I just did this on one of my "long term" listings and I'm getting an offer. He can then call back all the previous agents and/or buyers to alert them prior to the Open House of the price change and that you are having the Open House. So, they should get their buyers there BEFORE the Open House! By the way, I really enjoyed all the photos of the neighborhood activity on the virtual tour to showcase the family feel of the neighborhood. Your agent did a great job on it! Be sure the yard is trimmed and manicured. Spruce up the beds with color. Maybe a nice pot overflowing with flowers and ivies at the front door. Make it really inviting!! Even stage the back porch area, too! Again, you might want to offer creative financing to a potential Buyer. Talk with a lender for strategies with your agent and check with your CPA for any tax implications - good or bad. You may find you can get some tax benefit from financing options you can provide a buyer. Just a thought.....My best to you!
Here are a few suggestions to get a buyer seriously interested in your house. Have a professioanl stager come in and redo your home. You said its empty now, have a stager come and decorate a minimal amount so that buyers can see it 'dressed up' and ready to go. This can really make a big difference in how people "see" your home. I have the phone numbers of two great stagers on my website, http://www.BetinaForeman.com/local links/service providers/staging companies
You could offer to pay 1-3% of the buyers closing costs. That often will motivate a buyer that is sitting on the fence.
You could reduce the price again slightly. You need to see what has SOLD in the neighborhood and try basing your price on that. The list price comps are worthless, as these properties are also still for sale. I wish you the best of luck! Please call me if I may be of service to you. Sincerely,
BetinaForeman Realtor Austin Texas
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2. Price ahead of the market.....not at the market...lowering doesnt always help if you started to high or are currently priced to high. Have your agent run new comps and present them to you.
3. You can offer to rent or sell at the same time. Sometimes this attracks different types of renters, perhaps better quality or perhaps more long term type tennants. They dream of buying, but need to rent now and perhaps will take better care of the property if they dream of buying it one day.
4. Ask agent what price will move the house....not what you want to hear...but at what price will move it.
5. Ask a friend to go through the house and tell you want's wrong.....is their an odor, anything you need to fix?
6. You might want to plant rye for the winter.....make your house stand out from the ones with dormant grass.
Drive up is important. Do you have fall flowers planted?
Have you done anything to help market the house? Ask your agent if you can help in any way. Can you send info to your email list? Can you send it to your church list? Can you send it to the kid's soccer team? Your realtor may not have contacts in those groups. Do you have an adress book? Can you physically send out the info to everyone in your address book. Can you post flyers at the store?
The problem with my home is that at the time it went on the market, there were no true comparables. The closest comparable were a couple of homes sold 2-3 months before and they were asking $115-120 a square foot. so, we started out at that price. although i was hesitant since the market had changed quite a bit in those 2-3 months.
we were forced to lower twice since then.
-we made the list of the "final finalists" for a couple of people but none chose our home. one said that there was no cellphone service to the house and this was important because the couple worked from home. another loved the house but one of the rooms was too small.
-we've had 2 open homes with about 6 visitors each time. each time after the open home, we've had multiple showings the following week
but now things have slowed down considerably.
Have you tried Home Staging? You mentioned the home is currently empty, this could be the problem. The average person has a hard time visualizing what their stuff will look like in your home. 2700sq.ft. is a lot of room to some and not enough to others, maybe they think they won't be able to fill the spaces, or maybe they think it won't be enough space, it all depends on the buyer. Staging the home with the right props, the right color palette, and accentuating the home's features will really help the home show better.
How is the surrounding area? Do your neighbors around you take care of their property, as this can be a turn-off for potential buyers as well.
I would highly recommend staging your property. Staging costs are lower than a price reduction, which you've already made, and sometimes staging results in a higher offering price!
Please feel free to contact me for any information about staging, or for a referral to a stager in your area!
Best of luck to you!
Our recommendation is to cut your losses by finding a good renter( month to month)...someone that will take great care of it and be willing to have the property shown on short notice.
Additionally, keep it listed and try to keep its price current with the local market trends. Without having access to specific information, it sounds like its price should be lowered again. Keeping the home on the market while rented will allow for regular opportunities to check on its condition.
The "Eckler Team"
Then, ask the agent what price the homes sold for. All of them.
Price your home a few thousand below the home that sold in the least amount of time. If the home that sold was in better condition than yours, you will need to go lower.
Staging may help the home, especially if it is empty. Is it clean, fresh, and bright? Are the colors neutral? You want prospects to "see" themselves in the home as theirs. How is the curb appeal? Can you make it more attractive? How about smells? Is it priced right? This is a tougher than usual market and there is a lot of competition. You need to make your home stand out. Check and see what your agent is doing to gain exposure. Is your home competitive? Ask about the marketing plan; check for results.
ABR, BBA, CNHS, GRI
RE/MAX of Marble Falls
1) home is priced at $298.5 from over 300k which was the starting price. Another home in the same neighborhood, same floor plan and built 1 year before is listed at 310.00. so ours is below the comparable.
2) our house is only 4 years old and in excellent condition with a great open floor plan.
First of all, you have received a lot of great advice from agents all over the country and I concur with most all of them! I do want to add a few things:
1. When reducing the price, make sure your agent is arming you with market statistics reflecting not only the past few months, but historic data going back years which will show you trends. The economic word is that we still have a way to go as the market continues to slide downward. Austin is not experiencing that as much as other real estate markets because of our continued job growth and decreasing inventories, but our market IS a bit flat right now. The problem I see is that agents are dropping prices behind the market trend rather than ahead of the market trend. Picture the downward trend. You need to be a bit ahead of the trend than behind it. I have some terrific stats available if you need them.
2. PROPER staging is critical. Don't stage just to stage, but stage to show off the attributes of the house - not the attributes of the furnishings.
3. Make sure your agent is taking advantage of ALL websites available to market your property in.
4. Ask your agent how he/she is target marketing. This is important in a flat or down market, or really any time, but especially now. Target where the people with the type of income required to purchase your home are coming from.
5. The FSBO option is a possible one if you make it convenient to show. If you keep the house off the market for at least 30 days and change brokers, the days on market goes back to 0. Your agent is probably doing a really good job, but the pricing or other factors is just not shaking any buyers out of the trees. So, you can wait 60-90 days and then relist with your agent if you haven't sold the house yet. If you decide on the FSBO route, just remember there are a lot of ways Buyers can back out of contracts. You need to REALLY understand the contracts when a Buyer's agent presents an offer, know how to properly disclose, and then know how to get it successfully to closing.
6.I tend to somewhat disagree about the neighborhood expert. If the neighborhood expert doesn't have good systems in place and is still doing business as usual, having the neighborhood expert may not be in your best interest. You need an agent who is a MARKETING expert with knowledge of how to go get buyers - not just stick a sign in the yard and put it on the MLS and call it done. Systems are very important!
7. Have you looked at your competition? Have you visited the homes to see how you can better position yourself for a sale?
8. Make sure your home is putting on its best face. Make needed repairs, and/or spruce it up. The cost of repairs may prove to be less than how much you lose in mortgage interest each month it doesn't sell.
9, You said you are getting good feedback....Did your agent contact buyers and their agents who looked at your property prior to the price changes? Maybe they are still on the fence and didn't realize you dropped the price.
10. Get with a savvy lender who can offer some suggestions as to how to position your home for a sale through a creative financing offer: i.e. Seller interest rate buy down for Buyer, etc.
Well, these are just a few suggestions and I'm sure you will continue to get more from realtors with your best interest at heart. I wish you the best!
Donna Ciccarelli - GRI, EcoBroker
Lee Properties Inc.
2200 Rio Grande
Austin, TX 78705
512-906-0383 Main Office
512-259-9154 Home office, after 6:30 pm family time (thanks!)
512-736-3124 Cell, after 6:30 pm family time (thanks!)
It is a challenging time. Your home must compete against the bank owned inventory that is notoriously very low priced. I'd have a heart to heart with your agent and really look at the prices of similar sized bank owned homes to determine how you stack up. Many current buyers want a killer deal and often overlook cosmetics and upgrades. If the numbers don't look good, your agent may have some suggetions or perhaps his/her broker can join the conversation with some help.
Krisstina Wise Goodlife Team
If your agent is doing their job marketing, providing internet exposure, giving you feedback etc... personaly I don't believe that changing the agent is going to produce a buyer for your house. Statistic shows that the everage time a house is on the market from beginning to end is 8 months. you need to know that there is a lot of inventory on the market today and buyers have a lot to choose from. they feel that they need to see everything that is available to them so that they feel the made the right choice.
Check out the link below.
Homes are selling, but few are, and only the best deals will sell. On average you need 10-12 showings to get an offer. In this market it could be twice that.
I suggest discussing with a Realtor your options.If you have a Realtor ask them to show what homes have sold since your home hit the market. Then ask them what it will take to sell yours, and do what they say.
The rule of thumb is no or few showings, lower the price.
No offers, or low offers, lower the price.
A word of caution, if you choose to rent the house to help with cash flow be prepared at a minimum to make repairs, paint and carpet when you are ready to market the house again. It's also more difficult to sell a home with tenants. Renting would be my last resort.
Then if you don't sell your home as a For Sale by owner, you re-list with a neighborhood expert (someone who truly understands your area).
This is a win/win in two ways: If you sell your home during the For Sale By Owner you save 6%. I know lots of agents will tell you to never consider the FSBO approach but seriously, just work with a competent mortgage and title person who will handle the details. We canâ€™t negotiate contractsâ€”nor do we want to. Once your write the contract, hand the contract over to a title company and let the mortgage people close your buyerâ€™s loan.
The biggest piece in any FSBO approach is to make sure your buyer is pre-approvedâ€”and thatâ€™s what we do.
If you're home doesn't sell in 90 days, relist it--this way your home is fresh on the MLS and most likely to generate interest. Statistically, the longer your home is on the MLS the less chance it has of selling w/o lowering the price. There's an unspoken belief that if your home is not selling--there's a reason. So taking your home off the MLS and relisting after 90 days may be the way to go.
If you want to go the For sale By owner route, please visit http://www.austinhouse.net. Post your home for free and even add virtual tours. Unlike the MLS, people can search your home by its neighborhood.
**Realtors: Please do not email me and tell me all the 300 reasons why someone should consider selling their home as a FSBO. For some people a for sale by owner is the best route. For other people, you absolutely need a competent, qualified realtor.
Thanks for the question. I specialize in representing sellers and now more than ever you really have to have all the right things come together to get the house sold. That includes hiring the right agent who is going to be aggressive, pricing it right, staging it to attract the most buyers, and following up with the buyers who have looked at it for feedback and maybe even offer a reverse offer.
If your current listing contract ends, and you want to make a change, please feel free to contract me, I'd enjoy the opportunity to help you.
Keller Williams Realty