Home Selling in San Jose>Question Details

Sjlady, Home Seller in San Jose, CA

My house has been on the market for 90 days now. We had 3 times reduction over that time period, for a total of $80K. Shall we rent it instead?

Asked by Sjlady, San Jose, CA Wed Jun 29, 2011

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Answers

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I don't know your market. But in the East Coast market, that would be too many reductions in a short period of time. Which translates to buyers "smelling blood in the water" and there may be folks waiting to see if you reduce more since you do it so often.

Oh, and if your goal is to sell...almost always is renting a bad idea. Only good if your willing to give up totally on selling until the lease is done.
2 votes Thank Flag Link Mon Jul 4, 2011
Okay its time to remove it from the market for a week. It is time to interview a few Realtors, you need to ask what marketing plan each will implement in selling your home, you need to have a new CMA from each Realtor you interview, you will get a true picture as to what the true market value of your home is if the majority of Realtors you interview come in with the same number Keep with market value, do not go below it, Agree to 7% commission but ask for it to be split as follows, 3% to your selling agent, the person that lists you property and have 4% set aside for the buyer agent, it will steer more buying agents to you door with potential buyers. Make sure they do at least one open house within two weeks of listing you home. Ask all your Realtors to tell you and show you all the places your property will be advertised in, and ask them to explain in full what marketing above and beyond listing your home on the MLS. Some Realtors actually do very little advertising other than listing you in their MLS, and then when no fish bite start telling you to drop the price, this is ridiculous since good marketing will bring in the market price! you have to work it and show it off!
2 votes Thank Flag Link Sat Jul 2, 2011
@Denise: Thank you! Yes, I'm very grateful of all your feedback and perspectives. It's really helpful to hear different thoughts from all of you, since it helps me in making decision on what we're going to do next!

@CJ: Yes, we definitely love our Agent and I have to say, it makes a huge difference when you have a great agent working for you in selling a house. It takes away lots of the unnecessary stress.
You have a great perspective there with regard to frequent price reduction. That was one of my concerns in doing that. Although wanted to keep an open mind if price is really the challenge here. So like you said, I'm putting a few pieces of the puzzle from all of you in finding the solution! :)
And thank you so much for your kind response.
2 votes Thank Flag Link Thu Jun 30, 2011
I know that the poster of this question, SJlady has not yet responded, but her listing appears now as "pending" so I'm thrilled to say that she's on her way to selling the home in Willow Glen. Personally, I saw the home and it was really cute. Willow Glen is such a diverse community with many different types of housing that it does often take a little bit longer to sell a home here than in other parts of the Santa Clara County. Congratulations SJlady!
1 vote Thank Flag Link Fri Jul 8, 2011
Dear home seller.

As a REALTOR in Naples I truly respect the fact that you and your agent have diligently adjusted the asking price on your home. But this
might almost be to little to late. The
key to selling real estate is to price the property correctly from the begining.
For many years buying and selling real
estate has been a game but the
market has changed and so have the
rules.
Listen to your real estate professional, review the comps together and understand what they represent. I have been a real estate professional in
Naples Florida for 9 years and one
question I would ask you before taking your listing is, do you want to list or
sell? Think about your competition because they can certainly see you in their rear view.

Good luck to you.

Agnes Tabor, REALTOR
Naples,Florida
1 vote Thank Flag Link Fri Jul 8, 2011
Executive Summary:
Why not do both? Rent and sell with a lease option (See the link attached and the end of message).

Full Reply:
You may have made a critical mistake of "chasing the market" in your price in your reductions and original pricing of the home.

If you had priced the property too high for the market to bare, and chanced it down, you are looking at getting less than if you priced properly the first time.

As for Renting, as an agent within a brokerage with over 40 continuous years of property management experience. You'd think I'd yell out "Rent it and then sell it later when the market returns!" But you've got to see if the numbers make sense to you.

And I can not stress: DO NOT OVER PRICE YOUR RENTAL!
to do so you are eliminating good tenants and the ability to be more selective with your applicants (Credit score alone is not a good judge of rent-ability)

Make sure you have a complete market analysis of the rent based on comps LEASED not just what you see in the newspaper (remember, they are asking for that rent).

Find a reputable property management firm in the area and interview them (interview a few) And do not judge them purely on rates and fees, that's the first way to get subpar service. Nor on who ever gives you the highest "this is what it will rent for".

If those numbers per month make sense to you, pull it off market and put it up for lease.

Yet, as your ultimate goal is to sell, why not put it up as a "Lease with Option to Purchase" (Talk to your local Realtor that is experienced with Lease-Options). Typically you can get a little more than current market value for both rent and purchase price. (a double win)

Feel free to call me, I am not in your market area, but I happen to have a love of this stuff and am always willing to share my knowledge.
1 vote Thank Flag Link Wed Jul 6, 2011
Just to clarify if there is any misunderstanding: I'm not looking for a new agent and I'm sure most of you didn't get that impression either. As I mentioned a few times, we are very happy with our Agent - she's been doing her best to sell this house. I'm here to get more insights so we can decide whether we should still sell, or go rental - as stated in my original post. I only gave the home address since some of you thought it would be easier to get more idea when you know the location.

Thanks again, everyone!
1 vote Thank Flag Link Wed Jun 29, 2011
SJ Lady:

Thanks so much! Got the information and will give you my honest feedback later. Also, I might suggest emailing the address to April Tavares, CJ Brasiel, Terri Vellios, Tina Lam, and the venerable Guy Berry for their opinions as well any of the other agents who have responded here. I've known about Guy for years (he's a great real estate instructor), and, by answering questions here on Trulia, I have often read and been impressed with the excellent answers from April, CJ, Terri and Tina--so I know they'll also provide you with honest, constructive criticism--not a sales pitch. CJ, in particular, has a lot of Willow Glen experience.

Again, thanks for contacting me. I'll follow up with my feedback later,. Getting more than one opinion will be very helpful to understanding how best to market your home!

Grace Morioka, SRES
Area Pro Realty
Email: GraceAreaProRealty@att.net
1 vote Thank Flag Link Wed Jun 29, 2011
Sjlady,

You got to remember, your home is only worth what a willing and qualified buyer is willing to pay. It really doesn't matter what a seller "wants" or "needs" or even what a seller owes on a property. What matters is what a seller is willing to pay and then what a lender is willing to loan on the property. Cash offers are the exceptions. So it really doesn't matter if you think the property is worth, it matters what the appraiser determines the property is worth.

None of the agent's here can really answer your question without asking for more information regarding your property. We can only make some general assumptions and maybe point in in the right direction.

You should have your agent pull the latest comps (last 90 days) for you including the days on the market data. This will show you what properties have sold and how long it took them to sell at various price points. You should also have your agent take you on a tour of the active listing properties in your area so you can see in person how your properties compares to the competition.

All properties will sell if price correctly. While there are always other factors to consider, such as location, location, location, schools, crime rates etc, but start with a realistic price. Then deal with first impressions. Put yourself in the buyers shoes. If you and your agent can't come to terms on the price it will take to sell the property, hire an appraiser to get you to a where you need to be. Again, it doesn't matter as much what you want or need to sell it for but what a lender is willing to lend on the home.

Best of luck with the sale of your home and I hope this helps,

George Nowicki REALTOR®
Realty World Platinum
Cell: 408.892.3379
DRE# 01363797
Email: George@Nowicki.net
Website: http://www.GeorgeNowicki.com
Facebook: http://www.facebook.com/GeorgeNowicki
Twitter: twitter.com/GeorgeNowicki
BLOG: georgenowickisrealestatenews.blogspot.com
1 vote Thank Flag Link Wed Jun 29, 2011
There are 3 things you should examine when the house is not selling
1) price
2) condition of the house
3) marketing

The most common reason for a house not selling is that it's not priced right. Even through you have 3 price reductions, it still depends on the specific condition of the house, the current market supply and demand and the competition in the neighborhood to determine whether you have priced it right.

In this market, buyers lean towards homes that are updated, move in ready and staged right. Sometimes if you clean it up, do minor repairs and do simple staging, that will make a major impact to the buyers.

How many open houses have you done? However broker's tour? And have you made it easy for other agents to show it? And of course, make sure the listing is on all the major sites.

If you want to rent it, you have to consider your current mortgage payment and how much rent you can bring it. The good news for you is that San Jose is having a strong rental market overall.

Without knowing the specifics, that's all the advice I can give for now. Feel free to reach out if you want to discuss in further details.
1 vote Thank Flag Link Wed Jun 29, 2011
Hello Everyone,
Thank you for all your feedback and advice - very much appreciate it. Like Grace mentioned (thanks, Grace!! :)), the house is now on 'pending' status and should be closed soon :)

Have a great day to all of you!
0 votes Thank Flag Link Wed Jul 13, 2011
Pricing in a market with little buyer feedback is very difficult. If there are no buyers, the price makes no difference.
Obviously at some price, your home is a value - have your realtor run comps, check Trulia, Zillow and Realtor.com estimates; Also check your competition currently on the market! - For best results, try and price in the middle of your competition's range AND PRICE FOR TODAY"S MARKET - NOT 2006.
0 votes Thank Flag Link Wed Jul 13, 2011
Sj,

Renting is is always an option.....

But keeping things simple, anything, regardless of the market or the condition of the property WILL sell if priced appropriately. Today's buyers are seeking and finding value.....sadly, if it isn't there they consider other options.

Ninety days on the market isn't excessive....are you getting showings? A good measure of whether or not your home has appeal and is being viewed by potential buyers as priced appropriately is directly related to the number of showngs you are getting.

Good luck with your decision.

Bill
0 votes Thank Flag Link Sun Jul 10, 2011
Take the emotion out of the equation. Look at the numbers. The current buyers are very educated and know what houses are listed for and selling for in most subdivisions because of many variables, including professionals that represent their clients forward comps to buyers, computer surfing, etc. . I would highly recommend asking your current Realtor for a copy of the most current comps in your subdivision. After reviewing those including sold and active prices/sq.ft. evaluate your current house to see if it is priced accurately. If it falls into that range and the price is similar to other homes in your subdivision, it may be your location, are you next to a busy highway, train, etc. that would make your home less appealing to most buyers.. If yes, than you may need to offset the price to make it more appealing to a buyer. Another question is when a buyer opens up the door to your house, can they invision it as their own new home? This means, is it depersonalized, clean, and decluttered, no animal smells,etc. If the answer is yes, then your on the right track... I would recommend selling your home and not renting it at this time.
Web Reference: http://Stacyfritchen.com
0 votes Thank Flag Link Fri Jul 8, 2011
Check withyour Realtor and ask about his marketing campain and decide if that is effective...consider renting...however you could open a new can of worms if you end up with a bad renter. focus on the marketing and internet based Geo-marketing.
good luck!
0 votes Thank Flag Link Thu Jul 7, 2011
I would place it for sale and for rent at the same time. Whichever buyer comes to the table first is the winner!
0 votes Thank Flag Link Wed Jul 6, 2011
When comparing to hold or rent run some numbers and talk with your tax adviser and gains and losses. If you are renting at a lost each month take that monthly loss and multiply it by the amount of months before you sell. Then what you guesstimate your sales price will be at that time.

Example $250 loss per month over 5 years would be $15,000 before any tax adjustment
If you were to lower your price now $15,000 then you perhaps would be on par.
If your home were to increase by a conservative 1% per year, on a $630,000 value that would be an appreciation of $6,300 per year, less cost to sell and the loss in rent.

Do a simple XL spreadsheet with some examples, and see where your personal breaking point (comfort level) falls. Remember to add in what you would do with the money now, invest, buy down debt, etc.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Mon Jul 4, 2011
Unless you want to be a landlord, don't rent. That is a huge price reduction in such a short time! It sounds like a few things may be going on. There are 4 things that affect a home selling: location, condition, price and marketing. Is you house priced rigjht for it's condition and location? Has your realtor taken you to see your competition (other homes close by that are on the market)? What has your agent done to market your home? Virtual tour? Broker's luncheon? Open houses? Featured your home on Zillow or Trulia or both? There are many ways for realtors to market homes. Ask these questions.
0 votes Thank Flag Link Sun Jul 3, 2011
Hello Sjlady. I'm not local to your area but after reading, I thought I would try to suggest a few things. I hope your listing broker showed you comps for your area before anything. Over priced property will linger in any market.

First thing is to check what your current listing contract states for lenght of listing. You might have contracted for exclusive right to sell for 6 months.

Next I would involve your listing broker for time on market stats and list -vs-sell prices in your area. I would have thought he/she would have presented this information prior to your signing any listing contract.

Lastly, if you have a prospective renter, contact your broker and hammer it out. If the listing has expired, you can proceed directly. Good luck.
0 votes Thank Flag Link Fri Jul 1, 2011
First of all I'm a Brooklyn, NY Broker/Associate so I'm not looking for your listing. If you are a serious seller, your 1st mistake was your original listing price. You love your agent and that's great but did she tell you your frequent price reductions might singal to the wrong buyers a home thats going into foreclouser. Only you know your finances, I'm assuming this is a 2nd home, if it's not, where do you live if you rent it? So much more information has to be gathered before anyone can give an opinion answer to your qustion. Maybe the person you should ask is your accountant.
0 votes Thank Flag Link Thu Jun 30, 2011
SJ Lady -

Other mind wanderings as I thought about your situation.

First, great to hear that your agent is hitting the mark on all the key areas necessary for selling a home. It is always good to hear a trusting relationship between client and agent.

Willow Glen is a unique "hood". The upper end $1M+ is soft right now and will become even softer after conforming loan rate reduces from $729K in September (?) this year. Our schools are not the highest scoring and sometimes this drives buyers to other neighborhoods.

One other thought I had with the price reductions. It may be possible you are actually lowering it too frequently. I know many of us are looking at 30 day intervals but on the other hand, if you are reducing every 30 days, you end up telling buyers, "Wait, I'll reduce it again in 30 days." Recently, a colleague of mine and I were talking and we came down to 3 things this market demands: 1.) Patience 2.) Flexibility 3.) Commitment to the outcome.

I may be way off with my suggestions. Sometimes Trulia forum responses are liking putting together a jig saw puzzle with a blind fold. But it does sound like your agent is in top of things and maybe, if your specific situation allows, time may be the only answer?

I wish you the very best.

@grace - Thank you for your kind words. The admiration in regards to straight forward, thoughtful, and knowledgeable responses, is mutual.
0 votes Thank Flag Link Wed Jun 29, 2011
Hello SJ Lady~

I think we all are here to help~ Most of the questions on Trulia do not lead to a sells pitch. I for myself love giving back the best I can. My husband is an appraiser I have worked for him in various means, some of it is just an ear. A lot of people need a little help and I feel we are all in the same boat just need someone to listen or just another opinion or two. I do and have given advise for the best of others as I feel most of the agent on this site as well offer for the same reason~

Best of luck~


Denise A. Szyszlo Realtor
DRE 01441160
Office:: (408) 369-2000 x319
Mobile: (408) 768-7097
Fax: (888) 334-0888
Email: denise.szyszlo@century21.com
Website: http://www.DazzleHomes.comhttp://associates.10913327.eco.cen…
0 votes Thank Flag Link Wed Jun 29, 2011
Thanks again, Grace. Look forward to your feedback and will greatly appreciate it!
0 votes Thank Flag Link Wed Jun 29, 2011
Hello SJ Lady~

Normally with such good traffic your agent would have received comments not just about the list price but
what a buyer would like or dislike in this home. A lot of agents are representing buyers accompany their clients to open homes. Your agent should be asking for feedback. If your home is not on a busy street, buyers right now want the 4 bedrooms well appointed with upgrades, granite counters, ss appliances, travertine and wood floors, if your home does not have these amenities you could offer a credit towards these upgrades, lower the price to reflex or do them yourself. Other than this it maybe the schools. Buyers have a good choice right now and are looking for good deals also not wanting to do any work to upgrade.

Without the location it is difficult to narrow this down. There are several homes on the market over the 90 days and will take a bit longer for a good offer, but if they are priced right homes are selling quickly. The sold listing with in the last 3 months are going to be a very good indication where your home should be priced. I would really want the feedback from your agent if she has not done this actively. Some traffic in open homes are a lot of neighbors just looking.

If you need any more help feel free to email me.

Denise A. Szyszlo Realtor
DRE 01441160
Office:: (408) 369-2000 x319
Mobile: (408) 768-7097
Fax: (888) 334-0888
Email: denise.szyszlo@century21.com
Website: http://www.DazzleHomes.comhttp://associates.10913327.eco.cen…
CENTURY 21-Alpha
0 votes Thank Flag Link Wed Jun 29, 2011
SJ Lady,

It is wonderful that you are having a positive experience with your Realtor. Based on the information you have provided, I am going to say that a price adjustment may help. My listing just closed in Willow Glen and it was a short sale. The home was located one home away from the corner of Meridian Avenue. We thought we priced the home fairly, but were not getting the offers we had hoped for. Getting honest feedback sometimes is a difficult task for a variety of reasons and requires a great deal of questioning. Eventually, we found a common thread. Buyers were just not thrilled with the overall layout of the home. We made a significant price reduction and the home sold within 2 weeks. I am sure Grace will give you great feedback and I am sure it will lead you to determining your missing piece.

All the best,
April
April Tavares, GRI, ASP
Realtor®, DRE License #01742179
Montalvo Realty
Direct: 408-309-5471
Email: April@AprilTavares.com
Free Santa Clara County Market Trend Reports: http://april.rereport.com
Web Reference: http://www.AprilTavares.com
0 votes Thank Flag Link Wed Jun 29, 2011
Hi Grace, I just emailed you on your website!

Thanks so much!
0 votes Thank Flag Link Wed Jun 29, 2011
Thanks for the feedback, CJ. And here's to answer your questions:

1.) Has your agent had the home on broker tour? If so, what was the feedback on price, presentation, and location? YES, SHE DID. ACCORDING TO HER ALL FEEDBACK WERE GREAT, AND PRICE WAS RIGHT. LOCATION DOWNTOWN, SO VERY CONVENIENT.
2.) Right now, many buyers are very picky about updates/remodeling and school district scores. It may be priced within range of comps but any updates needed will be subtracted off price. SCHOOL IS 2 BLOCKS AWAY. KITCHEN AND BATHROOM ARE FULLY FUNCTIONING BUT NOT UPDATED AS IN MODERN/FANCY WAY.
3.) Condition of home - inspections complete? Showing home is in good condition with termites cleared, good roof etc can make a difference. If the home is well maintained - show that with inspection reports.
YES, INSPECTIONS WERE ALL DONE AND COMPLETE. ROOF ETC. WAS WELL MAINTAINED.
I agree with others comments below:
1.) Where is it being advertised? Email flyers going out to agents? Syndicated all over internet? Any information on hits per web page or sites like Trulia? AGENT DOES EVERYTHING WHEN IT COMES TO ADVERTISING AND SHE'S A GREAT AGENT.
2.) Face to face with agent to ask - what activities she will be increasing in addition to lower price? With all the showings /open house traffic - what is the feedback on why buyers' are not writing offers?
THAT'S THE PROBLEM: THERE ISN'T REALLY FEEDBACK THAT WE CAN CONTEMPLATE. NO ONE SAYS THE PRICE IS TOO HIGH EITHER..
0 votes Thank Flag Link Wed Jun 29, 2011
SJ Lady:

I agree with my pal, CJ, regarding the home's possible "improvements" and the marketing efforts. Work with your agent to determine better ways to publicize your listing. Also, if you don't object, we might all be able to help by providing some specific insight on the home if you were to provide an address. Since we're already 19 responses "deep" in this question, the address would be helpful for those of us who show homes in the Willow Glen area to provide more specific and constructive feedback.

In the meantime, I do understand your frustration, but if you are truly in Willow Glen, please know that you are not alone. At present, of the 192 single family homes listed in Willow Glen, a whopping 66 of the home listings or about 34 percent are currently over 90 days old. Willow Glen can be a tough place to truly gauge price because there is such dissimilar types of housing along the same street or in the same area.

So, if you might be so kind as to consent to provide an address, I think you might find that some of us may have some feedback that might be of real value to you and your agent!

Sincerely,
Grace Morioka
Area Pro Realty-PC
0 votes Thank Flag Link Wed Jun 29, 2011
SJ Lady -

Frustrating. Let me hit on a couple of ideas that may help.
1.) Has your agent had the home on broker tour? If so, what was the feedback on price, presentation, and location?
2.) Right now, many buyers are very picky about updates/remodeling and school district scores. It may be priced within range of comps but any updates needed will be subtracted off price.
3.) Condition of home - inspections complete? Showing home is in good condition with termites cleared, good roof etc can make a difference. If the home is well maintained - show that with inspection reports.

I agree with others comments below:
1.) Where is it being advertised? Email flyers going out to agents? Syndicated all over internet? Any information on hits per web page or sites like Trulia?
2.) Face to face with agent to ask - what activities she will be increasing in addition to lower price? With all the showings /open house traffic - what is the feedback on why buyers' are not writing offers?

Good luck - sending great buying vibes your way!
CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Wed Jun 29, 2011
Sorry I forgot to add: we have REALLY great traffic at every open house. At least 14 groups show up everytime.
0 votes Thank Flag Link Wed Jun 29, 2011
Just to answer your questions re. our real estate agent: she's been really great and we really love working with her. She holds open house every saturday and sunday ever since we went for sale. She's been very careful about pricing the house, and I wish that she'd just tell us that it's too high. Even now she still thinks the house is priced just right, at the median. The house is fully staged with easy access for showing since we dont' live there anymore.
So I think we're gonna bring it down to lower price soon and hopefully that will bring in hopefully multiple offers.
0 votes Thank Flag Link Wed Jun 29, 2011
SJLady, is your house being shown? Have you looked on MLSListings.com to see if it is being properly offered to the public. Is it being shown on Craigslist. Does it have it's own URL? Have you looked on Realtor.com to see if it shows up? Something is wrong.
Web Reference: http://www.guyberry.com
0 votes Thank Flag Link Wed Jun 29, 2011
What does your agent say? It needs to be strategically positioned for today's market. That includes, preparing the home for showing, curb appeal, and anything needed inside. It needs to be easy to show. If it is by appt. only or tenant occupied it makes for difficult showings. And most importantly, it has to be priced for its location and condition, and to compete with other homes on the market.

I can't speak to how your home has been prepared and marketed. What I can speak to is that my sellers know full well from the beginning and through out the marketing and to closing what to expect. They know when a new home comes on the market, when they go pending and what they sale for. Together we discuss all options. If you are considering renting you must look as to what your goal to sell was and what the goal to rent it out will be.

Call your agent and have a face to face meeting. Ask them to be honest with you, and be open to hearing what they have to share. Discuss your concerns and goals and then determine what you will do next.

All the best to you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Jun 29, 2011
Thanks again, everyone. I think we're going to lower down the price one more time. If we still don't sell, then we'll go rental.
Will let you know what happens since you all have been very helpful :)
0 votes Thank Flag Link Wed Jun 29, 2011
Hello Sjlady~

You should lower the price you can reserve the right to reject any offer. Do another CMA, also list to lease. Ask you realtor they should be able to list both options on the MLS or just make a notation in the comments that your property is for sale but may consider a lease option list the lease price. Rents are going up in areas some leasees will offer more than the offered leased price option some will offer less.

Best of Luck~

Denise A. Szyszlo
Web Reference: http://www.DazzleHomes.com
0 votes Thank Flag Link Wed Jun 29, 2011
Basically it's a personal decision.
There is nothing wrong with owning investment property. It's just better for the property to pay for its self otherwise it becomes a financial drain and not an investment.

The market is not kind to a many sellers and there is no guarantee what the future value will be.
If you are going to rent, be very careful who you rent to. Do your homework, verify references and check everything. If this is beyond your ability, the best course of action is to hire a management company.

A bad tenant will cost you more than you can imagine; both financially and emotionally.

David Sciplin
Real Estate Counselor
Better Homes and Gardens Real Estate
408-647-6326
david.sciplin@bhghome.com
0 votes Thank Flag Link Wed Jun 29, 2011
Have your consider doing a lease to own? You can probably end up making thousands of dollars $$$ more in doing so.

There are so many other creative ways you can use other than selling to maximize your proceeds.
0 votes Thank Flag Link Wed Jun 29, 2011
I agree with Guy Berry, two simple things to get you home sold: Price and Marketing.

Talk to your agent about the his/her marketing plan and you might want to consider interviewing other listing agents.

Remember:

1)Price
2)Marketing
0 votes Thank Flag Link Wed Jun 29, 2011
Thank you for all the answers! So here's more detailed background:
- Reason for selling - we bought a new home
- We received 3 offers: 1 at the original asking price, and 2 other offers at reduced price, but they all got cold feed and bailed
- Current price is at the Median range, and our RE agent said that's still a good price
- Rental price, based on research on craigslist, is about $2500 - $2600/month, which covers the mortgage payment but not backyard maintenance nor property taxes. Our current mortgage is for 15 years fixed.
- Location is downtown Willow Glen.

Hope this info helps - we'd like to decide whether we should lower the price even more or just rent it for the next 5 years or so until the housing market gets better. We are not desperate financially, but would like to get this sorted out and move on (either by selling or renting it out).

Thank you so much for your feedback!
0 votes Thank Flag Link Wed Jun 29, 2011
Don't know where you house is, but something is radically wrong. Either your original listing price is too much or it is not being marketed correctly. Most houses will sell quickly if priced correctly. What does you agent say???

guy Berry
"the Industry's secret weapon"
408-690-2998
Web Reference: http://www.guyberry.com
0 votes Thank Flag Link Wed Jun 29, 2011
Recommend you try to get some pending sale data for your neighborhood. See if realtors will share what people are offering RIGHT NOW (vs. closed data, which trails by escrow, 4-6 weeks). Say offers came in within the last 7 days on houses near you (for similar homes). That would be helpful information.

That might help you make your choices.

You also may want to undercut it drastically to get multiple offers and flush the best buyer out that way. That's not very pleasant but if you have a backup plan of not accepting too low of an offer and renting, anyhow, it would not hurt to see what the market will actually bear for your house.

Erica Nelson
http://www.HomesforSaleinSanJose.net
DRE 01425475
408-416-7090
0 votes Thank Flag Link Wed Jun 29, 2011
To answer your question I would need to ask many questions. Even if you lowered the price, an agent would still need to determine is the price you want is reasonable for the market. Another question is why are you selling? Have you determined what you could rent your home for and would that price cover all of your home expenses plus reserves? If you current are using the services of an Real Estate Professional your first course of action would be to have a conversation with your agent.

If you are not working is an agent, please call or email me. I will be more than happy to answer your questions.

David Sciplin
Real Estate Counselor
Better Homes and Gardens Real Estate
408-647-6326
david.sciplin@bhghome.com
0 votes Thank Flag Link Wed Jun 29, 2011
Really can't answer that question without knowing more details such as where is your home and what are you trying to accomplish. Even thought you have dropped your pricing, you may still be over priced. Have you posed this question to your Realtor?

April Tavares, GRI, ASP
Realtor®, DRE License #01742179
Montalvo Realty
Direct: 408-309-5471
Email: April@AprilTavares.com
Free Santa Clara County Market Trend Reports: http://april.rereport.com
Web Reference: http://www.AprilTavares.com
0 votes Thank Flag Link Wed Jun 29, 2011
Don't know where you house is, but something is radically wrong. Either your original listing price is too much or it is not being marketed correctly. Most houses will sell quickly if priced correctly. What does you agent say???

guy Berry
"the Industry's secret weapon"
408-690-2998
Web Reference: http://www.guyberry.com
0 votes Thank Flag Link Wed Jun 29, 2011
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