Home Selling in 12180>Question Details

Cynthia Edey, Both Buyer and Seller in Troy, NY

My house has been on the market for 1 month. My neighbor 2 doors down put their house up for sale a few days

Asked by Cynthia Edey, Troy, NY Sun Aug 9, 2009

after my for sale sign went up. I have had 6 showings but no offers. I am moving and I want to be gone before December. What strategy should I be using based on the circumstances. Both houses are raised ranches and I should add that I have a 3% realtor who is not in the business full time.

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Bob Eberle’s answer
I agree with several agents below. You need to sit down with a professional and compare the two homes. The agent you are working with might not have done this for you. Often, agents ask the seller what price they are looking to net, and then use that as the listing price, without taking into account the market absorption rate of the area. A professional agent will pull all those numbers and sit down to explain them to you. You should also look for someone who is very proactive in their marketing. For instance, we go door knocking every weekend, as the market has shown us that often times neighbors know of someone looking to get into the neighborhood. If you need anything, don't hesitate to call me at 724-5831 or email me at BobEberle@KW.com. http://www.TeamEberle.com
0 votes Thank Flag Link Tue Sep 8, 2009
Hi Cynthia,

Six showings on your home in one month is terrific!! That is great news. Unfortunately, your home is not only competing with other owner sale properties but bank short sale, preforeclosure and foreclosure properties as well. Depending on your home's price point, homes ranging in price from $150,000-$200,000 are selling within minimum time. First-time home buyers are taking advantage of the $8,000 tax credit before it phases out by December of this year.

There are some good comments about your situation on this page. Your listing agent should also contribute to getting your home sold, aside from MLS and website networking.

For marketing efforts, I would suggest updating your listing on MLS on a weekly basis with additional information, different photos and blasts emails to the general public and everyone you and your agent knows. Exposing your home to the masses may require some additional creativity as well.

Good luck!
0 votes Thank Flag Link Mon Aug 10, 2009
Knowing that you are in direct competition with your neighbor, I would critically look at how your house compares. Your house needs to look better! In this market, buyers can afford to be picky due to the amount of inventory available. They want the house that is the best price and in the best condition. What is the feedback you received from the showings you did have?
0 votes Thank Flag Link Mon Aug 10, 2009
According to the link below there are 233 homes for sale in your area. Trulia reports that 144 homes have recently sold. The good news is that homes are selling. The bad news is that the Average Price Per Square Foot has dropped 18.3% in the last 12 months, so it appears that you are in a declining market.

The big issue that concerns me is the lack of showings. The standard for showing activity is 10-12 showings or one offer in the first two weeks, otherwise a price reduction is in order.

The role of the listing agent is to be your eyes and ears in the local housing market. Selling a home is a lot like a game of chess. Buyers are looking for homes, like yours, in your area. Normally they look at 12-18 homes before they buy. So that means that your home is competing with other homes, like yours, for buyers.

Your Realtor's job is to report to you on a weekly basis which home are selling, reducing their prices, etc.
I will actually encourage my sellers to visit other open houses of homes that are direct competitors so they can determine how they compare their home to their competition. I tell them that we will discuss market conditions on a weekly basis that if we don't see the showing activity expected, that we are going to lower thr price.

That also means that the longer a home sits on the market, the greater the gap between sales price and asking price. In MLS for the last quarter that was 1.1.3% of asking price if the property sells in the first 30 days. At 120 days that falls to 94.5%.

So we know by MLS statistics that homes that sell in the first 30days sell closest to asking price. You Realtor's job is to help you get your home sold sooner that later.

Good luck.
0 votes Thank Flag Link Mon Aug 10, 2009
Keith Sorem, Real Estate Pro in Glendale, CA

The fact that your home has been shown six times in the first month is a positive sign........ An indication that the home has some appeal to the public.

The reality of selling a home is that, if you are getting showings but no offers, it could be an indication that you need a price adjustment. What was the feedback from those individuals that saw your home? Were there specific issues that may need to be addressed that would improve the saleability of the home?

In our opinion the three most important aspects of selling a home are its appeal, price, and visibility. Appeal....is it attractive, providing buyers with the curiosity to get inside to see more? Is it presented positively both on the MLS and through advertising. Are all aspects that would help promote your home presented?

Price....todays buyers are intelligent and informed. They understand this is a "buyer's market" and are looking for deals. Homes that sell, appeal to these individuals and must be priced as a true reflection of the current market activity.

Visibility.....the more people that know about you home and what it has to offer, the better the chance of finding a buyer. 90% of today's buyers are searching the internet at some point during their quest for property. Hence, visibility is much more than listing the property on the MLS and sticking a sign in the ground. Both the agent's and companies marketing plan is a key component to selling homes and must include a huge internet presence.

Ask your agent if your home is priced competitively......request "NO FLUFF....just the facts."

Best wishes,
The Eckler Team
0 votes Thank Flag Link Sun Aug 9, 2009
Ask your agent to send you a copy of your listing. Make sure you are satisfied with the quality of the photos and description. Most buyers nowadays are house-hunting on the internet, and you want to make sure your listing shows your property to its best advantage online.

If your agent hasn't provided you with a market analysis, ask for one. This way you can make sure you are priced competitively. Ask for information on recently sold homes that are comparable to yours, as well as info on your current competition.

I don't know how things are in your market, but where I'm at, 6 showings in a month is actually pretty good. Ask your agent to get feedback from the showings agents; what was it that their buyers didn't like about your house, and is it something you can fix? Do some research on the internet on staging your home to sell. Clear out clutter, tone down colorfully painted walls, plant some flowers, etc...

Good luck!
Web Reference: http://www.hd-realty.com
0 votes Thank Flag Link Sun Aug 9, 2009
Ask your Realtor for a market anaysis or CMA. How does your property stack up against other properties on the market? How does your price compare to similar homes in your area that sold during the last 6 preferrably last 3 months; would first time buyers be attracted to your property?
Has the market in your area stabilized or are values still going down further?

After you have answers to these questions you need to put yourself in the buyer's shoes and see at what point (price or condition)would you find your property attractive to purchase. In my market prices have still not stabilized yet. There is a sales upswing because of the first time buyer tax credit which will expire Nov 30th. That has brought multiple offers on some properties but in general we are not yet at the bottom. If that's the same in your market, your pricing needs to be ahead of the pack, it needs to be a better deal than others around you.

Good Luck!
0 votes Thank Flag Link Sun Aug 9, 2009
Buying an agent based on their commission is your first mistake. I cannot make that information strong enough when dealing with sellers who are "shopping" for a Realtor.

The two most important items to selling your property are 1) the pricing of your house and 2) the marketing the agent is doing to get the "great sale price" out there. Putting a house on the local MLS is just not enough these days; it must be all over the internet; that's where the buyers are.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Aug 9, 2009
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