When the home first hits the market you have all those "A" buyers out there waiting for the next great home to come along that they wish to eliminate from their search. Many Sellers make this real easy by listign too high ("can't we just try it at that price for a month?") and then DE-MOTIVATE the selling agent community at the same time! You offer an "A" buyer a "C" buying experience and wonder "what happened!"
Weak agents allow this to happen more times than not. Instead of fighting this off (yes, I'm guilty at times too!) we meekly say, "O.K.--I'll be Mr. wimp and let you dictate how to foul up the marketing of our house!" Now that you NEED to sell your competition has used your high price and low co-op fee as a means for selling THEIR house.
Consumers!! The PARTY IS NOW OFFICIALLY OVER!
I applaud your resourcefullness. The buyer that sees your home will be brought by another Realtor 90% of the time, so increasing the commission is a great idea. What feedback have you had from buyers or their agents?
How many homes ,.like yours, have sold over the past 60 days? Buyers always buy the properties offering the most perceived value. What can your Realtor suggest to make your home appear more valuable? Offer a buy down program? That would be great! And INSTANTLY make your home more affordable.
So far as renting goes, my wife and I became "accidental investors" in the same situation. Your are welcome to email me off list for specifrics, however I STRONGLY suggest that you discuss your options with a CPA. This could be an opportunity cleverly disguised as a problem.
Been there, done that!
Although the buyer and his lender bring the money to the table at the close. It is still the seller who pays the fee according to the HUD-1 settlement statement.
There have been numerous Trulia threads and posts about who pays the fee. - Its the seller.
Michael has a pointless point that the buyer doesn't care whether you pay the buyers agent 2.5 or 3.
But he is wrong again when he claims it will not sell a home faster in any market. Agents do care
There have been numerous posts in Trulia about why a standard fee to buyers agent such as 3% will generate more showings than a substandard buyer agent fee. I will be creating a new thread soon on that topic with statistics to ponder.
1) It's been on the market for 60 days. You wrote your question in November so you listed at the beginning of the slow selling season.
2) You reduced your price a week ago and increased the commission. No Serious Buyers. It's only been a week.
3) You need a plan B. Why? Is it financial? You found another home? Job Transfer?
4) I would recommend looking on Craigslist.org to see what similiar condos rent for. Keep in mind there are California laws on tenant rights and once you put a tenant in there and you decide to sell it will be difficult. Also talk with a property manager.
Although rents are going up, leasing your home to corporate investors (or anybody for that fact) only delays the inevitable. You want to sell your home and move on. You need to price it correctly (less than last sale and better than anything on the market that it compares to...all things being equal). It needs to have appropriate exposure (mls, savvy web exposure, and through networking w/local agents). A minimum of 3% buyer commission is required. You need to have the house show like a model with all work done prior to putting IT on the market (ie. fresh paint, new carpet, no smells and staged). If there is section one work in any of the bathrooms, it might make sense to do a minor redo to make them look better and to get rid of the section 1 work. I would also look into possibly buying down a buyer's loan to make it easier for them to get into it. Your house is bordering on becoming stale for the market, you must get more agressive and look at it from a buyer's view. If you were a buyer and wanted to buy your home, what is it that is stopping you from doing it? Good luck.
Your REALTOR can have a mortgage lender help you with qualifying potential buyers. Many buyers simply don't take the time to explore the many options out there for home ownership.
The other factor might be the price. Is it priced right? What were the most recent sales in your area? How did these properties compare to yours? If you are not sure as to the price, have the property appraised (since it has to be done anyway) and list it at the appraised price.
The third factor is location. If it's not in a good location or in a stable neighborhood, price accordingly so that you could sell and get on with your life.
San Jose Town home average is around 77 days right now. I wonder what rents are in comparison to you mortgage. Do you know? If you need anything ..Let me know. Good Luck to you!