Without knowing the home or the area and price, it's hard to answer your question. My thoughts generally are that if there are no showings, then price is the answer.
You state that you have an excellent RealtorÂ® and I believe that you do. The best thing is to get with them and have them do another comparative market analysis for your area. The market can change as often as weekly.
My guess right now is price. Since you just had a price reduction, make sure that your RealtorÂ® is marketing that heavily and give it a few days for it to sink in. If, after a week or two showings don't pick up, it's either not priced low enough to attract the buyers for that type of home or area or some other unknown factor that none of us can really help with, as again, we don't have all the info.
Lots of luck to you!
The old rule of thumb is that if no one comes to see your house the buyers have rejected it before they see it. They don't even want to come see it. Things like location, description, pictures and mainly PRICE are what they see to make them not even want to come. If they come and don't buy then something there is turning them off. You are turning them off so they don't even want to come see it.
Never flat reject an offer. I know you want to and I want to sometimes, but it serves no purpose but to piss off a buyer and we have to be bigger than that. Counter back very very close to full list price, but counter something.
There are two ways to remove an objection like location or house layout or any objections. You fix it or you offset it with a price reduction to the point it removes the objection. So you do have an option, you may not want to use it.
Most showings occur early on because those out looking, and not having found anything, are eager to look at all new listings before everyone else. It does not mean they can't come back when they see a price reduction, which sounds like might be your problem. Good luck.
One of the questions I always encourage folks to ask when they meet with agents and interview them for the first time is to ask, "What is your home advertising budget?" and "Can you show me some of your ads?"
Most agents only do the "3 P's"
Put a sign in the Yard
Put the home on MLS
Pray that someone like me will come along and sell it for them.
But if your agent is a good one.. you shouldn't have much to worry about.
Or, call me at 210-722-2725.
Second, I would take a look at how it is being presented. I frequently see pics online of homes that are very amateurish. When the pics represent the property in a negative way, it has to be turning people off who can't see past it.
Third, I would possibly consider the agent reputation. It is extremely unlikely, however, I have experienced in my lifetime a moment when other agents were boycotting a particular agency. My house was very nice, priced right, etc. but, no showings.
We changed agents (companies), and it sold in a week. It was a very rare occurrence, but the company had a reputation of being underhanded and evidently the other real estate companies were aware of it, but not us. I would only consider this last. But, thought it was worth mentioning.
Others have commented on curb appeal and others in the area. What is the typical time frame for others to sell there? For instance, higher priced homes may take a little longer to sell in your area. However, if priced right, I feel you should have several showings in the first week.
Is the home clean? Needing of repairs? Marketed online? and to other agents?
Stats show that pricing is key to selling a home. Even overpriced by $2,000 the buyers will stall.
Since it has only been a month, I would have your realtor do another market analysis to see if there is a better price to list it at with a little cushion of course, so it doesn't stay on the market much longer.
There is so much we don't know.
However, we can have an expectation that a thorough market analysis was completed at the time of the listing, apparently 1 montth ago. From that data many important things were revealed. Those things are:
1. How many homes are selling in your community, in your area.
2. Home many homes at your price point is selling in your area, in your community
3. Home many homes that match your homes attributes are selling in your community, in your area.
4. Where are homes at your price point selling in your area.
5 Where are homes that match your homes attributes selling in your area.
6. What distinguishes these homes that sold from your home.
The above data not only reveals the market but establishes what you should expect and what action would be needed to alter the outcome. The data also identifyes where the buyer are going and suggests you should have a plan to intercept these buyers.
Absolute silence, which is a very accurate description of what you are now experiencing is the result of your home being invisible OR outside the 'VALUE BRACKET" of the home buyer. From the previous data, you can clearly identify what a buyer vauues and what they are willing to pay.
Now is the time to scrutinize in great detail your agents marketing analytics. From this data you can determine:
0. are people SEEING your home at all? The number seeing will be a predictable fraction of those who will pursue addtional information and/or visit the home.
1. are people seeing your home and rejecting it
2. are people showing interest. Second level ressearch by buyer
3. are people placing the home on a watch.
Now you have validation that your agents marketing is working. The results will be directly correlated to the market analysis completed one month ago.
OK, you've got REAL data. Historic data. ANd data that is only 30 days old!
Your agent will know how to advise you.
It is entirely up to you to follow those instructions and strategicly position your home. If you fell to the tempation of adding negotiation room, professional fees, a few dollars for the sheers in the master, to the suggest list price from your agent, this is the time to reconsider. But, don't let your agent off the hook by falling to the 'REDUCE THE PRICE" mantra. Of course if you sacrifice enough of your equity at the alter of selling convienence, your home will sell. However, It SHOULD sell according the the strategy and price orginally agreed upon, that is, if you did not comprise or override that agreement.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Of course the problem could be a result of more than one or all of these issues.
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