Home Selling in Houston>Question Details

Qbmd2003, Home Buyer in Houston, TX

Our home has been in market for a couple of weeks. A few phone calls and only one showing so far. When should we reduce the price? Thanks

Asked by Qbmd2003, Houston, TX Wed Apr 4, 2012

Help the community by answering this question:


My guess is when you hire a Realtor. I broke a tooth last year and went to the dentist instead of using super glue. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky one home at a time.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Thu Apr 5, 2012
Thanks, Jim, you gave me my morning LOL.
Flag Thu Apr 5, 2012
If you have a Realtor working for you, then he or she would have prepared a market analysis and should have informed you what like-kind properties are currently selling for in your area and the average days the properties in your area are on the market before going under contract. You and your agent should have discussed a marketing plan for your specific situation to assist you in reaching your real estate goals. By your question, it doesn't seem you are currenty working with an agent. If you are, you need to ask your agent your questions of concern. If you are not working with an agent, I would welcome the opportunity to discuss your specific real estate needs and determine a plan to reach your goals. I would suggest finding an agent you feel comfortable with who specializes in your part of town. I specialize in the Spring Branch, Katy, Cypress and Northwest Houston areas, and it would be my pleasure to assist you if your property is within these areas.

Good luck with your real estate endeavors!

Sharon Fritsche, Broker
Step By Step Real Estate, LLC
1 vote Thank Flag Link Thu Apr 5, 2012
sick...call a doctor. appliance broke...call an appliance repairman. real estate...call a Realtor. It's our job, it's our profession, it's what we do! Have a wonderful day.

Joe Cano - Realtor/Locator
(281) 785-5132
0 votes Thank Flag Link Wed May 23, 2012
There really are so many factors that come into play that it is impossible to tell you what changes should be made in the marketing of your property without a consultation. Please give me a call if you are interested in analyzing your market plan. Cell 281-798-4100
0 votes Thank Flag Link Wed May 23, 2012
I somewhat agree with what the others said in that it could be the price but without knowing your area and the comps myself, you should turn to your realtor and ask them to do an updated CMA before making any price adjustments.

Making sure that your home is clutter free and appealing to the buyer is also important. Have you yourself seen how potential buyers see your home listing online? The majority of buyers are searching daily online and if your home isn't showing well on the internet with professional pictures then that could be some of the reason why buyers are not coming. Marketing is important!

Good Luck with the sale of your home. I'm in Clear Lake if you need a great realtor!
0 votes Thank Flag Link Tue May 22, 2012
I still say wait about a month and a half, buddy. You'll see. Give me a call, I would love to sale your home.

Joe Cano - Realtor/Locator
(281) 785-5132
0 votes Thank Flag Link Mon Apr 9, 2012

"A few phone calls and only one showing" in "a couple of weeks" means your house is overpriced.

If you have a Realtor, ask him/her to do a new CMA to determine the value of your home.

If you don't have an agent, then get one.
0 votes Thank Flag Link Mon Apr 9, 2012
Don Tepper, Real Estate Pro in Burke, VA
It's true that that greatest interest in your house is during the first 30-45 days on the market. If you aren't getting any nibbles, ask yourself some questions: Did you check the competition to be sure the selling price is in line and the features of your house are comparable? Did you have a pre-listing home inspection and attend to any needed repairs? Did you pack away your non-essential belongings and professionally stage your house to create compelling pictures for internet marketing? Sounds as if you know your initial listing price was too high...
0 votes Thank Flag Link Mon Apr 9, 2012
If you don't get a serious nibble in 3 weeks you are over priced. If your home is at all interesting there are buyers on the internet looking at homes with your approximate description. They will stalk it until you come down to where they can take a stab at it. If it is out of arm's reach, they won't offer. And you will sit there frustrated.

I assume you have hired an agent to list and market the property. That is first and foremost. If not I can refer someone good to you.

Best of luck. :-)
0 votes Thank Flag Link Mon Apr 9, 2012
I was a realtor for 3 years...although i am currently working on my own company in oil insted i did learn alot so i hope this honest advice may help...., In my personal opionion you shouldnt just yet... If the house has been priced right in the start its just a ,matter of time before the right buyer comes along. The right buyer wil be someone probably alot like you... Make sure your pictures are either proffesssional or proffessional quality to get traffic coming in also the discription needs to target the right buyer like the things that attracted you to this house when you first purchased it. If you have had a realtor list your home i would ask them to see comps if they havent shown you already to make sure the price is where market value stands currently. Check out whts sold in your neiborhood and what dint sell The average time a house is on the market i believe is somewhere sround 8 months or it was last year....so the only reason i would lower the price right now woukd be if you are in a hurry to sell or on a time line. I believe as long as your home is priced right the right buyer will come along its just s matter of time, however it is a buyers market so i know how frustrating waiting and waiting can be. Also take into consideration the negociating process will most likey lower it even more and you want to be sure to get the value and not short change this huge investment and time you put into the home. If your home was priced on the highside and your in a hurry to sell i would mark it down to be on the lower spectrum of the comparables and also possibbly look at the photos to see jf you could improve the photos a photo can make or break a sale of a home as most people will be looking online for their new home. Being a buyers market you may also want to consider renting the home if at all possible rentals go much faster although realtors often say you shoukd sell insted because the conmissions on rentals are much much lower....because of the housing market i am currently renting my own home waiting to sell till the value goes back up. I wish you the best of luck and hope that helps ...
Web Reference: http://Www.i-oilfield.com
0 votes Thank Flag Link Mon Apr 9, 2012
You really should not do anything without hiring an expert in the field. If you got sick and self medicating was not making you better then you would go see a doctor right? Why would you think that the real estate industry is any different? Real estate agents have resources that make us essential in the home buying and selling process. If you are not ready to hire one yet, at least give one of your local realtors a chance to give you their listing presentation. If anything you will get a free CMA of your property and will be able to gauge the price that it should be listed at. If you think you are saving yourself money by selling yourself, you should know that Realtors net there clients more money on average and sell the homes faster than an owner would by himself. Good luck!
0 votes Thank Flag Link Thu Apr 5, 2012
Review the market comps to ensure it is priced right. Don't chase the market down.
0 votes Thank Flag Link Thu Apr 5, 2012
Sir, with regards to everybody's advice, ALL correct. I mainly lease apartments, lofts, etc . Is this the season to sale your home? Seems a bit premature. Of course, price is always taken into consideration? When do most home sales take place? I can sale your home. Price, pictures, remarks, etc are ALL relative variables. I say, wait about a month, call me, we will take pictures, list and sale. Give me a chance.
0 votes Thank Flag Link Thu Apr 5, 2012
If the home is over $250,000 you probably have issues you need to deal with(price, condition, professional marketing, etc.). If it is below $200,000 I have noticed the market has been a bit slow this month. Your agent should be able to send you a web traffic report to see how the online activity is doing.
0 votes Thank Flag Link Thu Apr 5, 2012
You have tested the market at this price and market is giving you feed back. The market is not responding to your property. It is time to look at price, pictures, and listing remarks.
0 votes Thank Flag Link Thu Apr 5, 2012
the main question is was it overpriced to begin with?
If it was priced taking into consideration the Comparative Market Analysis your broker did for your home, than I would look into the markerting.
Have your realtor re-evaluate the price and I am sure he/she will be able to find a way to bring in some traffic.
0 votes Thank Flag Link Thu Apr 5, 2012
Dear Qbmd2003,
It's hard to say, since we can't see the actual property or know the reasons why it might not be selling. Normally the first thing to look at is the price. I highly recommend you contact a local agent to work with on this. Realtors are great at marketing being in the Real Estate market keeps us up to date on what is happening in our chosen areas.
0 votes Thank Flag Link Wed Apr 4, 2012
I always drop the price after two weeks if we haven't seen any traffic. But, it would of course, start with accurate pricing.
0 votes Thank Flag Link Wed Apr 4, 2012
You should have put a good LISTING price down in the first place.

Now, Buyer's will ask "why are they reducing the price?"
"Is something wrong with it?"
"We'll wait and see how low they will go."

Some Sellers find it hard to believe that the best strategy is to put a LOW list price to begin with; to attract multiple offers. You only get one chance to WOW them.

Now you just have dig out of the hole.
0 votes Thank Flag Link Wed Apr 4, 2012
I mainly lease apartments. My professional opinion, I'm surprised that your Listing Agent advised you to list now instead of some time in May. I sale homes as well. I have learned about trends, time periods matter.... I would love the opportunity to sale your home come May. I hope this info was informative.

Joe Cano - Realtor/Locator
(281) 785-5132
0 votes Thank Flag Link Wed Apr 4, 2012
Joe, I don't agree. May is almost too late. Early Spring, March and April at the latest.
Flag Thu Apr 5, 2012
Joe, I don't agree. May is almost too late. Early Spring, March and April at the latest.
Flag Thu Apr 5, 2012
I thoroughly agree with the other agents. I see that you put "a few phone calls" which leads me to believe you are doing it for sell by owner? If so there are several things you truly need toknow aobut your area before deciding if lowering the price is the right move. I have a few resources that I can offer free of charge even if you are trying to do it fsbo. If it is listed with an agent, broker then I would suggest you discuss your concerns with your agent and get their feedback. Please give me a call or email me so we can discuss in greater detail.

Roshawnda Reed
0 votes Thank Flag Link Wed Apr 4, 2012
You need to first make sur eit is priced right to start. Your agnet should conduct a BPO and let you know what the current market value is. It should then be priced at or just below current market value. Every 30 days you should assess why it has not sold, is it price, condition or a lack of ads or marketing?
0 votes Thank Flag Link Wed Apr 4, 2012
You really have to pay attention to the market activity that was presented to you by your agent. If you look at the DOM(Days on Market) column of the CMA (Comparative Market Analysis) and notice that properties have been on the market for an average of over 3 months or so, then you can expect the same timeframe for your home and shouldn't be discouraged. If they've been selling in less time, then you have to raise the question of 1) is my price too high or 2) is my agent really promoting this home. Look at the competition, have your agent take you on viewings of the properties in the area, make sure your curb appeal(outside appearance:yard, flower beds,etc.) is on point, as this is a huge factor for lots of people as it sets the mood for the rest of the showing. Make sure you look at the photos of your listing on har.com- are they nice? are they vibrant or dull? do they have the right angles? is there more than the minimum(6) photos(can have up to 32 FYI)? How does your furniture look on the photos- cluttered or just right? Make sure your house is ALWAYS show ready!

I personally don't like the idea of the Realtor Bonus as agents really don't choose the properties that they show their clients. There's too much information and access out there for a potential buyer to miss out on your property or not be able to tell their agent that they want to view your home if they find in on the multiple real estate sites available.

I hope this helps you get a better idea of the "homework" you have to do to ensure that you and your agent are working together as a "team".
0 votes Thank Flag Link Wed Apr 4, 2012
I sounds like you are a For Sale By Owner, if so, You just need to hire an experienced Realtor that sells the most listings in your neighborhood. If you already have your home listed with a Realtor, then hopefully that agent knows how fast properties sell and for how much in your area. If not, the general rule is: No showings and no offers, it is the price and you need to make a large reduction. Some showings, no offers, means prospects are finding better value elsewhere. Every 10 showings should produce an offer according to NAR, The National Assn of Realtors.
0 votes Thank Flag Link Wed Apr 4, 2012
Before lowering the price, look into other things your agent and you can do to improve marketing of the home.

Things to check include..
* Better photos! 32 photos are allowed on HAR.com and unlimited here on Trulia. They need to be a high quality photo and add detailed comments under each photo. Maybe a virtual tour video or slide show on YouTube.
* Confirm information in the MLS is correct. The home's data shows it is in the correct MLS grid, zip code, school zone. Correct sqft of interior, age of home, lot size, etc Review this with your agent.
* Advertising in the Houston Chronicle (and their web site) in addition to social marketing on Facebook.
* Public Open House. Not always a way to get the home sold quickly, but can generate some buzz!
* No restrictions on showing the home. Make is easy for the buyer's agents to show your home to others.
* Review activity in regards to new listings or homes that have recently went pending or have sold.
* Make Ready. The home needs to be "show model" clean! Yard looking great, clean windows, bright light bulbs and more.

If all this fails, then look at lowering the price. You might have started your asking price too high to begin with. Most sellers only come off on average of 3% from list price. You don't have to list the home very far from your bottom line. Make sure you know your competition before setting a realistic sales price. Typically my sellers and I review the price 45 days after being on the market.

Mark McNitt
m 832-567-4357
Bernstein Realty
0 votes Thank Flag Link Wed Apr 4, 2012
Is your home listed with a broker or are you attempting to sell it on your own? If with a broker ask your agent to advise you. There are many factors that come into play; condition, location, competition, and price are the big ones. If you are attempting to sell it on your own, give me a call and I will see what I can do. Cell 281-798-4100
0 votes Thank Flag Link Wed Apr 4, 2012
The preivious agent said it well, depends on how quickly you need or want to sell it. It also depends on what your final net selling price after closing costs and commissions works for your individual situation.

Hopefully you have your home listed with a Realtor and you should discuss this option with them! If not GET ONE!! You are missing out on marketing efforts and professional personlized advice.

Good luck to you!
0 votes Thank Flag Link Wed Apr 4, 2012
That all depends on how anxious you are to sell it. If you aren't that anxious, then don't lower the price. But if you are, you should lower the price. You can also add a $1000 Realtor bonus for the buyers agent to get more showings. That usually gets you more showings. Good luck!!
0 votes Thank Flag Link Wed Apr 4, 2012
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