Home Selling in Smyrna>Question Details

William, Home Seller in Smyrna, TN

Our house has been on the market 15 weeks with 7 showings. Recently reduced price, but no offers. What can we do to get the house to sell?

Asked by William, Smyrna, TN Tue Aug 24, 2010

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William,

I am a Realtor in Smyrna and I agree mostly with Dave's comments but would like to add that the local Real Estate market reflects the local conditions but are influenced by the national condition. Some local buyers and sellers tend to be influenced by the national trends and not focus on what their individual situation is. You can lower your price all you want but if you have "this" and someone wants "that" the low price may not influence the buyer. Sometimes if the price is too low, potential buyers think something is wrong with the property so it is best to price it with the comparable properties and look at the average days on the market (DOM) to determine if it's been "too long". 21 weeks may be the average DOM for your home. What is your DOM?


As Dave said, there are too many variables to mention that may be a factor in why you haven't received an offer. Has your listing agent received & sent you the feedback from the 15 buyers that have looked at your home? Your listing agent should also have done a CMA (comparable market analysis) for you before listing your home so you would know the average DOM (days on the market) & selling price to help you make an informed decision about your price and to let you know about how long your house will be on the market before selling. If they haven't done a CMA and given it to you, ask them for one and have then explain it to you.


Also ask your agent for their HONEST opinion about your house, if they are not willing to tell you, you may need a new agent or if they have told you, you may need to make sure you understand. If you have done all these things and there are no other extenuating circumstances, it may just be a reflection of the slow market. As the Seller, you make the decisions about the price based on info provided to you by your agent. Some were listed too high to begin with and then lowered, which can also make a house sit longer than if it were correctly priced to begin with. I have had this situation before. Sometimes, it was priced right and then after 3 months, the CMA will need to be redone to see how the market has changed and then make your adjustments; I have also had this situation too. As Dave said, it only takes one buyer so make sure you're doing all the right things and then be patient. Hope this helps an best of luck!
Web Reference: http://www.2TnHomes.com
1 vote Thank Flag Link Tue Aug 24, 2010
It is frustrating and stressful for a house to sit on the market! I am sorry you are in this position. Ask your Realtor what the average days on the market is for a house in your price range. Also find out how many others are in the same price range as you currently Are you priced correctly when you look at your comparables?

Buyers start their home journey online. Pictures are VERY important. Make sure they are nice and bright. When showings take place make sure your home appears as though it was staged and not lived in. This allows the buyers to picture themselves in it vs wonder about you.

Good luck with your home sale and an offer coming soon!
Web Reference: http://www.RealtorKB.com
0 votes Thank Flag Link Wed Aug 25, 2010
From your question I cannot tell whether you are selling our property by owner or if you are listed with a Real Estate company....

If you are listed with a company, then your listing agent must have been able to get some feedback if not from all showings but from some, to know what held those potential buyers back. It could simply be that they were not quite ready to commit, or they think that they can find bigger, better or cheaper, after all we are in a buyers market, more homes available than ready and willing and approved buyers, so the buyers can not only take their time, but they can also search and look and search and look some more .... until the "right" home for them comes along.... but some buyers may have had issues with your home, or its location or the price, so that feedback would be helpful.

If you are listed with a real estate company I have a suggestion for your listing agent and you..... Ask him or her to get a group of agents from his or her office together and do a walk through ...... and have those agents give their input.... it could be anything Staging suggestions, pricing suggestions, changes to the front of the home (front door or curb appeal issues, landscaping) but the more heads are put together, may be a really great idea comes out of it, and you can do it and create a better response. It is quite nice that you have had
7 showings, but with all that said please remember that we are in a buyers market, with a lot of low priced homes available (including foreclosures and short sales!) and that it is just a difficult market for any seller!

There is a lot of patience required on the part of the sellers these days, and in most cases it is the price that may make the difference, and even then often that alone may not get you an offer. It is after all that that one right buyer has to come to see your home. Also think about it, if your property is advertised on the internet on various sites, many potential buyers will not make appointments to see homes, they will search and review on the internet long before they will decide to see one or two of the properties of their own choice, or because their Realtor forwarded them and suggested to them that they be just the right one for them.....

So your home may have had many more showings, let's say "virtual showings"

I wish you good luck and hopefully some of the suggestions will be helpful to you and your agent.;
Sincerely yours,
Edith YourRealtor4Life
Your Chicago and Northern Illinois Expert
0 votes Thank Flag Link Wed Aug 25, 2010
Keep in mind that in today's market, pricing and marketing that maximizes your exposure are paramount--review recently closed similar properties in the immediate area, if your pricing needs adjusting again, adjust accordingly; review marketing strategies and adjust accordingly to maximize your exposure; make sure the property shows well at all times--is neat, clean, clutter free and don't forget the exterior for curb appeal; keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place. In setting a price, it is in the seller’s best interest to focus on the current market conditions--what is your agent advising.
0 votes Thank Flag Link Tue Aug 24, 2010
A rightly priced home will sell faster than normal listing.
0 votes Thank Flag Link Tue Aug 24, 2010
William
Your question is a common one that we get a great deal.

Please look at the link below. Trulia reports that almost 500 homes have recently sold, and 563 homes are the market. If that is correct, then the problem is not that homes are not selling...it is that your home is not selling.

Ask your Realtor for a list of homes, like yours, that, since your home came on the market 15 weeks ago:
1. Came on the market
2. Reduced their price
3. Entered Escrow (have accepted offers)
4. Sold
5. Expired.

What you will find is that homes, like yours, have sold. How can that be? Buyers have choices. The average buyer looks at 12-24 homes. So the only way your home is going to sell is if it offers more value that the others.

Identify the primary competition for your home. Go out and see these homes at an open house.
Objectively compare them to your home. If any of these homes sell before yours, then you have a value problem. Ask your Realtor for advice.

The rule of thumb is:
In the first two weeks on the market we expect 10-12 showings or one offer. If we don't see that activity, we reduce the price by 5%.
No showings...reduce the price.
SHowings but no offers, reduce the price.

One more thing...you are in a declining market. That means that the longer you own your home, the less it is worth.

Good luck.
0 votes Thank Flag Link Tue Aug 24, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Make sure your agent is maketing your home on multiple sites on the internet. Depending on your area 80% to 90% of buyers shop on the internet before they look at homes. Make sure the pictures on the internet are of good quality, so buyers will be attracte to your home. Also, make sure the condition of your home matches your listing price. Stay in touch with your agent. If he/she suggests a price reduction, you should consider it.
0 votes Thank Flag Link Tue Aug 24, 2010
Bill, If homes like yours are selling in the area, for some reason yours is not competitive. It may be because of location, price, features, floor plan, curb appeal or a thousand other reasons. Talk to your agent. What do they say? How are they marketing your home? Who is showing your home? How are the homes that are selling being marketed and by whom?

If homes like yours are NOT selling in your area, be patient. In a slow market there are no magic answers, but remember, it only takes one happy buyer to sell your home. If you can't be patient, lower the price and keep lowering the price until it becomes such a good deal a buyer can't pass it up. Don't blame your agent for the slow market or for the lowering prices; they do not control the market. Believe me, they want your home sold.
0 votes Thank Flag Link Tue Aug 24, 2010
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