Home Selling in 19087>Question Details

Kimberly Lin…, Both Buyer and Seller in Wayne, PA

Price Reduction or Re-List

Asked by Kimberly Linsley, Wayne, PA Thu Aug 5, 2010

My house has been on the market for 85 days. I want to reduce the price dramatically to hopefully bring in traffic and an offer because I have 7 weeks before my new home is completed. We are very motivated and looking for an offer and quick settlement. My realtor has done a price reduction, but would it be better to re-list the property? We are down to 509.9; but based on the area is that still too high? Property is 1176 W. Valley Rd, 19087

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Kate Joynt’s answer

I believe that to relist the property would be counter productive. The cold hard truth is there are many beautiful listings in the area for sale in a similar price range, and in order to stand out to a buyer you must be seen as the best value. If your property is in good condition and looking the best it can, aggressive price drops will be the most obvious and fastest way to attract a buyer. Re-evaluate every two weeks; if you are not getting the traffic (number of appointments) you wish to get, it most likely is because buyers are not finding the best value in your home. That being said, professional photographs and a virtual tour will make it show best on the internet. But nothing will get it sold faster than pricing it right!

Kate Joynt
0 votes Thank Flag Link Mon Sep 27, 2010
Hi Kim, judging from the pics, your home is gorgeous! The kitchen and the living room (room with fireplace) are stunning! I might make one suggestion though, the purple bedroom really stands out in the photos. As cute as it is, I might suggest repainting that a more neutral color.
As far as re-listing the property, what are you looking to accomplish? If you are thinking of just pulling it out of the MLS only to put it back in to show up as a new listing so that the "days on market" start over, the MLS actually has a system in place to counter that. While the "days on market" may start over at zero, the total property marketing period will not start over unless the property is un-listed for over 32 days. (don't quote me on the exact number). Buyer agents have easy access to the total property marketing period. Me personally, it's usually one of the first pieces of information I look at and share with my clients. However, I would suggest having this conversation with your realtor to see if it is best in your situation.
I see you have come down quite a bit in your asking price and that you are also having an open house this weekend. I'm seeing the market pick up a little bit in the 500-600k price range, so I wish you all the best and hope that it sells very soon for you!
0 votes Thank Flag Link Fri Aug 6, 2010
Confer with your listing agent who would have stat's IF your home is to high based on other "like homes comparable homes in market. "

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Wed Aug 11, 2010
My question is: what has the feedback been on the showings you have had. It is a lower market today, but you sound right on target on reducingbelow 500k.
You wil get more internet search traffic and this will help.

Does your home have it's own website?

Did a professional photographer take the pictures?

Was your home staged?

0 votes Thank Flag Link Wed Aug 11, 2010
Good morning, I understand the pressure you must be in to sell. If your Realtor® is advertising the property and you have been showing the home to numerous clients, then maybe you might want to lower the price, there is so much inventory out there,, and with the financing requirement being so tight, clients are searching for the best deal possible. Good luck with your new adventure, and hang in there!
0 votes Thank Flag Link Fri Aug 6, 2010
Good morning Kimberly, if you are staisfied with your agent's marketing of your home and you are really interested in selling your home, then a weekly 2-5% price reduction (until you receive an offer) is probably the best way to highlight your home in this market. Lots of inventory and tighter mortgage requirements are making the homes in your price range a little harder to sell; however, homes ARE selling. If you feel that your home is not being marketed properly, have a face-to-face with your agent and brainstorm some new ideas. I hope this reply helps, Steve
0 votes Thank Flag Link Fri Aug 6, 2010
When you reconsider the price, go and look at the other homes for sale in your area and consider how your home compares to these. Just looking in Trend you have competition with one being priced at $450,000 that looks very nice in the photos. Using a stager is a good ide, and they will be able to help you with paint choices as well.
Web Reference: http://www.VandekarTeam.com
0 votes Thank Flag Link Fri Aug 6, 2010
The others have given you good advice. A buyers agent can find out the number of days on the market.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Fri Aug 6, 2010
Great advice by Nick! The only thing I would add is that you may want to consider bringing in a Home Stager before new pictures are taken. Good Luck!
0 votes Thank Flag Link Fri Aug 6, 2010

Consider what you are trying to achieve. To get more showings and create an offer. When you relist, your home needs to be off the market for 30 days for the listing to not show the previous days on market in the counter on the listing unnder proprty marketing period. Any good realtor will still know it has been previously on the market and should check history. When you check public records information it will also show that the home was on the market. So to relist I believe is actually going to work against you.

If you are going to make a siginificant price change, then re-pricing it alone will not do it. When it is is re-priced it shows in the MLS and will come up on searches where it now falls into price range for customers and on realtors hotsheets. So people will see it. You need to change your marketing as well. Ask your agent to change the photographs, especially the main photo people see when pulling up the property details. You want to make the house look as different as possible so that realtors will not just discount it as the over-priced listing they may have already seen. Also make sure you have a good virtual tour up and in place. Also make sure your listing is seen on as many real estate portals, like Trulia, Oodle, Realtor.com, Craigslist etc as possible. buyers are searching these sites and your home needs to be seen. Also have a video of your home posted, people now search youtube for homes and there are other video sites where your home can be listed. As 90% of buyers are looking online you want to make sure they see your home.

As to price, you need to consider what has sold recently but also what your comeptition is in the T/E school district. Your buyers will be comparing your home against these other houses and they want to make sure they are getting the best value. Also make sure when people see your home they are not feeling that it needs work or updating as these are the major things that are holding buyers up today after price.
Web Reference: http://www.VandekarTeam.com
0 votes Thank Flag Link Fri Aug 6, 2010
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