Selling a home in this market is a very challenging situation.,
The success of selling a home is tied to 3 basic factors.
1) Condition of the home. This is something you can control. Have you & your agent done a survey of what needs to be done to sell your home. Are there problems that can be adrressed. Just one tip-Buyers have a tendency to overinflate what the cost of a repair will be. Therefore, having the repair made to sell the property will very often result in a higher net number than if you let the Buyer make the repairs & adjust the price accordingly.
2) Price of the home. Are you priced competitive to the priceof the RECENTLY SOLD homes in your neighborhood. Buyers don't care what you paid for the hoem. Don't care what you have invested in home. Want to know are you priced competitely in today's market. Have you & your agent updated market conditions in the past 30 days?
3) Marketing of your home. Do you feel that the Listing agent has made the right steps. Do you have a presnce on the web.
Only you can answer these questions.
RE/MAX Premiere Properties
You're correct: You should have had some activity. And more than "at least a few showings" in 90 days. Different Realtors have different rules-of-thumb regarding showings. But if you're not getting at least 4-5 showings a week, you're priced too high.
You say "there are many other houses in our area that are in our same price range and are contingent or pending." I kind of doubt that. Again, a CMA will help determine what's going on.
Is there a problem with the marketing? Maybe. But 80% of the marketing is getting it on the MLS at the right price. Open houses usually don't do much good, but your agent has even done that. Perhaps your agent can have a "broker's open" to which other agents are invited. Suggest to your agent that he/she run a little contest--maybe a $25 gift certificate or gas card--for the agent who guesses closest to what your home will actually sell for. That'll give you and your agent a good feel for what other agents really think your home should be priced at.
If you'd said you'd been getting a lot of traffic but no offers, then my response would have been different. (Price probably OK, but something else is turning the people off.) But no showings--none--in 90 days is a very, very clear indication that your home is priced way too high.
Hope that helps.
The first thing you should do is address your concerns with your agent. You hired this person for a reason, so sit down and have a serious conversation with your agent and see if you can move forward together with a game plan that makes sense. If you and your agent are not on the same page, then it is certainly fair to express that you want to find another agent who may be a better fit.
On a different note, open houses typically don't sell houses, so you need to have realistic expectations of what open houses will and won't do. They typically bring tire kickers as serious buyers are most likely already working with an agent. Good luck selling your home.
Yes a week and a half is enough time for an agent to make the changes that you requested.
Call the agent & tell him/her that you expect the changes to be made by the end of the day. If they are not completed by the following morning, call the agents broker. The broker will probably not let you out of your contract but may assign you a new agent that may better serve your needs.
Unfortunately I do not feel that the pictures will be enough to sell your home. Please have your agent pull just the comparable sold listings in your area and look at their prices & the incentives that were given to the buyers (such as closing costs). The homes that are pending are not good comps because until they close 1.) they can 'fall out' and become available again 2.) the price they listed for may not be the same as what they will actually sell for 3.) the price they listed for could include major concessions to the buyer & actually net the seller much less than indicated by the list price.
You say that you do not wish to make a profit beyond what you actually require to simply sell the house and purchase another and if the comparable homes suggest a price that you can achieve those goal that will be great! but then you mention that most homes in your area are under $100k & yours is above & you can't compete. Maybe you shouldn't (compete); there are possibly other options for you to consider: ask your lender if you could purchase a new home & rent your current home...
Unless you have a very unusual, exceptional or unique home it is very unlikely that a buyer looking for a home will pay more just because the seller needs more money for their own purchase, why should (the buyer) when they have other similar homes to choose from & in your price range you are attracting primarily first time home buyers where their funds are very limited & they are contingent on an appraisal (so even if they offer your price it sounds as though the appraisal will scuttle your deal).
Best of luck,
I am very sorry to hear your frustrations. I am an active agent in your market selling homes and with several homes listed for sale in Euclid. This market is extremely difficult right now. There are 529 active single family homes, 100 additional homes are currently pending, and in the last 6 mos 220 have sold. Of the Active homes: average list price is $86,000 with a current market time of 136 days, Pending: average list price is $65,000 with a market time of 126 days and Sold homes: Average SALE price is $54,000 with a market time of 90 days. Your market has a high number of foreclosures and REOS. Many home sales are distressed caused investors to be purchasing and buyers to buy very slow. Some homes are selling above $100,000 - Currently Active are 153 homes with an average price of $128,000 market time is 128 days, Pending - 16 homes average list price of $120,000 market time 178 days, and Sold in last 6 months - 27 average price $134,000 with a market time of 136 days.
Selling your home is possible, challenging but possible. Every avenue of your marketing and pricing needs to be reviewed. Proper placement in your market is the key to your success. Please let me know if you want to speak in more detail. I am happy to help if able - Jennifer Allen Prudential Select Properties 440-796-4833 firstname.lastname@example.org
I'm originally from Cleveland, and I continue to invest throughout Greater Cleveland. So I know the Euclid market pretty well. Although the school system isn't the best, it's certainly far from the worst and better than average. Homes that are priced right are definitely moving. Depending upon the part of Euclid that you're in, you might also be in the pathway of progress for some of the Cleveland Clinic acquisitions. Property values in many parts of GC have been increasing ever since at least November 2008; there was even a couple articles on this in the Plain Dealer and the Crain's Report. Plus, I've checked out several deals in Euclid, so I know properties are moving there. In fact, depending upon your price/terms, I might also be interested in working with you on this.
Don has several great suggestions.
I really like broker open houses. I find that if I do them and serve a nice lunch that it really draws agents out! I also make sure to have plenty of comment cards & lots of directional signs(those that you see on the street) leading to the home (because I have had buyers see them & come as well).
You say that you haven't had any showings.
Have you pretended to be a buyer & gone to the major home sites to see how your home appears on the internet? Besides proper pricing and placing the home on the MLS, I believe that the internet is an invaluable tool. Depending on the source of the statistic, up to 90%!!! of buyers search online to find a home and if your home doesn't show well there you are missing out. So go online & pretend that you are a buyer that would be interested in your type of home in your general area (i.e. if you go to Trulia or Realtor.com to search for homes, do not put in your address but instead put in a price range that would include your home, type in your zip code or city for the area, if you have 4 bedrooms tell the search engine that you want 4+ bedrooms, etc.) and see what comes up.
How does your home 'rank' in the list of homes/how does it look compared to the others? Do you only have a few photos or over 20? Are the photos nice or ..? Are the features listed? etc.
If it looks as though your agent has done the marketing and it sounds as if it is properly staged that goes back to what Don said re: Price, because that is all that is left.
I think that you and your agent need to review the most recent sales in your area (the comps he gave you 90days ago are no longer valid in the current market/ appraisers are only going back 90days in their valuations).
Best of luck,