I'm a local realtor in your area and I have been finding that there are still buyers in your price range. The problem is the stiff competition out there. Buyers are looking for the deal of the century and are very savvy to the local market. Just think for a moment. If you had a good offer today and it was below your asking price, would you take it? If your answer is yes, then you should lower your price. Don't miss that window of opportunity. By lowering your price, you fall into a different search criteria ($250K-$300) which will generate more activity. I'm sure your home will sell, it looks lovely. Patience is the key in this market.
I have to agree that a brokers brunch will not bring you any closer to a sale. if your property is listed you need to ask your agent or if it is not listed i could assist you, but what you need is a current brokers price oppinion to show you what similar homes have sold for in your neighborhood as well as what similar houses are now listed for. More than ever being priced correctly is so important to get people into your house to even look, you cant get offers if you do not have lookers. Especially in Windham where it is a desired area but there is not alot of buyers yiou need a marketing plan with extensive advertising to reach these potential buyers. if you are still liste you need to make sure your agent is advertising your house in the right places, thet they are offering a 50/50 split of the commission to buyers brokers and that they are doing assisted showings on the ones you do have so someoen is there to answer the buyers questions to peak their interest. good luck with your sale and if you ever need any help please feel free to call on me.
You need to price your property as accurately as possible. This market is changing for the worse and the faster you sell the better off you will be.
All the best,
I am concerned about the listing not selling since July than I am about the brunch.
I suggest that you ask your Realtor to meet with you and provide the following information. Since your home was listed, how many homes have:
- Come on the market - how many homes, like yours, are in competition with yours.
- reduced their price
- entered escrow
You might want to look at the link below. According to Trulia 34 homes have sold recently. So the problem is not that homes are not selling the problem is that your home is not selling.
To sell a home you need showings. The rule of thumb is 10-12 showings or one offer in the first two weeks of market time, or you reduce the price. In most markets we know that homes that sell in the first 30 days sell closest to asking price. In my market homes that sell at 120 Days On Market (DOM) sell at 92.7% of asking. Within 30 days they sell at 99.7% of asking. That is a huge difference.
The rule of thumb is:
Few showings - reduce the price
No offers - reduce the price
- low offers - reduce the price.
The buyer that sees the homes they buy first sees it with a Realtor 90% of the time. So if you are not getting showing activity, Realtors are not on vacation. They are showing homes that show more value than yours.
So you have hurt your chances significantly by over-pricing your home combined with long DOM. BTW a $10K reduction on $329.9 is not a price reduction. It's a price change. Don't bother reducing the price unless it is 5%.
So you have a couple of options-
1. take it off the market
2. if you really need to sell for a special reason (job, health, divorce), then you'd better consider a short sale. An overpriced home will not sell (you've proven that) and now to re-launch your listing you'll need a lower price. To get a lender to agree to a short sale means you better be able to prove hardship.
3. If you cannot really prove hardship to have short sale, ask the lender if you can take a promissory not for the shortfall and you'll pay it back
4. Don't sell, rent it out.
I am very sorry for your situation. I hope that this advice is helpful.
One of the first things I ever learned from my favorite Realtor's posts (ELV!S knows who that is), and I am paraphrasing, you do not sell your home, you only sell your house.
Take a look at my blog (link below), and see what my favorite Realtor had to say about broker tours. Hopefully a house specific brokers' brunch will have the same appeal since there is food involved. :)
BTW, as they say, there is no time like the present. Reduce now, and you may not have to put up with a bunch of clutsy agents stumbling through your house. lol
Also at this point what you are selling is not your home but a liability. Your home is where you are relocating to and you have not found it yet.
The price reduction goes to agents now. If they have buyers, they will show it if it is a great house at the right price!