Home Selling in 55427>Question Details

Molly, Home Seller in Minneapolis, MN

We are having 43rd showing of our Townhouse today!

Asked by Molly, Minneapolis, MN Thu Mar 6, 2008

On market since November with no written offers a few verbal but nothing paned out. Feedback is positive. I know our agent is following up with many agents and doing all he can. We dropped price 2 weeks ago, now we are one of the 5 lowest priced in a 5 mile radius with 2 BR and 2 BA with over 1500 sq. ft. The house is in good condition and that is the feedback we are getting. Is the market here really this slow? What else can we do to get an offer?

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7
Molly
the market is speaking so loudly you are not able to hear it.
Lower the price. All that activity and no offers means the buyers AND their REALTORS do not see enough value in your home. How many homes, like yours, have sold during the past four months?

Good luck.
1 vote Thank Flag Link Thu Mar 6, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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With 43 showings you should have had a offer by now. Are they all showings, or are some previews? Sounds like your agent is doing their job if you have had 43 showings. You could always try and rent it out if your home owners association allows it. Price is the most important factor in getting an offer. Good Luck.
1 vote Thank Flag Link Thu Mar 6, 2008
Molly -

The length of time a home is on the market has definitely increased in the last 2 years. Homes are still selling but at a much slower rate.

Buyers purchase a home that they believe is a good value. This means that they not only look at the price of the home but also how well the home has been maintained and the homes location. You can't do much about the location and it appears that you're in the ballpark with respect to price. The only other suggestion is to see if there is anything you can do to increase the condition of the home. Youj mention that the feedback is that your home is in good condition but how does it compare with the others on the market. It may require something as little as cleaning the carpet, touching up paint, removing clutter, etc.

My suggestion is to ask your realtor's opinion if there is anything you can do to stage your home more competitively with the other homes on the market. You may even want to go through any open houses in your area to see how your home compares with those.

Good luck and I hope this helps.

Alicia
1 vote Thank Flag Link Thu Mar 6, 2008
If you've had 43 showings, I disagree with the other comments that suggest you're priced too high. People who are interested in buying will look for a particular type of property in a particular price band. If you're priced higher than your competition, you won't get many showings. The similar houses in the lower portion of the price range will get most of the showings. And I'll accept your statement that you're one of the lowest priced 2 bedroom/2 baths over 1,500 sq. ft. within a 5 mile radius. That's pretty good!

So, it appears that people looking for your sort of property are touring your house. That also indicates that the marketing by your agent is probably pretty good.

So, 43 people/couples through your house and no offers. What does that tell us? They already knew the price, and it was in their price range. They probably already saw some pictures online, so what's being presented looks like a reasonable value for what your asking. Then they get there, go through the house, and decide not to buy. My suspicion is that something is turning them off.

Now, it could be outside or inside. But, lots of times, if it's outside, the buyers will just decide to pass. Have you been getting many last-minute cancellations. You know, when the agent has called an hour or two ahead, you get the house ready, and then they're a no-show, or the agent calls, apologetically, and says they're running late and won't be able to get to your house. Sometimes that's legitimate. But when there's a lot of that, it can indicate something wrong outside. No curb appeal. Something scary about the neighbors or neighborhood. Or, when there are a couple of ways to drive to the property, and one goes through a good neighborhood and the other one goes through a bad neighborhood, it's helpful if the agent takes the buyers through the good neighborhood.

But, if there haven't been many last-minute cancellations, then the exterior isn't the problem. So, let's consider the interior. How well does the house show. You say you've gotten good feedback...but most people are polite. They're reluctant to offend. Are there any strong smells in the house? Mold and mildew? Pets? Strong cooking odors?

Has the house been staged? Is it decluttered? Clean carpets and walls? Nice and neutral, with some tasteful splashes of color? Nothing around that could offend people? Even if you don't think it's necessary, call in a home stager for a professional opinion.

You're getting the people in there. But something's getting in the way of closing the deal. You and your agent have to figure out what that is.

Hope that helps.
0 votes Thank Flag Link Thu Mar 6, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Wow - 43 showings - you should be thrilled. I can, however, understand that you are frustrated that you haven't had an offer yet. Something is working though to get that kind of activity - must be the photos you have posted and the condition of the property. Now, the most likely reason you haven't had an offer could be the price. And yes, the market is that distressed and buyers are that fickle. So the simple choice is: Price the property to sell, or price it to continue to live there. Best of luck. Jose Gomez - Miami Realtor
0 votes Thank Flag Link Thu Mar 6, 2008
Molly,
The market is slow, buyers are scared and aren't writing offers. Housing is the one thing people don't want to buy when it's on sale. Your options are keep waiting for an offer or keep lowering your price until someone can't resist and gets off the fence.
Michael Doyle Realtor
0 votes Thank Flag Link Thu Mar 6, 2008
Hi Molly...

The market is especially tough for townhomes. You are on the right track though with doing a price reduction. There is just too many townhomes available at this time. What has your agent done to market it? Flyers to other realtors, virtual tour, chcnging pictures, 3% payout, any incentives?

The thing to keep forefront in your mind is that yours need to be the most attractive, best priced (for what it is) and show the best within the group of competitive townhomes in your area. Have you gone with your agent and toured any of your competion? That could be interesting.

Please be patient, it will sell.

Thanks, Todd Norsted
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Thu Mar 6, 2008
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