Pure and simple - Your home is worth what a buyer will pay (and then, what an appraiser will appraise it for!!).
The buyers who have seen your home do not perceive value as yet, and the current list price is not encouraging them to make an offer.
I did a blog on "Sellers' famous last words" - one phrase sellers often use is: "Let them (the buyers) make me an offer"
They won't make an offer if they think the list price is unrealistic.
Lower the price.
You have the evidence before you; NO OFFERS!
You may say that you have lowered it as low as you can;
The Buyers don't care what you think your house is worth;
they will offer what THEY think it is worth.
Good luck and may God bless
It could be location, condition, ambiance, layout, room sizes, other... or any combination of any of those. It's hard to know. If the house is beautiful and shows well, it says that you're overpriced.
And unfortunately, the market doesn't care if you "can't" lower the price anymore... the market will pay, what the market will pay, and not a dime more. Buyers today are not looking for reasonably priced homes, they're seeking bargains.
If you're truly unable to reduce your price anymore, then you have to face the possibility that you may not be able to sell. And then you have to weigh that potential. Can you afford to keep your house, do you need to move, have you been transferred. Is the property rentable, and what will your costs be (include wear and tear) if you should rent it?
so, if you're still here reading this...............how have things gone in the past 6 months since your first posted this??
It would be nice to get some feedback............did your home ever sell??
Your home is within the 'value bracket' of the buyer otherwise they would not be touring your home. Additional data is needed.
1. How many homes are selling at your price point in your area each month?
2. How many homes are selling that are comparable to your homes features in your area each month?
If sales DID occur:
3. Why did they sell and yours did not? ("I don't know" is not an acceptable answer.)
Now, create the appropriate strategy to remove these obstacles OR...as Roland indicated...wait. Some homes ARE unique and create a situation worthy of waiting for the 'right' buyer. Your situation dictates the best option for you.
This week I received three purchase offers on a home that has been on the market for four months with no previous offers. Fortunately, I did not beat the seller into submission resulting in reducing the price for the sole purpose of shortening the selling cycle. 99% of listed price is a good outcome.
Trust your data...I really mean data...and stay the course. Find ways to promote risk aversion or quality of life or benefits or prestige or life change results that will resonate the the profiled buyer. Prepare a side by side by side features list of homes competing with yours. If you are competitive it will be very apparent. Create for yourself an advantage then trust your data.
best of success in the sale of your home.
If you cannot lower it any more, then you will have to wait until just the "right" person shows up. There are three factors that affect the sale of a place. First and foremost is price (which is related to perceived value). But there is also time, and it's a definite factor as well. The third is luck and as you know that comes in two flavors - bad and good.
You need to be aware of the other properties on the market that you are competing against and price your home accordingly. If buyers can get more value (i.e. more square footage, more updates, better layout, etc.) elsewhere for the same price, then they will continue to choose those other properties over yours.
Hope that helps!
1) Individuals create the market for for home. Sellers set prices based on what they feel their home is worth and they are oftentimes in-cognizant to the price the aforementioned "market" will allow.
Buyers choose homes based on their value for the dollar.
If there are 6 homes that are all very much similar and are being offered for relatively similar asking prices, and 2 of those particular homes strike a fancy with the particular buyer, they will pay the least price for the most home value.
2) If a home is 'beautiful' or even 'too beautiful,' a home might show that the owner is 'hiding something.' Something too good to be true, may be too 'good to be true.' Even if that is not the case.
3) The key to selling a home is to present it so that the average homeowner in your demographic could see themselves in it. Oftentimes sellers don't try at all, which makes a negative impression on potential buyers, and occasionally, sellers try to 'oversell'' their homes in such a way that potential buyers just can't see themselves living in it. That is one of the primary reasons a well shown home just can't sell. The seller overdoes it.
*The best recommendation for selling a home is simply to keep it clean and live in it. Keep it clean and uncluttered. That leads to a faster sale more than anything else.*
Good Luck (if it hasn't sold already),
If you are represented by an agent, that person will usually follow up with all showings and ask for feedback. In most instances, the agent showing the property will be fairly candid, i.e., home did not show well, backed to a busy street, overpriced, etc. However, if you are not represented by an agent, therein may be where the problem lies. There is a definite hesitancy to be as honest and direct with the homeowner himself as opposed to discussing any drawbacks with another agent.
If you are representing yourself, give the showing agents a follow up call and specifically ask for their feedback. If you are represented by an agent, insist they start doing the same to hopefully get you some answers.
Best of Luck,
If the home is beautiful, well updated, right size and age in your area, and everyone says it shows very well..... then may be the price? lot size? taxes?
Or just simply those buyers who stopped by just like something else..... You know I always refer
buying and liking one house contrary to another by a specific buyer, is like dating
Why in the world do we go crazy over one person and could not care much about another :) :)
Same with homes, if your home is priced right and revisit that with your Realtor, then you are
really just waiting for the right buyer to come along....
Good Luck to you~!
Most sincerely yours,
Edith Karoline Jasser YourRealtor4Life! Working always in the very BEST interest of her clients, covering most if not all of the city of Chicago, all N and NW suburbs, the fine homes of the North Shore, and many of the W and SW suburbs as well.
with @Properties, with several offices in the city of Chicago, offices in Evanston, Winnetka, Highland Park and lake Forest, 30 Green Bay Rd, Winnetka, Il. 60093
EdithSellsHomes@gmail.com or EdithDoesItRight@yahoo.com (preferred)
or contact me via my website at http://www.tinyurl.com/MeetEdithHere, you can find out
about YourRealtor4Life! and her services, expertise & more
Have a most wonderful Day!