Hi Hedi,

Is it possible that you will consider not selling at this time in the Buyers market?
Instead opt to rent out the house. At this price range I am assuming this is a larger home fit for a nice size family.
Alot of times this is more home than one needs.When we look at the demographics of Bartlett vs the economy. Looking around I see alot of vacant homes from Owners that could of simply rented.and woulds of had an monthly income producing property. You are a Buyer and Seller?

Personally, My family is looking to move very soon,my home that I am renting will enter the market in a subdivision that already has vacant homes. One across from me is not selling and looks like from the mortgage the Owner wants they'd fare better renting to someone who has a Housing Choice Voucher. At least this would be a on time guaranteed way to get paid.

Considering this option can be beneficial for a year lease till the Market climbs out of this recession. Also please note that the Home Ownership program allows a Voucher holder to use their Voucher on the Mortgage. This means Owners can see the possibilty of selling instead of renting.

Another thing that will make a difference, when I am looking for homes the pictures say a thousand words. I've seen listings where there isn't enough pics or the quality was unappealing. For the price,I believe this is the gate to making the home interesting enough to go see! More than words.

I hope you resolve this problem soon....Goodluck Hedi,

Few questions?

a) Do you have a listing agent?
b) What are DOM's
c) How many have been sold in past 6 months?
d) Have you spoken to neighbors determine how many showings prior to their house under contract?
e) Is there new construction
f) What is your price per sq. ft
g) How is listed in MLS

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

http://www.lynn911.com

Hi Heidi,
There could be a lot of different reasons for not having had a single showing in 6 months..... Lots and lots actually....
Price as you have heard from others is one, but it if you discussed it with your Realtor beforehand and if you have seen the comps, it may not be the biggest one! Let's assume you reduce the price a little and you may still not get any showings etc. etc.

So let's look at what else could be not helping
First and foremost we are in a buyers market, more properties on the market for sale (and many short sales and foreclosures and those sellers that absolutely have to sell and all these categories push the pricing further down) than ready and willing and financially approved buyers. So the buyers and their agents, can cherry pick from the beginning, they can look first at the biggest, best, most updated, most impressive
curb appeal homes at the best price, everything else they will look thereafter...

So if you are working with an agent, sit down and yes see together some similar homes and compare to yours the differences, then consider staging or at least (if needed of course) move around some furniture or even remove to show rooms larger, paint if that can make the home more attractive, front door and curb appeal, anything you can do there....

Then discuss where your home is advertised on the internet for example in as many places as possible, that's where most buyers start looking these days and make sure all the photos take of your home
show it beautifully!

And THEN REDISCUSS PRICE WITH YOUR AGENT ..... Looking at a few similarly price homes - your competition is a really good idea to see for yourself the differences pros and cons...

Good Luck to you!
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients....
Century 21 SGR Chicago *& Northshore
EdithSellsHomes@gmail.com

The problem is price.

Bill's correct: If you're not getting showings, the problem is price.

The fact is: Home buyers go into the process knowing at least two things: (1) The general price they can pay, and (2) The general nature of the property. They probably also have an idea of location. Most buyers start in a price range--let's say $400,000-$500,000 and the geographic parameters, if any. Then they narrow it down to what they like and what meets their needs. People who are prepared to spend $400,000-$500,000 are choosing to ignore your home.

A couple of quick suggestions: Ask your Realtor for a new CMA. (Huh? He/she didn't do a CMA to begin with? Then at least get one now.) Look at the comps. See how they compare to your home. My guess is that the comps will be priced at least 20% under your price. Then actually go and visit some of those homes to see how they compare. Next, do a search for homes in your geographic area priced within 5% of your home. If you're at $450,000, take a look at other homes priced between $430,000 and $470,000. That's your current competition. Then visit a few. Based on that research, lower your price accordingly.

I disagree with Bill slightly about getting showings but no offers, or no acceptable offers. If you were getting some showings but no offers, then potential buyers thought--based on the MLS listing--that your home was a reasonable value--decent price for what you were offering. Then they got there and something changed their minds. It might be the curb appeal or the condition of the house. It might be the neighborhood.

But you're not there yet. Six months without a showing--even in today's market--says something is seriously wrong. And that something is price.

Hope that helps.

While I am a NJ Realtor, and don't know the makret in Bartlett IL, you should speak with your Realtor. This is a difficult market, nationwide, but all real estate is LOCAL -- meaning that some areas-- even within a community -- might do well while others are not.

Even so, homes must be "marketed" -- not just put on the market. Your Realtor will have strategies he/she can employ to interest prospective buyers in your home -- things like Open Houses, online and print advertising, targeted postcards, even letters and brochures to local attorneys who may handle divorces where at least one party may need a new home.

Two more things:
1. if $400k-$500k is considered an "expensive" home in your area, that may account in part for the lack of interest. Right now, it is mostly the first-time buyers (who generally have less money) who are looking for homes.

2. I suggest you go to some open houses, or ask your Realtor to take you to some listings in your price range to see how your home compares with others.

Moreover, I urge you to speak with your Realtor ... I am sure he/she is just as concerned as you about "no showings in 6 months).

Good luck!
Teri Malone, Weichert
www-Westfield-Area-Homes.com
I have Amazing Results because I have Amazing clients!

Here is the vis-home link and what they can do for you... http://www.smartfloorplan.com/il/v291296.
Greg

Heidi,
You need to really think about Sharon's answer with regard to photo's. They need to be professional and truly represent your home. I have noticed that the use of a professional picture plan company is imperative in this market....check out the Vis-Home website...for a very reasonable cost they put together an unbelievable package.
Also, when you had the brokers open house what where the comments? This is very important as a group of knowledgable agents all giving you their individual opinions can be very constructive. Finally think about price point...why 480K when $475K puts you in a different buyer pool?? When buyers search the internet they most often hit 25K ranges so at $475K you are in two buyer pools....i.e. 450 - 475...475-500...just some things to think about!!
Greg

Heidi, certain price ranges have been extremely slow. It is imperative that you take advice from someone that knows your LOCAL area. I have attached a link that shows what price ranges have been selling in the Bartlett area and the upper prices have been extremely slow. The 'trickle up' effect has not happened yet that we would have in a normal market. What I mean by that is the $300K seller becomes a $500K buyer and then moves up to a large home. The lower end, starter homes, have seen the majority of activity.

Hope this helps and if you need further questions answered, please contact me.

http://activerain.com/blogsview/1141157/bartlett-illinois-ma…



Lyn Sims & The Blog Dog
RE/MAX Suburban
(847)230-7324

Heidi:

The answer below is right on target. Price is the cure for any problem. However, there is one other thing you may also want to investigate and that is how it is marketed on the internet. Have you viewed your home online to see if it has interior photos? How do they look? Are they professional? Remember that over 85% of buyers begin their search on line...and photos can make or break whether they have a desire to view the home. If this is your case, make sure you have good interior photos and ask your agent to help you stage your home so you get good photos.

Although the market is unusual, there are homes selling in all price ranges. The question is...is yours the best in the price range (competitive, priced right, staged properly) and then marketed with these positives?

Hope this helps.

Heidi,

Simply stated....this is not normal.

It's commomly understood that if homes that are listed "for sale" are not getting showings there is a problem. This problem is normally associated with the home's pricing.

The general rule to follow is....no showings, lower the price. showings but no offers, lower the price. offers but none that are acceptable, lower the price.

Ask your agent for comps on the recently sold similar homes in your location. This should shed some light on what your realistic price range should be.