Sportci - in my humble opinion, at this point comps, current competition, and all the stats and square footage information in the world don't matter (now, if NOTHING is selling in your area, that might matter, but I don't think that is the case)................. nor do bonus tv's or perks thrown at the agents..................the market (ie - buyers) are talking to you!
The test of the market IS the market.and you have been testing it to no avail.
The buyers are saying something is preventing them from seeing value in your home.
At a new price, new buyers may be brought in ...their expectations might not be as high as those brought in at the higher list price.
You need to find the buyers who will overlook the road behind your home, and see the value you are presenting.
You've got over 30 very Active Realtors interested in the Sale of your home. I know I am very curious where this great deal is located. I just ran a search of ranch style homes priced between $450 and $570 in 80211 and only came up with two homes, neither of which back to a street. Does your home show that it's a ranch style in the MLS? Also, how about a broker open, you and your Realtor post it on here, advertise at your Realtors office and at their local Board of Realtors and you may be surprised how many Realtors come take a look. Broker opens generate interest in the house, we Realtors get a few little hors duervs and we tell give your Realtor our honest opinion of why the home hasn't sold. Of course now that this is the last two weeks before the tax credit deadline most of us will be too be too busy to come. If you're still on the Market come May you may want to do a broker open. Currently my Son and I are working from 6am to about 2am every day. We have 12 homes under contract and expect 2 more by Monday...that's a lot considering the average agent only sells 4 homes a year. Just about every agent in our office tells us they are doing the same thing, so now is not a good time for a broker open. Hopefully the tax incentive will get someone to buy a lower priced home so that the person selling the lower priced home will be able to come and get yours.
When I see this kind of situation, the first thing I think is that it is time to review everything. This includes the price, but it also includes everything about the house. If I were you, I would take a step back and look closely at the home's state of repair and how it is styled for sale. Are there many little maintenance issues that you have become used to, but which may represent work for buyers? Things like scratched woodwork, chipped paint at corners, wear marks in wood floors?
Does the house look good from the street? As spring unfolds, will there be flowers in the yard and a nice trimmed lawn or will there be bare spots? Are leaves from last fall still in the yard? Are there unfilled cracks in the driveway and sidewalks? Is the entry door clean and freshly painted?
When buyers walk into the home, does it appeal to the woman of the family? Are there feminine touches (without going overboard, of course)? Are the rooms bright when buyers see them or are shades pulled and lights turned down. What about the colors. Some colors like pink and lavender make it hard for buyers to see their possessions in the home. Neutrals or, in some cases today, designer colors seem to appeal to buyers.
If you want to sell your home, you must see it through the eyes of the buyers.
I hope this helps.
Prudential Real Estate of the Rockies
Perhaps the listing should state that the home backs to xxx street and is priced accordingly. Your Realtor can tell you how much less homes backing to the street in your neighborhood get. By stating this up front the Buyers will have the street in mind and maybe not be so disappointed when they come to see the house. You might advertise that someone can actually live in this wonderful neighborhood at a lower cost.
Good Luck to you, I hope you get it Sold,
Great answers so far - lots of good idea.
Here's my take on this...................
In today's market the buyers are even more skittish when there is some kind of "negative" attached to a home (ie - backing up to a busy road).
During more robust markets, buyers more easily overlooked things like that. Now, they want to be assured they are getting the most value for their money. A negative, whatever it may be, needs to scream "good value". That very well may be why you have had so many showings and no offers. I will assume (hopefully) that your home shows well, has been decluttered and sparkles! I will also assume there is nothing in the layout or structure of the home that may be viewed as problematic.
So..............................since you can't move the house to another location ( well, you could, but that would be rather extreme!! ).........................what to do?
I will repreat what I often say here on Trulia - it could almost be my mantra............when all else fails....
.PRICE IS the great equalizer. Objections will be overlooked at the right price.
Now.......how do you find the "right" price?
It's kind of like trial and error.
fasten your seatbelt, as this isn't easy to do.
You make periodic reductions until you find the price that excites the buyers, and starts bringing in offers.
You seem willing to price your home competitively..........so, you might be just at the point where the excitement will begin.
You need nerves of steel, and the financial ability to do it - I know this isn't easy to read.....or do...............but I'd try a substantial reduction (5%)............give it a few weeks, and see what the response is.
If no repsonse, and you really want to sell................try it one more time.
It hurts me as much to type this as I am sure it does for you to read it.
But..............the street is your deal killer at your current price. You have to make it "go away"..........the right price can do that.
I wish you all the best, and please let us know what happens!
Happy holiday weekend to everyone...........
Prudential NJ Properties
If you are curently working with an agent, I suggest having that sit down, face to face, heart to heart meeting. Agent needs to understand your goals, objectives, and urgency. 43 showings and no offers may be shouting that somethng is wrong, but what is the time period for getting 43 showings? Are the 43 to qualified buyers or are open house visitors included in that number? You have lowered the price.... how does that look on a price per foot basis? What is the current competition? "It but backs up to a busy street" is an ojection. Objections are signs of interest and no offers are a sign of pricing problems or value proposition issues. The other thing is whether the advertising is perfect for your home. When buyers come to view and have expectations that are not fulfilled, they go away. Are any of the area builders still giving those huge incentives?
Experience in the marketplace seems key to getting this offering moving... What is it taking to get the other deals in the area done?
Hope my ramblings help! Taylor
How relieved you must be - what a long road you have travelled, but what a nice way to celebrate the 4th of July weekend!
All the best to you in your search for a new home - now you're on the other side of the table!!
The 'virtual celebration'. Woohoo!! So glad to hear of your success and tell your Broker congrats for all of us. We have all been in similar situations. I just closed a former $1.5M short sale last Wednesday on the 3rd offer after 9 months of wrangling with Bank of America. It is also good when a consumer sees a little of the frustration we go through as Realtors. So, now are you going to be extremely picky and demanding like the 100 buyers that saw your home? (-: Have a great 'Independence Day' Weekend. All the best...
Robert mcGuire ASR
Your Castle Real Estate
WELL NOW WE ARE BUYERS... LETS SEE WHAT WE CAN DO TO MAKE UP FOR THE LOSS WE JUST TOOK :)
Let us know when you close. We can have a virtual celebration and housewarming party for you. Also tell you Broker we are all proud of her for hanging in there and getting this done as well.
Robert McGuire ASR
Your Castle Real Estate
Woohoo!! It sounds like the same as my scenario about 40 answers ago when I had my 'career listing'. Suddenly out of the blue someone walses in and says "this is jus what I am looking for, how soon can we close. Let's hurry before someone else sees it". Congratulations and thank you for allowing us to share in your experience and pontificate as to our self proclaimed expertise. (-:
Your Castle Real Estate
But when the prospects see it they are disappointed or feel the value is just not there and that it so far out of range or livability that they just are not interested in even making a low ball offer.
Robert McGuire ASR
Your Castle Real Estate
Is there a charity that you donate to? If so you might think of organizing a fund raiser one night. Invite other Realtors, people from the charity, call the news stations put an ad in the paper, mailers and maybe even get donations for a prize drawing. Take some very nice photos when creating the marketing pieces. (you might be able to get that donated). A girl in my office held one and got the house sold from another Realtor that brought a guest.
I'm trying to think out of the box for you.
I hope the new people that read this thread take the time to read the other answers. We need new information here.
Obviously, for that many people to come, this property is very attractive to them for some very good reasons ---- size of the house? size of the lot? location? Even the price may not have been a detraction at first because they came in spite of it.
So there must be something else besides your property backing into a low-speed road.
Perhaps you should revisit your pricing strategy (obviously, your marketing is working to have that many people get in the door!). Have your agent prepare a feedback sheet -- itemizing what the buyers like and don't like about the property, or interview the other agents in-depth and ask them what it will take for their clients to write an offer on your property. Then perhaps you can offer some incentives to help them along -- like pay for some of their closing costs? Credit them a certain amount towards repairs/replacement?
Murphys' Law means that the day you pack your moving boxes you get an offer ... :-)
I am Checking in again for the 3rd time. What a frustrating dilemna. So are you out of state right now? Some people have had success by doing a one day discount sale. Reduce the price another $5,000-$10,000 for one day only and advertise it heavily by email, e-flyers, social media, etc. Ads say 'One Day Only' or it goes back to full price. I have never done this but have known a couple of people who have used this strategy successfully. It seems like you have a diligent as well as patient Broker working for you. What is her thought at this time on the situation?
One thing you said in your last post I think is very important. Taking 'spiritual' approach as well saying prayer is in the mix and realizing that part of this is out of your control and what is meant to be will happen. There could be a real reason that the sale is being blocked an you are being led back to a home you have loved for a positive reason. All the best to you and God Bless.
Robert McGuire ASR
Your Castle Real Estate
We have decided that patience, prayer, and following what is meant to be will be at this point... If it doesnt move by July we are heading back... because we know that we loved it and would be happy to live there again.... we figured that before we got to this point someone else would as well....
It is time for you to really take a hard look at your house, your price, the condition of your home, your yard -- and talk directly to your own agent. Are you really following your own agent's advice?
I am loathe to tell anyone to change agents. Your agent clearly has worked hard for you. But - 77 showings is a statement of something, and it's time to find out specifically what IS the main objection: Is it your property, your home's condition, your price??? Is there some reason that bank financing for your home will or is difficult (terms)???
Note that everything under question is "your". It is your property, you control the outcome. You have to be objective and find the answers - selling a house isn't a mysterious process.
Selling always boils down to 4 main things: PRICE + CONDITION + LOCATION + TERMS.
The fact that you have 77 people in your marketplace looking is FANTASTIC. Why aren't any of them choosing your home? The fact that you are getting 'verbal low offers' means there is interest -- just not at your asking price. That's a pretty strong signal if you ask me.
Essential that you figure out what the issue is.
What if any is the feedback your agent is getting from all these showings? I would be curious to hear what the other agents say besides price.
I would tell your agent not to accept any verbal offers. That makes me mad when an agent can't even take the time to write up a PA. If they are serious they will put it in writing. Once you have the PA you can negotiate better, so don't waste everyones time with verbal offers. This whole thing just blows my mind as I'm sure the other agents are scratching their head and wishing they could get in there and negotiate for you.
Also, please have your agent tell those agents of the past showings you have dropped the price.
I hate to say anything against your agent but you need an aggressive agent that can get some offers.
Sorry if I sound frustrated, I don't mean to, I just hope that you sell this house soon.
Good luck and all of us are rooting for you! :)
(Just kidding - I'm not that violent!)
verbal but not written offers?
did people just throw out low numbers, and not follow through in writing?
We are all rooting for you!
Hopefully, 78's the charm!
I suspect that you are working with an agent. But, if you're not working with an agent, maybe you should now seriously consider bringing one in to market your home.
Seventy-seven showings is a lot. Your agent is doing a good job of garnering interest. The agent should be following up to see if any of the early lookers want to come and look again after you have lowered the price.
If you have done anything to the home since you started showing it, all the more reason to get on the phone.
I would be as frustrated as you sound Sport, but take heart. The summer months usually bring out a lot more buyers. We should see more shopping in your price range.
Best of luck!
What advice is your agent giving you? By the way, are you listed with a full service agent or another kind of service? Are you feeling like you are doing everything you can? Is your agent (or, if you listed with a not full-service company, is that impacting things?)
You certainly should not detail specifically your answers with us here, especially since some in our reading audience may have clients for you - but it's definitely time for a heart-to-heart with your agent.
Hopefully you are negotiating a sale right now, and waiting for the inspection process to be done!
Good luck, :)
There are 5 main reasons homes do not sell.
#1 The Price: you must be priced within your local market value. You have to be in-line with what other comparable homes recently sold for in your area. You must be in-line with other reasonably priced homes that are your competition. (of course the lower priced homes are going to sell first). If you are over priced then you will not be able to sell your home even if someone wants to overpay for the home. The reason being is that it must appraise for at least the purchase price for the lender to be able to loan the funds. Unless of course someone is willing to over pay with cash.
#2 Marketing Efforts: List with a professional Realtor, Local M.L.S. and Internet exposure are key. etc..
#3 Property condition/staging: De-cludder, Clean, fix unsightly problems, etc...
#4 Availability: Make your home available for showings, don't have ridiculous showing times. etc...
#5 Location: If your home backs to a freeway, don't try and sell it for the same price as the homes in the middle of the neighborhood. Or if it's on a busy street, awkward lot, next to junk yard, the part of town with the less popular school district, or whatever.
coming late to the party.....but there is not much you can do about a road. I'm a big fan of fountains when there is the potential of street noise, it distracts the buyers' ears from other noises. Just an idea.
You may have the longest running thread on Trulia. I sent a comment weeks ago shortly after you posted the question. A lot of good insight from the Realtors here. My thought is that you may want to have your agent personally contact the showing sgetns that showed your home. Ask him for more detailed feedback from the potential buyers that looked. Ask for frank, honest, qand unabashed feedback. And brace yourself for some of the answers that may come. Don't take the answers personally, but you may find dominant theme or certain 'clue' that is beyond the fact that you back up to a major street.
We have all been there and done that with listings that won't sell. My record is 150 showings on a nice 'fix and flip' in the North City Park, Whittiers area a couple of years ago. One day a buyer who had just seen the home stepped up and loved it and purchased it without a mention of any of the previous, negative feedback. Best of success to you. Let us know what happens next.
Robert McGuire, ASR
Real Estate Broker/Consultant
Your Castle Real Estate