1. How many other homes (comparable to yours) have sold in the last 90 days in your neighborhood?
2. What did those comparable sales actually sell for (per. sq. ft.)?
3. Where there any seller contributions/incentives on those sales?
4. How do the comparable sales compare to yours (amenities)
5. Review all available data (incl. photos) of the sold homes and objectively determine if your home is priced properly and if the condition is equal to or better than the homes that sold.
6. If you have a professional agent, he/she should be able to give some insight as well.
This will give you a starting point in figuring out what is going on. If nothing else is selling, then you will have to be create your market by being creative (owner financing, offering incentives, etc.). If other homes are selling, then something is not in balance on your home (price, terms, condition, location or exposure).
You can have perfect home, great location, nothing wrong can remain on market for years, then have an ugly house with bidding wars go figure.
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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The fact is that homes are selling. Your agent's job is to educate you are what homes are selling, at what price, and under what terms. Time is of the essence.
The longer your home sits on the market, the greater the gap between the asking price (list price) and the selling price. You are hurting yourself by not pricing your home correctly.
In my MLS, homes that sell within the first 30 days, when there is the most interest, is 100.3%. After 120 days that gap is 96.7%, and that is AFTER price reductions.
Here's what should have been done before putting your home up for sale....
1. Prepare the home to sell. This means go out to the front of the home and look at how the property is viewed when buyers pull up on the sidewalk. Is you lawn neatly mowed? bushes trimmed? You could get some flower pots and add color to the front of the house.
2. Take care of the front door area. This is where buyers hang out waiting for the door to be opened. Make sure there is no leaves, dirt or anything of that sort.
3. Declutter the house. Go to a home builder nearby and see how they stage the home. Notice they'll have 3 books in a shelf that would hold 10 books and they only use 20% of the available storage place. Smilarly you should pack half of the clothes on your closet (whatever you don't use) and take them to storage.
4. Declare war on dust. Having clean, shiny baseboards, blinds and ceiling fans is something home buyers notice.
5. Re decorate if necessary. Since I don't know what your house looks like, I can't tell you what to do here. This is just basically making sure that your home is decorated so buyers like it not so you like it. This is the one most home sellers resist me on, and it's the one that makes the biggest difference in the majority of cases.
I know there's plenty more, but that's all that comes to mind for the time being.
The 20 showings is a very positive indicator that points in the direction of you home having appeal. The fact that you have had no offers may be a reflection its price and/or condition.
The fact that you have had 4 price reductions is of little concern to today's buyers....especially if it was "over priced" from the beginning. We recomend having an appraisal done by a licensed appraiser and listing it at or below that amount. This no doubt, would be true reflection of the current real estate market for your specific home.
The Eckler Team
You will just have to have patience and ride out the storm ! If you are having trouble making your payments , you need to talk to your lender and see if you need to do a short sale. Have real good curb appeal in your front yard so it is inviting. You cannot give up hope , spend each day doing something to spruce up the house.