Home Selling in 03087>Question Details

Jocelyn Bish…, Home Seller in Windham, NH

We have now been on the market for 83 days. # couples have looked at it, no offers. Should we lower again!?

Asked by Jocelyn Bishop, Windham, NH Wed Oct 22, 2008

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Valerie Cloutier’s answer
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Jocelyn

Even though Stew isn't writing from New Hampshire, his answer is true for any area of the country. It's not the answer that you want to hear, but it is true... Price is the big motivator for any house that isn't "one of a kind" ie: waterfront, custom built, etc FYI, there are 144 "active" listings in Windham right now, and 18 that are Pending (scheduled to close). That is quite a few month's supply on the market!

Although you've already had at least one price drop, if your price started out too high, you may need to catch up (down?) to the market. Things have changed dramatically since you listed your home--going back 83 days brings us to mid-late July. SOLD comps are the only ones that count, since even if you can find a buyer, the house will need to appraise for the selling price...

What has the feedback from the showings you've had? Any visitors from an open house? Believe it or not, I get my best feedback from Broker's Open Houses (this is where we buy food and feed all the local agents lunch just for coming to take a look at your property! Throw in a gas card raffle, and it's almost guaranteed that you'll get plenty of agents and opinions.

Marketing--check to be sure you have great pictures inside and out, and change them often. How is the curb appeal? Do you have a virtual tour? How are the hits on Realtor.com and NNEREN? I find it's a great tool to see how many people are LOOKING at my listings vs. how many are (or are not) making an appointment!

You need all the tools available to get a house sold in this market. BUT again, the main thing is PRICE. Have your agent run recent comps, price BELOW the most recent SOLD properties. We are now heading into the typical "slow season" of real estate, especially here in northern New England where we could see snow in just a couple of weeks... I wish you all the best in getting your home under contract soon!
2 votes Thank Flag Link Wed Oct 22, 2008
Jocelyn,

So many factors determine if you should lower the price.

I would consult your Realtor and ask for the advice, but since you're here :-)
I'll try to play Realtor with you and we'll see where that takes us.

Did your Realtor call the visiting Realtors who showed the perspective buyers and ask why they did not write an offer to purchase? You really need to find out the "Why' before you'll know what course of action to take.

Now, let's go the route of the price reduction...

If I were your Realtor, my Philosophy is going to depend on the price range, area and condition to determine how much to lower it if the visitors loved the home but didn't write an offer because of price.

Here is the hard reality most sellers are having to face, now brace yourself...

We are going to assume that your home is 250k and you had not listed you home prior to 83 days ago
and that 250k was the high part of the market because you wanted to avoid giving it away and also that there are hundreds of homes for sale already in your area, some in foreclosure and some not.

(It's the same old story, but a different city every time)

The market reality is, you're going to have to "feel" like you are giving it away if price is the motivating factor for the sale.

Price IS the primary motive for buyers right now and believe it or not, I am actually telling my clients (I now this is going to sound crazier than a a bird chasing a cat) that if they are not upside down in their home right now, don't sell. Now don't go and tell your Realtor that this guy on the Internet told you to take it off the market cause they'll probably send me a ticking package, OK?

Here's the deal...

It's an investors market philosophy right now and that attitude includes all buyers across the board.

Bummer huh? So, if you really HAVE to sell your home and it meets the above criteria (in general) then start lowering it 10k or so every month until someone bites or until you say "Uncle" and give up the quest for a give away.

Lastly, I want to encourage you to again consult with your Realtor who listed your home to determine the best approach because no one truly understands your local area market like your Realtor does (should).

Sorry for the not so great news,but you'll get through it.


Stew
Web Reference: http://www.stewkeene.com
1 vote Thank Flag Link Wed Oct 22, 2008
Hello Jocelyn- What price range are we talking here? Is this something that a first time homebuyer could afford? If you have a decent amount of equity into it, you also may want to consider offering / marketing the house with "some" level of owner financing available. That sometimes will get you some interest from the buyers on the edge of qualifying for conventional financing. Banks are just getting tougher every week!
If I can be of any help, please let me know. Thanks and Good luck,
Ken L.
0 votes Thank Flag Link Thu Oct 23, 2008
The real estate calendar, if you will, is not so much number of days on market but number of showings. In our area (most areas) if your home has been shown 8-10 times and you've received no offers, there is resistance of some kind. It's most typically the price so you need to lower it.
If your not getting a "normal" amount of showings for your area and market conditions it usually means the other agents are finding other properties to show their clients; properties that more closely match their needs and value ranges. If that's the scenario, a price reduction is necessary.
Web Reference: http://www.stmartinteam.com
0 votes Thank Flag Link Thu Oct 23, 2008
Price cures all ills.
Dane Hahn
0 votes Thank Flag Link Thu Oct 23, 2008
Sometimes you can also consider the home itself to determine if there is anything you can do to improve the curb appeal with inviting landscaping, freshly paint, de-clutter, arrange furniture for good traffic flow, clean til it sparkles, and so forth. These not-too-expensive improvements might be all you need to get your current asking price. Have a frank talk with your Realtor, watch TV shows that help you learn how to make reasonable changes to cause your home to sell faster for more money.
0 votes Thank Flag Link Wed Oct 22, 2008
Jocelyn,

That is the rule of thumb....no showings lower the price. Showings but no offers, lower the price. Many showing and still no offers, lower the price....

Gopod luck
0 votes Thank Flag Link Wed Oct 22, 2008
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