Rememblue, Home Seller in District of Columbia

We listed at $510,000 and had strong open house but very little follow-up after. It's been on market nearly two weeks. Should?

Asked by Rememblue, District of Columbia Mon Jul 19, 2010

we drop price now to 499K and do another open house? Or should we wait longer b/c summer is slow.

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Answers

5
Most houses will be on the market 40 - 60 days and two weeks is still early. I would strongly recommend you have another open house, but keep the current price. Summer does tend to be slower in the DC area as a lot of people take vacations.

I always recommend three prices to my clients based on the competitive market analysis (cma) and what their overall goals are for the sale. Are they comfortable waiting the normal 40 - 60 days or do they wish to sell it quickly?

It is vital that you always communicate your concerns and issues before and during the sales process. Discuss with your agent the sales strategy for the coming weeks and see what the market and your agent have to say about lowering the price.
1 vote Thank Flag Link Tue Jul 20, 2010
Two weeks isn't that long as previously mentioned. Depending on your necessity to sell you may want to drop the price or try some other methods to attract an offer. Should you own a condo offer to pay a year's worth of condo fees, offer to sell the home with a home warranty (which run for around 400 dollars but add appeal), you can stage the home, or you could advertise that you are willing to pay a certain amount of closing costs. Just a few of the many ideas that could help you sell your place. Price is always important and if you are over-pricing the home to begin with then these methods won't be a bit of help.
Are you holding broker's opens as well? These are important to generate buzz and may actually find you a legitimate prospect.
0 votes Thank Flag Link Wed Jul 28, 2010
Sell it with a roof certification
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0 votes Thank Flag Link Mon Jul 19, 2010
Don't place too much stock in open houses; these are not where your buyers are going to come from, unless they're accompanied by their agent. Most people who go to open houses are just beginning to look and have a longer time horizon than you do. Most have not gotten pre-approved by a bank, so most really don't know what what they can realisitcally buy. Many who come through are just curious.

Your buyers are going to come with a Realtor who is their buying agent. The Realtor will have ensured that her clients got pre-approved through a bank and are ready to buy. She will show her clients properties that meet their financial and personal criteria. Two weeks is not a long time for a property to be on the market, but if you're not getting any showings by agents, then your agent needs to discuss with you why, as she has the best information. Good luck!

So, your agent is not only your best source of advice, but your best source of information, as she should be following up with agents who sho your home for feedback. What are they tell your agent about prices, how it shows, any issues they see, etc.?
0 votes Thank Flag Link Mon Jul 19, 2010
What is your agent advising--review recently closed similar properties in the immediate area, if the data suggests that a price reduction is needed, adjust accordingly--also review your marketing, does it maximize your exposure, if not adjust accordingly as well. Make sure your property shows well, is neat, clean, clutter free and don't forget the exterior for curb appeal. Keep in mind, that a property is worth what someone is willing to pay for it, not what the seller needs or potential buyer can afford to spend, market conditions do matter. Again, your agent is your best source of advice--have a discussion and go from there.
0 votes Thank Flag Link Mon Jul 19, 2010
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