Home Selling in Grand Rapids>Question Details

Maggiedd, Home Seller in Grand Rapids, MI

We listed my Mom's house in Michigan, yes, I know, bad market...but the house has been on the market for almost 90 days and the realtor has not

Asked by Maggiedd, Grand Rapids, MI Mon Jun 21, 2010

even had an agent/broker tour through it yet. We asked for and got two open houses which brought in lookers but there have been no actual showings...at all. Help! What do we do?

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Alan May’s answer
assuming that your property is being effectively marketed (internet, MLS, good photos, virtual tour, etc..)... 90 days on the market and ZERO showings is a strong indicator in any market.

Realtors are viewing the property on the MLS, consumers are viewing the property on the internet (Realtor.com, trulia, zillow and elsewhere)... and are making a decision "not to come see it in person". They have seen it online, and have made a decision that at your current price, based on what they've seen, it's not worth visiting.

Be objective, go view other homes in your area and near your price range, and see what you're competing with. Have ANY homes in your area and close to your range gone under contract, or closed in that same 90 days? If they have.... what did they offer that you don't? Think like a buyer.

Your Realtor should be able to go over these things with you, and be brutally honest and objective. Good Luck.
1 vote Thank Flag Link Tue Jun 22, 2010
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
Maggiedd, It looks like you are smarter then you think. In your question you said, "I know, bad market" . Well you are correct, then again take a real good look at the house and put yourself in the buyers shoes. Make sure it has the WOW factor . Make sure there isn't any clutter around and make sure it is clean and neat. Plus does it have great curb appeal. When people look at the photos online something has to catch their attention to make them want to see it. Broker tours will give you feed back on what you need to do to make it more marketable but it really is simple. Look on line at some other homes in the area and see if there are any you would like to see and visit them. What do they have that you don't.

Good luck
Pam Bava, Realtor
0 votes Thank Flag Link Mon Jun 28, 2010
I agree with Audra, Pricing is Critical.

I agree with Alan your Realtor needs to be brutally honest with you, and the competition is more important than comparable sales.

I find not all sellers will listen to what we are saying and or what the market is saying, and continue to head down a path of most resistance, determined that they know what is better their professional. Your Realtor should be talking to you.

As far as agent/broker tour that is not a common practice in the Grand Rapids area anymore. Brokerages typically showoff new listings to all agents at the time of the listing through email with photos, or have a monthly broker meeting photo tour of the new listings.

Good luck with the sale... My bet is it doesn't have good interior or exterior pictures or it is priced to high.
Web Reference: http://www.markbrace.com
0 votes Thank Flag Link Tue Jun 22, 2010
What is your agent saying needs to be done to get activity and a contract?
0 votes Thank Flag Link Tue Jun 22, 2010
Sounds like you need to change your price/terms.
0 votes Thank Flag Link Tue Jun 22, 2010
Any house will sell in any market if it is priced right. Typically no showings indicate that the price is too high. The guideline that I use is 5 showings and no offers, drop the price 5%. If there are no showings within the first couple weeks, drop the price 10% and continue dropping until you get activity. As far as the broker tours and open houses go, yes they are a nice opportunity for exposure but the statistics show that only 1% sell from those marketing activities. Pricing is 95% of successful marketing. Marketing a house that is overpriced is simply a waste of time. Ask your agent for a CMA and then adjust the price to sell quickly. The last thing you want to do is to chase the market down. With that approach you will be behind the 8Ball every time.

Audra Pratt
Keller Williams Realty-Grand Rapids
616-617-8610
0 votes Thank Flag Link Mon Jun 21, 2010
Anna has good advice. As an agent in Michigan and near your area I can say there are a number of issues that come into play here. The market in Michigan is extremely tough as you know. While lowering the price may help the location of the home has a bigger role to play. If it is not in a high demand area you can expect a tough go of it. Your Realtor should have (and most likely did) what is called a Comparative Market Analysis for the property that can show you the price to expect and how long it may take to get it. Have you talked to your Realtor about your concerns and possible options? That is probably your best option. If you are not happy with the results of your talk with your Realtor talk with the office manager or broker. While it is OK to have reasonable expectations don't expect a miracle in this market in Michigan. 90 days on the market isn't very long. The quantity of showings isn't important. You only need one buyer! I wish you the best of luck.
0 votes Thank Flag Link Mon Jun 21, 2010
I wholeheartedly agree with what Anna said, with the understanding that things really are tough in the Grand Rapids area. But-if it's priced right, there should be no reason that at least a few other Realtors haven't been through. I've seen a drop off in showings, but there is still some activity out there. Hopefully you didn't list with the agent who said they could get it sold at the highest price. Agents who make promises like these are almost always wrong, unless they can back it up with comps.

You should have a contract with the Listing Agent and when you signed that with them, they should have outlined what they said they would do. Request proof from them that they are following up on these promises. If a price reduction still doesn't get you anywhere, it may be time to consider another agent who may have a more web-savvy marketing approach.
0 votes Thank Flag Link Mon Jun 21, 2010
You need to sit down and go over your concerns. You should have your agent complete a new broker price opinnion to make sure the home is priced correctly in todays market. Then ask if he is the only one who does showing or do others in his offer, if others show from their office then they need to see it, if they only do thier own showings then that may be teh reaosn he didnt complete a tour of their office agents. What and where are the advertising and maketing the house? Are you getting enough exposure. Check the price, teh marketing and make sure you are getting enough eattention form you agent. good luck with your sale.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jun 21, 2010
You need to speak to your agent and make sure the property is priced on target--review comps--recently sold similar properties in the immediate area--if the data suggests a price drop, do consider adjusting accordingly; also review with your agent all marketing strategies, make sure you have maximum exposure--in today's market pricing and marketing are paramount. If unsatisfied with your agent after your chat, do contact the broker owner or office manager of the realty company and ask to be assigned another agent--then go from there.
0 votes Thank Flag Link Mon Jun 21, 2010
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