Nancy Marrero, GRI
Product (your home)
Pitch (the marketing)
I suspect fromn your comments that the home is overpriced. Who/what are you using to price your home? Are you listening to your Realtor?
I can appreciate your frustration. There's a few things to take in consideration when selling your home:
1. What is the condition of your home? In today's market buyers have alot of homes to choose from, so if your home is not in good shape and the price doesn't reflect that, that can cause very few showings (if it's noticeable in the photos) or no offers.
2. Location? Are you located next to power lines, backed up to a busy street, next to commercial property? Those could be turn offs to some buyers.
3. Price is pretty much everything. When you want to determine what the value is for your home you need to look at homes that are comparable to yours that has sold in the past 6 months or less. You also need to see what the competition is priced at because that will determine which houses, buyer's look at. With the amount of inventory out there, the buyer's will eliminate houses before they even go out to look, if the price is higher than other homes in their criteria. Even though it's important to know what you owe and price it to be able to pay off your mortgage and closing costs, it isn't a true picture of value in today's market.
I'd be happy to do some research on your home and give you some honest feedback as to why your home hasn't sold. Feel free to call or email me if you would like.
Vandguard Realty, GMAC Real Estate
Don't know if you are still reading, but I'll throw my answer out there. If you do not have to sell take your home off the market... if you are having financial trouble due to your mortgage payment increasing, loss of job, or some other reason, speak to your REALTOR about "Short Sale" to see if you qualify. If you are listed at what ypu owe on your mortgage, you need closing costs and comission, are you planning on bringing a check to cover closing costs?
. Most home owners aren't aware if you are facing foreclosure (or it looks like in the future you might be) your bank may pay your REALTOR commissions, attorney fees, etc, It can cost a bank up to $85,000 to Foreclose on a house, so they may be willing to negotiate on what you owe them and help you avoid Foreclosure.
I wish you the best with your situation, if you need any help or more specific advise, please contact me...
I am sorry you are having difficulty showing your home. I would not be so hasty to blame your Realtor.
Most ealtors use the same tools to sell homes. My guess is that your home is priced too high. I would ask your Realtoe for another CMA to see where you stand. It is quite possible that your home is not priced realisticly in this down market we are going through. If at all possible do not sell yet, however if you must you may need to approach your lender, or have your Realtor call you lender and consider doing a short sale.
If you are truly not happy with your Realtor you might want to call their Broker in charge.
Thank you and best of Luck!!
Here are some things however that you can ask your agent to ensure that your property is recieving maximum exposure:
Where can I find my property listed on-line?
Have you got a Virtual Tour of my home as well as a full photo shoot.
How are you making my property "pop" at Realtor.com
Where is my property being broadcast to?
Do I have as many photo's as possible on the MLS
Does my property have it's own site and how does the public find it?
Understand that an agent is to qualify a buyer before they view a home,.. you made the statement that you had shown the property more,.. how were you qualifying the buyers, to ensure that your home met their needs before they viewed it, to ensure that they were able to obtain financing, to ensure that the were real Buyers and not just somebody killing time on a Sunday Afternoon?? Were not just "bottom feeders" hoping to gain at your expense.
Please remember that your agent does not make a dime, without a sale, dependant upon your agency agreement.
You also stated that the property had been on the market for 8 months as a For Sale By Owner prior to listing the property. What did you do with the price when you listed? No amount of marketing can overcome a price that is higher than the market will bear. Even if it did,.. you would still be subject to that almighty appraisal after contract that will determine how much an appraiser believes the property to be worth.
All said and done,.. a year in,.. no contract,.. drop your price substantially and keep dropping it until you are seeing 4-7 showings per week. Listen for the feedback and respond to it,.. if the feedback is that the house is cluttered,.. unclutter it,.. if it is dirty,.. clean it,.. if it is that it needs paint,.. paint it
But do not expect to do everything as you have been doing it and obtaining a different result. Selling a house in todays market requires a pro-active Seller and a Pro-Active Agent.
There were many people who said I was crazy when I started in real estate. Fortunately I was persistant. Dont get discouraged by people who have never had success in the market before doing what you are pursuing. Think outside the box. Pursue those that have had success and copy them.
That's all I did and then I used what worked for me to help others.
Finding buyers who qualify for a home purchase appears to be the #1 problem in getting homes sold. Housing inventory is at all time highs and the majority of homes I've seen appear to be priced correctly, staged perfectly, in great locations and on target with marketing efforts. Aspects of the housing market seem to change weekly. Some agents are still allowing their sellers to overprice their homes on the open market and this is causing a type housing gridlock in areas and adding to the overall housing inventory. The overpricing is forcing "would-be" buyers into other locations with homes having similar amenities and perks that are priced correctly.
We are in a new and different market that may very well set the stage for future housing markets involving sellers, buyers and agents.
Have you considered having your home Professionally Staged? Check out the reasons why Staging is the most cost-effective marketing tool that you can use to make a great first impression and generate more traffic and interest in your home at http://www.showcase-your-home.com.
Since buyers shop for homes on-line first, be sure to have GREAT photos and a virtual tour on your MLS, too.
Best Wishes to you!
Presentation is everything. You really need to make sure that your house is presented well on the internet. The new "curb appeal" is from the internet. Buyers are shopping at home on their computer and usually they let their realtors know which homes they want to see by what they have choosen on the internet. Last year 85% of buyers found their homes on the internet... Make sure the picutures your realtor is using of your home are the best possible angles and shots. There needs to be at least ten.pix on-line of your house. More is even better. I have a listing with 76 pix posted. If you do not like the picutres, let your realtor know. Ask your realtor how many Real Estate sites your house is on. It should be on at least ten. Hope this helps. Good luck.
Lucinda Scruggs, REALTOR
You are experiencing what most of us in the industry are experiencing. An extreme lack of qualified buyers.
You have recieved several good answers but the fact is: If we have a qualified buyer and your home meets the requirements of the buyer (schools, number of bedrooms, number of baths, formal living room, great room, formal dining, storage size of the land, parking facilities, Home Owner Association, Pool/No Pool, etc.) then we show your home. It's as simple as that. Of course your home as to also be in the buyer's price range.
I live in Lake Asbury and I am familiar with Middleburg intimately. I wish I could give you a little more info at this time but you need to discuss this with your agent as long as you have an active listing agreement.
Like I say to all of us right now, Good Luck
JD "Dan" Weisenburger, GRI
Vanguard Realty, Inc. GMAC Real Estate
If I had a home on the market that was not receiving showings I would look at the condition of the home, the price of the home and the agent I was using. First thing to look at: is the home in top condition? How is the home being represented on the MLS and the internet? Does my agent have a virtual tour for my listing? Second issue: I would ask my agent about the recent sales in my neighborhood. I found find out if my home was priced at the current fair market value. You should review the homes that have sold in your area....not what's currently listed on the market. Third: I would talk to your agent and see what they recommend. Homes are selling....homes in great condition and price for todayâ€™s market. You have to position your home for todayâ€™s market. If you are price at what you owe and are still not selling I would ask myself if this is the right time to move. If you are in a position where you HAVE to move at this time then you should talk to an agent about a possible short sale.....but be sure to talk to an agent that has really experience with short sales. It takes a qualified agent to get most short sales through.
Hope that helps answer your question.
Keller Williams Realty
I do not know what town you are in, or if you are in a townhouse/condo development, or what type of house you live in. In some areas the market is so depressed that there are no sales in the area.
For instance if you live in an area that has constant flooding, then when there are so many houses available in surrounding towns why would a buyer consider your towh when so many other options are open to them. The one question I you need answered is how many houses have sold in your neighborhood, If there were many then there is something wrong with how your house is being marketed. If there was not a single sale, then you are in the same boat as all your neighbors. I wish you luck with your endeavors,
You have received many good answers and in this market it does boil down to price, condition and location. Also the marketing strategy is a key factor. If priced competitively, does your home have an aggressive internet presence? Its own web page? With lending being an issue in this current real estate environment, is the property being marketed to areas that still have a viable market in your surrounding community, such as military or recruiters for companies? Unfortunately, you cannot base your sales price on what you owe - but what the market (buyers) are willing to pay currently. A short sale can be considered and you may want to investigate this option. We also have assisted some home owners with the option of property management if this isn't going to be a time where they can justify selling but still are going to make a move - sometimes this works to accomplish your needs.
We can help you explore in more detail the issues and work toward a solution that may help you.
Starr Keating / Lori Gunn - The Home Team
Vanguard GMAC Real Estate
Orange Park, Fleming Island
Hang in there Jennifer, there is always a home selling!
Connie De Groot
Coldwell Banker Beverly Hills
1. Show you ALL comparable listings in your area - such as properties that have SOLD in the last 3-6 months, properties CURRENTLY UNDER CONTRACT and properties currently ACTIVE for sale.
2. Prepare for you a PRICE TREND ANALYSIS (PTA) using property details that I mentioned in Item 1.
If you have LOWERED THE PRICE TO WHAT YOU OWE, you may be facing a SHORT SALE at the settlement table - or - you will have to BRING MONEY TO THE TABLE in order to pay required costs for selling your home. Also, by lowering your price to the amount that you owe, YOU WILL NOT BE ABLE TO OFFER INCENTIVES TO BUYERS SUCH AS CLOSING ASSISTANCE WHICH IS ATTRACTIVE ESPECIALLY TO FIRST TIME BUYERS.
NOTE: if there are no indications of properties SOLD, UNDER CONTRACT OR ACTIVE FOR SALE that will give you and your agent a clear pricing strategy, I would suggest that you receive an appraisal from a licensed appraiser in your area.
If your house is priced right then you gave leaped the most important hurdle in selling your home.
3. When selecting an agent, make sure that your agent clearly demonstrate to you exactly how he/she will market your house. If his/her marketing strategy is unacceptable, you should interview several agents until you find one that will demonstrate for you a profitable marketing strategy that will sell your home.
4. Make sure that your property is PROPERLY POSITIONED AND PREPARED to compete in the current market. What this means is that your home is properly staged for buyers so that they can get a real sense of and GREAT IDEAS of how your home should be used. Examples: make sure that your home is prepared from the OUTSIDE TO THE INSIDE. First impressions are lasting. Create great curb appeal, otherwise, buyers may just pass your home by and never go in. When perspective buyers open your front door, give them the WOW factor that will encourage them to spend time and see your entire beautiful home. Always think presentation from 9 a.m. until 9 p.m. which is the standard time that realtors can show your home. BE SURE TO GIVE THEM THAT SPECIAL WOW FACTOR IN YOUR KITCHEN, MASTER BEDROOM AND ALL BATHROOMS. REMEMBER TO DE-CLUTTER and show your homes greatest features and potential. Show buyers a neutral paint scheme throughout your home. These tips sell homes.
Unfortunately, Jennifer, sellers cannot always sell home in the same fashion as they live in their homes. So, don't forget to give the WOW factor. For more excellent tips, please go to HGTV and watch episodes of DESIGNED TO SELL. Excellent points there.
If you have not done any of these things, it may be a good idea to remove your house from the market thereby giving yourself ample time to do these important things to best prepare your home for sale and then put it back on the market. Also, while your house is temporarily off the market, then will be an excellent time to undertake correct steps to PRICE YOUR HOUSE right.
Remember, other homes for sale are your competition and you must be out front of your competition in order to sell your home and sell it quickly with a net profit!
Respectfully Submitted by
Camp Springs, Maryland 20746
301-423-9200 extension 178
When I see houses sit for that long, it's usually because the house has some sort of defect (often not easily cured). Some examples: house sits next to giant power lines, on a busy highway, or next door to a commercial building or apartment complex. There are only so many people who will be interested--and even fewer in a buyer's market.
You might need someone who is brutally honest with you about whether your home has such a defect. It may well be that you have to price it far below "market" to get it sold or hang onto it until your area shifts to a strong seller's market.
And contrary to what some realtors say, there are buyers out there savvy enough to see past worn paint, lousy landscaping, and dated bathrooms. Home Depot does a brisk business.
Years ago I read a newspaper article in the real estate section that addressed this issue. I have cited the author's opinion many times over the years. I wish I could remember who wrote the article. In any case, the author quoted 5 things you can do to lower the price:
1. FIx it up
2. Lower the price
3. Lower the price
4. Lower the price
5. Lower the price
Let's look at 5th option. You mention in your letter that the price has been lowered to what you owe and it is worth more than that. How did you determine that it is worth more than it is owed? There are many homes in Naples, FL that are worth less than what is owed.
Ask your Realtor the following questions:
1. How many properties are on the market in my area?
2. How many homes are selling each month?
3. What is the median price range?
Right now in Naples FL there are 5,405 active single family homes listed for sale. There have been 2.162 sales since Jan. 01, 2008. This means that we have an inventory of single family homes that could last for 25 months. In the 12 month period ending September 2008 our median sales price for a single family home was $369,000.00. Just by looking at these numbers you can see that if your single family home is priced at $450,000.00 in Naples; it is going to take longer to sell.
If your Realtor has not given you these statistics, ask for them. If your agent can not get you these numbers, talk to their Broker - Owner.
Good luck Jennifer!
I hear your frustration-- I would say that "NOT all agents are the same". I highly reccomend an agent that is CRS cretified and can SHOW you a very agressive marketing plan to help get buyers in the door. If you are priced very competitively (About 7% below CURRENT appriased value) and show like a model home and have no other major defects like location- level lot vs. sloped hill- busy street- etc. then you should be good to get offers in under 120 day market. Buyers dont want to live in a card board box- they are out there looking for a great deal -- the golden rule in any market is- 90% price- 50% location- 50% condition-
I will be very happy to share with you also a list of questions to ask an agent when interviewing them-- just send me an email to Darrensellse@mris.com. I also help find competent agents to represent you where you live.
First, understand that the market has changed tremendously over the past 9 months. March through September were great months for sellers and buyers with lots of buyer activity. Historically, the housing market slows down from September through February. There are many buyers out there still looking but taking their time in deciding which home is right for them. It sounds like you've had lots of showings on your home already but no good offers yet. Showing your home presents a wonderful opportunity! Talking with these folks in detail about your home once they've seen it will give you tremendous insight . This is also a prime time to open up light negotiations, letting buyers know I'm ready to work with you.
Working with an agent may be beneficial to you in many ways. Majority of serious buyers are working with agents, and in most cases their buyers have already been pre-qualifed/approved for a home loan. Lookers are those folks coming off the street and have not taken steps to buy a home yet. I have worked many open houses to the general public and many of these folks coming off the street are indeed "lookers," passing time and they have no interest in purchasing a home. It takes little to no knowledge to show a home, however, to get a home sold takes skill and targeting folks who are truly serious buyers. This is what an agent can do for you through networking and marketing efforts.
It's very important that an agent offer the seller client written documentation of their efforts during the listing phase. I give my clients credible weekly updates via email of everything I'm doing to sell their home. I also send them copies of all marketing materials related to printed advertising. My clients are fully informed of my activities and efforts. This is good business practice and should be required of all agents in my opinion. If you're not getting this in writting how do you know what your agent is doing to sell your home? You are hiring a partner to assist you with selling one of the biggest assets you may own so being proactive as a seller with your agent is key. Think of it as you are the owner of a company selling a product. How would you go about hiring employees to sell your product?
I wish you luck and thanks for the post!
I think you should check a few areas.
#1) Is your property listed with a agency that has a good web page?
#2) How are the picture of your home? Buyers do shopping first on the web and if they like they come to see it. Pictures make or break a home.
#3) How is your price compared to other like homes in your area? If it price the same or higher that may be why you have not sold your home.
#4) If you were a buyer would you buy your home for the price you are asking?
#5) Does your home present itself well? From the minute the buyer gets out of the car the are making a decision. Your home should always look staged.
Good luck, Patty Breen
2. Get in writing his/her marketing strategies
3. Consult with a staging professional
4. Make it easy for agents to see your home
5. Pictures of your home are very important; we look at pictures before we dry by. (Quality pictures) if possible hire a professional to take the pictures.
Wish you well.
By: Teo Weces
Perception is paramount, all of us tend to believe that what we own is special and is worth more than it is. What is important to remember is that your home is ONLY worth what a Buyer is willing to pay for your home. Regardless of the upgrades and care that you may have taken of it.
When a home is priced outside of this value 1 of 2 things happens.
1.) The home is simply not shown, Buyers agents are busy people and there is a huge selection of homes on the market right now. They want to obtain the best deal for the most house for their clients. If your home does not fall into this catagory they simply pass over the home.
2.) The home is shown, to establish price expectations to the Buyer, often shown towards the front of the list. Everything else then looks like a bargain because it is priced below where you are. This establishes value in the mind of the buyer,.. for your competition!!!
If you are priced at your loan pay-off you are likely looking at bringing money to the table in order to sell or must be considering a short sale where the bank would agree to take less than what is owed as their payoff for the principle balance owed.
If you are considering a short sale or it is being advertised that way, this can at times eliminate your home from the running. Short Sales are red tape intensive and the banks have, in the past been ultra slow to respond. This means that the Buyer is left hanging in limbo for indeterminate amounts of time,.. the agent has no control or leverage over the bank so there really is little the Listing agent can do to speed up the process. Most Buyers need a place to live within 30-45 days and are simply unwilling to wait for the bank to respond. Once again, the Buyers agent wants a property he/she can "sell". If the liklihood is higher on another home, that is the property they will lean towards.
Banks at this point are beginning to be more efficient in their response on the short sale properties but the perception for now remains the same in the minds of the buyers and the agents.
As far as "your" agent showing the property,.. it is important to understand that your agent is basically the marketing arm. It is unlikely that your agent will actually be the one that brings the offer. In our area there are 3700 Realtors. What I tell me Seller's is that this means that there are 3500 mini-me's running around,.. each one managing their own list of prospects. An agent that focus's on listings and getting properties sold,.. may not have a large list of prospects that he/she is working on. The fact that "your" agent has not shown it does not necessarily mean that your agent is not working to get the property sold. I would however want to see what kind of marketing is being done to show your property to the largest group of buyers available.
Questions for the agent:
1.) How is it advertised in the MLS, does it have a full photo array, is the decription complete and inviting.
2.) Where is it featured on the internet? Is it on Realtor.com and is your property a featured home with an enhanced listing that makes it stand out from the others.
3.) Is it featured on the Realtor's web site and what is the agent using as tools to get buyers to visit his/her web site?
4.) Is your property a candidate for a virtual tour,.. and if so,.. has one been prepared and uploaded to the major Real Estate Portals, including Realtor.com. Realtor.com has certain criteria for their virtual tours that must be met so make sure the VT company can accomodate the requirements.
5.) How is it priced,.. no amount of marketing will overcome a price that is too high for the market. In this market you must be aggressive. Every month you don't get a contract is a month the market value moves away from you.
6.) If it has not been shown more than 7 times in the past 2 weeks, drop the price by 5%, if it has but no contracts, drop the price by 2.5% or look at upgrades and condition of home that needs to be taken care of.
7.) Demand Feedback from your agent relating to the opinions of theagents who have shown it, and take that feedback to heart. Your agent can hook up with companies like showing synch or homefeedback to automate the feedback process.
8.) Make sure that the home is available whenever an agent wants to show, as a buyers agent, I will not play games with Seller's who place limitations on the viewing of their homes,.. I will simply cross it off the list and sell one of the hundreds of others I have to choose from.
9.) Make certain your agent is available to set showing at all times or has a service in place to do that for him/her. As mentioned in number 8, Buyers Agents have too many to look at to be hung up on a home they can't get set when they want it set.
I hope these help answer your questions. If not,.. please feel free to contact me at
oe Windows Live Randy_morley@ho
I am very sorry to learn of your situation.
The challenge is that when there is more supply than ability to buy, prices fall. Many other homeowners are in the same boat.
There are some key points that will help you:
First, homes are selling. Look at the link below. Over 200 homes have sold recently...the problem is that there are over 700 homes on the market. For a home to sell it's got to scream value, or buyers will just move on to the next property.
The problem of owing more than the property is worth is very common right now. My recommendation is to have an expert in short sales and foreclosures analyze your situation, look at the local market values, and develop some options for you to consider. One problem with this market is that there are few Realtors that have the experience to know how to get a home sold. I would be happy to refer you to an area expert that has a great deal of experience and can walk you through the process so you can decide what the best course of action for you may be.
You can contact me via my Trulia profile.
Best of luck to you.
I am Jorge NuÃ±ez, Realtor with EXiT Real Estate Gallery here in Jacksonville FL.
We will be glad to help you narrow it down, if you send me an email address and the property Adrress as well, we will prepare a Case Study and Analysis on the property for you.
If you like call me direct at 904 945 2144.
At EXiT Real Estate Gallery we have in house representatives that will as a team come up with the correct answers you must have before buying or selling a home. For intelligent buyerâ€™s this is a must.
For our clients convenience we also speak Arabic, Chinese, French, German, Korean, Pilipino and Spanish.
Jorge NuÃ±ez, Realtor