Home Selling in Cantonment>Question Details

EBEM, Home Seller in Cantonment, FL

Why is it not selling?

Asked by EBEM, Cantonment, FL Thu May 5, 2011

We listed our house on the market with a realtor approximately 60 days ago. The first few weeks, we got LOTS of showings, but no offers. Now the showings have slowed and haven't' gotten any in a few weeks. What's the problem? Is it just the market?

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Answers

9
Ebem,
1. Please consider putting on your 'buyer' hat and visit the competing homes in your area.
2. Now, have your agent share with you the detailed report of the comparable homes that have sold in your area. Look at the images, read the descriptions.
Important: If there are no recently sold homes in your area, expand the search to find out where homes priced and comparable to your home IS selling. This reveals buyer preferences.
3. How does your home demonstrate greater value that the competing homes? How does your home demonstrate greater value that homes in competing communities? If your home does not demonstrate tangible equal or greater value then you are competing in an inappropriate value bracket.

If no home are selling in your community determine why? Too many distressed homes? Tatoo parlor on the corner? Noise from busy street? Are those power transmission lines a factor? In this situation, it is not your home that is not selling but all the homes in your community.

Now, you have a overview of what is taking place. Determine what is within your control and what is not.
Within your control is how your home compares with competing homes. Clean up, fix up, clear out, paint, style, stage, and if there are ANY odors you must spend the money needed to make them dissappear, do what ever is needed. Make sure you understand whether you are competing in the 'beauty pagent' (best home but you must wait for 'the' buyer) or the 'price war' (nothing specail compared to competing homes). Understanding this, your marketing messages need to focus on the appropiate market.

Finally, having a good understanding of your home and market, create the marketing process to remove obstacles for the new home buyer. Make it easy for them to buy your home. Address the buyers 'risk aversion' concerns. Your agent will provide some great ideas. This is a pro-active position, meaning inititive must come from your side.

Of course, it's always easier to reduce the price. Your goals and the time factor related to your need to sell are all concerns that will dictate what you must do.

Last note, many visitors to your home are looking for an indication you are a motivated seller. Your home may be on their watch list and they are waiting for 'willingness' from you demonstrated through a tactical price adjustment. Make the purchase of your home easy for them.
Annette Lawrence
ReMax Realtec Group
Palm Harbor, Fl
Web Reference: http://www.mydunedin.com
0 votes Thank Flag Link Sat May 7, 2011
It is the market, it's telling you loud and clear that your home is overpriced.

There is no real estate crises in the country, there's a Seller crises. Everything currently on the market could be under contract in the next 30 days however 90-95% of all Sellers simply won't accept market price, which is their perogative.

There's only one person who will ever set market price, and it's not the Seller, and iot's certainly not the agent, it's a ready willing and able Buyer.

When homes first come on the market, they tend to get a lot of traffic as agents and serious buyers want to immediately check it out. If showing slow down it only means one thing; the market has determined your home is overpriced and has no interest in what you are offering.

Bear in mind Flordia is probbly one of the worst states fro Sellers in the country, there's a glut of propduct, a weak state economy and hurricane season looms. If you want iot sold stop wasting time, drop you price and drop it significantly (think 10%) do not drop it slowly , you'll simply be chasing the market and it will be a long and slow chase. Don't want to or can't afford to sell 10-15% below what you're asking, then do yourselves and the market and favor, don't sell now, take it off the market and hope that in another year or two the market begins to come up.

I don't mean to upset you, I'm simply being honest and pragmatic. The truth is I wish the market was stronger than it is, but the truth is evident and Sellers who want to sell need to accept this and move on and agnets would be well advised to be honest with their Seller clients.
0 votes Thank Flag Link Sat May 7, 2011
EBEM,

Not sure what the market is up in Cantanment and not sure of the marketing presentation of your home or how it is priced in relationship to the most recent sales in your area. Here in Palm Beach County the market is red hot and homes that are properly priced and marketed are selling within days. I just listed a home on Monday and last night received a very solid offer that I have recommended my client accept as is.

Much has to do with how your home is presented on-line where 85% of all buyers look for opportunities prior to contact an agent. You may also be over priced but if you were getting LOTS of showings then I am guessing there may be issues with presentation and how the home is perceived by prospects who have toured the property. If you would like to send me some additional information on your property I would be happy to make additional comments.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Sat May 7, 2011
Assuming your realtor agrees that your listing price is competitive with what comparable homes are selling for in the area, check the condition of your home. These days, clean and de-cluttered often isn't enough; buyers want they types of homes they see on HGTV. If your home has not been staged, it would be worthwhile to have a consultation with a professional home stager to make sure your home is showing at its absolute best in photos and in person. A great deal on a good-looking home is hard for buyers to resist!
0 votes Thank Flag Link Fri May 6, 2011
Hi EBEM,

You are doing the right thing looking at price. If you got lots of showings in the beginning, that tends to tell me it's not price. A well priced home has lots of showings..the price gets them in. Talk to your agent after you determine if the price is too high...how does the home show? Too dark? bad colors? Dirty carpet? think about these kinds of things also.

Perhaps have your agent do another broker open house and get some feedback from other agents?

good luck,

Karen
0 votes Thank Flag Link Thu May 5, 2011
I've spoken to the realtor today and he is going to run some numbers from some similar homes around us to make sure we're priced right. As far as feedback, there has been really no negative feedback other than the fact that our backyard slopes and you can see over the privacy fence into the back neighbor's yard. But obviously that's not something we can fix. The house is less than 10 yrs old with up to date furnishings/decor so I don't think that is the problem. It is kept as clean as possible and without clutter.
0 votes Thank Flag Link Thu May 5, 2011
It's usually price, price, price. Review recent sales as well as active listings with your agent to see if you are competitive and adjust accordingly.
0 votes Thank Flag Link Thu May 5, 2011
Review comps with your agent, recently sold similar properties in the immediate area; make sure you are extremely competitive, adjust pricing accordingly if needed. Also review marketing strategies, is your exposure maximized; make sure the property shows well, is neat, clean, clutter free, and don't forget the exterior for curb appeal; ask your agent for his/her opinion and go from there.
0 votes Thank Flag Link Thu May 5, 2011
Ask your agent for their opinion and agent/buyer feedback. Also what HAS sold during those 60 days?

Honestly, it's usually price.

Other reasons: dated or too personal a decorating style; cluttered/messy home; strange smells (strong food, pets, mold).

Good luck.
0 votes Thank Flag Link Thu May 5, 2011
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