This is why it is important to have the price and condition right when the home first hits the market.
Agents as well as potential buyers will always remember the house as they first saw it, regardless of how much painting you may do in the future, or how much you may have reduced the price.
Once a property goes beyond the first 30 days on the market, the days start working against you. At 5.5 months on the market, you have sealed the fate on the house that it will not bring the price it would have during the first thirty days. You can offer to pays someone's closing cost, change agencies and perhaps help get the house sold. You have to be continually active in marketing the property and doing something different if you are getting no showings.
I recently asked a seller to release me from being their agent because they wouldn't follow my suggestions on pricing, and I knew we were just spinning our wheels.
If they come and then don't make offers they are being turned off by what they see when they get there.
Here is what I recommend. Go to your agent and have them take you to the 3 or 4 closest comparable homes. If you can see one that is pending that is even better.
Now is the time to be honest with yourself... How does your home stack up? If you can't be honest and look at your home as a buyer would then this will not work. If you can it will enlighten you and I think you will have our answer. Remember it doesn't matter what you paid for your home... that has nothing to do with it's value in today's market place. Pricing is critical in this market and so is condition. You only have one chance to be new on the market and that chance is gone... now you need to smart and price the home and make sure it is in the best possible condition it can be in.
Best of luck to you!
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
I recently worked with a seller in a gated subdivision. The subdivision had 6 homes listed, but when I looked at homes that sold, I realized all the active listings were over market value. What was happening was that homes would come out, get an offer and sell around these other overpriced listings. I conveyed the facts to my sellers and they agreed on a fair list price - it sold in under 7 days. The result is that 2 weeks after we went under contract, 3 of the homes did price drops to chase the market from which we had quickly captured a buyer.
Pricing sells and marketing brings the deal to a buyer. Good luck!
If buyers are coming through but not writing offers, there's a chance it's price but more likely there is something about the house that isn't working for them.
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
If you're listed with an agent, I'm sure they are going to give you the same information as this. Just in case, here goes...
There is a difference between being "on the market" vs. "in the market" - Check out this short video to understand what I mean.
neighborhood, just so that you can compare and see what buyers see and what buyers compare your home to. And try to look at it with the eyes of a buyer.
It could be the price, it could be the location, it could be too much competition around your home,
It could be the curb appeal (landscaping), it could be the updates or upgrades, carpeting or hardwood flooring or just not enough buyers looking in your area. And I could keep on going with potential reasons, but without knowing your home in detail and having see competing homes, it is hard to
recommend what it is that you could do....
If it is not the price..... then may be getting a stager to move or remove furniture, just set your home
up to either look more open, spacious or updated could make a difference, set a dining room table for a dinner invitation, and the kitchen table for lunch or afternoon tea, pop popcorn if and when there is a showing.... fresh flowers etc. and get a prof. photographer to take the most
amazing photos of your home inside and out to attract more buyers who want to see YOUR home.
But sit down with your Realtor and discuss openly what you could be doing. Even if some en vogue
colors on some walls, i.e. paint just a wall here and there to bring in some excitement into your
home (all said not knowing your home as you know) dining room one wall a nice deep red, one wall in the bedroom a nice ocean blue, kitchen a bright color, anything that matches the flooring and counter tops like a nice yellow, green or orange....
Hope you can make use of some of these ideas....
Also if you do not have any flood lighting for night at your house, try to quickly create at least
with a few flood lights and an extension cord to light up the front elevation of your home....
Good Luck to you....
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)