Dear Kate!
Thank you very much for rating my answer with "Thumbs Up".
You appreciate my colleague’s answers and mine. This is very important for us.
I am thankful for this.
Sincerely,
Yelena Tsuladze
Broker/Owner
Advanced Realty Group, LLC
mail to: YelenaT@optonline.net

A mentor once taught me that there are 2 reasons for why a property doesn't sell: 1) ugly property, or 2) ugly price/terms. The fact that your property has received lots of traffic--but no offers--tends to suggest that you need to lower your price and/or become more flexible with your terms.

Have you considered offering seller financing? If not, then consider it.

It's called the Limnbo Rock...how low can you go. That's what an auction will bring for all the reasons my fellow proefessionals have already stated.

Hi, Kate:
An auction might bring out some buyers but guess what? They are assuming they can buy under market value. You would need to have a reserve amount to protect yourself from only having a few buyers bidding and not meeting your magic number.

Foreclosures are lowering the values until they get fixed up and resold at market value. In the meantime, yours appears to be a tad high in price or it would have sold. You would probably be better served to lower your price in the hopes of attracting multiple offers.

You can Google, Tips for Home Selling or go to Realtor.com for similar advice so that you present a more favorable first impression. The fact that you have had tons of traffic weighs on my mind (pun intended). The fact that you have not had any offers confirms the potential of being overpriced in today's market.

You might have new photos with better lighting.

Hello, Kate!
I don't think this auction will bring you multiple offers, if yes; they all will be extremely low.
Just reevaluate your home staging and marketing strategies with your Realtor.
And adjust your asking price according with other prices for similar homes in the area, make it the lowest (of course, if you must sell fast).

Sincerely,
Yelena Tsuladze http://www.Yelena.ValuedAgent.com

Hi Kate,

I think you were too high before the price reduction in February. I think you need to give the new price more time to generate some interest. Believe it or not, you've really only been on the market 3 weeks at the correct price.

Here's some other miscellaneous troubleshooting: The dining room floors look worn out in the picture. You might want to take care of that or reshoot the photo if I'm wrong. Also the bedroom pictures are not good. Blurry and/or dark. The picture of the rear is not good. It was shot way too close and It makes it look like you have absolutely no rear yard. I'd reshoot the bedrooms and the rear right away.

And finally, to answer your question, the only thing that produces multiple offers is pricing BELOW market value. Auctions and other gimmicks are not likely to cause anyone to overpay in this market. And even if they do, the appraiser will "fix" it during the mortgage application and you will either reduce to market or kill the deal.

Good luck!

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
web: http://www.marcpaolella.com