Seems like you have more than enough answers but I thought I would chime in. Warwick is my area and this last few months have been excessively slow! Since your home did not sell when the tax credit was available, then there is a 99% chance it was priced too high and then proceeded to get stigmatized. Unless you drop your price drastically right now, it will not sell during the upcoming holidays either because this is traditionally a slow selling time. I would suggest, if you don't "have" to sell, to just take a break until the spring. Good luck with your decsion.
Dan is correct - it is best to get ahead of the pricing curve. Particularly in a declining market, chasing the market is like falling on a sword - as you have learned. So this go around, get a head of it - if you do, you'll sell for more, not less, than if you don't.
Good luck to you,
Unwavering Commitment to Service
Lowering the price only helps if you lower it enough. If your comparables are at $250,000 you need to be at $245,000. Don't just look at sold comparables, look at active competition. As time goes by, prices have continued to drop in many markets and older inventory sometime gets an unfair stigma.
To guarantee a sale sooner rather than later and for more money get ahead of the price curve. You have to be the best looking, best marketed home in your price range to be successful. Best of luck.
Some information we provide is true across boundaries. You've got some good advice from local RI agents, you would be well served to talk to a few of them directly and decide which direction serves you best. I have a cousin in W.Warwick, so if I get out to visit, I'd be more than happy to drop by.
One thing to consider before you take it off the market. Will it be worth more or less when you return? In many markets prices continue to drop and if this is the case, you may lose more than you stand to gain. Ask your agent to look at the trend for your area. If they don't know how to do this, consider the data on Zillow.com. Zillow is not a reliable source for individual properties, but they are fine when tracking a given area or zip code.
If you have location issues you will have to price off homes which also face similar limitations. If you are basing your asking price off the adjacent neighborhood, you're not using a good comparable. You need to compare against homes of similar size, age and location to make accurate assessments of your data. If your agent has been doing this, consider a change when your contract expires. Find an agent who is successful with similar properties.
You will also have to be patient and wait for a buyer who either wants a non-traditional location or doesn't care.
Coldwell Banker Residential Brokerage
I wouldn't jump to the conclusion that you should take your house off the market. Many homes are withdrawn during the holiday's, thereby reducing the supply - so your house would get more activity!
Please let me know if I can be of any assistance.
In addition to location, which we can't change, there are four factors that sell a home: marketing, accessibility, condition, and price. And, of those four, the only factor your agent controls is the marketing. You, as the Seller control the other three factors. Your agent can make suggestions to you regarding accessibility, condition, and price, but you, as the owner, have the final responsibility for these factors.
That being said, consider these questions. Are you limiting access by not giving your agent a key, putting a tenant in the home, requiring your agent to be present for all showings, requiring 24-hour notice to show the home, for example? You need to make it EASY for a Buyer to see your home. If they can't get in to see it, there are a lot of other homes they CAN see.
Are you doing your part to declutter and depersonalize the home, to make it easier for Buyers to picture themselves living there? Have you and your agent staged the home? A well-staged home will also photograph better, in both still photos, and a virtual tour, an important factor since most Buyers start their home search on the Internet. For some inexpensive tips on staging your home, you may want to read my blog article on this subject, referenced below:
Did your agent make price recommendations, based on recent sales? Did you follow them? If home values are falling in your market, have you adjusted your price so you're currently priced better than the competition? In most parts of the country, Buyers have so much inventory to choose from that, in order to be the next one to sell, you must offer the best-looking home at the lowest price. This is the reality of our current market.
Your agent might want to do a new comparative market analysis (CMA), so you can see where you need to be priced to be competitive. Also, consider looking at your competition with your agent. Then you'll have a better idea of what you need to do to get your home sold. Selling a home is a joint undertaking--Working together, with each of you doing your part, is how you and your agent will get your home sold. Good luck with your sale.
Maggie Hawk, REALTOR
Watson Realty Corp.
You can reach me direct at 401-641-1663 at any time.
Coldwell Banker Residential Brokerage
Sometimes, it just requires a different approach.
We have a very good marketing plan that we implement for all our customers, it should work for your property as well.
Here is the link.
Newport Real Estate
That 'something' could be the price (just because you've lowered it, doesn't mean you've lowered it to within the range of a true selling price. It could be condition, location, maybe the wrong school district, maybe it doesn't show well, maybe it's located too close to a busy road, or high tensions wires... or maybe there have been too many short sales in your neighbourhood and buyers are nervous.
There are just too many possibilities for any of us, who are not familiar with your listing, and are not working within your marketplace. If you're currently working with a Realtor, this maybe a good time to ask her/him that same question. Have her run a new market analysis, and ask her to show you what went wrong, and what her suggestion would be IF you decide to continue to list with her.
In the meanwhile, you might want to ask the same question of 2 or 3 other Realtors in your marketplace. See if you can build a consensus.
If you're not working with a realtor don't be afraid to ask for help. You dont have to hire the first one you talk to just the one you want to work and you think can get the job done!