Home Selling in 95128>Question Details

Sellingcondo, Home Seller in Santa Clara, CA

need help, condo has been on the market for 2 weeks with 2 open house. Has had only about 10 showings, and has slowed dramatically... what should I?

Asked by Sellingcondo, Santa Clara, CA Sun May 23, 2010

do next? Lower my price?

Help the community by answering this question:

Answers

15
Given the level of the early activity you've enjoyed, I'm going to guess you have an agent. The standard answer by the other agents on this board in this situation is actually a question- "What does your agent say?"

While the link below is to a blog directed to potential FSBOs, there’s a chance you might find some ideas in it to supplement your agent’s efforts. If you decide that you would like to try something that’s mentioned in the blog, check with your agent first, and always use her/him for the contact person. Good luck.

http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_…
2 votes Thank Flag Link Sun May 23, 2010
Just last Saturday I had 30-40 families come through my open house in just a 2 hour window 3pm-5pm. I think I know another reason why your open houses didn't attract many people. If you let me know the address, I can check out my theory.
0 votes Thank Flag Link Sat Jul 14, 2012
10 showings is very low for Santa Clara. Most likely your asking price is scaring people away from even seeing your condo.
0 votes Thank Flag Link Thu Jul 5, 2012
Lower your price...be competive...
0 votes Thank Flag Link Tue Jun 8, 2010
Sellingcondo
Get you agent to show you the comps in your complex and how long units have sat on the market before selling. I had a condo/townhome on the market and although I had received two low-ball offers, I kept dropping the price to generate more offers. Then the condo/townhome became a competitive purchase. It worked, but the high HOA dues did kick out some prospective buyers. Most experienced agents will tell you to drop the price 5% every few weeks. If your condo is overpriced it will sit a long time. You have to be realistic about today's market. So if you have to sell because you're looking at a possible short sale, drop the price, get an offer and move on. Condos are not selling as quickly as they did because home prices have dropped dramatically and a home is a better investment in the long term. Homeowners don't like rules, litigation, management companies, board meetings, etc. I think the public has gotten more saavy about buying. Check the number of condo/townhomes on the market and you may fine the maket saturated at this time with condo sales.
Ginny Thomas ginnyth@pacbell.net
0 votes Thank Flag Link Tue Jun 8, 2010
What does your agent say? Follow his/her advice about any changes you might make. Make sure there are no pet odors or smoke odors. Make sure your agent is asking other agents if there is anything stopping the clients from buying, or ANY THING that would make your property more attractive. Paint it upscale but basic colors... I suggest using the colors from recent stores like Pottery Barn or Restoration Hardware. Not too wild, but pick a few of those colors, at least for first impressions. Use the colors, but you don't have to buy them from those stores.
Stick some cookies in the oven, make sure every sense is pleasant when buyers are there.
Declutter, almost to the point of starkness. No personal things, such as religion, politics, ethnicity, even age should be visible. Buyers have a huge curiosity about the sellers, try to make your home as generic as possible.

If you go with a lower price, make sure there is a time schedule, so that you really attract buyers, then make sure you counter each offer and try to get the price back up.

Have the disclosures, any inspections and any important information available at the time or before offers, so buyers don't think there are any hidden problems. Some agents have an actual display board in their open houses with that information. Or they have a package ready to be emailed to anyone interested.

Make sure the pictures in the mls are attractive. In general, basic walls, and not high contrast with a few splashes of bright colors are attractive to buyers.

Are you listening with open ears to everything your agent says. We all get defensive and it is OUR house so you may be subconsciously devaluing your agent's suggestions.

Consider offering the condo furnished, or extra nice appliances or window coverings. Find somthing to make yours more attractive than the others listed. Paint is the most cost effective.

Good luck.
0 votes Thank Flag Link Wed May 26, 2010
Having only ten showings in the first two weeks could be average or many it would depend on how large of a populated area you are in. If you are in a decent sized area with 60,000 people I would say that is average. More population that would be slim less population that would be great.
If you are in a hurry you can adjust your price.
The number one thing that sells a home is price.
Just and FYI, Open House rarely sell houses. Open houses bring new buyer clients to agents.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Wed May 26, 2010
also how much $ is your agent spent on advertising, paid marketing?
A good agent can generate traffic so your property sell by its self....
0 votes Thank Flag Link Wed May 26, 2010
It takes only 1 good offer to close the deal.
Rather worrying, I would think you want your agent to get feedback from those who viewed.
condition, any cosmetic touch up, is the price right to the prospects.....

The tax incentives are mostly over. This may be a lull. Therefore you need to view your competition and beat them.....how long does it take to sell similar condos?

Any incentives, leave appliances, help with hoa fees etc......
0 votes Thank Flag Link Wed May 26, 2010
What is your agent suggesting--does the marketing maximize your exposure, are you aware of recently sold similar units in the immediate area--if so, what does the data suggest--are you priced competitively. Make sure your property is neat, clean, clutter free, and shows well at all times. Your agent can best advise as it relates to you specifically.
0 votes Thank Flag Link Mon May 24, 2010
Hi Sellingcondo:

There are 51 active and pending condos in 95128 which falls into either Campbell or San Jose.
Of these 22 are Active.

A lot depends on How flexible one is with Showings, what is the Price being asked to comparables
and HOA dues. The challenge you also have is that some condos are costing as much as single family homes.

17 days be too early to cut your price, however if you have a foreclsoure deadline to meet then
take the advice of your agent who is touch with the asset manager.

You are most likely on either Revey or Delna Manor.

Goodluck.
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Mon May 24, 2010
Hi Sellingcondo,
Well this is hard to evaluate as I don't know the location, size and condition of your condo. I work mainly with buyers so I will give you a buyers perspective, buyers usually look at price ranges first ie: up to 450k or up to 400k, next is location, is it in a good school area? near to there work? in a bad area? Then they look at condition versus price. If you are not getting any offers on your home then it is over priced, it is as simple as that, buyers set the market not sellers or agents. How much should you lower it? boy I don't know, I would lower it to be the MOST competitive, and advertise that fact. Without knowing more specifics that about the best I can do.
I hope this helps, feel free to contact me with any questions.
Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256
0 votes Thank Flag Link Mon May 24, 2010
My agent has shown me the comparables and we are very competitive. We have staged the home and it is clutter free. He is suggesting that I low ball the price. We are selling for 448,888, he wants to change it to 399,999 to get offers in. I am not sure about this? Should I only reduce the price by say 5% or go his route? I dont know what to do?
0 votes Thank Flag Link Mon May 24, 2010
Selling
The way to get a home sold is to obtain an offer. On average, an offer is generated from 10-12 showings.
The rule of thumb for selling is 10-12 showings should produce an offer....within two weeks....or lower the price.

The longer a property is on the market, the greater the gap between asking and selling price.

The key is this: what are other comparable homes doing in the area? Most properties, priced and prepared for market, will sell in two weeks. This varies by price point and market.

Ask your Realtor to show you what is happening with your competition.

Good luck
0 votes Thank Flag Link Sun May 23, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Selling
The way to get a home sold is to obtain an offer. On average, an offer is generated from 10-12 showings.
The rule of thumb for selling is 10-12 showings should produce an offer....within two weeks....or lower the price.

The longer a property is on the market, the greater the gap between asking and selling price.

The key is this: what are other comparable homes doing in the area? Most properties, priced and prepared for market, will sell in two weeks. This varies by price point and market.

Ask your Realtor to show you what is happening with your competition.

Good luck
0 votes Thank Flag Link Sun May 23, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer