Lots of luck,
Bloom Realty Investments LLC
5125 Admiral Pl
Sarasota, FL 34231
web site: http://www.bloomrealty.net
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.)
We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REOâ€™s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.
If you are considering a property, have a Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMAâ€™s, you will see the trends.
So, at this point, you have two choices:
Keep lowering the LISTING PRICE until you get an offer, or,
Call a Realtor.
Sorry for you are experiencing these difficulties.
My suggestion is to speak to an agent who is local to your market - preferably several agents.
Advantages of using a professional:
1. An agent can present a strategy for getting your home sold quickly.
2. An agent can give you the marketing muscle you need in this very difficult, price-driven environment.
3. And, as others have offered, an agent can suggest things you can do to stage your home.
Price is critical. Price brings buyers to look. Staging is what sells your home.
I do appreciate that you're driving a lot of energy into job searching. The hunt is a full-time job and you may need to dash out the door instead of vacuuming before heading out. This is all the more reason to move your property quickly. The situation you are in can be exhausting. I urge you to hire an agent as soon as possible. Give your home selling project a full-court press and put it behind you.
Final note: Make sure the agent is a good communicator - someone you are comfortable with.
Best to you,
of Longmont, CO
Although I do not work in your area, I do work in Southern California so I thought I would throw in my advice. My first recommendation is not to spend money on upgrades - there are things you can do for no money, or very little, and these are what I would focus on at this point. Make sure your home is clean and de-cluttered. Open window dressings to let in light. The entrance to your home should be inviting - planting flowers is usually a great idea, or if you do not have an area in which to do so, you can place some potted plants strategically. Remove personal photos from walls and items from countertops, and place a few vases of fresh flowers around. Buyers want homes that show well, so they can imagine moving in and visualize their belongings in the home.
Of course I have not seen your home, but even if it shows well this is a difficult time to sell. If you are getting lookers and no offers than the first thought that comes to my mind is that it may be priced high. You need to discuss the comparables with your Realtor and really price your home aggressively. These days buyers are very savvy - they have access to information on the internet and they know whether your home is overpriced. If so, they may not even come and look at it. It used to be that they would come and make low offers, but these days I see less of that. If a home is priced right, you will likely still get a low offer, but you do need to get those buyers INTO your home. If your agent has not yet had one, a broker open house is a great way to get feedback from brokers and agents.
Sit down with your agent and listen to her/his advice, and make a marketing plan that will get you the maximum exposure, and a showing plan that will make your home look it's best.
Best of luck,
Rachel LaMar, J.D.
In doing a quick check for Newhall CA your value is twice the average market value for the area.
Depends on the improvements that are needed? Feedback as to upgrades does not sound like that is what is stopping people as if they liked the house they would make an offer on it. Price is typically the key factor that motivates buyers. Condition will effect price.
It's hard to say exactly what the problem is without being able to actually see the property in question. Just generally speaking, you are in competition with Short-Sale and Foreclosure properties, which drives the prices down on all homes for sale. You need a good agent, and you need a very good CMA and marketing plan.
Buyers are looking for a home they can move into, without having to do a lot of work. If you home needs repairs I would recommend you take care of those in order to make your home more attractive to buyers.
Although I am in Naples, Florida your question and answer will be very similar. I could probably answer your question better if your agent could send me a copy of the MLS.
How long has your home been on the market, have any homes sold in your area. Perhaps you need to remove the listing from the market, give it a rest. Ask your agent to go over the comps with you; it is a hard market perhaps some type of buyers incentive at closing?
Did your Realtor give you a printout of local comps comparable to your property or did you set the price? People are looking for a "deal" so you absolutely must be competiive! How many open houses/broker opens have you had? How is your property being marketed?
One thing I'm seeing valuable is a seller buydown - meaning the seller is willing to pay points so the buyer can get a far lower interest rate. Ultimately, buyers are interested in their monthly payment.
What are you willing to do to attract the right buyer? What is the advantage of buying your home vs buying someone else's home? What incentives are you willing to give to attract a buyer? Give this some thought.
If I can be of assistance, please call me at (661) 255-3335.
Cheryl Garner, Mortgage Expert
Fairview Mortgage Capital, Inc.
Also, if you are not bringing in any money, spending money you donâ€™t have on improvements trying to get additional money you probably wonâ€™t get is not good accounting â€¦ at least in my books.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Make sure the pictures are taken from the best possible angle, multiple kitchen pics if possible, multiple backyard / side yard pictures, color saturation is your friend.
There is nothing worse in the MLS than seeing BAD blurry, ugly pictures & believe me I see a lot of them & think "what the heck is the agent thinking to publish this crap, in this price range", but it does happen.
Put your price at $699,900 today. If you're on here asking us about lowering the price, then you have no offers at $720K, no one wants it at this price.
Realtor Since 1996
Main Street Realtors.
Have your Realtor do a current Comparative Market Analysis (CMA) using SOLD comps within a 1 mile radius of your property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value and this is what your list price should be based on. You state the value is $700K but you have the house listed at $720K. If in fact the value is $700K (based on the current CMA your Realtor should do), list your home at that or a little lower to general interest. I personally don't suggest doing upgrades - in this market you usually don't get your money back and if your house ends up not selling, you've definitely thrown money away which you don't want to do.
I would also have professional photos done on your property as well. Make sure your home is showing on multiple web-sites. A lot of times Newhall gets over looked in our area because of Stevenson Ranch and Valencia as a high end neighborhood. Make sure your agent is promoting in constantly as a desirable place to live not far from the freeway in the desirable Happy Valley area.
Also if you are appointment only many agents find this difficult for showings so I would we consider this.
Best of luck to you.
The guidelines for selling property are not complicated:
no showings, lower price
no offers, lower price
no accepted offers, lower price
Additionally, assuming major renovations and upgrades will make a difference can be costly and may not make the difference necessary.