Home Selling in 85355>Question Details

Angela, Home Seller in 85355

our house has been on the market over a year, any suggestions?

Asked by Angela, 85355 Wed May 30, 2007

1 acre, irrigated landscaped and fenced, horse property with 3300 sq ft home, many upgrades priced in mid-high 500,000.

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14
It's always about the competition in your area. What are other homes selling for? What condition is it in? Make your home the best for the lowest money.
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1 vote Thank Flag Link Tue Jul 10, 2007
Yes, drop the price by 25% now or be forced to accept 50% by the end of next summer.
1 vote Thank Flag Link Thu May 31, 2007
Hi, Angela ... I'm going to guess that yours is the home in Crystal Springs. From the photos, it looks like a beautiful home!

Since your home currently is listed, I'm limited in what suggestions I can offer. And I'll spare you some of the more general ideas that may or may not apply to your property.

I can tell you that based on current sales pace, there's a 15-month supply of homes in Waddell. You can see the details at the link below.

I'd also be happy to post a chart on my blog, the main page to the link below, showing you what's been going on in Waddell since last July, which will cover just over half of your marketing time.

The homes selling in the Valley right now are those that are in good condition, aggressively marketed and aggressively priced. If your home meets all three, then it's only a matter of time.

Good luck!
1 vote Thank Flag Link Wed May 30, 2007
Angela
Thank you for your question.
If I were your agent you would know why your home is not selling. So without knowing your specifc market and circumstances, these are general statements that need to be viewed within your specifics.

1. You should be aware of the overall real estate market in your area. Usually a Realtor reviews comparable properties (Actives, Pendings, Solds, and Expireds) at the time the property is priced and placed on the market.

The guiding principle of real estate is that the selling price of a home is determined when a willing and able buyer agrees to purchase the property. The buyer (who represents the market at large) sets the price. The primary reason a property does not sell is the price.

2. How many properties like yours have sold during the time your property was on the market? How close were the selling prices to yours? How many days did it take for them to sell?

3. How many properties Expired (never sold and the listing agreement expired).

4. The ratio of sold properties to expired properties is a ratio. Let's say that 5 sold and two properties expired. 2 divided by 5 is 40%, so there is a 40% chance a property will not sell. The ratio can change, if your property has been on the market one year, I'd look at the stats per quarter (three month period) and see how they are changing (going up, down, etc.)

5. You should know the number of times the property has been shown, with feedback from the buyer's agent from each showing. This information, along with changes in the market , would be reviewed on a regular basis.

The feedback will tell you the problems and what you need to do to correct them.

6. Assuming that you have had showings, but no offers, the price is too high.
If you have had no showings, the price is too high.

There are a few other remote possiblities however these should cover most circumstances.

Good luck!
1 vote Thank Flag Link Wed May 30, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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The best thing to do is ask your agent for a current CMA, this will give you an idea of the prices the other homes are going for. Remember your Realtor is suggesting a price, but be flexible... You never know when the right person will walk thorough the door
0 votes Thank Flag Link Thu Nov 21, 2013
The best thing to do is ask your agent for a current CMA, this will give you an idea of the prices the other homes are going for. Remember your Realtor is suggesting a price, but be flexible... You never know when the right person will walk thorough the door
0 votes Thank Flag Link Thu Nov 21, 2013
Lower your price!
No matter what the condition of your home is, if you look at how much other homes are selling in your area, you will have a better Idea if you are in line with your competition. Factoring the condition of your property compared to others can help you adjust your price Up or Down from the average. I hope this helped.
0 votes Thank Flag Link Sat Jul 27, 2013
You didn’t say where your house was located. Homes in the various communities sell at different speeds. In some communities the homes are only on the market a short while, and in others it could take longer than a year to sell.
Make sure your home is priced for the community. You don’t want to be the lowest priced home, nor do you want to be the highest priced home.
If your realtor hasn’t done a recent CMA (Current Market Analysis), have him run one. Open houses are good but after a year your house is getting “old” on the market. Talk to your realtor, and see if you can come up with some creative advertising idea’s. If it hasn’t been done already, have a mortgage broker come up with some creative financing idea’s for your home. He or she will be glad to print up some flyers for you. Sometimes a home sells faster if the potential buyer knows his cost up front.
For more home buying and selling tips go to http://www.AntaeusBalevre.com
0 votes Thank Flag Link Tue Jul 10, 2007
Hi Angela,

There has been some excellent information shared in the previous posts, so I won't duplicate. At this point, you may ask your Realtor to consider holding an Open House. This will allow you to get feedback instantly and directly from visitors on that day. You may also want to invest in staging. There are many vacant homes on the market today and many of them are not selling simply because they are vacant. Having a bit of furnishings in the home suddenly makes the home more appealing to any buyer. Be sure your price is in line so your listing will come up as one of the top 3 in that pricing category- this comes into play because there are so many homes to choose from, if your listing in at the bottom, it may never get shown.

These are just a few suggestions to hopefully get your home sold as soon as possible. Good luck!
0 votes Thank Flag Link Tue Jul 10, 2007
Feedback from the showing agents is probably the most valuable and the fact they do not respond makes it difficult. We use an incentive based feedback system that is easy to use and notifies you at the same time it notifies us of the feedback response. We get about 75% feedback rate after showings. I think other agent feedback is crucial due to the fact they are the ones out showing the competition...
0 votes Thank Flag Link Tue Jul 10, 2007
OK, so we lowered the price, it is very reasonable for the area, Once we did that, we received 3 showings. I believe it is priced very well and its a nice house. One problem is that there is no furniture so staging is a problem, but for what is going up in the area, this is a steal. Agents don't respond to my agents calls or emails so it is difficult to know , most of the time, what the reactions to the house are.
0 votes Thank Flag Link Tue Jul 10, 2007
Wow, tough crowd here. Many previous responses had a big thumbs down. My answer will be simple. Without all of the details, it is difficult to give a specific answer in this forum. But generally, people start their search by size, price and location, for example a 3000 sf home in Mesa below $500,000. So, for starters having your home priced correctly will put it in front of the highest number of potential buyers. Then, I am a strong believer showing as much of the home as possible. Make the people fall in love with it before they ever visit it. Then, we do not want to let them down when they do visit, so the home must shine...

If you are getting no showings, then it is one of two things. Either price for the location and size or just poor marketing. An example. You could have a home on the market for $1, but if nobody knows it is available, it will never sell. Also, you could have a home on the market for twice its actual value. Even if the entire planet knew it was for sale it would never sell.

There are a lot of things to take into consideration, but these are just a few of my thoughts. Good luck.
0 votes Thank Flag Link Tue Jul 10, 2007
Nationwide inventory is creeping up and up. You have to make your home stand out from the crowd. This can be done by price, incentives or maybe upgrades and stagging.

If you are getting showings, listen to the feedback. Try and imlement a stratagey to take advantage of the feedback. Get your realtor to give you suggestions, or if you find your realtor is out of suggestions it may be time to get a new one.

This market is tough. You need to be different from the rest and be aggressive in price, marketing and stagging.

Good Luck!
0 votes Thank Flag Link Thu May 31, 2007
Angela,
Good question and in the rapidly changing real estate market you can do what we agents do and that is go back to the basics.
Make sure your home is clean, neat and bright - all lights on for showings.
One of the least expensive and most effective ways to give your home a fresh look is with paint and window treatments.
You should revisit pricing and not knowing your market but just coommon sense, have your agent do an updated market analysis so that you know what has happened to your market in the last 6-12 months and adjust accordingly.
Best of luck!
0 votes Thank Flag Link Wed May 30, 2007
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