I have been in Real Estate over 25 years, seen the good, bad & now the ugly. All but one of my listings have sold & closed and here are a few tips. Since you indicated that it is priced right for the area and is "beautiful" - lets look at other factors.
1. Preview the competition, not just your neighborhood, but in the price range. You will "see" what the buyer's are seeing and be able to compete. Adjust your price just below the competiition, so yours will get seen every time a buyer in that price range comes up. (Is your lot as good, is the location as desirable ei: on a main road, near busy or commercial areas etc.)
2. Next, look at the terms: incentives to Buyer first, then to the Agents showing: Closing Costs, most buyers are looking for up to 3% of sales price towards closing costs. Agents will push a listing into the first showing group when it has a bonus. We are seeing from $1000-$20,000 in bonuses. Instead of reducing the price (if it is competitive) add closing costs of $10,000, Ameridream program allows for a seller to offer a grant for the down payment up to $10,000 and a bonus to the selling agent of $5000, instead of more reductions (or some variation depending on the price you come up with).
3. Once you have established the right price, consider relisting (if it is listed) at the new price and terms. A fresh listing makes all the difference in the world. Be sure there are lots of pictures in the internet, a slide show is great. Good Luck. Jan Lowery/Broker Associate, Virginia Beach, Va. 757-434-7174, Email: Realestateangels@aol.com, http://www.janlowery.com (If you need an aggressive agent for your area let me know)
You didn't say what your house is listed for...what price you began at...or where you are now.
Did you counter the offers? (Always, always counter.)
If you can clarify the issues (original price, current price, comps from the Realtor's CMA, whether you countered), we may be able to help you more. You might even post the MLS number. Sometimes nearby Realtors will give you pricing feedback. And others will give you some feedback on how your listing looks--what it says, the pictures that are posted, and so on.
Hope that helps.
When did you have those offers? Did you counter them?
It probably seems as though everytime you made a price change the market also was adjusting downwards. You are chasing a falling market.
If your agent is doing a full marketing job and you are getting offers within a certain range that is what your home is worth. 2 offers within 10,000 dollars of each other is certainly telling you something.
Make sure that your Realtor (again, I'm assuming you have one) is using every possible avenue of advertising such as Craigslist.com, Zillow, ActiveRain.com; and other websites they can post your listing on for free.
My heart goes out to you along with my other sellers who are desperately trying to sell right now. Good luck!
1. Price (too high)
2. Location (busy street, by a bus station, at an intersection)
3. Condition of your property (maybe it doesn't show well and you might need to have it staged)
4. Smell (cigarette, dust, animals)
5. Poor curb appeal
6. Not enough exposure to the public
7. Do you have restricted hours or no lock box?
8. Not paying the buyers agent enough commission
9. Not paying the listing agent enough commission to advertise
10. High crime area
It's easy to be very discouraged in this market. I had a listing for 1 year before it finally sold. The home needed too many repairs and anyone who wanted to live there couldn't afford to get a loan. Good luck.
I say *WAS* as that was the past - If you want to sell today, I would go lower than that.
If you home has been on the market for 8 months already, look in the mirror and ask youself
"Am I a serious seller?" - because your past record says that you are looking for a certain price.
If that is the case, take the sign down, and try again in a fre years when the market rebounds.
I will be glad to help you, please call 631-889-2997 or email me firstname.lastname@example.org..Good Luck..
If you are not listed with an agent, I will SERIOUSLY consider doing so, fast! If you're already listed with an agent, I would review the plan of action on a regular basis with your agent and instead of reducing the price some more, you might want to consider other options (email me if you want to know what other options I have in mind).
I agree with Celina about the first offers being the best, but I disagree with her when she said "ridiculously slow market." It's all in the perception. I know Realtors who take at least 20 listings a month and sell 90-95% of them before the listing expires. Yes, I'm learning as much as I can from them on a regular basis.
I want to be like them when I grow up.
Also, how much is your listed price? How much lower were the 340K and 350K offers? Did you counter-offer? On counter-offers, remember that there could be more to just the price. You can counter-offer keeping your listed price, and offer the potential buyers something else other than a price reduction (Again, email me if you want to know some ideas).
How do the photos look? How nice is the virtual tour? How many websites is your property listed on?
1)Location: There are prositive and negative factors in almost every location
2)Price: It must be priced right at the on-set
3)Time: Sometimes agens don't invest enough time & energy into marketing a house, some even disappear after they get your listing!
4)Condition: You only have 1 chance to make a good impression, remember little things can make a big difference to a buyer
5)The Right Agent: Selecting the right agent and the right company can make the difference!!
If you are listed with another agent, we are not soliciting your property, but if you are selling on your own and would like more advice, you can email us at email@example.com.Good Luck...
I am sorry for your frustration. Do you really need to sell?
If so, then let's look at some facts that may help you:
1. The buyer that first sees the home they buy sees it with a Realtor 90% of the time (CAR Survey). So if a home is not being shown, that does not mean the Realtors are on vacation. They are showing the homes that have the most value. If you look at the link below there ARE homes that are selling. Many homes have sold in the last year. Just not yours.
2. When you bought this home you used a Realtor, right? 90% of buyers do, so by NOT listing it with a Realtor you are excluding 90% of the market. The NAR seller survey shows that owners selling without professional representation sell to someone they know 5% of the time, someone they don't know 5% of the time, and list it with a Realtor 86% of the time.
When a buyer is looking for a home, they do not care what you paid, how much you owe, nor how much you need to net. They want the best value. So in any market, homes that sell in the first 30 days sell closest to asking price. Homes that sit on the market, like yours, simply lose value.
Have you every seen a home on the market a long time, and wondered what is wrong with it? That's your home. So the longer a property sits, the lower the offers that come in.
My recommendation is that you call me at 1-+888-284-2056 and I will arrange to have a top Realtor in your area speak with you about how to get your home sold. Last month I helped a client who had been trying to sell his home for six months, and we sold it in 30 days.