Adlbray, Home Buyer in Fox Point, WI

what is the best way to attract buyers to a home in Fox Point, WI. I am selling a totally renovated home and have had very little buyer interest.

Asked by Adlbray, Fox Point, WI Mon Aug 8, 2011

The home has been on the market for 1 week and we have only had 1 showing so far. No showings over the weekend. The price is comparable to other homes in the area. What are we doing wrong.

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Your price is too high.

Reduce 10%/ month until it sells. This market will destroy patient sellers.

Consider defaulting.
0 votes Thank Flag Link Mon Aug 8, 2011
Right now what is driving buyers is price. The higher the price of a home the smaller the market of buyers. Everyone is looking for a deal. Right now what is going on with the down grade of the US credit rating this will effect real estate. Price to sell.
Debby Homestead realty Inc
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0 votes Thank Flag Link Mon Aug 8, 2011
Price is what is selling right now, as others have pointed out below.
0 votes Thank Flag Link Mon Aug 8, 2011
I think Ron hit it right on the doesn't matter what the other ACTIVE homes are priced at and how you compare to those. It matters what has SOLD recently and how you compare to those homes. The recent (stress RECENT) sold homes are an inidication as to what buyers in Fox Point are willing to pay in this current market. If you current competition is all overpriced and you are in line with their pricing then you too are overpriced.

If you haven't had a market analysis done by a Realtor it would definitely be in your best interest to do so. A market analysis costs you absolutely nothing but does provide a weatlh of information including recent sales, time on market, price per sq.ft sold, etc.

Troy Miller, ABR, RNG
0 votes Thank Flag Link Mon Aug 8, 2011
Whether you're using a realtor or not, the best way to drive interest is to lower the price. Otherwise, you could spend some money on marketing, internet postings, or even hire a realtor, but that just costs time and money anyways.
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0 votes Thank Flag Link Mon Aug 8, 2011
If you've had very little buyer interest 95% of the time it's because of price. You're located in a very appealing city so location is not the issue. Mid to late summer is a very slow time. People that are making a move usually buy in May/June because they want to be situated before school starts. You'll see a surge again in mid September. Also, if you're selling it by yourself the simple truth is that most people prefer to be represented by a experience and knowledeable agent. Agents don't like to deal with FSBO's because more often than not it's too much of disaster. (They are also historically overpriced). I hope this helps a little
0 votes Thank Flag Link Mon Aug 8, 2011
I would say give it a little more time. Buyers are more serious right now so the quality is high and not as much the quantity. It only takes 1 buyer and enough have missed out on properties lately so they are not as slow to put an offer in as they were.

If priced right houses have been moving and with the drop in interest rates buyers have even more incentative to buy now.
0 votes Thank Flag Link Mon Aug 8, 2011
1 Showing in a week is not really that bad in todays market. Are you listed with a realtor? The best way to get traffic is to have the listing on the MLS with a good Realtor. You should also be marketing through the internet, where the vast majority of buyers start their search for homes. There are many additional ways to market your home as well, but in todays market, I would say the 2 above would be the most important.
0 votes Thank Flag Link Mon Aug 8, 2011
It sounds like you are trying to do this by yourself:

Do you have a Realtor representing you? Is it LISTED on MLS and 3-6 websites? Is the LISTING price realistic, or even a little LOW to attract Buyers? Have you had a BROKER's Open House? Have any Realtors previewed the house?
The PRICE should not be COMPARABLE to other ACTIVE houses, because they are not selling either!
The PRICE should be consistent with recently SOLD properties, because that is what it took to sell it.

Good luck and may God bless
0 votes Thank Flag Link Mon Aug 8, 2011
There's a general slowdown going on right now in some areas, partly related to the fears about the economy going around right now. Don't be too quick to worry. However, you might want to check with your agent that all the listing information is correct, i.e. Address, # of bedrooms/baths, CITY (believe it or not, some smaller MLS's make it difficult for agents to list the correct city if it differs from the the taxing district).

You might want to ask your agent if he has published your listing on the internet, Trulia, Zillow, etc.

Take a look at the photos that your agent has published, make sure they're accurate and aesthetically pleasing.

You might ask your agent to throw some teaser ads on Craig's List and also hold a Broker's Open House. (A broker's open house is not necessarily open to the public and usually happens during the weekdays. It's a way for your agent to show off your house to other agents in the area.)

Be careful about trying to advertise your home yourself without your agent's input, as there are very strict and sometimes silly 'fair housing' laws to be aware of when advertising. I say 'silly' because what you might not think is a violation of the law, such as "great home for families" or "great home for retirees" both violate the law.

Good luck!
0 votes Thank Flag Link Mon Aug 8, 2011
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