Home Selling in 14224>Question Details

Msm, Home Seller in Buffalo, NY

My home hasn't had any offers yet?

Asked by Msm, Buffalo, NY Wed Jun 25, 2008

Well, my home has been on sale with Metro for about 2 1/2 months and I've had many showings every week; at least one or two parties, but I haven't had a single offer yet. My home is currently priced for $159,900. It's a nice sized ranch in West Seneca and there's privacy and the school system is great. Moreover, the house itself is about 16 years old. So I don't know what I shoud do?

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8
Hello Msm,

I took the liberty of looking up your listing. Among other things, I noticed that yours is the highest priced home in the area compared to other homes of similar style and size. Also, as far back as '06 I don't see any ranches in the area (1500 square feet and under) that have sold for anywhere close to $159,900. May be time to consider a price reduction.

Offering a more competitive buyer agent commission may be to your benefit. Also, it appears from the MLS that you or your agent are present during showings? If that is correct, I would highly advise against it.

Good Luck!
Web Reference: http://www.wnyhomevoice.com
2 votes Thank Flag Link Wed Jun 25, 2008
MSM: if you are listed with a Realtor, another Realtor should not extend any invitations of contact; it is against our Code of Ethics.

The buyers will always talk to you. If you are getting no showings, the price is too high.
If you are getting lots of showings and no offers, the price is closer, but still too high compared to the competition on the market, the house, condition, location or whatever the buyer views as value.
When the house is priced close to the correct number, you will begin to get offers.

If the house is getting showings, lower the price to get an offer.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Wed Jun 25, 2008
With the caveat that I don't know your area at all...

If you've had frequent showings, then your home is being marketed reasonably well, and it's priced OK. That means there's something about either your specific home or your neighborhood that's turning off potential buyers. They're OK with the price; they're OK with the beds/baths/etc. as presented on the MLS. They're not OK with your specific house.

What feedback have you received from your agent? What feedback has your agent received from the agents who have shown the property? (That's not always reliable; people tend to be polite and say everything was fine. But that's still the place to begin.)

Ask your agent to consider holding a broker's open. Then have your agent get feedback from those agents.

If your agent has suggested some minor repairs or maintenance, do them.

If you even suspect that your home might benefit from home staging, get a home stager in there to give you a report. Often, the cost is a few hundred dollars. It's well worth it.

Meanwhile, have your agent keep an eye on the comps. With a bunch of showings, you sound like you're priced OK, but that can change pretty quickly, too.

You and your agent should go and tour at least 3 or 4 of the comps this week. Take a look at your competition. How do you compare? You may pick up some useful information.

Meanwhile, drive around your neighborhood. Follow the route that most people would follow to get to your house. Are there any turn-offs? Eyesores? Abandoned houses? Cars up on blocks? Lots of barking dogs? If so, make sure the MLS listing directs potential buyers a different way to reach your home.

Those are a few steps to take.

Hope that helps.
1 vote Thank Flag Link Wed Jun 25, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Since you are listed with a realtor. My advice is listen to your realtor. You should have hired them on their competence. Sometimes we can be too quick to give advice without all the facts, non-subjective facts that is. If my client were inquiring as you are, I would hope a colleague would say to them, "listen to your Realtor, that's what you hired them for."
0 votes Thank Flag Link Thu Jun 26, 2008
Msm,

You asked the question - but I'll ask you - what do you think?
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Wed Jun 25, 2008
M
The real question you should be asking is this:
How many homes, like mine, have sold in the last two and a half months? An easy way is to go into Trulia and look in your zip code and look under STATS.

The buyer that first sees the home they buy sees it with a Realtor 90% of the time. So if you are not getting showings, lower the price. If you are not getting offers, lower the price. Homes sell closest to asking price during the first 30 days of market time. The longer they sit, the more value they lose.
0 votes Thank Flag Link Wed Jun 25, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
It is a good sign that you are receiving one to two parties weekly. Selling a ranch tends to be a different experience than selling other style homes . Ranches tend to obtain a premium since a buyer of a ranch typically has a specific need for a ranch. Yet, there are less buyers looking for a ranch. So a ranch is generally less elastic to price changes. That means a ranch will not necessarily receive more offers at a lower price. Sellers of most other style homes typically receive more offers soon as lowering their asking price. Please consider using America's Choice if your listing expires. Our homes receive about 16% higher price than those homes sold for sale by owner and there is no commission to be paid upon the closing. I'm sure you seen our signs around West Seneca and you probably know someone who as sold with us. You can learn quite about by reading the articles on our website and reading my blog. You can find all this by reading our web site. Regards
0 votes Thank Flag Link Wed Jun 25, 2008
Is your home listed with a full service real estate company? You can e-mail me or call be direct and we can try to help you. We are in Western New York and work in the West Seneca area.
Joe Sorrentino
MJ Peterson Real Estate
joe@joesorrentino.com
716-568-0355
Web Reference: http://joesorrentino.com
0 votes Thank Flag Link Wed Jun 25, 2008
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