Home Selling in Memphis>Question Details

Tina, Home Buyer in Hermitage, PA

How honest are feedback comments? We have been trying to sell our house for 3 months with no takers.

Asked by Tina, Hermitage, PA Sun Oct 5, 2008

We are relocating and really need to sell it. The price is competitive with others like it, and our house has more upgrades (wood floors, tile bathrooms, etc.). The feedback has all been positive, but still no takers. We are wondering if we should lower the price, or try a more neutral paint through-out (it is currently painted kind of a clay/sand color). We are trying to be patient, but it is getting tough.

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Tina
I receive many posts like yours. I suggest that you sit down with your REaltor and ask some questions:
How many homes, like yours, since your home was listed, have:
1. Entered the market
2. lowered their price
3. gone into escrow
4. sold
5. expired.

The truth is that homes are selling, over 3,000 according to Trulia. The problem is your home.

That mean that buyers found other homes offered more value. The easiest way to offer value is to lower the price. There are other ways, ask your Realtor.

Homes that sell in the first 30 days sell closest to asking price. In my market that is 99.7% of asking. At 120 days they are selling at 92.7%. So market time is not your friend.

Good luck.
0 votes Thank Flag Link Sun Oct 5, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I don't want to sound like an echo, however the only incentive that matters in this market is price. Many sellers are getting scared and start thinking that offering a gift card for a home store, a new grill, a moped or (even in one Nashville case) a smartcar will sell their home more quickly.

In slower times, sellers begin to think they have to do more and their REALTOR needs to spend more, however the truth gives two options.

1. Realize it's a slower market and be patient with it. Hang in there for the 3 months, 9 months, 2 years, whatever it takes. --OR--

2. Drop that price to the point where it will sell.

I had one buyer looking in a $15K range in a 5 mile radius. She had 78 choices that fit her needs!! Another buyer of mine is looking is a $50K range in a 3 mile radius. They have over 200 choices. Keep in mind, it's our jobs as professionals to give you the facts of the market and how to move forward to meet your goals.

You sound like a PERFECT seller who listens and responds. Ask for the facts and continue forward as you are!!
1 vote Thank Flag Link Sat Oct 11, 2008
Somebody already answered PRICE - that is by far the most important issue. But very close is CONDITION. I wil frequently hird a staging professional because they specialize in making your home look attractive to a potential buyer. You have to realize that the way you live in a house is NOT the same as the way you sell a house.
Are you getting traffic through your house? The National Association of Realtors show that if you've had 10 showings, you should have 1 offer.
A way of bringing more traffic in is to offer an incentive for a buyer or for the realtor bringing the buyer.
Good Luck - there is alot of homes to choose from so you have to be special.
1 vote Thank Flag Link Tue Oct 7, 2008
Hello Tina
Part of the answers below suggest that you may need to add value to your home in the eyes of any buyers who visit your home. Rather than continuing to lower the price (unless of course you happen to be overpriced)...here is a suggestion.
Go ahead and order and get a complete home inspection. Make sure that you use a licensed inspector that will provide a complete portfolio after the inspection...including color photos of any problems. Complete all the home repairs if any exist and leave receipts along with this portfolio. Leave this portfolio out during any showings along with any other material that your Realtor may be using.
You just saved the prospective buyer several hundred dollars by doing the inspection and completed the repairs that you would have to complete anyway. But you are showing that your home is now in tip-top ...move in ready...conditon. This may be very important to some buyers....and adds value to your home.
Don DeBaer
http://www.Bluffcityrealestate.com
0 votes Thank Flag Link Mon Oct 13, 2008
We are getting traffic, just no offers. The condition of the house is excellent. We have spent nearly $10,000 this year on upgrades (new furnace, AC, wood floors, new carpet, new countertops, etc). We have also moved out most of our furniture and put it in storage with most of our belongings.

The only negative feedback we have had was the price (twice, and we lowered it accordingly) and the backyard is not level (which we can't change).

Our realtor is advertising (we have copies of all that is being done), and he is following up with people who visit and report that they loved it, but not one of the "loved it" category has purchased a home at all.

What kind of incentives should we be offering?
0 votes Thank Flag Link Fri Oct 10, 2008
Tina,

The major reason a home does not sell is.....PRICE!

As long as you have the property or item priced right someone will buy it. The problem is we typically resist selling our home for a lower price because it is viewed as both special (in our eyes) and a value because we know every little thing that has been done to it over the years.

As for painting it....you could go through the expense and effort anf the nex owners will probably change the color to meet their preference.

We suggest you review your marketing plan with your agent taking a close look at its visibility. Price and visibility are the two most important selling factors. Visibility in terms of how you are putting it out these for the buyers to see it. The more people that see it the greater the chances of finding a buyer.

Good luck,

The "Eckler Team"
Micheal Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Sun Oct 5, 2008
Neutral is always better than bright or non traditional red, green orange, purple, brown and such. paint is only 1 issue. the thing that sells a house is price and condition. value is what someone is willing to pay for it, so your price needs to be at a point where you are starting to attrract offers. have your agent do a new appraisal to see hwat other proprties in yoru area have sold for so you know where you stand. goo dluck with your sale Tina
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Oct 5, 2008
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