Home Selling in Morgantown>Question Details

Christina, Home Seller in Morgantown, WV

My home has been on the market for 6 weeks and we have not had a showing.

Asked by Christina, Morgantown, WV Mon Oct 27, 2008

The house is only 18 months old and is move in ready. My price per square foot is only $106, which is low for the area. We are in a great/convenient location. Should I drop the price? We are relocating and I am interested in selling as soon as possible without losing too much money.

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If your home as not been shown for 6 weeks then you must take some positive action steps. 1. Think about lowering the price. By a price reduction you are immediately increasing your marketing. Fact 80% of marketing is pricing! 2. Think about how you can improve the physical appearance of your property by possible staging your house professionally and then promoting your property by a internet marketing campaign. 3. Conduct open houses and bring professional realtors in to critique it. Do what they suggest. After doing these 3 steps you should improve your chances of additional showings eventually leading to a successful sale.
0 votes Thank Flag Link Mon Oct 27, 2008
Christina, This answer is simple.

Your Realtor should know why.

If you're not getting answers, get another Realtor.

Pretty simple huh?

Stew Keene
Ph (480) 220-7491
Fax (866- 711 8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
0 votes Thank Flag Link Mon Oct 27, 2008
The 2 simple answers are it is priced too high and/or your agent is not advertising the property enough. you should have a current brokers price oppinion so you know what similar homes have sold for within the last 6 months as well as what other similar properties are listed at. Also check where and how often your agent is advertsing. Lastly check they are offering a 50/50 split on the commission in mls towards buyer brokers. good luck with your sale
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 27, 2008
In addition to price like many have already said, I would look at the marketing. How do the photos look on the local MLS? Is there enough? How is your curb appeal? I have heard of someone getting no activity, but it was because it was not even listed in the MLS. I would make sure it is getting a lot of on-line exposure. Best wishes.
Web Reference: http://www.JenBowman.com
0 votes Thank Flag Link Mon Oct 27, 2008
you need to make sure that you price it right
0 votes Thank Flag Link Mon Oct 27, 2008
The price is too high!!!!
0 votes Thank Flag Link Mon Oct 27, 2008
If there is little or no interest in your home it is because of buyer rejection. The buyers determine market value of real estate and the values may change from day to day. If you price were too low, people would be breaking down the door to see your home and make offers. You would see too much action.
0 votes Thank Flag Link Mon Oct 27, 2008
Price, price, price, price, price, price. Did I say price? Buyers are so price sensitive these days no matter what the market. Even if it is priced right, people are trying to steal properties just because they think they can.

Also, ask your agent what they are doing to market your property. Make sure they are on the internet and have let the other agents in the area know.
0 votes Thank Flag Link Mon Oct 27, 2008
If you're comfortable that all the marketing possible is being done. Then unfortunately it falls back on the pricing. With market changes value changes rapidly. The only other possibility is the "curb appeal" with so much inventory, listings need to give a great first impression... there are no second chances for that.
0 votes Thank Flag Link Mon Oct 27, 2008
Maybe just keep the house, you just bought it right? Maybe you can re-arrange your life around the house. It reminds me of a blog I read from one of the realtors in this forum. They were basically saying that home ownership is the core of all happiness. LOL. If you can't re-arrange your life around the house, maybe just lower the price. Good Luck
0 votes Thank Flag Link Mon Oct 27, 2008
There are many factors causing uncertainty in the housing market right now. In many areas, the "breaks" have been put on for buyers. The reality is....it's almost always the price that initially attracts buyers to a home. If it is not viewed as a good value, there isn't much incentive to take a look. Once you and your agent have reviewed the comps and are confident in the price, it may just be a matter of being patient.
0 votes Thank Flag Link Mon Oct 27, 2008
not one showing may be a sign you came out too high. Did you do your research and price your home very fairly? or did you come out hoping for a higher price? If you're relocating, re-research and drop your price a few thousand below the closest comparables you can find. ..and then advertise it that way...
0 votes Thank Flag Link Mon Oct 27, 2008
First of all make sure your agent has sent you a Full Agent View of your listing. As here in Tx, the comps keep going down so also have your agent pull up some new comparisons to see if your home needs a price adjustment. Then ask your agent what ways are they marketing your home. Most realtors, if they do it correctly, have ways to view the internet traffic on your home and how much traffics it is getting. They should be able to send you that information. If your not getting any and the comps have been adjusted, then the next thing to do is ask your agent if he has not told you already, what do I need to do to my house to make it attractive enough. If its not the price, the agent, the area, the comps, then it pretty much might be something with your home....etc..small kitchen, bad layout design...etc...paint scheme.....
I hope this helps.
0 votes Thank Flag Link Mon Oct 27, 2008
Unfortunately timing is not on your side this selling season! Not being in the Morgantown area, I can only assume you are feeling the same pain many if not all parts of the country have witnessed at least the last two months.

Homes I'm sure are still selling in Morgantown, but you might have your agent check the recent activity to see just what is selling. Since your home is relatively new, you may be competing with some new construction inventory.

But quite simply, what you are seeing-or not seeing in your case-is that buyers seem to have left the playing field. Unfortunately the media has spooked many would be buyers off, and the home buyer confidence level is pretty low. You might have to lower your price, but check with your agent to see what's been selling first before deciding to drop your price. It could be asthetics,location,price,terms or acombination of everything. If you are not listed witha REALTOR, now is not the time to try to go it alone. You need an experienced agent who knows how and uses the internet and the traditional real estate avenues to sell a home! Good luck, I really hate to see people stuck when they have to relocate.
Web Reference: http://www.JimMellen.com
0 votes Thank Flag Link Mon Oct 27, 2008
Probably not priced correctly. 80% of time, it comes back to Price. Redo the CMA based on 3mth comps and have a fiierce conversation with sellers. Good luck:)
0 votes Thank Flag Link Mon Oct 27, 2008
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