Home Selling in 37129>Question Details

Troy, Home Seller in Tennessee

I have a house on the market. t has been up for over 90 days. We first had numerous looks but no offers.

Asked by Troy, Tennessee Tue Feb 17, 2009

Our house has been listed for 109,000. We soon lowered it to 105,000, which is what we paid for it. I am willing to take a loss but what do I need to get people looking again that doesn't cost a lot of money if any at all.

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13
I'd love to help you. Feel free to contact me through my Trulia profile.
0 votes Thank Flag Link Fri Aug 15, 2014
You need to find out what the feedback is from the numerous people who have viewed the property--I'm sure there will be a theme to their objections and those are the items you need to correct if possible.
0 votes Thank Flag Link Thu Jul 17, 2014
Like in 2009, when the market was depreciating, you have to get in front of the market which could mean if you reduced once, you may have to reduce 3 times. In a depreciating market, you lose value every day.

Should you need any additional help, feel free to contact me or a member of Team D.A.R.E. at 615-867-3020.
0 votes Thank Flag Link Thu Jul 17, 2014
You may want to look over your results from the past 90 days and evaluate what has been working for you and what hasn't. If you haven't advertised yet, you may want to look into the best sources which will give you the most bang for your buck in your specific area. In addition take a look at what comparable homes have been selling in your area over the last quarter.
0 votes Thank Flag Link Wed Sep 11, 2013
What a house will sell for often has little to do with what you may have paid, what you want to get for it, or what it is listed for? Only the marketplace and the specific buyer(s) control what they are willing to pay. Remember that most houses are considered "hottest" in the first few weeks they are on the market, and then often go stale. That is the lifeline of a house listing.
Make sure that your house is free of clutter, house decent curb appeal, and is odor free! If the house is being shown but isn't selling, that often means it doesn't show well. If the house isn't being viewed, that generally means you should consider a price adjustment. Discuss with your real estate professional.
Richard Brody, LSP
Daniel Gale Sotheby's International Realty
richardbrody@danielgale.com
0 votes Thank Flag Link Wed Sep 11, 2013
Most buyers start their home search online. Make sure the photos posted on the MLS show the house at its best. There are no cost ways to improve the appearance of a house. De-cluttering and cleaning are key. Don't forget to address curb appeal. Weed beds and trim hedges from the front entry. Consider the feedback you received from the buyers that toured your house early on.
0 votes Thank Flag Link Mon Aug 17, 2009
Troy,
Let's look at this a different way than the others. Taking the balance on your loan, the closing costs you need to cover and the commission, we can figure out exactly what it needs to sell for to net you the minimum you need. There may be some issues with buyer preference, cosmetic changes to the property but we have to avoid spending more for less in return. Maybe offering some incentives to buyers, which would warrant a higher list price would help. Most buyer's problem today is coming up with the money necessary to close the loan. Your assistance with those costs could make the difference.

Let's get together and look at some numbers to make this happen.

Kevin O'Connell
EXIT Realty Network
2656 Rideout Ln
Murfreesboro, TN 37128
615-477-8188 / 615-494-5693
0 votes Thank Flag Link Mon Aug 17, 2009
Its a buyer's market...I bet you've heard that alot lately..That means the buyer calls the shots..and they have spoken...You a priced too high. Value is in the eyes of the person writing the check and they say..by their lack of action...that your home is not worth the asking price. Depending on your emotional,time and money needs....you need to just keep adjusting your price until someone bites....Not fun but the truth. A good analogy would be the At&t stock I bought at $70.00share a few years back....If I sold it today.....buyers would pay me LOTS LESS for it...Bummer.

Steve Condurelis
co-owner
Keller Williams Nashville.
0 votes Thank Flag Link Thu Jun 25, 2009
It sounds to me like you're overpriced and under marketed. I 've had very few sellers that have had homes on the market more than ninety days, and typically those that do are builders who often haven't completed the home yet or sellers who simply won't drop the price to where it needs to be. The market always has and always will determine how much a home is worth. You can have a million dollar home, but if there are no buyers willing to pay more than $500,000 it's just become a $500,000 home.

Secondly, your home may not be getting the exposure it needs to the market. Realtors see most of the homes on the local MLS but your average buyer either sees it somewhere else on the internet, in the sunday paper, or a real estate magazine (more than likely on the internet where upwards of 90% of buyers are doing research at some point in their search). If you're agent isn't actively marketing your home then you may never see it sell.

Unfortunately for you the best chance at selling is the first 30 days on the market when agents and buyers see it the first time and that is why pricing your home to correctly in the first place is so important. I'm brutally honest with my customers, if the next agent that interviews tells you he/she can sell it for $10K more just to get the listing, give it some thought before you let them have it solely on price. The worst thing is finding yourself taking even less 3 months down the road when the market softens in winter and you've been making paments on the house to boot. I'm here to help my clients sell their homes not build up my business by getting signs in yards and hoping they'll sell.

Here's a link you may find interesting.
0 votes Thank Flag Link Thu Jun 25, 2009
Troy, have you asked your agent if being below the $100,000 barrier might be what is happening around you? If so, it may be the time to discuss whether that is right for your situation - or not - and what the options are available to you.

When did you last look at your competition, and the sold numbers?
0 votes Thank Flag Link Wed Feb 18, 2009
Tony
You do not mention if you have your home listed with a Realtor.
If you do, try these simple steps:
Ask them to give you a list of the homes, like yours, that have sold since your home was on the market.
In most cases you will see that the problem is not that homes are not selling. The problem is that YOUR home is not selling.

In a buyer's market buyers have lots of options. Look at the link below. There are fewer sales and more inventory. Your Realtlor's job is to advise you on what you need to do to get your home sold. The truth is that you hired them to sell it, not just list it.

I would also ask your Realtor to show you the 10 homes that are in competition with your home.
I would go out and go through the homes, ask your Realtor "what have they got that I do not" and honestly re-evaluate your property and it's real value to buyers.

In most markets homes that sell within the first 30 days sell closest to asking price. The longer they sit, the larger the gap between asking and selling prices.
0 votes Thank Flag Link Tue Feb 17, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Troy,
Being a realtor here in Middle TN I can tell you that 90 days does not sound like a long time in this market and this time of year. Have your realtor print out a Comparative Market Analysis so you can see what the other homes like yours are doing for days on market, price and take a look at some of the pictures of the sold homes. Also, have your agent take you to some of the homes that are your competition. See how your's looks in comparision. In the past was the rule of thumb if you get lots of looks and no offers it is usally condition. No looks, then it is price.
0 votes Thank Flag Link Tue Feb 17, 2009
GREAT QUESTION:

Slow period sale any home is from Sept - April

Your listing agent provide you days on market for homes selling in your area.

Realtors provide feed back reference to your property if YES take those concerns postive make those corrections.

Offer a buyer or buyers agent incentive sale your home

Take it out of MLS for a few weeks, new pictures , refresh the listing

Hope these suggestions assist.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Feb 17, 2009
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