Home Selling in 15317>Question Details

Home Seller, Home Seller in Cecil, PA

after 2 weeks on mls still no calls.

Asked by Home Seller, Cecil, PA Mon Mar 23, 2009

not one single call. agent said not to lower price yet but we are afraid of losing house we saw and loved and good interest rate. need advice FAST.

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19
Looking for a competitive edge in a BUYER's market?
Think outside the box!
Rather than cutting your price - offer to discount the Buyer's interest rate at closing.
1.) When you lower your price by 10s of thousands of dollars it does very little to lower a Buyers monthly payment or make your home more affordable.
2.) When you BUYDOWN a Buyer's interest rate to 3% at closing it expands your pool of qualified Buyers and allows them to ease into homeownership comfortably and confidently.

At http://www.321ADVANTAGE.com We do the math for you!
Web Reference: http://www.321advantage.com
2 votes Thank Flag Link Tue Mar 24, 2009
Home,

The best advice is to understand that many of today's buyers can afford to sell their home for less because they can save money on the purchase of their new home.

Whooooo, this does not mean we are advocating to lower your price now. In most cases it takes a month to set a good marketing plan into motion.....assuming you have a good one. You should give this price a minimum of 2-4 more weeks.

Consider having your agent talk to the agent of the home you would like to purchase about the possibility of presenting an offer contingent upon the sale of your home. There are all sorts of options that can be married to this concept.
1 vote Thank Flag Link Tue Mar 24, 2009
You lowered your price? by how much?
Lowering your price by $10,000...reduces a Buyer's monthly payment by $53.45...
That doesn't do much to increase market potential or expand your pool of qualified buyers.
Does it?

Motivated Sellers need to EMPOWER themselves with options.
Price your home aggressively then offer "Special Financing" (which does not require that you hold a mortgage.)
Instead you can offer to:
1.) pay closing costs for a Buyer who is limited on cash or
2.) discount the Buyer's rate monthly payment for the first two or three years

This is a GREAT offer for First Time Homebuyers who:
a.) Anticipate an increase in earnings/promotion within the next two years
b.) Need to decorate, and buy furniture
c.) Want to add a bathroom...or other home improvement
d.) Prefer to EASE into HOMEOWNERSHIP comfortably & confidently

Calculate rates & payments at:

http://www.321advantage.com/sellers-calculate-your-rate
Web Reference: http://www.321advantage.com
0 votes Thank Flag Link Fri Apr 3, 2009
Besides lowering the price, have you considered seller financing? If not, then do so. That will open your property to a larger pool of buyers.
0 votes Thank Flag Link Wed Apr 1, 2009
What's the mls listing? Then we can look at it and perhaps offer some advice?

Is it really staged well?
0 votes Thank Flag Link Wed Apr 1, 2009
well, i lowered it and still nothing. any more advice??????
0 votes Thank Flag Link Wed Apr 1, 2009
Closer

>> Lose the agent, drop the price. I agree. Sell now with no realtor.

There's this little thing called a contract that would prohibit that ... are you just trying to be inflamatory or do you have any real advice to offer? Have you sold any houses via FSBO?
0 votes Thank Flag Link Sat Mar 28, 2009
Seller, statistics show that the first 2-4 weeks you listing is active is when it will receive the most activity. If you have not had any showings in the first 2 weeks lower the price immediately. If you have made the decision that you are definately moving, and time matters, (because you have found the one you love), the right now you are paying on a depreciating asset. In most areas home prices are falling, so any money you put into the home is money that you may not get back, the only way to get it back is to ride out the market and see your value climb back up. So each time you spend money you are not gaining right now, so the quicker you get this done the better for you. Better to make payments on the home that you intend to stay in until the market rebounds, that money you will get back. If you are on the market and the market is falling then every month you are overpriced the market is actually falling away from you. So if it is down, for example, 10%, and next month it is down 12%, you would have been better off to sell in the 10% month.

I hope that makes since. This may give you a different perspective. If Donald Trump owned real estate that was falling in price and he had to sell it, don't you think he would tell his people to sell it quick before it falls any further and he looses any more money? Yes, and that is what you should do in the market.

Remember all homes will sell at the right price, what you have to decide is, "Is the right price worth the gain of the new house", if it is then get it done as soon as possible. The only way to find the right price and not leave dollars on the table is to consistently (every 2 weeks) lower the price until you get to to a number that generates physical showings, now you are getting in the ball park.
0 votes Thank Flag Link Sat Mar 28, 2009
Hi Seller,

>> To me the listing price seems very fair and the agent set the price. We aren't trying to make a ton of money, believe me.

I believe you entirely. But ... is your price only a bit above recent Sold prices? Even so, perhaps the taxes on your house are higher (newer home), or your town has higher taxes than the town next to you? People can be very sensitive to that these days.

All these things also factor in. Of course I'm only guessing at things, without info. We are just starting to head into the high season - and that's good. But Cecil, PA looks like a nice commute from Pittsburgh.

Perhaps it's time to review what marketing has been done for your house - is it merely on the MLS? Is it on a whole bunch of Internet sites (yahoo, trulia, realtor.com, zillow, etc etc). It needs lots of exposure.

Have you had any open houses? Even if it's only your agent getting a whole bunch of agents through so that they know that you have a product for them?

Do you also have an Ad (free) on Craigslist? If not, put one together - with a nice list of features - borrow all the good stuff from the MLS listing and add more. And put Photos there too! Every 3 days, delete it and repost it - this keeps it higher in the listings.

There is no such thing as too much marketing for you. How many showings? If 0, then something is wrong.

If ALL your realtor has done is merely put you on the MLS, then I'm seriously concerned in her marketing abilities.

Please do make sure that you have staged your home beautifully.

Does this help at all?
0 votes Thank Flag Link Fri Mar 27, 2009
To me the listing price seems very fair and the agent set the price. We aren't trying to make a ton of money, believe me.
0 votes Thank Flag Link Fri Mar 27, 2009
Hi Seller,

Ok - so a dumb question for you. How is your listing price - in relationship to recent SOLD comps in your area?

If you are asking more than about 10% above these numbers, then I would guess that your home is likely overpriced. If you don't know the If this is more than 10% above that, it may well be over-priced. The only thing that might mitigate this is if your home has substantial upgrades to it vs. the other homes in your area. In this market - this isn't all that likely.

Here's a quick list of the sold properties in your area:

http://www.trulia.com/PA/Cecil/#sold/SINGLE-FAMILY_HOME_type…

Find homes in this list that are close to what you are selling and ... how's your price compared to these? It's a start. Your realtor may also have access to other sold data that's not in this query.

Good luck! If all else fails - head over to the Sharp Edge and have a nice Belgium on tap to take the edge off.
0 votes Thank Flag Link Wed Mar 25, 2009
I would be patient. You're only entering the BEST time to sell right now. And 2 weeks may seem like an eternity, but if your agent is advising you to be patient, then they must have a reason do be so optimistic.

If you are truly scared of losing that house, then tell her. If you want to lower the price, she must do as you ask.
0 votes Thank Flag Link Tue Mar 24, 2009
Wow 2 weeks and no calls and you are already worried. There are sellers that have had their homes on the market for months, more than even 2 months and some over a year. Talk with your agent and discuss what you
can do, either more photos on the mls, more e-mail info to the agents in the area, may be you need to stage your home a little..... and double check every few weeks if there is new competition on the market that draws the potential buyers to those homes instead of yours.

With your Agent you can then decide what incentives you may want to use to encourage calls or showings.
But the market in your area may just still be slow and may change mid April when weather changes and people are more out and about and ready to go out on their own or with their agents to look at properties. But 2 weeks you should not yet start worrying. We are in a bit of a different market and within some adjustment period.

Good luck to you!
Edith edithsellshomes@gmail.com
0 votes Thank Flag Link Tue Mar 24, 2009
Be patient! I know it's hard, but in this market with more homes listed everyday, you need something that will set yours apart from the rest. Don't lower your price at this point. If no one is calling, it's not because of the price, it's because no one is ready to buy. The buyers may be in the same place you are, waiting for someone to buy their home before they can buy another. Get your agent to send e-mail blasts to all the agents in their area MLS to let the agents know that this is the best property for the price. It is a waiting game, but there are things your agent can do to get it in the faces of the public. The e-mail blast is just one of them.
0 votes Thank Flag Link Mon Mar 23, 2009
If you call the agent and tell them to lower in the MLS the change is reflected immediately. Most agents will see it in the "hot sheet" or updates the following day.
0 votes Thank Flag Link Mon Mar 23, 2009
There is no magic 8 ball, March is not known for a buying season of the month most homes are sold between April - August.

Even in warmer states ie Texas slow time of year, however our group busy 365 days of year. I would not be concerned. Many of our listings if home did not sale during busy time of year we remove from market till end of April.

Have you considered lease, lease option purchase will drive in more traffic?

Did you listing agent provide you # of days on market for homes in your area?

Higher price for a home longer it sits on the market for sale?

What do pictures in MLS look like?

Does home have curb appeal?

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 23, 2009
Dear Home Seller,

Unfortunately you, like many others, are seeing the pitfalls of selling in a down market. If you want an immediate sale, you'll most likely need to reduce your price to just below market value in order to stimulate interest. The only other suggestion is wait it out. It may cost you that other house in the end but you may get more money for the home.

I recommend you look over your figures, speak with your mortgage representative and discuss it with your agent. At price can you not afford to purchase your new home, what would the interest rate be on your new mortgage, etc.... With rates this low, you may be able to purchase your new home with less down payment and still keep your payments the same.

Take your time, due your due diligence and speak with professionals, that's what they're there for. Hope this helps.

Regards,

Curt Darragh
Associate Broker
Houlihan Lawrence
0 votes Thank Flag Link Mon Mar 23, 2009
how soon after we tell the listing agent to lower it will the mls listing change? i hate to let another weekend pass without anyone making an appointment to see it. i am certain once a couple people come inside we'll get offers.
0 votes Thank Flag Link Mon Mar 23, 2009
If there is no activity the price is higher than what the consumer is willing to pay. One way would be to reduce the price to below market value of other homes in the area reviewing all offers on a specific date. This will stimulate activity and possibly multiple offers at the highest and best price the consumer is willing to pay for the property. If you do not get offers or the offers are lower than you need it is a good indication that the property is not going to sell quickly enough for you to purchase the other home.
0 votes Thank Flag Link Mon Mar 23, 2009
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