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!
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.
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.
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:
>> 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?
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.
>> 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?
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:
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.
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.
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!
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?
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
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.