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Bridgette Sk…, Home Seller in Washington Township,...

My home has been listed for 27 days I have had 5 showings and 2 second showings. With all the feedback no one

Asked by Bridgette Skura, Washington Township, MI Tue Oct 9, 2007

has had complaints about the price. The only complaint I have heard of is the missing second vanity in the bathroom and a vacant lot next door. Other agents have said it is priced perfectly. Our real estate agent wants it moved quickly so he suggested a 10,000 price reduction. Should I reduce the price or stay put another month.

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Bridgette,
The market is talking so loud that you cannot hear it.

I don't know your property's market, however in my book showings with no offers means the price is too high.
Reduce the price by 5% and see what happens...this is assuming that the property has no other issues (condition, staging, marketing etc.P.

Good luck!
0 votes Thank Flag Link Tue Oct 9, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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If you want to sell your property quickly, you may want to check the price of the last comparable home sold in your area and then price your home close to or just under that figure. 27 days is really not a long time to be on the market today, but if you price yourself 'right', you have a better chance of selling than does your competition. Good luck!
0 votes Thank Flag Link Tue Oct 9, 2007
In my market if a home sold in 27 days it would be a miracle. Ask your realtor to show you the MLS statistics on how many homes in your price range are listed, and how many sold in the last 3 months. It might be an eye opening exercise. There are so many houses for sale right now it isn't unusual for buyers to look around, walk out and say "NEXT!"
0 votes Thank Flag Link Tue Oct 9, 2007
It usually is a good idea to adjust the price after 30 days if your home is not sold. Also your agent can then call the two buyers who have looked at it twice and hopefully they'll decide to write an offer. We are coming into the slowest time for real estate, (Thanksgiving through January 1st) so if you wait another 30 to drop the price you may miss the market. Good luck, Michael
0 votes Thank Flag Link Tue Oct 9, 2007
If the property is "priced perfectly" then it would be sold. I had an agent give me the same response a few weeks back. I asked him to THINK about what he just said!! However, that being said, we had a big anomaly show up last month in the form of the credit crunch/lending crisis, whatever the media of the day called what happened! Our sales here in Sonoma County, California where off 45%!! from the month before the year to date. 27 days is not "boot-shaking" territory by any means. Our local Realtor breakfast this morning we had many properties on the market 180+ days and some 360+ days! Historically the highest time for absorption of inventory was 26 months in California. So relax!! But, if you have another offer on a home you had better listen to your agent and get that price down!
0 votes Thank Flag Link Tue Oct 9, 2007
I would agree with Jim. Buyers in the market today are shopping by the sticker price right now. They really want to feel that they are getting a great deal. Location and features are not as important as they used to be...price is king. You are probably competing with a lot of foreclosures and short sales that are really bringing prices down. While foreclosures and short sales are not always a great deal, buyers feel that they are because they are a foreclosure or short sale. To compete, you really need to have a price that stands out. If you had 5 people say that it was a great price...it would be in escrow!
I sell REO properties (foreclosures) for a large bank and I am getting many more showings and offers on those properties that I am on my non-foreclosure residential properties. While my residential properties are priced pretty well, buyers seem to really think that they are automatically getting a great deal on the foreclosure properties.
A couple more things to consider would be declining prices and a slower season. The longer your home is on the market, the better the odds are that you will sell at a lower price in the future. While it may not feel great to lower the price, it may get sold faster and for more money than if it sits for a few more months. Also, the holidays are around the corner and that does often slow things down a bit as people get busy and do not want to be moving in the middle of the holidays.
I hope that helps a bit and best of luck getting it sold!
0 votes Thank Flag Link Tue Oct 9, 2007
The one thing in your post that really stands out is...."Our Real Estate Agent wants it to move quickly". My question is "do you want it to move quickly also?"
Sorry on to the answer, I would say if there is people coming thru and more than once, you must have a nice Home to sell, but right now people are looking for that really good deal or maybe they are not quite qualified for that amount, so lowering the price might bring the person thru that can qualify for your home.
Hope this helps.
Denise Stuart
Coldwell Banker
Web Reference: http://www.realeasy4u.com
0 votes Thank Flag Link Tue Oct 9, 2007
A really sour pessimist might say you have had five complaints about the price, since none of the lookers made an offer yet. The problem with being priced perfectly is that most buyer lookers are looking for a screaming bargain. They have heard foreclosure this and short sale that. When they find a house that is correctly priced, it just isn't cheap enough for them.

You are competing with the buyers own mindsets that it is a buyers market and that they are in control. Even if you are in one of the few metro areas of the country that have not suffered from the real estate downturn, the perception is universal. -

Buyers don't want to pay a correct price, they want a discount.

- If you are in a typical metro area with declining prices, then you have to outcompete the other homes for sale to produce offers; the obvious way to do it is with the price reduction. Sorry.
0 votes Thank Flag Link Tue Oct 9, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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