Home Selling in Connecticut>Question Details

Carla, Home Seller in Enfield, CT

Where are all the agents with their buyers in CT?

Asked by Carla, Enfield, CT Wed Oct 15, 2008

I have a FSBO (MLS# G502169) in Enfield. I am offering a 3 1/2% commssion (not llisted so no cobroke) for an agent to bring me a buyer - yet hearing from no agents. Do you not want to show a FSBO? Is that it? My home is not overpriced - not only did I check comps (I was a realtor) but it was appraised. No sense overpricing something and then expecting it to sell. Plus, it would have to appraise for the buyer anyway. I have it priced to sell not just to market. Is it in mint condition? No. If it was - I would be asking more for it.

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I'm not sure where you get an mls# if your a fsbo. Most agents don't mind dealing with fsbo's. As a former agent you know that the agent will have to do more work, but that is not a problem if their clients like the home. Sometimes areas and price ranges are "hot" or "cold". I think different financial circumstances dictate what price is buying when. But most likely it is a matter of marketing. The more visible a property is, the more eyeballs see it, the more opportunity you will give yourself for a contract. Let's say though that your home is on several internet locations, in the newspapers, and your talking it up wherever you go. Take a look where your marketing (have you identified a target buyer), maybe you should have someone else-a neighbor , friend, co-worker,etc review your pictures and descriptive comments. Are you merely telling information or are you engaging imaginations. Make other people invision your house is theirs not make them listen to why you think your home is great. Think outside the box and be creative. Embrace realtors- sponsor a luncheon at your home. send realtors an invitation (with pictures of your home and food) get them in the door, feed them and ask them "who do you know who would enjoy this house as much as I have"
0 votes Thank Flag Link Fri Oct 17, 2008
Homes listed by an MLS Only Broker (which is what you are doing) have some very interesting stats. You are trying to save a few percentage points (the listing office commission less the fee you pay to the selling office).

Listings taken by MLS Entry Only brokers fail to sell more than three times as listngs taken by full service Realtors. In our MLS last quarter homes listed and sold by MLS was 15 compared to full service 1031.
Homes FAILED to sell by MLS Entry Only Brokers 45, compared to 867 with full service.

List price to sale price ratio averages 2 to 3% less than Full Service.
Days on Market is 20% longer.

So the fact that you were a Realtor tells me that you think you know how to sell a house. But maybe there are some things that no one every told you:
When I list a home we expect 10-12 showings or one offer in the first two weeks, or we make a price adjustment (usually 5%). We know that homes that sell in the first 30 days sell closest to asking price.
In my MLS 20% of the homes sell within 30 days, last month at 99.7% of list price. At 120 Days that drops to 92.7%.

So homes that are sold by Realtors will net the seller more money. If you are not getting showings, know that other homes are, and they are selling. So the problem is that Realtors are showing homes that offer more value than yours. As your home sits on the market , it loses value. The easiest way to add value is to lower the price. There are 20 other ways to increase value, you're a former Realtor, you probably know what they are.

Good luck.

If you'd like to interview a top listing agent in your area to sell your home, let me know.
1 vote Thank Flag Link Wed Oct 15, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Carla, I looked at the listing and see you had your home on the market from November of last year to May of this year at an asking price $20,000 less than now. After 6 months on the market and not selling at a lower price, why should it sell now at a higher price? Home prices are not increasng in Connecticut, mortages are harder to obtain and there is still an oversupply of inventory available.
0 votes Thank Flag Link Fri Oct 17, 2008

There are many things to consider. First, of course, is if you used to be a REALTOR, then why are you not utilizing representation?

Also, whenever selling a home, there are a myriad of issues that must be considered. For example:
1. Where is the home being marketed?
2. How does the home present itself on the MLS? How are the pictures? The text description? The virtual tour?
3. How is the price, compared not only to the recent sales but also compared to the Active competition?
4. How old is the appraisal? Why was the appraisal performed? Is that appraisal value what the home will fetch in today's market?
5. How many times has the home been on the market before? At what price?
6. We're in a declining market. Is the home priced for that?
7. How does the home present itself to buyers (interior and exterior)? Visual appearance? Smells?
8. How easy is it to show the home? If access is not easy, there are plenty of other homes to show.
9. How long has your home been on the market? How does that compare with the average marketing times in your area?

I have not been in this home. I do not sell real estate in your area.
However, just by looking at the MLS, I know the answers to most of these questions. Do you?

A good real estate agent would know these answers, and would make sure that you knew these answers, too.

A commission will not sell a home. The agent does not buy homes - their buyer clients do, and a commission does not typically come into play when a buyer decides which home to purchase. A higher-than-average commission (on a properly-priced home) may get more buyers in to view the home, but it will not sell the home.
0 votes Thank Flag Link Thu Oct 16, 2008

The reality is that there are many more listings on the market and fewer buyers. I took a look at your listing and , it's my opinion that the home is overpriced. When the market is trending down, you have to price looking ahead, not backwards. While there are comps to support your asking price, there are also at least 6 homes in better condition or with a garage that are priced at or below your home's price. To sell before those homes or to be seen by agents, you have to offer something those don't - price or condition, e.g.,and based on the photos in the MLS, I think you need to go with price. Good luck.
0 votes Thank Flag Link Wed Oct 15, 2008
Dear Carla,
When I show properties, I give priority to the people who support Realtors -- that is, homeowners who respect us enough to hire us to represent their home to the marketplace. Why do you expect agents to support a FSBO when there are so many "Realtor-represented" properties on the market? In my opinion (and the opinion of many of my associates), FSBOs are amateurs looking to save money on a commission without realizing how much money they are actually losing. They are penny-wise and pound-foolish. (In Keith's response, he gives you fantastic statistics). FSBOs are unrealistic, unsophisticated and most don't know what they're doing.
Realtors are professionals who support their families by selling real estate -- this is not a hobby! The fact that you are offering a 3 1/2% commission and not hearing from any agents just goes to show you that Realtors are not just greedy, quick-sale people who put their own interests before their clients' interests. (Most) Realtors are honest, hard-working, genuine salespeople who are trying to help their clients make the right choice in their choice of a home. We are not looking to just make a quick buck on a higher commission. Why are you no longer a Realtor? Hmmmmmmmmmmm.....................
0 votes Thank Flag Link Wed Oct 15, 2008
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