Home Selling in Indianapolis>Question Details

D. Summers, Home Seller in 46254

What is the best way to sell and market home during this slowed market? We have a great home but have not

Asked by D. Summers, 46254 Wed Jan 2, 2008

seen many buyers. Our Pike Twp. home has been on Market in Indianapolis for about one moth and have not had any bites. We have it reasonably priced.

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BEST ANSWER
Hello there D Summers. I hear that the main suggestions have been 'lower' the price, and more of the same. My experience has been that a lower price will not produce buyers. When the market is down due to buyers being 'out' of the market (that is what's happening now) then you can reduce your price by 20% and get investors to try and get that price lower yet. Let's face it, sometimes it's just better to take your home off the market for about 6 months and wait for the buyers to come out of hiding. There is so much uncertainty in all the news these days that the average buyer is doubly cautious about making investment. If your property shows 'above' average, is in a good location and is priced within 3% lower than the market, AND the buyers are buying (something you can't control) then I would say your chances of selling would be pretty good. As it is today, because of the massive new construction of the last 2 years, there is enough new home inventory out there to last another year. So be patient and take your home off the market for a while. In a few months, the market will turn around....Hope this helps.
Web Reference: http://www.taxcats.net
2 votes Thank Flag Link Thu Jan 3, 2008
Price it below your competition. Take a look at everything that competes with your home and price your home lower! Get professional photos taken of the home and make sure they are all over the internet. Post it on Zillow, Trulia, craigslist, etc... Hold it open. Many agents say open houses don't sell homes... I think that's total malarky. People need to see your house. Make sure the open homes are advertised in your local paper. Create a website for the home- like this one we did for a home we just sold: http://www.3300wonderview.com . Make sure the home is de-cluttered and looks as nice as possible. Does it need to be painted? If yes, paint it! A new paint job makes a huge difference. Make sure the house SMELLS nice too. Bake cookies, or put gardenias in a pot. The smell of a house has a huge impact on potential buyers. But more important than anything else make sure you are priced below your competition. It's a tough market, so you have to get tough and bite the bullet and do everything you can to sell it. You have only been on the market for a month. That's not that long. Do these things and it will sell!
Web Reference: http://www.keyserhomes.com
5 votes Thank Flag Link Wed Jan 2, 2008
Price the home 5% below the competition. If you're not willing to do that you might be on the market for a long time. The three things you can control are price, condition and marketing, price is the most important, then condition, then marketing. I know that's not what you want to hear but that's the market we're in.
Michael Doyle Realtor
4 votes Thank Flag Link Wed Jan 2, 2008
BEST ANSWER
Hello there D Summers. I hear that the main suggestions have been 'lower' the price, and more of the same. My experience has been that a lower price will not produce buyers. When the market is down due to buyers being 'out' of the market (that is what's happening now) then you can reduce your price by 20% and get investors to try and get that price lower yet. Let's face it, sometimes it's just better to take your home off the market for about 6 months and wait for the buyers to come out of hiding. There is so much uncertainty in all the news these days that the average buyer is doubly cautious about making investment. If your property shows 'above' average, is in a good location and is priced within 3% lower than the market, AND the buyers are buying (something you can't control) then I would say your chances of selling would be pretty good. As it is today, because of the massive new construction of the last 2 years, there is enough new home inventory out there to last another year. So be patient and take your home off the market for a while. In a few months, the market will turn around....Hope this helps.
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Awarded best answer, I'm sure, because it's what the OP wanted to hear. The fact is, it IS price, and lack of patience. In this market, it's not unusual to not have offers after only one month. And reaonable is not enough either. From my experience with buyers, they want the best house in the best condition for the best price. I know it sounds unreasonable, but if think about, they buyers thought it was unreasonable when seller were raising prices in leaps and bounds a few years ago.
2 votes Thank Flag Link Fri Feb 1, 2008
The question you ask seems tough to answer on the surface. However, when you think about it, it’s not all that difficult. Selling real estate in a market such as this isn’t really different than it is in any other market. I know…I’ve lost my mind, right? But let me explain. The basics of selling real estate still apply. And those are, setting the price right, know what you’re competing against, make your property stand out from the competition, and make it known to the buyers (marketing). Does the emphasis on these basics change in a market such as the current one? Of course it does!

Price is always paramount in selling anything. So in a market that has an over abundance of inventory, you might have to offer your property for a price less than you want, and not realize the profit you hoped to achieve. If you aren’t willing to, or can’t, do this due to equity issues, you might have to weather the storm…plain and simple. Remember, it makes no difference at all what you think your property is worth, all that matters is what the market says it’s worth.

Knowing your competition is much more critical in a market like this. Look at everything you’re competing against. You are not only competing with your neighbors, you are competing against large corporations that are hurting bad and are willing to take a hit instead of weathering the storm.

Making your property stand out is much more than curb appeal and doing what everyone does when they are trying to sell their property…painting, patching the holes in the walls, cleaning, or replacing the carpet, etc, etc. It’s that and community appeal. Ask yourself one question when thinking about this selling point, “Why should someone buy my property?” Get a pen and some paper and actually write down the reasons. Think beyond your front door. Look at what your neighborhood, schools, and organizations have to offer potential buyers, then in the next selling point, make those reasons known.

Buyers are out there. Yes I said that! But, there is a problem…they are overwhelmed with choices. Again, real estate is no different than any other item offered up for sale. It has to be marketed and it has to be marketed in a manner that is going to reach as many potential buyers as possible, and reach them as often as possible. Use every possible avenue you can to tell potential buyers, in your target market that your property is for sale, it is priced to move and what it has that the competition doesn’t. Check with your agent, find out how he is marketing your property. Is he using the internet sites that the majority of people go to when they first start looking for real estate? Is he using Craig’s List, Trulia, and Zillow? Is he holding open houses…yes, complete with balloons and signs? Is he sending fliers and emails to other brokers and agents? All of these things help to get the word out about your property. It helps make it stand out from the competition. With interest rates where they are currently, if you can get your listing in front of the buyers that are out there, and you are willing to seriously work on price, you should have no trouble selling in this market.
2 votes Thank Flag Link Fri Jan 4, 2008
Two ideas and one has already been touched on:

1)Price fixes everything. In a free market society, price does fix everything. What does a new car dealer do to get a car sold quickly? They lower the price below what others are offering? What does a clothing store do to get clothing sold they no longer want? They lower the price. Real estate is no different. Now, making sure it's in top shape, marketing it properly does help bring you a higher price, but with the competition out there, you need to lower the price to get showings. The next question becomes "do I want to lower the price far enough to get it sold quickly and maybe loose many thousands of $$$ to get it sold in this touch market.
2)My company is probably the only company in town that offers real "full service". If you are looking for a unique approach to sell your home, you can also lease option the property. This will usually get you at least your asking price. You are taking on a higher risk to do a lease option, higher the risk, the more you should be compensated. The next step is to have your home managed by a professional property management company while your home is a leased home. We manage close to 300 single family homes in the Indianapolis market. Just this past month we did 5 lease options on homes, 1 was a new home I purchased as an investment(so I put my money where my mouth is), the other 4 where for clients in the exact same situation as you are in.

I actually have several people looking for a lease option properly in Pike right now, but do not have any inventory available to put them into.

So, as all successful people say, "think outside the box", especially when the market is slow.
1 vote Thank Flag Link Fri Feb 1, 2008
You need a great real estate agent!! Pike is a wonderful place to sell at in the SPRING. 80% of the new IU School of Medicine residents move into Pike in April & May after the residency match (March 20th). So, you need to strategically market your home to the medical community. There is a website at IU where I list all my Pike homes to reach out to these buyers, etc.

Additionally, you need the house to be a 100% cream puff -- have it looking like a Pottery Barn magazine & then do a professional photo shoot w/ the best photography. I shoot all my houses w/ a fabulous photographer, Rich...I can give you his name. 93% of buyers are finding you online, so an aggressive online strategy is important.

Also, There are about 10 agents who do 90% of the business in Pike, so you need to make sure that your agent is personally promoting your home to us individual agents.

Lastly, you might want to consider ERA's Seller's Security Plan -- it's a guarantee buyout program that guarantees the sale of your home in 180 days. Let me know if you want details about it.

Let me know if you need more help!! --REALTOR, Kristie Smith
Web Reference: http://www.IndyHomes.com
0 votes Thank Flag Link Tue Mar 11, 2008
I am with you. I also live in Pike (79th and GT area). Great homes all priced right. Just a slow market. I would suggest to market it a little on your own. If you want some ideas just drop me a email. I am a mortgage guy and have some unique ideas.
Good Luck
Tony Grego - Indiana Mortgage Broker
0 votes Thank Flag Link Tue Feb 19, 2008
There are buyers in Indianapolis and homes that are priced right and are in move-in condition are selling. Because there is a lot of competition out there, sellers need to make sure that the home is in pristine condition both inside and out. Buyers look at an average of 11 homes before they buy one and with so many on the market they must look for reasons NOT to buy your home. Make sure you've done everything you can to get your house ready. If your home is in move-in condition, talk with your agent to see what he/she is doing to actively market your home. Are you having open houses? What publications are they advertising in? Are they promoting your property to other agents they know? Do they have good pictures on the BLC? I know it can seem frustrating that you aren't getting a lot of lookers but be patient, the average days on market in the Indy area is about 90 days and as the weather begins to warm more buyers will be out there looking. Lastly, talk with your agent to make sure that the two of you are doing all you can to work together to sell your home. I hope this information helps, good luck to you and try not to get frustrated. If you have any other questions, feel free to contact me.
0 votes Thank Flag Link Thu Jan 31, 2008
Price and condition are key. Your house needs to look better than its competition. You may want to consider consulting a local staging professional to give you some specific recommendations.
0 votes Thank Flag Link Fri Jan 11, 2008
Is the property listed with a great agent that has provided you with truthful information about what it is going to take to get your home sold in the current market?

What does reasonably priced mean to you? How does it compare to the comps?
0 votes Thank Flag Link Wed Jan 2, 2008
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