Home Selling in 11023>Question Details

Paula Fersta…, Both Buyer and Seller in Great Neck, NY

Selling my home, on the market since 6/28, hasn't sold yet, poor economy

Asked by Paula Ferstandig, Great Neck, NY Thu Oct 2, 2008

Does it look bad if home "lingers" on market, my house is Excellent Move-in condition, well-priced at market value. We've had offers, but very low.House has everything going for it: curb appeal, renovated, great location.Just need one buyer.

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10
Paula,

If you are getting showings, this is good.
If you are getting offers, this is great!
But why no sale?

The fact that it has not sold is an indication that the price is not where it should be for the current market. To sell in today's market, sellers must both understand and accept what the true interests of the buyer are. Every buyer is, and can afford to be looking for the absolute best home, in the best neighborhood, and offered at a price they afford to pass up.

If you are getting offers, something is still lacking.....and in these times, it's generally PRICE.............
Have your agent do an update for your CMA and get under the bottom number and hope it will sell.

Our best wishes,

The "Eckler Team"
1 vote Thank Flag Link Fri Oct 3, 2008
Hi Paula,

Another option to consider is Home Staging. I'm not sure if you are currently living in your home while it is on the market, or whether it is vacant, but statistics show that staged homes are on the market for an average of 33 days, vs. 171 days nationwide.

Feel free to contact me and I'd be happy to talk with you about your situation, or refer you to an Accredited Home Stager in your area.

Good luck!

Leigh Newport
Staged by Design
leigh@staged-by-design.com
1 vote Thank Flag Link Thu Oct 2, 2008
I also agree that since June is not lingering. I believe there is 11 months worth of home inventory on the market right now. Talk to your agent and be sure your home is getting exposure - more than the agent just putting it on MLS. This market needs some out of the box thinking to get things sold. Good luck!
1 vote Thank Flag Link Thu Oct 2, 2008
Two items move property sales to multiple offers: Price & Exposure. Being at market value will not get you the attention you need right now. You are not obligated to sell your property, even if you have an above asking price offer so, list it real low (I mean REAL low) to get folks in the door and then see the multiple offers push the price right back to where it should sell for today if you had enough exposure.

Make sure your Realtor has exposed the property to at least 25 of the most popular Realtor driven websites that are at the top of the searches.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Thu Oct 2, 2008
I don't think a house listed in June is lingering on the market yet. Do you have a Realtor and did the comps come in a lot higher than your offers or are the offers close to the comps?
1 vote Thank Flag Link Thu Oct 2, 2008
Paula,

If, as you say, your house is in excellent move-in condition and is located in a great location, then I propose your house is not being listed at market value. I will give you the same advice as I gave a prior posting….Determining the value of a home is a complex undertaking and should not be taken lightly. It is not as simple as checking listings and/or comparable sales. My strong suggestion is to locate a certified residential appraiser and discuss your situation with him/her. Also, you will not have to worry about your deal falling through when the bank’s appraiser, appraises your house. If you have any questions feel free to contact me, I can be reach at http://www.SummitAppraisers.com. Good Luck, Hal Goldstein
0 votes Thank Flag Link Sat Oct 18, 2008
Paula,
Yes sometimes the proprty can become known as a "distressed property" due to consumer perception!
I'd say to hire an aggressive broker/agent who is discreet but good at negotiating. Either lower your price or raise your commisions.Even during the real estate "multiple offers" boom here many homes were listed with extra high selling commissions to stand out and what do you know: these were the ones that agents were showing!Good luck!
Web Reference: http://joliemuss.com
0 votes Thank Flag Link Sat Oct 4, 2008
Hi, Paula,
What seems to work in this economy is to lower your price.
This attracts new buyers and sells your house.
For example, if you are asking $659,000 and you will take offers from
600 up --- if you lower the price to $630,000 you have a better chance to
hit that price probably more like a $620,000 offer.
Just because your house is priced at market value does not mean it is the right price.

The right price or fair market value is what someone is willing to pay for it and what
you are willing to sell it for. To bring the seller and buyer together on an agreeable price.


I hope this helps you out,

Camille Dandola, ReMax, Hearthstone, Bellmore, NY
0 votes Thank Flag Link Fri Oct 3, 2008
In this market price is selling homes, there are so many buyers are willing to pass on higher priced homes even though they dont need anything for the huge savings thyc can get if they choose one that needs a little something. your best bet is to keep up teh advrtising, offer 50/50 cobrokes and someone will come along that doesnt or cant do anywork and they will fall in love despite the price. good luck with your sale
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Oct 2, 2008
Paula, That's all you need is that "One Buyer". No, in this market not being sold since June 28th is not lingering and you have had offers so that's a good sign. Just remember, the buyers are the ones that determine what the house is worth and what someone will finally end up spending for it. Maybe you should go over the comps again for your area to determine what your house will eventually sell for.
0 votes Thank Flag Link Thu Oct 2, 2008
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