Home Selling in Sykesville>Question Details

Fulya, Home Seller in Sykesville, MD

Our house is on the market for 30 days and no showings yet.

Asked by Fulya, Sykesville, MD Mon Mar 31, 2008

Would reducing the price and an open house help to get some interest?And what is the % for reduction?

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Answers

14
Is this a FSBO or do you have a realtor? If you're house is not on MLS, this would clearly explain the lack of showings. Assuming your home is listed by a real estate agent, make sure your agent gives you updates at least once a week regarding not only whether or not they have any interested buyers, but in addition, what has been done to market your home (i.e. ads put into various newspapers, magazines, etc.). Communication is crucial in order to make good decisions on what your should do to get people looking at your home! An open house is a terrific way to get potential buyers (or friends or family of potential buyers) interested in your home! Be sure to straighten up before having an open house and pay close attention to the entry to your home. The more inviting, the more people will want to come in. If you have pets, I would suggest keeping them locked up or at a friends or neighbors for the time during which you will hold your open house. In terms of reduction, if you have an agent who did a Comparative Market Analysis (CMA), your house SHOULD be listed in a price range that is appropriate based on all of the folliowing: your home (size, condition, amenities, lot, etc.), neighborhood (how desirable your neighborhood is and what are the homes on your street that are similar to yours going for), and the current market (interest rates, season, etc.). If a proper CMA was not done, then your home may be overpriced and a reduction may be considered. The percentage would be determined based on what your home is currently listed it. It's hard to say without knowing if its current price is within the range it should be. Hope this helps! Please feel free to contact me if you have any questions about anything I've mentioned in this answer.

Kymie Cooksey
Licensed Salesperson
Houlihan Lawrence
4 votes Thank Flag Link Mon Mar 31, 2008
Hi Fulya, I agree with the others that off the top of my head it sounds like your houe is overpriced. As for how much of a price reduction, it all depends on what the recent sales in your neighborhood are. I am not a big fan of the open house from a sellers perspective. The chances of selling your home from an open house are pretty slim. You usually get nosey neighboors and tire kickers who are not pre aproved. My thoughts are that any serious buyer is pre approved and working with a Realtor. If your home matched their criteria the Realtor will let them know about it and show your home to them.

We would need more info to give you a better answer.
1 vote Thank Flag Link Mon Mar 31, 2008
Fulya
The truth is that homes that sell in the first 30 days sell at closest to asking price. With the amount of marketing we do, properly price and marketed homes will see 10-12 showings or two offers in the first two or three weeks, or it is priced too high.

We are unablel to give you a percent reduction figure because we do not know enough about your situation. I will say that your post appears to be from a seller selling on their own.

In this market, if so, I would encourage you to at least interview some Realtors to see that in faact hiring a professional make a aifference. Homes sold by Realtor average 14% higher sale price, and they sell faster. and best of all....they SELL !
1 vote Thank Flag Link Mon Mar 31, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I agree with the last two responses. Reducing the price can be a great stimulus and would probably be a good idea based on the lack of showings. When reducing the price, consider where other houses in your neighborhood are priced. Are they similar to yours in condition and size? You want your house to be the best deal in the neighborhood among similar properties. Also consider reducing according to how people search the MLS, etc. For example, if you have your home listed for $255K, consider reducing it to $250K so that you capture those looking in the $200-$250K range and those looking from $250-300K. Reducing by percentage might be the way to go in some situations. Make sure you have your home in the MLS and seek a qualified realtor to help you determine what to do to get some showings. I wish you well!
1 vote Thank Flag Link Mon Mar 31, 2008
Is your home getting any hits on the web. If it is and there is no showings then I agree with the other 2 responses. Your priced must show the buyer that there is value in your home.
Also, do you have photos on the net. Photos are very important, if there is none then buyers think you are hiding something.
1 vote Thank Flag Link Mon Mar 31, 2008
I agree with Kymie, your house may be overpriced. You need to make sure your agent, if you have one, has given you a realistic comparative market analysis. Then you must really do a gut check to see if you can bear selling it at or slightly below the median. The market price is really what a buyer is willing to pay so by the looks of it (without knowing any additional information, you are probably over market price.
1 vote Thank Flag Link Mon Mar 31, 2008
keep the house
not a good time to sell a house

anyways

good luck
1 vote Thank Flag Link Mon Mar 31, 2008
Have you checked your listing with a fine tooth comb? Just yesterday I discovered a lovely single family home in Ellicott City that was classified as a townhouse with 1 bedroom. Most buyer searches would exclude this home.

Price is key, but also is good marketing. Google your address and see what kind of exposure your home has on the largest market place.

Are the pictures good? Do they convey the great points of your home? Does the description do your home justice?

If everything is in place and your Realtor is doing their job, then you very well may be overpriced. What is your "Zestimate"?

If you are unhappy with your Realtor, then do some research to replace them.
0 votes Thank Flag Link Mon Jun 20, 2011
Have you checked your listing with a fine tooth comb? Just yesterday I discovered a lovely single family home in Ellicott City that was classified as a townhouse with 1 bedroom. Most buyer searches would exclude this home.

Price is key, but also is good marketing. Google your address and see what kind of exposure your home has on the largest market place.

Are the pictures good? Do they convey the great points of your home? Does the description do your home justice?

If everything is in place and your Realtor is doing their job, then you very well may be overpriced. What is your "Zestimate"?

If you are unhappy with your Realtor, then do some research to replace them.
0 votes Thank Flag Link Mon Jun 20, 2011
If your house is on the MLS and has gotten no showings in 30 days, I would have to suggest that not only is it overpriced, but it is very overpriced. As for % for reduction, that depends what the comps are. What is your house listed at, and what are houses similar to yours selling for? I know you say you don't want to pay commission, but whatever it is you are doing now is not working. It's time to do it right. Don't be like a couple of sellers near me, who really need to sell, but have been flailing around for over a year now, listing too high, then going FSBO, then listing again, too high... and now they are with a flat fee agency offering a very small commission. If they had sold a year and half ago when they first listed with us, at the price we recommended, they'd have gotten the house sold---for more than what they're asking now.
0 votes Thank Flag Link Mon Mar 31, 2008
Thanks for all the responses.I felt like I need to give ore information. Our house is listed with a realtor and on MLS. Realtor put on MLS but I did all the postings on zillow,craigslist and Trulia. And he hasn't called me since we listed our house.I'm getting worried.
Since we are just trying to breakeven with our mortgage and considering that we bought the house 2 years ago, we chose to go with a discounted realtor. With our current mortgage and we think we cannot afford to pay 6% commission.Shold we start looking for a new realtor?
0 votes Thank Flag Link Mon Mar 31, 2008
and the home realtors list are all vacant? i highly doubt it.
0 votes Thank Flag Link Mon Mar 31, 2008
most of the houses on craigslist still have people livinig in them.

not a good deal for buyers

anyways

good luck
0 votes Thank Flag Link Mon Mar 31, 2008
Advertise on craigslist, or ask your realtor to do it. Tons of agents around my area are clogging craigslist full with their homes. look at the craigslist for any one looking for a home and e mail them your house info. Advertise on any site you can find. there are several free ones.
0 votes Thank Flag Link Mon Mar 31, 2008
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