A contract for sale results from price and exposure. Is/was your price competitive? What marketing was done to attract buyers? How does your property present? How do you measure up against the competition? A Realtor cannot advertise his/her way in to a sale of a property that is overpriced. Aggressive marketing of an overpriced property results in helping sell the competition by highlighting the value of the neighboring property priced lower. A great property at an attractive offering price will not garner the highest and best price with insufficient market exposure. You need both the right price and marketing that will reach the potential pool of buyers for your property.
Exposure depends also upon you, the home owner. Your property needs to be available and ready to be shown, often on short notice. Is there a lockbox on your property? Is it easy to show?
A property which presents well has a larger pool of potential buyers. For any shortcomings in the property, a price adjustment can offset. A property with much deferred maintenance, clutter and a poor location can still sellâ€¦â€¦at the right price.
Evaluate the marketing (materials, where and how promoted), and take an objective view of the price and competition. If your Realtor has provided you feedback and advice about pricing, have you heeded that advice? If your Realtor did not provide advice and feedback, why not?
Should you change Realtors? I donâ€™t know. It depends upon why your property has not sold. How many homes similar to yours have sold? If the answer is several, the first question to ask is â€œWhy theirâ€™s and not yours?â€ If the market is moving slowly, and your Realtor has worked diligently on your behalf, and provided you relevant feedback, it may advisable to stay with your current Realtor. If your Realtor has fallen short in advice, representation and marketing, it may be time to seek alternative representation when your contract expires.
Over 1/3 of the sales (16) took over 180 days.
( Less than 10%) Only 4 homes sold within 30 days of being listed.
Approximately half of the sold listings were sold after being relisted with new listing agreements. . (23)
44 of the listings sold below their original list price. Some were discounted by more than 50%.
1 bank repo was listed below market value to stimulate multiple bidding and overbids (similar to a closed bid auction) It sold cheaply, via overbiddiung at $187 per square foot,
Dot is right about checking your listing agreement first. Realize the listing agreement is actually with the broker. If you are working with the agent of the brokerage, the broker has the final word on releasing the contract.
If you are dissatisfied with your agent make sure you sit them down and tell him/her. If there is a mutual agreement that it can't work out, the broker may simply ask that you work with a different agent within their office. If you don't want to work with anyone in the brokerage, present your reasons and they may simply release the agreement.
Some brokers hold on tight to these agreements and some are pretty flexible. Your area may have different rules than San Jose, CA, so please do check with a local professional.
Do keep in mind the average time on the market now is a very long time in most areas. How long has your property been on the market?
All my best,
With that said, has your agent asked you to consider adjusting your price? Has your agent suggested upgrades to the property? Has your agent taken action by giving feedback on showings? Have you taken action?
It is possible that you and your agent do not understand each other. If you have no communication from your agent and all they do is put up a sign and enter into the local MLS, I'd have to say "it may be time for a change!"
On the other hand, selling is a joint venture. The seller has as many responsibilities as the agent, which any good agent will go over at the time of listing and throughout the entire listing time frame.
the key question is this: how many properties, like yours, have sold since your home hit the market?
If ANY have sold, then you need to look at why a buyer chose their home and not yours.
In most markets, properly price homes that sell within the first 30 days sell closest to asking price. What you paid, how much you owe, how much you have invested, do not matter to a buyer. Buyers want value.
Generally the longer a property sits on the market, the larger the gap between asking and sales price. At 1250 inmy market we are at 94.6% of asking price,...and that is after a price reduction or two.
So the key is to price your home right. The good values (as perceived by buyers and their Realtors) go first. The rest of the overpriced inventory sits, creating these long Days on Market averages. In most markets, we are looking at a LONG road back to "normal", so unless you have time and money to burn, price it right and sell it now is better than a long, slow, painful, time of no activity.
Remember, 90% of the time the buyer first sees the property they buy with a Realtor, so that means that if your property is not being shown, and no offers, then they Realtors do not believe your property is worth showing, so they show other properties to their buyers, and yours sits.
Price is the key to selling in this market. But if the market price is lower than you can afford to sell it at, then a change in realtors is not going to help. Make sure the agent has done an appropriate marketing effort to getting your house exposed to the market, check your contract terms, and then consider whether your 'partnership' is working. Good luck!
If you feel your agent has been working hard to sell your home, you may not want to switch. Your agent may be doing the best job possible, but if your market is depressed like many areas are, it's just the market, not your agent. I have been in the business a long time and have been through a couple of slow markets. Not to discourage you, but there was a time a Seller hung in there with me for 4 years and finally the market turned around and it sold. Of course, in order to sell a property in a reasonable amount of time, price is always the answer. The lower the price, the more potential buyers you'll have.
Candy Hallstead, Realtor
CENTURY 21 Bonnie Blue
Big Bear Lake, CA