As for staging, I am a big fan of it for occupieds, but for vacants, I only suggest it if there are odd spaces or the property is difficult to visualize living in. But, it should be in pristine shape, and show perfectly, not a spec of dust or a dead bug on the floor; it must be warm and inviting... it must "feel" better than the REOs and short sales we're showing and buyers are looking at. The true key....the price must be the best on the market - INCLUDING distress sales. Sorry, but distress sales (like REOs and short sales) are your comps - they used to be exceptions but now are the norm.
If you can't drop the price, you'll need to think about renting it.
If your agent is not saying this to you, your agent has gotten "sucked in" to your illusions of what the property should be selling for... I've been that agent, so I really get it. I've gotten so attached to the clients that I was just as pained as them about the pricing situation and as a result of MY inability to see the cold hard truth and relay it to my clients, they didn't sell... and the longer they were on the market the more they lost value. The real result? By the time they did sell - with another agent - they lost much more than if I had just told them to drop the price faster. And, that terrible error came from my heart, because I really, honestly, cared... and I thought that if I worked hard enough I could get them the money they needed from the house. But, believe me, that lesson only had to be learned once. You need a professional who can tell you what you dont want to hear.
I hope this is helpful. Best of luck.
I believe it's all about choices that you will make by calculating past, How long can you stay suck?
Have you thought about short selling it! I know many agents don't want to go that route because it is more than normal sale & one(listing agent specially) has to know more than what normal resale requires but this has helped many to get out of the icky situation of borrowing from credit card and paying their mortgage & eventually going B R O K E. That is a cycle to put you in bigger trouble or doing same by paying minimum payments until ---.Lenders are very Receptive to short sales done correctly. We closed many 3 under contract to close in Feb. This is beneficial for seller and lender and a good deal for buyer too..
Now that I know your real situation (as I wrote in the morning ) Please double check the reality as Vicky said and think straight there are not too many solutions as I see to your situation, you got to accept what fits best!!
Close to one year isn't a less times on the market to know you GOT TO DO something else..
. I feel you must have a cut off price so you may not be able take lower than that. Since in Fairfax, I have a listing like that!! But that does not mean that it will be on the market forever; Sellers and I have sat down to analyse and already have back up plan to sell it what ever it takes in this market. If you like to be evaluated feel free to call me for 5 minutes conversation. You don't have to list your house with me or pressured to take action. This is part of my day every day to see if my knowledge can be helpful to anyone stuck or concerned!!
1 thing I feel good about your situation that you are already out and settled in your new house, which is very hard these days to get approved if you already have a primary residence and you have not sold it yet, Lenders are asking for HUGE reserves.
I sincerely feel your situation is more than just this Q, posted here, I can certainly shed light if I know more. Please disregard this answer if you feel my judgement is incorrect.
I assume that you do have your house listed with an agent and on the Multiple Listing Service, as you did not mention oeither way. And why can't you accept VA loan? If you are listed on the MLS, feel free to provide your MLS number and I will pulll up some comps for you and try fto provide you with an answer directed more towards out local market.
Frank Biganski, Realtor ABR
As previously mentioned, the current market is one in which buyers are looking to make the best deal possible. With this said, it's is critical theat sellers today understand the scope of their competition. Short sales and foreclosures are presently creating the "New Real Estate Market."
To sell in today's market, homes need to be marketed with the prices of these homes in mind and priced accordingly.
This is what Trulia says about your area"
116 Homes For Sale 0 Open Homes
438 Recently Sold 147 Foreclosures
"the appraisal came back so ridiculously low". In most cases if you have seen the appraisals then you might want to re-consider your opinion of their accuracy....
To be more helpful, we see many posts just like yours. If you were my client I would show you each week the homes that HAD sold in the last week. In this case, homes are selling...just not yours.
How much you paid, how much you owe, how much you need to net, or how much you invested make no difference to buyers. All things being equal (meaning you have a competent Realtor), a properly priced home will always sell.
The rule of thumb is:
no showings, lower the price
showings, but no offers, lower the price
Low offers, lower the price.
Whether you are represented by an agent or not, the blog attached to the link below may be of some interest to you. While it is directed to FSBOs, there are some ideas that you possibly could implement to augment your agent's marketing plan, if you are represented. Please, if represented, always keep your agent abreast of anything you do on your own. Good luck.
What is Home Staging?
Home Staging is the art of preparing a home going on the market to highlight it's best features in a positive manner. The entire objective behind Home Staging is to make a house look as good as possible to as many potential home owners as possible, thus increasing it's chances for a quicker sale at the highest expected market value for the area.
You never get a second chance to make a good first impression.
When it comes to selling homes, first impressions are extremly important. A potential home buyer has already made up their mind in 15 seconds upon arriving at your doorstep.
When I style a home to sell, I take into account the following conditions:
Who are the target buyers and what do they expect in this price range?
What are the selling points of the property and are they easliy identified for potential buyers?
How much staging is needed?
I will do my best to accommodate your budget and will work with what furnishings you already have to reduce the cost. We will find the most cost-effective approach to sell your home faster and for more money. Staging is always less than the cost of your first price reduction.
SEVEN REASONS YOU SHOULD PROFESSIONALL STAGE YOUR HOME...
1. YOU WILL MAKE MORE MONEY.
U.S. Housing and Urban Development reports that a staged home will sell, on average, 17% higher than an-staged home.
2. MOST HOME SELLERS CANNOT VIEW THEIR HOUSE OBJECTIVELY.
If you can't see objectively, you can't package effectively. Have a staging professional get your home into its most advantageous condition for showing.
3. YOU'LL HAVE LESS GUESSWORK AND "DO IT YOURSELF" WORK.
A professional home stager can manage your projects from start to finish. Or they can give you a detailed report based on their extensive knowledge and training to help you "do it yourself".
4. Only 10% of home buyers can visualize the potential of a home.
This is why staging a home is critical! You don't want the advantages of your home over looked smf left to the buyer's imagination.
5. THE LONGER YOUR HOME IS ON THE MARKET, THE LOWER THE PRICE WILL BE.
According to a National Association of Realtors survey, homes that sold after four weeks on the market sold for 6% lrdd than the ones within the first four weeks. Don't be in the position where you have to lower your price. Have your house staged first!
6. LEAVING YOUR HOUSE IN "AS IS" CONDITIONS WILL HELP SELL THE COMPETITION.
7. You can relax.
You will have the satisfaction of knowing you have done absolutely everything possible to affect a quick sale of your most valuable commodity and for top dollar!