Question Details

Maggie Dolan, Home Seller in Connecticut

We have had our house on the market for five months. We would like to sell but our realtor says the market

Asked by Maggie Dolan, Connecticut Wed Dec 12, 2007

is quite bleak. The price is fair perhaps could lower it but realtor doubts this is problem. How do I approach this?

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4
Maggie
No, do not take it off the market. Serious buyers are looking over the holidays, and you have fewer homes competing with yours.
Five months is way too long.
Disclaimer - I don't know your market.
How many homes, like yours, have sold in the last five months?
Buyers are looking for value. One of your Realtor's jobs is to expose the property to the market, the other is to help you project VALUE to buyers and their Realtors. About 90% of the time the buyer that sees your home sees is it with a Realtor. So, you need to convince Realtors that your home is worth showing.

Look at five homes with which you are competing. How do you stack up? Can you look at homes that are in escrow that were competition? What did they have you did not? Buyers simply want the best value. what can you do?
1. Lower the price
2. Offer a buy down program to make the mortgage payments more affordable.
3. Offer to help with closing costs
4. Include appliances or other extras

Homes that sell in the first thirty days sell closest to asking price. The longer the home sits, the lower the offers. Time is not on your side. Please discuss with your Realtor today.
1 vote Thank Flag Link Wed Dec 12, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Maggie,
You might want to have to home staged. Your agent I am sure knows of 3rd party companies that will come in and tell you what you can do to make your home more saleable. Kind of like they do on A & E. This services costs about 200-300 in Denver, but is well worth it.

Its hard because the seller may feel like thats the agents job, and it is, but sometime a third party sees things you don't and the agent is afraid to bring up for fear they might offend you, and lose you as a client.
The advise they give you may be as simple as moving furniture around to make it look bigger, to paint a room, or remove the draps to lighten the room. Just keep an open mind. But I would advise spending $300 on this service before you drop the price.
Web Reference: http://altadenver.com
0 votes Thank Flag Link Wed Dec 12, 2007
I guess that is what is great about Trulia everyone is allowed to have their own opinion. The second response has some really important points to consider. I am not sure what your timing is and/or your reasons for selling. You might decide to keep the house on the market during the holidays if you don't mind showing it. In making a decision, I would take into consideration how many showings have you had in the last few weeks? If you are getting showings then you might keep it on but if you are not getting very many showings why not give yourself a break to enjoy some holiday time? Just a thought.
0 votes Thank Flag Link Wed Dec 12, 2007
You might consider taking it off the market for a short time considering we are in the midst of holiday time and this time is year is usually slow. It might be to your benefit to hold it off the market for 2-3 months. If you bring it back on in the Spring it will get some new attention when it comes on as a new listing. Since this is quite common right now, I would suggest if you were happy with your Realtor ask them to have their office caravan the property prior to entering it in the MLS to get a consensus on the exact value. I hope this helps. Good luck.
0 votes Thank Flag Link Wed Dec 12, 2007
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