Home Selling in 02144>Question Details

Seller, Home Seller in Somerville, MA

Condo For sale. Lots of people at several open house events. No call-backs, no offers. Help?

Asked by Seller, Somerville, MA Mon Apr 6, 2009

My condo has been on the market for over a month and there have been several open houses which have brought many people, 8-12 each time, but not a single call back or offer. I understand that it is not even remotely overpriced for a West Somerville condo. Is this typical of the current market? Any suggestions?
Thank you.

Help the community by answering this question:


I'd like to add one more thing to what Mike and Deb have said. Open houses are just that - opening your condo up to anyone, regardless of whether they are qualified buyers who are looking to buy right now. At a typical open house, some of the people stopping by will be nosy neighbors, other sellers competing against your condo and people who are starting to think about buying but aren't ready to do it yet. Take a look at the activity for scheduled showing for your condo. That's a better reflection on how the market is reacting to your West Somerville condo.
Web Reference: http://www.DebOnTheWeb.com
1 vote Thank Flag Link Mon Apr 6, 2009
I am not in your area, and you'll probably chose to delete my response. I understand. But, the reality is I am trying to tell you what you need to hear, and what you - and perhaps many agents - are in denial about.

Your property must be the best deal in town to sell. That means it has to look fabulous - not good, not "in shape" but "to die for". Spruce it up. It also means you must have the cheapest price for anything remotely comparable. People need to walk in and say "wow" and feel a sense of urgency.

Open houses do not sell homes. People coming in are "casual lookers" not hunters. You need to put a target on the condo and find the hunters. Hunters have already educated themselves and are buying the best deals around. Yours apparently isn't making the list of considerations.

Make sure your internet adds and MLS listings are great - with lots of photos (pictures sell). Make it stand out - be different.

Make your price adjustment quickly before you can't sell or lose more value. Trust me. When "nothing" is selling - EVERYTHING is overpriced and when the prices finally drop to get things moving again it will be too late for you to get anything close to what you were hoping for your home. It might already be too late, but I hope not. There is hope for you if you are the first one out of denial.

Despite my blunt words, I do seriously wish you the best.
2 votes Thank Flag Link Mon Apr 6, 2009
Homes are selling. The problem is that yours is not selling. In order for a home to sell you need showings. The rule of thumb is:
No showings . lower the price.
Few showings - lower the price
Quite a few showings and no offers - lower the price
Low offers - lower the price.

In a declining market you need to be priced below market in order to make progress.
1 vote Thank Flag Link Mon Apr 6, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Mike nailed it ... Properties are taking longer to sell and right now your zip code is averaging about 4 months. Also important to note is the amount of inventory on the market in somerville (in your price range and generally; What's your competition). You should also consider the absorption rates: how many months of inventory is on the market. Is it over saturated right now and not enough buyers?
If you need to sell you will have to be very aggressive with price .. consider dropping it below the average and see if this brings more action. Other than that, staging the property always helps and making sure your agent is a great salesperson (review their sales history).
1 vote Thank Flag Link Mon Apr 6, 2009
Hello Seller- Another thing to ask your listing agent might be how many of the people that are walking thru are agreeing to sign in to the log (which is also of course a follow-up list for the realtor a day or 2 later). If you have 12 people walking thru but only 3-4 sign the sheet, that might be indicative of a lot of tire kickers or nosy neighbors, etc.
I agree- showing is a better indicator of true buyer interest than OH numbers.
If I can be of any help in any way, please let me know. Thanks,
Ken L.
1 vote Thank Flag Link Mon Apr 6, 2009
the market is trending in that direction. many look, few buy.

If you and your agent have discussed the staging of your property (clean, clutter free, odor free, neutral colors, etc) and believe it to be "IN SHAPE"
then it probably is the market and as the other agent said., 1 month is a short listing time. Take a deep breath and focus on something else........................... good luck

1 vote Thank Flag Link Mon Apr 6, 2009
The average days on market for condos sold in your zip code over the last six months is 114.21 days, or just shy of four months. That's a rough generalization, but gives you a ballpark.

Good luck!

1 vote Thank Flag Link Mon Apr 6, 2009
The truth is condo's are not selling like single homes are. You just can't get your money back and its hard to get a loan now for townhouses and condo's. Sorry
0 votes Thank Flag Link Tue Jul 21, 2009
Thank you for all your comments and suggestions. They are very helpful.
0 votes Thank Flag Link Tue Apr 7, 2009
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