If a home was priced too high when it was first listed, but it was quickly and then steadily reduced, is there anything else to be done?

Asked by Renov8ing4ever, Granville, OH Fri Sep 13, 2013

This home is completely updated w/popular state of the art amenities. The decor is exceptional. It is now priced $20,000 under appraisal, still not getting any showings. Been on market over 200 days w/no offers. Other nearby homes of much lower quality and value are selling to buyers who were never shown this house. Also, original list price was suggested by 3 separate realtors, now home is priced $100k below their suggested selling price and still no showings. What are some possible explanations and what is now the best strategy for getting it sold?

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John Scaglione’s answer
John Scaglio…, Agent, Akron, OH
Sat Sep 14, 2013
There are many possible fixes. First is to make sure all the computer data is correct. One little mistake could make the difference in other Realtor being able to fine your home. In todays computer world every thing has to be perfect. Also you should have as many pictures as possible. Taking the home off the market for a bit would not hurt to get a fresh start. Buyers think something wrong with the home now due to market time. Listen to the feed back that you did get from the showings you have. And if you have a Cat get rid of it. LOL
0 votes
Ken Woods, Agent, Stow, OH
Sat Sep 14, 2013
Great question, below is a live in real time link that shows what is really going on in your neighborhood in regards to pricing and days on the market.


To be quite blunt and straight forward, I would love to see your property and give you a real current market evaluation. I’m sure you have entertained the thought of hiring someone else to get this property sold in a reasonable amount of time.
Ken Woods Realtor
1 vote
James Deskins, Agent, Worthington, OH
Sat Sep 14, 2013
Timing is everything. Being priced too high at the peak of the buying season is a bad thing. By the time the house is priced where is should be the market has cooled off. Most people buy in Spring and Summer. You may just have to be patient. As others have asked, there could be other issues. But in reality, if a house doesn't sell it almost always because of price....and timing.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Sep 14, 2013
The 2 biggest factors that sell a home are price and listing agent. You have only one chance to be a new listing, that is why it is important to be priced right from the start. Once you reduce to what is market price, the next step is making sure buyers know your home is for sale. that is the listing agents job to use the right balance of marketing to get people into your home. Are they advertising, marketing? to who? where? IS the listing agent answering their phone or emails with buyers questions?
0 votes
Christine Pa…, Agent, Concord Township, OH
Sat Sep 14, 2013
This is actually difficult to answer without seeing the house. A house in the eye of a seller is quite different than a house in the eye of a buyer. Does the house have any, what I would refer to as 'Fatal Flaws' - structural issues? - wet basement? - on a main or busy street? - unusual flow or noticeable room disproportionate? The best strategy for getting it sold is hiring a real estate professional who can assess your needs and knows how to market your home to both buyers and agents. Please let me know if you would like a referral for a great real estate agent that can help you get your house sold. All the best to you! Christine
0 votes
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