Great feedback, lots of showings, no reasonable offers (i.e. more than 20,000 under asking).

Asked by Snowy, Fort Collins, CO Mon Oct 8, 2007

been on market for more than 3 months, feedback has been great, many showings. What could be wrong?

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Dena Parker…, , Tennessee
Mon Oct 8, 2007
Without seeing your home and just by hearing the description unfortunately, it sounds like it might be overpriced. In today's market offers at 20k less than asking is unfortunately where a lot of savvy buyers are going to start. Did you try to negotiate with those offers? Another thing that you might consider is the condition of the home. Staging sells homes. Most home buyers can not picture it theirs unless it looks like they would want it. While you do not have a crystal ball and can't cater your staging to all, you can arrange, decorate and stage in a way that appeals to the widest range of buyers. You might consider a consultation with a home stager to see where you line up. They would be able to give you a good bit of advice that you may be able to do yourself for a small consultation fee.
Web Reference:  http://homenashvilletn.com
2 votes
Cyrus Green, Agent, Fort Collins, CO
Thu Feb 21, 2008
Your Real estate agent may not be offering a standard co-op, and other agent may not be showing it, you may be using a Transaction Broker who is not an advocate, or they are not advertising enough. There could be many reasons, but it could also be price. The average days to sale are 100-120 so there is still hope.
1 vote
Joseph Salam…, , Gnd. Jct. ,CO.
Mon Oct 8, 2007
Price is always the number one determining factor and the most effective marketing strategy. Your question suggests textbook pricing is out of wack. $20,000 under asking or not, the market is speaking to you. Great feedback? Have you begun the negotiations? Feedback does suggest negotiation. Re-evaluate the market you are in. My market has made dramatic changes in just 2 months. Re-tool the market decline and adjust the percentage of decline as part of your price adjustment. Your comps could be overpriced in just three months considering dramatic changes that we have experienced recently. Try to take the price of properties that are pending if possible. Okay, so the Brokers won't give you the selling price? How about questions/inquiry towards in-between figures like "did it sell between 500k and 495k"? Yes, well was it between 495k and 497k? Something like that. High end properties generally take longer to sell and is there a glut of the price range you are in? Days on market? Etc…? The cliché "is someone selling the same for less"? "Is someone selling more for less"? How about builder incentives? Could that be your competition? Who are the buyers? Investors? Generally there is a slow down at this time of year and usually will pick up at least in my market around mid-November through January than another slow down through February. Taking your market trends into consideration as well as inventory term, it’s like how long of a line does your clients want to wait in. Do you have 2 years of inventory in that price range?
1 vote
Jennifer Kel…, Agent, Fort Collins, CO
Mon Jan 21, 2013
If this was written in Oct 2007....I would hope that your home has sold. :) if anyone else is wondering the same thing, I would say that an offer is always reasonable and is worth exploring and trying to negotiate with. Be mad at those who didn't bring an offer and grateful to those who did. This is a starting point.
0 votes
Tman, , 30642
Thu Feb 21, 2008
Mon Oct 8 2007 ............... ?
0 votes
Perry Hender…, Agent, Austin, TX
Mon Oct 8, 2007
You could be focused on the wrong reasons why it isn't selling. In today's marketplace, the lack of loan programs to finance buyers is simply keeping people out of the "ego buy". Those are the ones that you buy just to upgrade.
0 votes
Ruthless, , 60558
Mon Oct 8, 2007
What could be wrong? Expectations. If the average list price to sales price in your area is 90%, than the offers would generally come in at 80% of list price so you can negotiate the difference between the two figures. If your average list to sales price is 97%, offers would come in at 94%. If two or more offers are coming in at 80% and the average list to sale is 97% then you are over priced.

Ruth
0 votes
Voices Member, , Orlando
Mon Oct 8, 2007
I'm curious about how many of these offers you've received. If it is multiple offers, and they were all around the same price range, I would wonder if you were slightly overpriced. It seems that you're not too far off on your pricing if you're receiving many showings.

It could also be that your property that your property is lacking valuable amenities that your competition has, therefore bringing in lower offers. I wouldn't know without knowing more details.

3 months though in some markets isn't outrageously long. Some parts of the country are seeing average time on the market of 6 months.

I would advise you to consult with a local Realtor and make sure you're priced correctly.
0 votes
Suzanne Walk…, Agent, Oklahoma City, OK
Mon Oct 8, 2007
How many offers? Typically your first two offers are your best. This statement doesn't mean the first two aren't negotiable, but statistically they tend to be your best.
Based on what little you said, it sounds like you might be over priced. I know this isn't what you want to hear, but you asked and I'm assuming you want to sale.
Do you have a listing broker? If yes ask them, if not employ the services of a professional.
I'd say it is time to re-evalutate.
Price your home based on the last 60 to 90 days comps. Most markets are too volatile to go further back, and the appraisers won't.
Best of luck,
Susan Walker
0 votes
Brad Lowell, Agent, Fort Collins, CO
Mon Oct 8, 2007
To know what the real estate market is doing, it is best to go look at some of the other homes for sale so you can see what the buyers are seeing. Consult with someone who stages homes and hopefully this will help. Ask your real estate agent to send you recent sold information in your subdivision.
Good Luck!
Shawna Lowell
Dynamic Real Estate Services, Inc.
Office: (970) 226-4433
http://www.dynamicrealestate.net
0 votes
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