Home Selling in 18657>Question Details

ddd, Other/Just Looking in 34470

HELP! Home listed but no sale

Asked by ddd, 34470 Sun Mar 8, 2009

My home has been listed for 140 days location 18657 and hasn't sold. One offer, and four lookers. The one offer the buyer has been on and off again since we listed each time coming back with another excuse to lower the price. We've have come down on the price by over 17,000 dollars alreday. How much is enough alreday! Yes, I have a realtor but at times it seems she is playing both sides here. How do I can this woman to STOP lowering the price and commit to buy already? When do I know its time to look for another realtor?

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rockin', while it may not be the most ethical of tactics...

we are not allowed to APPROACH someone who is represented... but if they approach us, we are allowed to offer advice, and to even refer to another agent.

The part that you tried to point out, that Pumpkin may be missing, is that by referring an agent to her, the agent giving the referral will likely receive a referral payment from the agent who gets the listing. He may (or may not) even know that agent, or whether the agent is good or not. Now I'm not saying that Andrew is DOING that. But it's entirely possible.
1 vote Thank Flag Link Sun Mar 8, 2009
Alan May, Real Estate Pro in Evanston, IL
If your so sure its not the price get an appraisal. My guess is your chasing the market. This can be very hard for an agent. If your sure your house is showing well it is usually price. You may need a new agent, but I bet you need to rethink your price
0 votes Thank Flag Link Sat Apr 4, 2009
Hi Pumpkin,

I'm a little confused. If your buyer submitted an offer in writing then all you had to do is sign it - and you have a binding contract - and the buyer is locked in (well ... pending results of inspections and such). Was the offer not a signed offer? If your realtor allowed them to submit a non-written offer then it seems to me that your interests are hardly well-represented. Though perhaps I'm not aware of specifics.

Here's another perspective for you to consider. I am NOT a realtor but I am in sales and if you have a weird feeling about your realtor, that you may well be right. On the other hand the market is terrible and not getting better.

For example, here's a way that your realtor *might* be looking at it - I'm not saying that she is - but she might be.

Let's say that you are selling your house for $250,000. Let's assume that you are selling at a 5% commission, rather than the full 6%. 5% seems to be more adopted these days so that's what I'll outline here. Each $10,000 to you is $10,000. You know what it is to your agent? $125 (half of 2.5% - double it if she is a dual agent).

I am NOT saying that your realtor isn't acting in your best interest but ... it's possible - especially where she's the 'dual agent' - it's a good deal for her when she gets the double commission.

Per Terrence below - did you do everything that YOU need to do to prepare and stage your house? Is there any clutter around? Is it spotless? Did you toss out stuff you don't need anymore and donate other stuff?

And ... have you looked at the recent SOLD prices in your area? What is a comparable home selling for in the last 1-6 months? You aren't likely to get more then they did ... if you are being offered less then what is wrong with your house? Take a step back and objectively evaluate your home for "flaws" - anything a prospective buyer might object to - from their perspective not yours. I'm sure that your home is lovely - BUT that color in the master bath that you love - may not be everyone's cup of tea ... just an example.

Also - things need to be marketed to your "buyer" appropriately. $10,000 to THEM is about $55 per month on a 30 year mortgage.

Also consider your next move - when you sell are you leaving the area - and able to take advantage of being the Buyer in your next transaction? If you lose $5-10K now, you'll do alright on the next leg in all likelyhood.

There has been a lot of good stuff to consider in all those posts. Do think about your bottom line, if your home is staged well, and what it might cost you if you don't sell now. Defintely don't get trapped in any more back-and-forth. Any offers to you should be so that you just need to sign and then be done with it.
0 votes Thank Flag Link Mon Mar 9, 2009
I definitely agree that there are strength in numbers and the more we agree the stronger the suggestion will be but there is more than one option, i just wanted to be able to give advice that was not yet suggested. All agents are not created equal and while the seller and the property/location are the primary factors in selling a property an agent that knows what it takes to sell a property in today's market makes a big difference. I was just suggesting that she speak with someone else that might have a different perspective on tactics to get the home sold. Believe me I would never solicit someone else's listing but if a seller suggests that there might need to be a change, by all means i want to get them on track with reaching the end goal, which of course is getting the house sold.
0 votes Thank Flag Link Sun Mar 8, 2009
Why even look for another Realtor? Did your agent give you a CMA before you listed your home? Did you follow their advise and price the property properly from the start or did you start at a higher price? Is your home listed in the MLS, Realtor.com, and other websites? Is the listing in the paper? Which, by the way, people don't really use anymore. Did your agent send postcards out in the neighborhood? All this really does is afford your neighbors the chance to let their friends know that a place is available if they want to move in AND as advertisement for the agent.

If your agent isn't doing something right, then let them know. You can use as many Realtors as you want. If you didn't price the property right, stage the property right or it's in a bad location, then it will be a tough sell. You need to put your house at the TOP of the list of similar available homes in the area. If your home is the most expensive one, then it will be the last one show. You need to put carrots out there for the buyers. Home warrenty, free FiOS or cable for a year, a year supply of pizzas (1 pie a week for 52 weeks), anything. You AND your agent need to think outside the box to sell the home.

Hope that helps,

Terrence Charest, e-Pro
0 votes Thank Flag Link Sun Mar 8, 2009
Possibly, but the seller asked first if it was time to look for another realtor. I am just suggesting that if she feels it is time that i am happy to suggest someone to speak with. Others suggested speaking with the broker and to avoid being redundant i was willing to discuss another avenue that the seller first brought up. I am not suggesting that she needs to make a change, but obviously since she is here asking the question she hass some level of interest in seeing what other avenues she can take. If everyone keeps giving the same answers why does this forum exist?
0 votes Thank Flag Link Sun Mar 8, 2009
Can you send an email to Andrew@AndrewHimes.com and i will forward the other agent's info to you off of this forum? Also please include any info that i can pass along to the other agent to make them aware of the situation and how to get in touch with you.

0 votes Thank Flag Link Sun Mar 8, 2009
I don't know if this would apply in any way, but I had a situation where a house came on the market which a client of mine went and saw with me. It was listed at $245K. I did a CMA for my client and we put in an offer of $230K. Seller didn't accept. Since then, the home has been on the market for 548 days. It is now pending at $200K (no telling what the price they accepted is til settlement). It is now most likely a short sale.

Moral: You first offer is usually going to be the best one you get.

You can't really stop the woman from offering less and less. She knows your home has been on the market for some time now without any other offers as far as she's concerned.

Terrence Charest, e-Pro
0 votes Thank Flag Link Sun Mar 8, 2009
If you are looking to make a change, let me know and i would be happy to refer you to an agent that will do everything they can to get your house sold and make you feel comfortable in the process.

Please send me that information Andrew. Thanks
0 votes Thank Flag Link Sun Mar 8, 2009
Has your agent given you any information on what other homes in your price range are doing currently? If other homes are not selling in yuor price range right now, it is not just your home that is having difficulty selling. Ask your agent to give you an update on the marketing plan that they presented you when they listed the home (hopefully he/she told you how they planned on getting your home sold) and see what they have done that they said they were going to do originally. You have all the right in the world (or in PA at least) to ask that the agent not practice dual agency, meaning that you do not agree to let them represent the buyer as well as you in the transaction. Some agents are able to practice dual agency effectively and ethically, while some agents are not. This is your home and you have to feel that you are being represented with your best interests at heart.

If you are looking to make a change, let me know and i would be happy to refer you to an agent that will do everything they can to get your house sold and make you feel comfortable in the process.
Web Reference: http://www.AndrewHimes.com
0 votes Thank Flag Link Sun Mar 8, 2009
Okay, then it could just be a buyer trying to see how low you will go. If you've hit your rock bottom price, then don't respond with any more counter offers. The buyer will either agree to your terms or walk away. You keep lowering your price every time they ask you to, so they will keep doing it. What have they got to lose?

I stand by my recommendation to talk to the Broker, though.
0 votes Thank Flag Link Sun Mar 8, 2009
The house is 5 years old....nothing wrong with it.
0 votes Thank Flag Link Sun Mar 8, 2009
In this forum, we do not know how your market is performing, so it's difficult to really give you a good answer. However, price is usually a big factor in getting an offer. Are the buyers excuses valid? Could your home use more paint, more flowers in the yard, etc? Curb appeal and presentation mean alot to a buyer, especially if you have alot of homes on the market out there. What is the average time a home like yours in on the market?

To answer the second half of your question, your Realtor doesn't get paid unless the house gets sold, but you may have the right (most likely, I'm not from Pennsylvania) to ask that your Realtor does not represent both sides, if you feel your best interests are not at heart. My suggestion is to call his/her broker, and nicely ask if he/she can meet with you to determine what is going on with your home sale. Ask him the questions I stated above. Here in OH (and other states where I've worked) your listing is with the BROKER, not the Realtor, and that may make a difference for your piece of mind, if not the sale of your home.

Good Luck!
0 votes Thank Flag Link Sun Mar 8, 2009
But the home is now priced at what I paid for it five years ago. How can I keep lowering the price?
0 votes Thank Flag Link Sun Mar 8, 2009

The basic rule of selling is that if you have your home listed and you are getting no showings, you should lower the price.

If you lower the price and still get no activity.....lower the price again....

If you are getting plenty of showings and no offers.....lower the price...and so on.

It's a simple process but it works

Good luck
0 votes Thank Flag Link Sun Mar 8, 2009
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