How do I stand out in this market? We think we've priced well for our area and amenities, we didn't buy the biggest house and I

Asked by C & A, 88011 Sun Jan 31, 2010

don't think we We think we've priced well for our area and amenities, we didn't buy the biggest house and I don't think we over-renovated. We are listed with an agent and we have listings everywhere, even had our first open house after 10 days on the market with 2 realtor's tours coming up.
What else can we do to sell quickly at the fairest price? Any ideas on marketing strategies? Thanks for your help. MLS 672252

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Barbara Q., , Bergen County, NJ
Mon Feb 1, 2010
Clay & Andrea- Rockinblu's blog has some great ideas! If you are looking for a competitive edge think outside the box. Understand that a price reduction of $10,000 reduces a potential Buyer's monthly payment by only $54. A more financially impactful way to expand your pool of Qualified Buyers is to offer "Special Financing Incentives" for Buyers. A 2-1 Temporary Buydown can reduce a Buyer's initial monthly payment by hundreds of dollars! (You do NOT hold the mortgage. You pay discount points at closing to reduce the Buyer's interest rate/monthly payment.)
The lure of the prize is often the catalyst for the sale! Good Luck!

Calculate small cost for Seller & HUGE savings for Buyer:
2 votes
Tracy and Te…, Agent, Albuquerque, NM
Sun Jan 31, 2010
First and foremost, be patient. Buyers literally have hundreds of homes to choose from in your neighborhood and it’s going to take the right person that “connects” with your house. There are three things that keep a home from selling, Price, Condition, and Marketing. You have a great broker and she has done a great job getting the word out. Like David said there are lots listing enhancements that can be done but if you are getting showing exposure is not the problem. It looks like your home is in great shape and shows well, so if that’s not the problem the only other thing you can do is adjust the price to make it more competitive. So give it time and get feedback, see how your home compares to the others on the market. If you are getting showings, and the home looks great, the only thing left is price. Don’t get discouraged, it will take time.
2 votes
David Staffo…, Agent, Albuquerque, NM
Sun Jan 31, 2010
You and your agent have done an excellent job of staging the house to look its best and to capture that in photos and descriptions. Broadcasting and syndicating th listing and then following up with an open house and realtor tours sounds like you are doing what makes up about 40% of the formula to sell quickly, the other 60% is PRICING! You will stand out most and sell quickest by being easily percieved as the best value in the area. One thing you could do is ask your agent if she pays for the enhanced listing feature on, which is where the real traffic still is. If so, she could add 5 more photos because people often sort by number of photos and enhanced listings get to post up to 25. Don offers some good tips on photos below, but you might also play with light a little more and use a wider angle lens. Best of luck to you Clay and Andrea!
1 vote
B, , l
Thu Feb 4, 2010
You are asking the right questions and that makes you smarter than a lot of the home owners out there right now. As a buyer, it comes down to what do I have to do to that house to (a) make it liveable and (b) go with my stuff. If you have blood red or neon orange walls, paint them a soft neutral color. It will make the house look and feel expensive, brighter and bigger. (Light colors expand a room while dark colors visually shrink any space.) Then, I won't have the added expense of having to paint that orange and purple striped room that will clash with my black leather couch. Move big pieces of furniture away from windows. You want to seller to walk up and look out the window. It's inviting and makes the seller feel like they are home. Position a minimal amount of furniture in each room because that makes them appear expansive. Store the rest of it and pack away any clutter on shelves, bookcases, your collection of 1000 CD's, etc. I can visually any room as empty with white walls and picture my furniture there. On the other hand, carnation pink jetted tubs, red sinks, plaid carpets and purple walls will send my husband rushing out of the house. The poor guy can't visuallize the house as ours which is why we haven't purchased yet.
The other issue is price. With all of the tools out there, buyers can easily find out that Albuquerque home prices have dropped 17% in the last 12 months. Don't make your house the highest price per square foot in your neighborhood. Honestly, if I had to sell in today's market, I would make my house neutral, turn-key ready and price it 5% below the lowest price per square foot house in the area. (Ignore the ones that are a wreck).

Good luck.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 1, 2010
Don't be afraid to re-adjust your price if no offers come in after a reasonable amount of time--make sure your house is neat, clean, clutter free; take care of all cosmetic work--sparkling clean floors, fresh paint if needed, remove or reposition any bulky furniture; be aware of any bad odors, overcrowded closets--strive for orderly closets, squeaky clean kitchen and bath(s), manicured landscape and general curb appeal--show it as a property to remember. Remember, pricing and marketing are paramount for today's marketplace.
0 votes
Rose Varona, Agent, Rio Rancho, NM
Mon Feb 1, 2010
Your realtor is going in the right direction. Now Pricing your house competitively is the key to selling your house as well as offering buyer incentives. Buying down points on the buyer's loan has helped buyers reduce their monthly payment which is a big plus for buyers. Also, you have to differentiate your house from the rest. Staging also helps buyers make purchase decisions if the price seems reasonable to them. If it looks good, the price is good they will surely be very attracted to making an offer on your home. Have your realtor pull comparisons and see where your price falls on the list. You ideally want to be very close to your competition or to be very attractive even a lower than your competition whenever possible.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Jan 31, 2010
You can have the worse house, every negative issue price above market with bidding wars. And have a perfect home, price right, fashion forward interior and exterior sit on market for years.

Have your agent provide you average DOM provide you some idea.

0 votes
Jim Brady, Agent, Bear, DE
Sun Jan 31, 2010
The easiest way to drive traffic to your home is with a price a little lower than your competition. Under no circumstances be above them. Once you get them to your listing you must have excellent pictures of the interior and exterior of your home. Offering a home warranty free to the buyer is a nice marketing tool also. It gives first time home buyers a good feeling about an older home. It is a tough market and any edge you can get is a plus.
0 votes
Don Tepper, Agent, Burke, VA
Sun Jan 31, 2010
First, make sure you're priced right. And stay on top of the prices; have your agent run a new series of comps every week or so (a new CMA isn't required that often, but you do want to keep tabs on the market) to make sure that you are, and remain, competitive. Not being from Albuquerque or having access to the MLS there, I can't even attempt to offer an opinion on it; just make sure you monitor it closely.

One tip: If you get a reasonable number of showings, that indicates that your pricing is probably competitive. If you aren't getting showings, it's an indication you're priced too high.

I took a look at the pictures of your property. The property looks nice. And the pictures, technically, are OK. Not great, but OK. (Maybe a solid B.) However . . .

You're selling the house, not furniture. Too many of the pictures are pictures of the furniture, not the rooms they're in. The beds. That white chair. The coffee table.The roll-top desk (which dominates the room). You need pictures of the rooms, not the furniture.

As for the exterior shots: Redo them. You have one shot of the front that only shows the garage. Take the shot from the other angle. And the other shot you have, of the front door, looks entirely unappealing--a narrow path with a wall (the garage, I guess) on the right and a water-leaking cinderblock retaining wall in the rear.

The back yard isn't much better.

I ran your pictures by a home stager, who agreed with my comments but also said to get rid of the red walls. Come up with a different color for the kitchen walls. The bathroom needs to be totally reworked. Get rid of some of those hanging plants; you've got too many of them scattered around. She also didn't like the red tile in the back (and is that your cat there, too?). And she didn't like the window coverings in the master bedroom. Get a professional home stager in there to give you an evaluation. That should cost $200-$400 and will be well worth it.

At this point, that's about all you can do. Make sure it's priced right. And make sure it shows well.

Hope that helps.
0 votes
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