How do you know if its market decline, price, or something else when you get no offer after 30 DOM.?

Asked by Hopeful, McAlester, OK Mon May 4, 2009

House across the street sold last year for $5000 less than our asking price but we have new roof, vinyl windows, appliances, crown moulding, carpet, both bathrooms totally redone with travertine tile, plus, we're on a corner lot with beautiful landscaping. Lots of traffic but still only one person who wanted an offer contingent on their house selling. Am at a loss.

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Vicky Chrisn…, Agent, Purcellvile, VA
Mon May 4, 2009
In most cases, it is market decline right now. But, the question is, are you getting lookers?

If not... If your home has an accurate and solid listing in the MLS, then it is reaching buyers who are looking in that price range. So, look for yourself online in that price range, which homes (honestly) would you want to look at? Does yours make the cut? If not, then look in a lower price range and see if your home makes the cut then. If it makes the cut for YOU, why? Be objective here - it can cost you 10s of thousands of dollars to lie to yourself.

Once you know what price range you have to be in to get "lookers".. you'll get them. If you are having lots of showings and no offers - feedback helps. Find out what the buyers actually buy. Look at your home, do you need professional help staging it. Remember, selling has nothing to do with reality. The family photos, the plethora of your favorite knick knacks from all over the world - they are not telling anyone about your home, they are telling people about you - and YOU are not for sale. So, get rid of them. furniture placement, hiding toasters, increasing the wattage on the light bulbs, cleaning the windows inside and out, it all makes a difference and you like it the way you like it, you need someone else to come in - your agent or a professional stager. New photo shoot once you're done.

So, if you're getting lookers and the place shows like a model (remember, models don't have screens or blinds in the windows like normal people, we're not talking about reality, we're talking about sales)...then I hate to say it, but something is still off. If you've done what you can do about the house to make it show perfectly, it could be something you can't change - the neighbors, the highway behind the house, the buried basement, the odd shape of the lot, etc. If you can't change it, then it can be overcome by reducing your price.... and there we go again. The good news is that adjusting your price after you've got people coming in the door usually means less of a price adjustment. It can be $10K or $15K.... Where, when you are making adjustments just to get people in the door, it is much higher (think $25K+).

Hope this helps....
1 vote
Hopeful, Both Buyer And Seller, McAlester, OK
Fri May 8, 2009
My response: Thanks.
The market here is very unusual. McAlester prices don't jive with the rest of the world. for some strange reason, homes here sell for more than they do in Tulsa, OKC, Norman, much larger cities than us. I'm told because of the Army Plant but it's unbelieveable. Good rental property is sky high here. Realtors say our home prices never went way out of line the way they did in other areas and lenders didn't go wild the way they did in other places so there's not alot of bankowned homes.
0 votes
Joseph Zajko…, Agent, New Port Richey, FL
Thu May 7, 2009
Hello again Hopeful..
After reading your latest response, I can only suggest that you offer a good Home Warranty that you will pay for at closing... The main reason that people buy new homes is that they feel that everything is warranted...
If you make it clear that you will supply that, I think it might help....
As to your other comment about how you "can't imagine" your house not being worth $5,000. more than the house across the street that sold LAST YEAR, you are not accepting the fact that the market has DECLINED in the past year.... you should be priced $5,000. less than what the house sold for across the street.... I know that is difficult to accept, but that is the reality of today's market. Real Estate is worth LESS now that it was worth LAST YEAR.... LESS not more.... If you absolutely can not sell your house for $5,000. or $10,000. less than what you are asking for now, then you need to sit tight and wait for the market to turn around...
if you are getting the showings and you have even received some offers, you might not have to wait too long....... Be patient and keep trying..... good luck..... Joe Ski... Holiday, Florida
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Hopeful, Both Buyer And Seller, McAlester, OK
Thu May 7, 2009
My home is small, only 1350 sq ft and built in 1976 ($92 sq ft) however it looks like a new home inside and out with new paint, carpet, tile and neutral colors. It's staged and decluttered so much that it's difficult to live in but we're making the sacrifice to try and sell it quickly. It's been shown about 15 times and according to my realtor there have been absolutely no negative comments. As I've said, one couple who was interested in putting in an offer was told by a builder that he could build them a brand new home for $100 a sq ft but that is with no frills, one block off hwy 69 with a motel looking into your backyard and on a small lot, not at all the neighborhood we're in or with the type of materials in our home (travertine) not to mention our big corner lot. We haven't heard anything from them so I assume they went this route. Another couple wanted to put in an offer contingent on their house selling but we discouraged that. I can't imagine that my house would not be worth more than the one that sold last year across the street which is about the same size but was a nightmare inside with old carpet, windows, roof, popcorn ceilings and none of the updates we have done to ours. We're only asking $5000 more than what that house sold for so I can't imagine having to drop the price and lose what we invested into our home.
0 votes
Lisa Manley-…, Agent, Bixby, OK
Thu May 7, 2009
Dear Hopeful---Yes, the economy is not great and yes it is a bit of a buyer's market here in Oklahoma, but nothing like what you hear on the national media. Tulsa itself was just named the #1 place to live in the USA by Relocation America and is projected to be #8 in real estate sales for 2009. So, McAlester can't be too much different. Anyway, there are seven different factors which affect the sale of your house. The first 4 you control: location, availability, condition, price. The next two no one controls, which are the national economy and the local real estate market (and real estate is always a local market). The last on is the marketing and service you Realtor does for your home. It sounds as if the location, availability and condition are all good--which leads, of course, to price. How many square feet do you have and what is your asking price? How old is the house? How many showings have you had? If between 7-10 and no offer, then lower the price. if after 30 days and only a few showings, lower the price. In the above cases, essentially the Realtor community and the buyer's have 'rejected' the house at the current price. If, however, your home is listed at fair market value and if you are still under 7 showings for your 30 days, just sit tight and don't worry. Sometimes it just takes a little patience and time. Is your Realtor marketing your home on multiple home search websites? That is crucial. if you still haven''t sold the home after your listing expires, I would be happy to refer you to some excellent Realtors in the area. Good luck! Lisa
0 votes
Ww, Home Buyer, 74501
Tue May 5, 2009

It seems ironic than not a single McAlester real estate agent has answered your question but that several McAlester agents advertise on this sight. I've also posted questions here without any response from the McAlester real estate community. I would think a decent agent would be on this website and others offering to help YOUR potential buyers find homes.

Come on McAlester realtors. There is no way that the "McAlester Housing Market is unaffected by the rest of the United States markets"(quote I have heard more than once). Prove me wrong on what I really think of your abilities. Start being honest to sellers about the market value of their homes and you might actually find a buyer for them.

And thanks to all the other decent real estate agents from other States and outside McAlester that respond to questions here. Your help is appreciated.
0 votes
Hopeful, Both Buyer And Seller, McAlester, OK
Mon May 4, 2009
Responses: Thanks. Our neighborhood is what is always described as desirable. There are no bank owned homes although there are 3 other homes on our street for sale, two are very outdated inside and ours is the only one with a garage. We are avid HGTV fans and so we're familiar with staging and even rented a storage building and decluttered to the max. Our house looks like a model home inside and it's tough to live like that, believe me. I spoke with our realtor and she said she has heard nothing negative from all the showings and suggested a price reduction because new homes can be built across the highway in an undesirable neighborhood for $100 a sq ft (we're at $92) but with nothing but basic materials and very small lot plus a hotel would be looking into your backyard. Maybe we need to wait a little while longer?
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Keith Sorem, Agent, Glendale, CA
Mon May 4, 2009
You need to ask your Realtor these questions:
Since my home went on the market, how many homes, like mine, have:
come on the market
lowered their price
gone into escrow

If ANYTHING is moving, then your problem is YOUR PRICE. Most markets are buyers' markets. There are more homes for sale than buyers, so if you NEED TO SELL, then your home must project the most value. The easiest way to project value it to lower the price.

There are other factors, but the only person that can really advise you needs to know three things:
1. Your home
2. Your personal situation (when you want to move, how much you need to net)
3. Your local market values and trends

Good luck.
0 votes
Joseph Zajko…, Agent, New Port Richey, FL
Mon May 4, 2009
Hello Hopeful..
The average days on the market here in my neck of the woods is about 90 days or more.
If the house across the street sold LAST YEAR for $5,000. less than your asking price now, then the actual value has declined even more today. It would seem that the $5,000. gap has grown significantly. There are so many factors at play here. How many distress properties are for sale in your neighborhood.? that would have a lot to do with Buyers looking at your house. This is a supply and demand business. If there are many Bank Owned (Foreclosed) homes and many Short Sale (Pre foreclosed) homes in your neighborhood, those are the houses that will get looked at first. You might have a beautiful home with many upgrades, but if no one gets in to see your home, they won't know how beautiful your home is. You need to get them in to look. The only way to do that effectively, right now, is to lower your price. This market is now ALL about price. When the cheap (distress) houses start to get bought up faster than they are hitting the market, then you will see the market start to stabilize in your community. I am starting to see this in my market. Florida Central Gulf Coast. Ask your agent to do an open house, maybe a magazine ad or something to bring attention to your house to get people in to see. Or else, just lower the price every 2 weeks until you start to get some offers. The only other thing that you might consider is to wait it out, if you are still living there, or rent your house for a year or until things get better. They will get better, they always do. I wish that I had the "magic bullet" for you, but I don't. Patience and proper pricing is the key. I can sell the crappiest house or the most beautiful house in any neighborhood, if the price is right. I hope that helps a little....
Go to my website and scroll down to see a box that says "What's my Home Really Worth" and click on that ... put in your address and see what happens... Keep in mind that the value that comes up is computer generated based on Sold Comps in your neighborhood... it has nothing to do with location or condition. Give it a try..
Good Luck.. "Joe Ski" Joseph Zajkowski Future Home Realty New Port Richey Florida
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