Home Selling in Greenwood>Question Details

Lonnie, Other/Just Looking in Greenwood, SC

How long is too long to have a house on the market?

Asked by Lonnie, Greenwood, SC Fri Jun 13, 2008

I have a 2400 sqft home on the market and it has been listed since Jan. Are there any suggestions? The house is 10 years old and is in exceptional condition. The house is always clean, yard maintained, depersonalized and has lots of features.

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You can get your house "price correctly" but inviting 3 to 5 licensed realtors to do complimentary market analysis, and keep in mind, all licensed realtors are experienced professionals and always "price correctly". otherwise, they will waste their marketing expensive, why should they?

Pick the lowest price from one of 3 to 5 realtors if you are going to do for sale by owner since that price is the "correct price" with LOW or NO marketing and hard to reach well matched buyers. If you are going to list with realtor, pick the HIGHEST price and realtor to list, that is also "correct price" but correct in a way that the realtor may have access to highly matched buyers such as relocation companies.

So, "correct" is a variable, so to speak, in computer programming, and that's how realtors are talking differently but about the same concept.

If you have the "lowest correct price", and you decide to do extensive marketing to get your house seen and value presented, you can try to identify Prospective Buyer Communities@ and get out 1,000 invitation flyers to the community before your next open house. Shoot your house, rooms, neighbors with YouTube and place into free website such as craigslist.org.

If you want powerful website, Trulia is the most powerful real estate website, and you can form a forum just to answer questions of your house like this one http://www.trulia.com/voices/Home_Buying/Can_you_believe_nic… After all, you know your house better than any one else, and you know your school district ...etc.

The national avergage is 11 months, but I believe you can sell your house in less than 11 weeks easily, and if you follow what I showed you above, many who I know sold in a week or two.

Keep in mind, doning little marketing or NOTHING, time passed is just the elappsed time. e.g. It often takes only 4 or fewer open houses to get a house sold, and if you only take one or two open house since January, and it is not sold, it is reasonable....

It may take a realtor 6 months to eventually hold 4 open houses because each realtor may have many listing, and it goes marry go around, so keep that in mind ...
0 votes Thank Flag Link Fri Jun 13, 2008
If one of the first 10 people including Realtors, who has looked at your home has not taken a positive action then you need to make some changes. I agree with Lisa's response. Good homes that are priced right are selling in SC. No doom and gloom.
1 vote Thank Flag Link Sat Jun 14, 2008
You need an honest person to live in your house to keep it up. The way things are going , there wll be a lot vacant houmes that hones people like myself could pay a fair rent . precioushettie@yohoo.com
0 votes Thank Flag Link Fri Apr 1, 2011
Lonnie

Our MLS system (Realtor data base) in Greenwood has a feature that prompts Realtors after a home showing to give some feedback on their showing, the listing agent can set that up so that the seller can see the remarks made by the agent on behalf of their buyers. If you aren't getting any feedback ask your agent to make sure to contact the Realtors who are showing your home if they haven't provided any comments and ask them to do that also ask them to set it up so you can see what's being said. Your Realtor can also call all the Realtors who have shown your home in the past and ask if they remember what the buyers thought of your home. You may also ask your agent to put your home on the Realtor open house tour again and have them share their opinion on price, positive features and negative features etc. I hope this helps and your home has a sold sign in the yard real soon!

Sally Morris
Greenwood Realty
Greenwood SC
0 votes Thank Flag Link Wed Oct 13, 2010
If you're getting showings but no decent offers, something is keeping the offers away. It could be one or more of several things, location, neighborhood, lack of privacy of the property, traffic, or even things that, while the home is in "exceptional condition", could be dissapointing lookers - no vaulted ceilings, small master bath, small master bedroom, master bedroom upstairs, no walk-in closets, laminate flooring in the kitchen and bathrooms instead of ceramic tile, no stand-up shower, home too dark inside, etc. Make no mistake about it; if they're coming to see the home and there are no offers - it's the home/property. Somewhere, something, somehow needs to be addressed (if possible - not everything can be reasonably changed, i.e. master bedroom being upstairs, bathrooms too small, etc.)

On the other hand, if you're not getting showings at all, it could be that the price is too high for the market. (Doesn't mean it's not worth your price - just that the market dropping may be making your price 'seem' high and perception can trump reality in home sales.) If you're not getting showings, more times than not, it's about price. Consider dropping your price (again if you've already done so). Remember, your home may be worth what you're asking but in this market, it's not about what you think it's worth, it's about what someone else will pay for it. That's hard, cruel, and unfair but unfortunately, it's the truth now more than ever. If the home is not getting showings, you really need to lower the price as low as you can stand it. You are competing with others who already have lowered theirs and you have to give yourself a fair shot at beating them.

Lastly, I would say it is quite possible that neither of these situations apply to your property. Here's a startling fact and while it is depressing (especially if you're a realtor!) it can be mildly comforting when considering your situation: The official numbers from the SC Assoc of Realtors just came out recently and the housing market in Greenwood is the worst in the state thus far in 2009. We had an awful year last year and this year is more than 30% down from last year. It's more difficult to sell a home in Greenwood right now than anywhere in South Carolina. Hopefully, that will improve soon but my point is: it just may be the MARKET and not a problem with your PRICE, your PROPERTY, or your REALTOR.

The key here for you is to figure out which one (or more) of those 4 are keeping your home from getting sold. I guarantee you this: the problem IS in at least one of those 4 areas.
Best wishes..........Lary Davis ~ RE/MAX Action Realty
Web Reference: http://www.MyRealtorMan.com
0 votes Thank Flag Link Wed Aug 5, 2009
Thank you all for all the comments on this question. I will follow some of the advice that has been offered. I am appreciative of all the time and energy spent on this question and look forward to having the help during the relocation phase.
0 votes Thank Flag Link Wed Jun 18, 2008
The general rule for a home that is being marketed correctly by a qualifed agent is this: "If you house isn't being shown you have a price issue; if your house is being shown but no offers, you have a condition problem." I utilize a revolutionary system that graphically addresses price, condition, incentives, and marketing so my sellers can make informed decisions. I call it the sellability index and it works every time.
0 votes Thank Flag Link Sun Jun 15, 2008
I tend to agree with Hunter...
1) Price- if you are not competitive with other properties you are wasting your time
2) Marketing- if your agent or yourself is not marketing the property correctly you are both wasting your time.

The first day the home goes into MLS is most important, EVERYTHING needs to be in order...make sure you have pictures...PEOPLE LIKE PICTURES AND TOURS! Once that home sits for 30 days....no one is "rushing" to make sure they don't miss out...you need to create "urgency"..not "desperation".
0 votes Thank Flag Link Fri Jun 13, 2008
One last thing, stay away with any realtors who comes to say "market is very slow all over the place" which is NOT true. e.g. Village Pointe at Edison http://villagepointeatedison.blogspot.com/ almost sold out with 3br 2hba townhouse already sold out ...

Try to identify and stay away with low or no performace realtors ... There are many realtors out there such as Ching Liang at Remax 908 385-1698 (cell) who got Gold Metal of Million Dollar Club in both 2006 and 2007. It takes a realtor to produce over $10 million sales to get that, if there is no buyers, how to get that? Don't believe, why not give Ching a call to verify for yourself, or call any licensed realtors to verified.

Keep in mind, realtors is prohibited to "lie" by their license. Either they tell you market is great or bad is all "truth to themselves", that the ones saying market is bad simply reveal the fact they were not able to reach hundreds of thousands of buyers, and the other way is similar.
0 votes Thank Flag Link Fri Jun 13, 2008
Every area is different. The market is very slow all over right now. We have had homes on the market for over 7-8 months. Your price has alot to do with the activity you get. Your local Realtor should be of great assistance in this area.
0 votes Thank Flag Link Fri Jun 13, 2008
There is no general timeframe rule for how long a home is marketed. What I recommend is to correct your price a bit and take all new pictures; in and out and some of the community you live in. I would also change the description around. This will totally freshen up your marketing of your home. Also be sure its being marketed on numerous websites.
Lisa Thompson
Realtor, ABR
Coldwell Banker United
843/270-2221
0 votes Thank Flag Link Fri Jun 13, 2008
How long is too long? It all depends on how long you want it to be on the market. My first thought would be price. The saying goes, "At the right price, the house will always sell".

Also, is it listed with a Real Estate Agent? If not, that is another reason.

If so, make sure they are advertising it properly!
0 votes Thank Flag Link Fri Jun 13, 2008
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