I am coming late to the game on your question, but I wanted to add a few points... Market price is the price someone would pay for your home now, I would not rely on Zillow, Tax assessment, Trulia, or sales over 6 months to determine the price.
- Visit the other properties in your community to see what the competition looks like, since buyers who visit your home are going to be doing the exact same thing - I recommend you take a look.
- List with an agent who will market in the right areas... Cabin John is unique in its location and understanding how to find those buyers is key. Many people who buy in that area love the canal, the Potomac and the outdoors - so call me for some ideas I have on how to get in touch with this market. There are cost effective measure on both the web and physical location to reach these buyers - you may need the help of someone who has done this successfully in the past.
- Make sure buyers have access to the property with a sentry lock, if a buyer is not able to see the property then they will not write an offer
- Staging your home is a good idea
- Write and print out a list of what you have done to the property while you have owned it.
- Map highlighting the benefits of being in your location.
- Take the property off the market and wait for the Spring or Fall market to re-list the property
If it doesn't sell, think about maybe renting the property until the market turns around. Everything depends on your goals and time line so hard to say what to do
Eric Brooks - REALTOR Â®
Long & Foster Realtors
4733 Bethesda Ave #100
Bethesda, MD 20814
Licensed in DC, MD and VA
Lets Look at what you can controll with in your four walls. I have worked with may buyers who once they walked inside the home, the outside world melted away. Have you staged the house for those who work in the busy world and want to come home to a tranquil place? Patience is always key but there are things that you can change up to see if that next person walking in the door is the new resident. Cabin John is a well sough out community and if they feel at home when they walk in the door you have sold your home.
If you would like I could send you my For Sale By Owner guide. Just shoot me an email and I can get it together for you. I can customize it with more staging tips for you.
He's also correct that busy streets can be a deal killer. Some folks--many with children, some with pets--won't consider your home no matter how low it's priced. The rest will expect a discount. So you're dealing with a smaller pool of potential buyers who aren't going to pay what they might pay for a home on a quiet street.
You've got two basic options: Drop the price and/or market the home to people who don't mind that the house is on a busy street. And this is where I may disagree with Bruce. If you're serious about selling your home, drop the price. Eight months on the market is a long time. If you're not serious--if you're just testing the waters--then consider the waters tested. The home is a very difficult sell priced where it is.
While you're at it, ask your agent for a new CMA. I assume you had one done before you listed. Well now--eight or more months later--it's time for a new one.
Hope that helps.
Cabin John is a quirky - yet desirable area. Being on a main road is a deal-killer for many buyers, so it can take hard work and more time to find a buyer. As a home seller, you can't control your home's location or the real estate market. You can control:
- Your home's condition - make cost effective improvements as needed to remove other buyer objections
- Your home's market exposure
- Your home's price
Without seeing the home, my advice would be to be patient at the current price if you are getting good showing traffic and you have time to sell. If you aren't getting much traffic and/or you can't be patient, then you need to reduce the price. Also - look at the status of competing homes in your area. What other homes can a buyer get at $600K in your area? Knowing this is important when positioning your home in the market.
At the end of the day, price resolves all objections. Good luck