Parmahomeown…, Home Seller in Parma, OH

I have had my house on the market for over 6 months now and we have had quite a bit of showings. We have had second and third showings but no

Asked by Parmahomeowner, Parma, OH Thu Jan 28, 2010

offers. We have had several people express interest, ask for disclosures and utilites and say they need to think about it and we never hear back. I wonder if this is common or if there is something different I should be doing?

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Don Tepper, Agent, Burke, VA
Thu Jan 28, 2010
Your house probably is not overpriced.

As Kenneth says: "If you are having showings the market knows your house is for sale and sees enough on line (photos, text, descriptions) to tour your home." That also means the market knows your price, and considers your price in line with what you're offering.

If your house WERE overpriced, then you wouldn't be getting showings. Potential buyers would be doing the research, consider your home overpriced, and would skip over yours to others. (Really: Why would someone spend valuable time coming to your home 2-3 times, knowing up front that it's overpriced. They wouldn't.)

So, they're seeing your home online. Other agents are putting your home on a list that potential buyers can consider. The buyers think your home--based on what they see online and in the printouts--is a reasonable possibility. The buyer's agents apparently consider the property a reasonable value--at least within the ballpark. Then then come and don't make an offer.

Something's going on. As Kenneth suggests, maybe your home needs staging. Maybe it lacks curb appeal. Maybe there are some funky odors that you've gotten used to that are bothering potential buyers. Maybe the room layouts and traffic flow are awkward. Or maybe it isn't your home at all. Maybe it's a neighbor's home that's discouraging your potential buyers.

You need to get feedback, as David suggests. Also, there needs to be a consistent follow-up with people who've viewed your home.

And, frankly, some buyers are just flaky. True story: I sold a manufactured home a few months ago. It was a great value, and it offered owner financing. It was marketed, in part, to potential buyers with not-so-great credit. Let me tell you: There's a reason why a lot of people don't have good credit. Many lack good judgment. There was the one individual who completed the contract, put some money down, applied to live in the community, and just never showed up for closing. There was a young couple who were going to buy but had to break a lease. They put down a down payment. They'd read the lease as requiring a 2-month penalty. They'd read wrong: It was essentially a 4-month penalty. Then there was the 33-year-old man with such poor credit that his retired parents in Florida co-signed for him. That allowed him to pass the credit check, but not the background check. Then there was the woman who absolutely loved the place...absolutely, absolutely, absolutely. (And it was ideal for her.) When I finally reached her a few weeks later, it turned out that her husband objected to the (relatively short) commute. You want me to go on with a few other examples? I thought not.

But the point is: check to see how your home is being marketed, and to whom. It's possible that part of the problem lies there.

So, have a talk with your Realtor. Have him/her run another CMA, just to make sure the price is OK. And of course adjust it if necessary. But with "quite a bit of showings," I doubt that's the real problem. Follow up with agents who show the property. Examine the property as if you were a potential buyer; look for weaknesses, especially those that may not show up online or in printouts.

Hope that helps.
1 vote
Bexsentico@y…, Home Buyer, Cleveland, OH
Thu Feb 24, 2011
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at bexsentico@yahoo.com

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0 votes
Parmahomeown…, Home Seller, Parma, OH
Fri Jan 29, 2010
Thank you for your answers! I should have also clarified that disclosures don't reveal anything that would discourage buyers. There are several other homes in our development for sale and prices are + or - $20,000. Some negatives I can think of are that our roof is not new and will probably need to be replaced in the next five years however there are no leaks. The driveway also does not show well in some spots as there are some cracks in it that our snowblower blades caused. Positives are that we have neutral paint colors, kitchen and bathroom are newly updated with new cabinets and granite countertops and basement is fully finished. Thanks again for your responses!
0 votes
Dane Hahn, Agent, Englewood, CO
Thu Jan 28, 2010
The answers below are excellent.
Obviously you are appealing to the market on paper.
Something is causing the buyers to shun your home once they see it. (not price)

High traffic out front would not show up in the listing, odd smells (dog or ethnic cooking or cat box) usually turn people off. The neighborhood might contribute to the issue. Too much homeowner carpentry will upset buyers, or incessant dog barking--even if it's next door.

Sometimes sellers won't leave during a showing--and that turns off buyers.

Ask your agent to review the comments to your question and be honest with you. Selling is a numbers game. If you have enough folks coming through, you will sell the house.

Dane Hahn
Broker
0 votes
John Wirsing, Agent, Pepper Pike, OH
Thu Jan 28, 2010
I think that this would be a good question to ask your Realtor.
My impression would be that if you are bgetting an =adequate number of showings, the price may be appropriaite for that type of home.

Not being able to go to the next level would tell me that the perceived value of your home fails to meet the expectations of the potential buyers.
I think that you may wish to consider staging your home or making changes in the home to make it more appealing or adjust the price to reflect the condition. You may need a combination of both!
Your Realtor should also be able to give you the absorbtion rate for homes similiar to yours.
John Wirsing
RE/MAX Premiere Properties
Home Of The Most Productive Agents in Cleveland
440-487-2193
0 votes
Don Bush Team, , Columbus, OH
Thu Jan 28, 2010
It is condition or price.
0 votes
, ,
Thu Jan 28, 2010
Most likely your home is overpriced; based on current condition of home and based on the items in the home. If a buyers is coming to your house 2 to 3 times and still not writing an offer. That usually means you are overpriced and they can get the same thing or some thing better for less else where. Remember no one wants to over pay for something.
0 votes
Kenneth Tench, Agent, Solon, OH
Thu Jan 28, 2010
Have a serious, honest discussion with your agent. If you are having showings the market knows your house is for sale and sees enough on line (photos, text, descriptions) to tour your home. If you have showings and no offers, the buyers are finding other homes that they perceive as better values. As you know by now, being the first or second runner up doesn't matter. Only number one counts. Something "different" could be a price reduction or a change in the condition of your real estate. How is your house priced in relation to similar properties in your market? Keep in mind that market is very large geographically, not just the few blocks around your home. How does your house compare in terms of condition, amenities, square footage? Have you made any changes to price or condition over the last 6 months? Have you looked at other homes on-line and at open houses to compare to your property? What sets your house apart from the competition? Why did you buy the home? What makes this house special? Is your home "staged" to sell? Homes for sale are being interviewed by the buyers. Is your house "dressed for success"? There will be an increase in buyer traffic as spring appears, but there will also be more homes for sale. Get your house refreshed and take a hard look at the price. Make reasonable adjustments. Call everyone who has seen the house and invite them back for another look. Good luck and best wishes in your new home!
0 votes
David Sharkey, Agent, Cleveland, OH
Thu Jan 28, 2010
I think it is important to make sure you are getting feedback from those buyers that are coming through your house. Some buyers agents don't respond to calls for feedback, but your agent should just keep bugging them until they get it.
0 votes
Mary Jo Daly, Agent, Chicago, IL
Thu Jan 28, 2010
Unfortunatly, It happens all the time. I would check the properties in the area that are for sale and see what they are offering at the same price as yours then make any adjustment or repairs to be equivalent to your sales competition. Talk to realtors in the local area for advice.
0 votes
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