MY HOME HAS BEEN ON MARKET ABOUT1 YR AT

Asked by Graham Renfrow, Parkton, NC Fri Sep 14, 2007

COMPLETE RENOVATION INSIDE AND OUT INCLUDING LANDSCAPE.

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8
Deborah Madey, Agent, Brick, NJ
Fri Sep 14, 2007
I assume your property is listed, appears on the MLS, Realtor.com, Trulia, and all of the other major real estate sites. I also assume that you have text descriptions and multiple photos online at all places on the internet.

If you have a complete marketing program, then it does come down to price. You cannot sell an overpriced lisitng with more marketing; it won't happen.

Ask your Realtor to review with you the properties in your price range that did sell in the last year, and those currently under contract. Those properties represent your competition. Buyers took their voting $$ and cast their votes when they signed contract on those properties. Why? Why those and not yours?

Look at your property through the eyes of the unbiased buyer who has no personal affection or attachment to your home. That is easier said than done; ask your agent for assistance.

Buyers will choose the properties that offer the best value for the price. The more properties on the market, the stiffer your competition and the harder it will be for you to shine.

Review your marketing, but remember that if you are overpriced, no amount of promotion or advertising will gain you a contract.
3 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Sat Sep 15, 2007
Hi Graham: Jim answered first & its getting bogged down so I want to reference it here:


Jim wrote:
According to Realtor.com there are approximately 638 homes listed by Realtors in Portsmouth, Virginia.
25 are under $100,000
125 are between $100,000 to $150,000
209 are between $150,000 and $200,000
234 homes are between $200,000 and $300,000
60 are between $300,000 and $400,000
17 are between $400,000 and $500,000
21 are between $500,000 and $1,750,000


Graham - where do you stack up here? How many are you competing against & what sets you apart? Are you on the high or low end of the scale - and going lower with better marketing will get you how much more or less competition?

Rise above - preview your competition - see what they have - who sold recently in your price and offer range? See what they had that you didn't!

Don't rest on your laurels - so you renovated and kept up the landscaping - this is actually just average "for sale" steps. Now is the time to separate the boys from the men - step up and get noticed!
1 vote
Jim Walker, Agent, Carmichael, CA
Fri Sep 14, 2007
According to Realtor.com there are approximately 638 homes listed by Realtors in Portsmouth, Virginia.

25 are under $100,000
125 are between $100,000 to $150,000
209 are between $150,000 and $200,000
234 homes are between $200,000 and $300,000
60 are between $300,000 and $400,000
17 are between $400,000 and $500,000
21 are between $500,000 and $1,750,000
1 vote
Keith Sorem, Agent, Glendale, CA
Fri Sep 14, 2007
Graham
How many homes, like yours, have sold since your home hit the market?

How many new homes, like yours, have come on the market?

Has your home had any showings? What was the feedback?
Have you had any offers? What was the feedback?

You say "on the market". Is it listed with a Realtor?
Keith
0 votes
J R, , New York, NY
Fri Sep 14, 2007
Sounds like it's overdue for a price reduction. Have you reduced it at all during that time?
0 votes
Pam Winterba…, Agent, Danville, VA
Fri Sep 14, 2007
Oh my! It sounds as if it is time for a fresh approach in marketing this property. A property priced and marketed property should sell within the first 45 days.

It is time to have a serious talk with your Realor and review the properties that have sold, the current market, how your home shows and what is being done to market the property.

Good luck here.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Fri Sep 14, 2007
With not so many words, Jim is saying that there are a lot of inventories where you are and possibly not many buyers.

How competitive are you price wise even with the complete renovation and landscaping?

Everything is supply and demand. If you want to or have to sell and the house is in perfect condition, on a great location, but it has been on market for a year; then maybe price will be something to look into to move the house. Probably something you don't want to hear, but may have to.

Sylvia
0 votes
Danilo Bogda…, Agent, Reston, VA
Fri Sep 14, 2007
It comes down to being priced correctly. Period.

Part of how to determine your property's current (and correct) market value is to look at the pros and cons of your property and compare that to similar properties that have recently (within the last 3 months) sold (not just what's active) in your community/area.

If you're using an agent, make sure that they're experienced and honest so that you get the right number, not just the number you want to hear.
Web Reference:  http://www.loudounstats.com
0 votes
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