Home Selling in 92270>Question Details

Cheryl, Home Seller in Rancho Mirage, CA

My home is listed much lower than comparable homes, why has it not sold.....

Asked by Cheryl, Rancho Mirage, CA Thu Aug 28, 2008

Help the community by answering this question:


You don't give us a lot to work with in your post, so let me offer some general advice.
According to Trula over 200 homes have sold in the last three months. The problem is that yours has not.

Here are the basics of selling a home:

When a home is listed it is automatically in competition with other homes on the market. The right list price (which is a marketing tool) and the right marketing that exposes the features of the home to the public determine what buyers and their agents think of your home.

We expect 10-12 showings in the first two weeks on the market. Your area has a LOT of inventory right now, so remember these are averages. The bottom line is that if we don't have any showings...then the price is too high, assuming the marketing is up to par.

In most markets 10-12 showings will yield an offer. So that means no showings, no offer, no offer, no sale.

You need to realize that this is a buyer's market. The only reason to sell now is if you have to sell. The price is not based on how much you owe, how much you paid, or how much you need to net.

If you cannot price your home to sell, the don't sell it. if you need to sell, then look at the 10-20 homes that are your direct competition. Go look at them., Make an objective comparison.

Then respond objectively. Market time will hurt your value. Listings that sell in the first month or so sell closest to asking price. Listings that sit on the market sell for less.

Good luck.
1 vote Thank Flag Link Thu Aug 28, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
There are numerous factors, meaning condition, location and price in selling a home.
0 votes Thank Flag Link Tue Apr 28, 2015
0 votes Thank Flag Link Tue Mar 20, 2012
Hi Cheryl,

There are several reasons why a home is not selling. If the home is priced agressively ( as you are stating it is) then it might not be getting the deserved exposure it needs. Open houses etc. Feel free to contact me with questions. I have worked extensevely with buyers and sellers in the desert.
Web Reference: http://www.leonardoteam.com
0 votes Thank Flag Link Sat Jan 31, 2009
Most of the time its price and location. With homes sales slowing and prices plunging, selling for a good price in today's market is going to be tricky. The median existing home price dropped more than 7% last month compared with the same month last year, according to the National Association of Realtors.

If you try to ask as much for your property as your neighbor got six months or a year ago, you're going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market.

A good agent can market your property on the internet on the major Real estate sites, that might help. Hang in there, a buyer may be right around the corner.
0 votes Thank Flag Link Fri Sep 19, 2008
Most buyers want a house that is move in ready and will not require alot of updating. Could this be why your house is priced lower than the others it is competing with? If so, you may want to consider some low cost ways to improve the appearance of your home.
0 votes Thank Flag Link Sat Aug 30, 2008
This is a tough moment and a time to have a 'be honest' with your agent. Sit down and have a recap of the following:
Neighborhood stats and trends
Showing and feedback (Is there something that you are consistently hearing?)
Did you price it too high in the beginning putting you in a 'chase the market' position?
Staging - what can you change to appeal to the broadest spectrum of buyers?
Marketing - Are you listed where buyers look? Specifically, where are you online?
Are you getting consistent and informative communication from your agent?
Is there anything that is a deterrent that you cannot fix - backing to a street or odd floorplan for example. In that case, the only fix is a lower price than the comparable sales.
Accessibility - Is it easily accessed and shown by agents and buyers?

Also, keep in mind comparable sales that were over 90 days old are already out of date. Hope this helps some. Refer to my site for other ideas. Best of luck Cheryl.
0 votes Thank Flag Link Thu Aug 28, 2008

The price of a home is without a doubt the most important factor when it comes to selling a home. But there are many other considerations.

In our opinion, the second most important factor is visibility. If people don't know it's for sale the chaces of selling it are seriously deminished. What is being done to enhance its visibility? Where is it being advertised?

Our third important selling factor is curb appeal....Is your home one that people notice and think they would love to get inside to see what the rest of it looks like?

If you are getting showings, and there is still no interest, you may need to visit the price again.

Good luck,

The "Eckler Team"
0 votes Thank Flag Link Thu Aug 28, 2008
Could be many reasons. Without knowing the specific home, it's impossible to give a specific answer. Could be the marketing, it could be that there is a reason it is priced below comparable homes and that the obstacles are not being properly addressed. Price is the great equalizer...assuming the marketing campaign brings through qualified buyers. If you have more questions, you can call me at 760-406-1047 Steve.
0 votes Thank Flag Link Thu Aug 28, 2008
Hi Cheryl: A few things: Are you on the multiple listing system for your area? Also, do you have a lock box? A lock box is very important in this market. If there are 10 homes in the area on the market , and nine have lock boxes, and one says "must make appointment with seller", that listing may be put on the back burner. Have you asked your agent what he/she thinks the home has not sold? Are you getting regular showings? Also....you may be lower than the comparables...but are the comparables selling? Even though you are lower, you may still be too high for the current market.
0 votes Thank Flag Link Thu Aug 28, 2008
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