My house has been on the market for 70 days. I have only had one lookie lou come thru my home. In the last

Asked by Laura, San Diego, CA Mon Jan 7, 2008

30 days about 6 homes sold in my immediate neighboorhood. I have a fantastic view and lots of upgrades that i know these recently sold homes did not. My asking price is lower than what these homes sold at. Whats going on? Why did these recent buyers not even come thru my home to look? What is typical for the real estate agents to be doing for marketing a home? Are open homes still practiced in this sort of market? oh, and my house is NOT subject to a short sale.

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Deborah Madey, Agent, Brick, NJ
Mon Jan 7, 2008
BEST ANSWER
When you say that 6 homes in your neighborhood sold, do you mean those homes "closed" on the sales process? If so, the offers on those homes were most likely made a while back, perhaps as much as 2 months on some. Buyers in many markets are very cautious.

Unless absolutely nothing is going on in your market for any seller, one showing in 70 days is an indicator that some revision in the price or marketing is in need. If your price is way too high, even if your marketing is very strong, you still won't get showings. If your price is slighly above market, and your marketing is strong, you might get a few showings, but probably no takers. If your price is slightly above market, and you have weak marketing, you won't get showings. Your price needs to be spot on market, preferably a bit lower, and your marketing needs to be strong.

I am not in your market, and my comments are generalized. You will need to rely upon your Realtor and local experts for exact recommendations. Here are some points to consider that would apply in any maket.

If you have any questions about any of the below, please post those questions, any comments, or any feedback.

The property is in MLS, and available for other brokers to show?
Is the commission amount offered to buyer agents competitive?
Is the property being submitted to IDX feeds so that it shows up on mulitple broker sites?
Are there mulitple pics and well written descriptions?
Does the property show up on third party sites, such as Realtor.com, Trulia, Googlebase, etc?
Do you have enhanced listing features, such as premium positioning, extended space for custom written text descriptions?

The above is not an all-inclusive list for marketing, but rather provides a few points for you to review. A comprehensive marketing package would extend far beyond my simple list above.

In some markets, broker open houses play an important role in the promotion of your property to buyer agents. In some markets, public open houses have high turnouts. Since I am not in your market, I cannot comment on this.

But, I do hope the generalized comments provide you some information from which to further evaluate your situation.

Good Luck

Deborah Madey - Broker
New Jersey
3 votes
Roberta Murp…, Agent, Carlsbad, CA
Sat Jan 12, 2008
Laura:

Several questions:

1. Is your home easy to show? Is there a lockbox?

2. Is your home adequately exposed on the internet? Lots of photos?

3. Have you had a Broker's Open? f not , it might be a good idea to expose your home to a broader audience of buyers.

4. Have you considered consultation with a home stager? Sometimes we overlook things that might be a problem for some buyers.

5. Have you studied recent closings and pricing trends? We are suggesting that our clients take an athletic stance and price aggressively.

Best wishes in the sale of your home!
2 votes
Linda, , Berwyn, PA
Fri Jan 11, 2008
Most buyers start their home search online. If they are not impressed by the pictures posted on the MLS, they are not likely to come view your house in person. I would take a hard look at how your house may appear to potential buyers online and in person. It sounds like price is not the issue, so it could be the appearance of your home.
1 vote
fredeckert, Agent, San Diego, CA
Mon Jan 7, 2008
Laura,
You can check the market time and average/median list and sale prices for all San Diego zip codes at http://www.sandicor.com/statistics . It is a buyer's market and it is slower than usual. You might look at pricing and/or offering seller financing. Buyer's are having a harder time qualifing so offering to pay for closing costs, offering interest rate buydowns and or offering some seller finanicng may make a difference. You can find some seller tips at our website http://www.chicagotitlesd.com
1 vote
Jim Welden, Agent, Greenwood Village, CO
Mon Jan 7, 2008
Laura - I agree with Debaorah's assessment - I would add that in order to do some of the marketing she is suggesting, there are fees/expenses - I frequently get asked, "What will I charge to list the home?" In today's market, I think the more relevant question is "What exposure will you be providing and how will my home be marketed for what ever you charge?" A good Realtor should be able to provide specifics and we all provide different marketing based upon what has worked for us in the past and what our fee is - that is some of the reason we each charge different amounts for our services. You never know where the Buyer will come from and the more exposure your home has to the world, the more likely it is to get sold sooner and for closer to your desired price. That said, all of the exposure in the world will not cause a home priced at $500,000 to sell in a $200,000 neighborhood so as Deborah mentioned, your home needs to be priced attractively relative to the competition.

Finally, maybe your agent has done all of what Deborah has suggested but your home needs updating - if the pictures show that you have baby blue carpeting throughout and salmon colored countertops, there are Buyers who simply don't want to see your home because they do not want to deal with changing out the items - I sometimes get told by a Seller " I will provide a carpet allowance". No, change out the carpet now before your home goes on the market - your home will show better in the pictures, and it will show better in person. Additionally, if the pictures show a lot of clutter in the home, outdated wallpaper or tile, lace curtains, etc, then Buyers will look at other homes that are a little more current - the showing condition is critical in today's market. And all of the exposure in the world is stillnot going to get a Buyer to make an attractive offer if they feel they need to update the entire home. Walk through some new model homes in your area, or Open Houses, and see how they are presented - if your home doesn't look as compelling, then make some changes.

Sit down with your Realtor, find out about the details of the other homes, ask what is being done to provide exposure, and ask them what they think needs to be done in order to maximize your sale price - if both of you approach it with open minds, I am sure you will change some things and get your home sold. Best of luck.
1 vote
Dallas Texas, Agent, Dallas, TN
Thu Mar 24, 2011
Has your listing agent provided you with DOM?
What is price of your home?
Is your home a luxury home?
Many home buyers don't prefer to purchase till April - August is busy season

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
christine ka…, Agent, Temecula, CA
Thu Mar 24, 2011
Hi Laura,
Yes Open houses are definitely used.
In my experience, online is the absolutely best way to get people to know about your home. Then it is up to you to make it accessible for people to get in.
Do they have to make appointment? is Short notice ok?
Have you posted on Craigslist for free?
Do you have an agent that has premium listings on Trulia and Realtor.com?
Most mportantly, is the property on the MLS and a sign out front with flyers?

If your house is truly priced lower on a square footage basis, I would be wondering your same questions if people have not come through.

If you give me you address, I can pull up the MLS listing and see if I can see a reason.
Thanks!
0 votes
Khrystyna Ch…, Agent, Downtown San Diego, CA
Wed Mar 16, 2011
Hi, Laura,

Great answers from all the agents below.
I agree with most of it. 70 days on the market and just 1 showing - not so good.
Reasons:

1. Price too high
2. No lockbox, not easy to show
3. Marketing/Exposure ( Open Houses, Advertisement, Internet Marketing )

Bring these to your agents attention and go over each point with them,

Good luck and I hope it sells! :)

Khrystyna Chorna
Prudential California Realty
516 5th Ave,
San Diego, CA, 92101
tel: 619-808-7064
fax:619-702-9044
http://www.sandiegodowntowncondos.net
http://www.youtube.com/chornarealestate
0 votes
Dutchgirl, Home Owner, Clarks Summit, PA
Fri Mar 11, 2011
I think you need to ask : what did those homes that yours didn't? Because whatever it was, it desireable to the buyer...and it is their opinion that matters.

Grectchen Jack
0 votes
Ron, , San Diego, CA
Fri Mar 7, 2008
Dear Laura,

The first wave since the decline of the market is in action, meaning short sales, and foreclosures are attracting buyers , simply because of the deals they may come upon, but as soon as they find out lenders are holding out for better offers, then the buyers will soon be at your doorstep. Hold on a little longer, because i believe your home is a great buy, you sound like you you take pride in ownership, and im sure it shows it.
Thanks from Ron
0 votes
Dorene Slavi…, Agent, Torrance, CA
Fri Mar 7, 2008
I do Open House on my listings every weekend unitl sold..that is Saturday and Sunday! We have quite a bit of interest in the home. We also have a website dedicated to the home, we have gone door to door to invite the neighbors to visit, we sent out 250 just listed postcards, did newspaper advertising, MLS,plus various email blasts.
You need quite a bit of marketing to sell a home, but we do these things regardless of the market.
0 votes
Cindy Greenw…, , San Diego, CA
Sat Jan 12, 2008
Have you prepared your house adequately for sale? Deep cleaning, de-cluttering, refreshing paint, carpeting etc. to present your home in the very best possible light?" If you say YES to all these questions, then the only thing is price. Although other homes have sold in your neighborhood San Diego is still in the midst of a "market correction", and no one really knows when we'll hit bottom. Be sure your house is the best it can be, price it competitively for the market as it is TODAY, not60-90 days ago. Stay on top of your agent, it's his/her job to tell you all of these facts, listen carefully and your home will be sold. Good luck! Cindy Greenwald Prudential CA Realty 619/435-0101
0 votes
Dirk Knudsen…, Agent, Hillsboro, OR
Sat Jan 12, 2008
Send us your address and lets all look at your online marketing and see how you look. Something is going on here. MIght be poor presentation of your home.

Best wishes;

Dirk Knudsen
"The Real Estate Doctor"
Web Reference:  http://www.nwhomecenter.com
0 votes
John Anthony…, , Redding, CA
Mon Jan 7, 2008
Laura,
Stay positive! Open houses are very common in any market. At your request, your agent should be able to host one glady. I guess if you felt comfortable, you could host your own open houses
One thing I encourage all my sellers, is to talk openly about your home for sale. Talk to your neighbors, your mailman, your mechanic, or your dentist even. Tell everyone. You would be surprised how many people you come in contact with on a daily basis, who either want to buy a home, or know somebody who does.
Your house is listed below the comparable homes that are selling, which tells me your agent understands the importance of pricing in a buyer's market. If he's advertising a lot in print ads, you want to make sure he's putting your home on the available online medians as well.
Best of luck,
John Anthony
Web Reference:  http://www.johnnyrealty.com
0 votes
Sandy Nelson, Agent, Olympia, WA
Mon Jan 7, 2008
Laura,
The buyers I work with are computer savvy and look at listings online. They generally search by location, size of home and price range. Of all the homes that pop up, they skip over the ones that don't have a photo and then eliminate listings that have unattractive photos. Of the ones that are left, they will go on to read the description.
If you don't even have buyers coming by to look at the home, and the asking price is not the issue, then it could be the marketing. Take a look at your listing from a buyer's perspective: Are there plenty of good photos and a virtual tour? Is the home staged for sale? Does the description rouse your interest? If not, these are easy things your agent should be able to adjust.
Good luck, and I hope traffic will pick up soon.

Sandy
0 votes
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