My house has been on the market since mid March. What is the best strategy at this point? Take it off the market and re-list it in the spring?

Asked by Barbara, Mon Nov 11, 2013

My house is larger and more expensive than most of the stock locally. I live in a small market where only 100 homes change hands annually. Our house hasn't sold, even tho we have dropped the price by $30K. What is the best strategy at this point? Should we take it off the market and let MLS re-set so our house can go back on fresh in the spring? Or continue to market it through the holidays?

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Greg Hanner, Agent, Waterford, CT
Mon Nov 11, 2013
Hi Barbara,

Sorry to hear of your lack of progress. Hearing your home has been on the market makes me feel that it may still be priced above what the current market value is even though you've done a price reduction. You can validate whether that is true or not by commissioning your own professional market appraiser. I'd check with a few local lenders and as your agent for a few names. The cost should be in the range of $350-$400 and doing that will provide you with insight into what a prospective Buyer's lender will tell them your home is worth for the purposes of them securing a mortgage.

Have you cross checked your listing against others? Is it complete and does it have good quality photos, good directions and information available at prospective Buyers and Buyer's agent's fingertips? Most MLS's allow your listing agent the ability to attach PDF's of your property survey, any tests records, your property disclosure, and even a list of special features (accessible only by Buyer's agents) that highlight what's special about your home. Also cross check the mapping in Realtor.com, Zillow and Trulia. Your agent can tune those to be correct.

Finally, the elephant in the room "DOM - Days On Market". Don't kid yourself that you can "reset" the lack of your selling your home buy pulling the home off the market. Any Buyer's agent worth anything will pull the property history and all prior pricing and listings are there for consideration. I just put together a blog post on this topic here: http://tinyurl.com/l4naeq2

Hope this info helps.

Greg Hanner, Broker, REALTOR, e-PRO
http://www.GardenRealty.com
0 votes
OK, that sounds good. I forgot to make two points earlier that may provide more insight or confirm what you are already thinking/doing.

On the idea of taking the home off the market and then re-listing in the spring, that only guarantees no sale until then. Keep in mind that you typically won't have to move until 45-60 days from the time you have accepted an offer. I realize that you don't have an acceptable offer yet, but that's something to consider.

On the idea of "days on market", the MLS tracks property history by address and not listing number, so your pulling the home off the market now only gives you a new listing number and the property history is still available to those who want to scratch the surface.

Finally, market appeal. Perhaps suggest a small price reduction and ask your broker to hold a Broker's Open House where area agents can see your home and then it's top of mind for Buyers they are working with.
Flag Mon Nov 11, 2013
OK, that sounds good. I forgot to make two points earlier that may provide more insight or confirm what you are already thinking/doing.

On the idea of taking the home off the market and then re-listing in the spring, that only guarantees no sale until then. Keep in mind that you typically won't have to move until 45-60 days from the time you have accepted an offer. I realize that you don't have an acceptable offer yet, but that's something to consider.

On the idea of "days on market", the MLS tracks property history by address and not listing number, so your pulling the home off the market now only gives you a new listing number and the property history is still available to those who want to scratch the surface.

Finally, market appeal. Perhaps suggest a small price reduction and ask your broker to hold a Broker's Open House where area agents can see your home and then it's top of mind for Buyers they are working with.
Flag Mon Nov 11, 2013
We have done all of your suggestions - we probably have the best photos and video of any house in our town as we hired an HD photographer/videographer to shoot our home. Our house really doesn't have adequate comps in the area as it is a style of home that is atypical for our area. We continue to get showings and have at each price point. We have received offers; just not ones we have been able to accept for various reasons.
Flag Mon Nov 11, 2013
Tim Moore, Agent, Kitty Hawk, NC
Mon Nov 11, 2013
Each market is different and since you are not telling us where you are others in that area are unable to make suggestions. Many markets are slow in Dec/Jan so that might be a good idea. Other markets might be better if left on the market for sale. Your Realtor should have an opinion on this.
0 votes
How long does it take to reset the DOM in MLS?
Flag Mon Nov 11, 2013
Search Advice
Search
Ask our community a question

Email me when…

Learn more