Our home in Walworth, NY isn't selling! According to our realtor, it is priced appropriately, but the recession has hit the 200k market hard!

Asked by Awallmss, Walworth, NY Wed Jan 26, 2011

hard! Our house is in "show condition", priced accordingly, but with the recession, homes priced over $200K just aren't moving quickly. We are getting frustrated because we know our home is great. All of our showings give positive feedback - nothing negative at all! It all comes down to people needing to sell their home first. IDEAS???

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Skip Ordway, Agent, Farmington, NY
Wed Jan 30, 2013
Hopefully your home has sold by now. Walworth Taxes are so high that buyers are looking to other more affordable areas.
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Elisabeth (L…, Agent, Sparta, NJ
Wed Jan 26, 2011
are those buyers looking at your home buying anything else? have there been any sales on homes that you are or were competing with? If the answer is yes, you need to speak to your realtor and have him/her get you feedback as to why they bought that home and not yours.

If the answer is no, then your realtor keeps exposing your home to as many realtors and buyers that she can. You can try to offer an incentive to the selling broker to make your home stand out. If one of the buyers that has a home to sell...has a home in a more salable location or price point, you can discuss with your realtor her recommendtions for perhaps accepting a home sale contingency offer so that the minute they sell, they move forward with your sale. Your realtor knows the area and the local market best, set up a meeting with her and see if there isn't anything creative you can do. In my market in NJ, it is important to stand out from the other listings - either through price, incentives, flexibility....something.
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Valesa Linne…, Agent, Anchorage, AK
Wed Jan 26, 2011
Many markets can be very frustrating for sellers right now. There are 4 things that affect whether or not a house will sell. These are location, which can't be changed, price, condition, and marketing.

Most markets in the country right now are buyer's markets. This means that price and condition are critical, and your agent needs to be marketing your home through a number of avenues.

Look at your home through the eyes of a buyer. Is it neutral enough so they can picture themselves living there, yet warm and comfortable enough that they would want to spend time? Is your home staged? Do you have all the personal photos off the walls? Are your rooms set up for a specific purpose? (ie: a bedroom should not have an office, a TV, a chair, and a bed). Are the paint, flooring, kitchen, bathrooms updated?

If your home is in the best condition and you are still not receiving offers, look at the marketing your agent is doing. Is your home on the internet with a number of photos and good descriptions? Can you find it on Realtor.com, Trullia, Zillow, Yahoo homes, etc? Is it being marketed to other agents in your area who are working with buyers?

If your answer to all the above questions is yes, then your price is too high for the market you are in. If your agent says the price is correct, then they either don't know the market or they haven't counted for the recent market shifts. If you aren't happy with what your current agent is doing, you can always list your home with someone else. You can ask for referrals, or contact other real estate agents and ask them for a good Realtor in your market.

The frustrating thing is that there are fewer buyers in this market. Lending guidelines have become stricter, people can't sell their home to buy another, and fewer people are in a monetary position to purchase homes. It becomes the law of supply and demand. If the supply is high and the demand low, then you need to reduce your price.

You have 2 options...you can either reduce the price, or wait it out. The downside of waiting it out is the longer a home is on the market, the lower the sales price.
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Anna M Brocco, Agent, Williston Park, NY
Wed Jan 26, 2011
To consider--a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend; market conditions do matter as does the immediacy for a transaction to take place. In setting a price, it is in the seller’s best interest to focus on the current market conditions in conjunction with general economic value projections over the next six months--with that said--if you had many showings and positive feedback, you really need to review comps with your agent--recently closed similar properties in the immediate area, after reviewing the data adjust your price accordingly, be as competitive as possible with other area properties currently on the market; review marketing as well, make sure your exposure is maximized--your agent can best advise.
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