Three months on MLS, 12 showings, 2 price drops, & 0 offers. Why?

Asked by Sad Seller, 78613 Fri Sep 4, 2009

Of the houses in our area, ours has the best curb appeal by far and is the newest in its price range. We are always asked if it was a model home and get many compliments on the interior colors/ decor and extensive landscaping. Feedback on price, etc. have been good; but the side of our home is on a busy street and people seem to be concerned about possible noise and/or resale value. What else can poosibly be done tomake buyers bite? We can't move the house and WE feel the location is a plus because of convenience. Our contract has 1 month left. We wonder if leasing it out would be a better option if it has not sold. So frustrating to see every other house put on the market with ours already gone:(

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Erandbro’s answer
Erandbro, Home Owner, Austin, TX
Sun Dec 26, 2010
Having been through the selling process this year, I am empathetic to your situation. After 6 months on the market, my second agent put it on the market as a rental; it went in a few days. I do want to address the professionals on here who state 'price' as being the issue; by far, the weakest group of sales professionals I've met are in the real estate field........then again, some of the best that I've seen are there as well. Of course one could keep dropping the price, and eventually, you have someone jump on it; that's NOT selling. Are there people out there who price their home UNreasonably high compared to the comps in the market? Absolutely. Are there people who have priced their homes based upon the guidance and direction of their agent, only to be told later on by the same agent that it's priced too high? Absolutely. To the latter question, I'm not referring to the agent that has fought for months to bring people into his/her client's home......marketed the heck out of it, and worked MULTIPLE open houses in it. I'm talking about the all-too-common agent that provides you a price based on his/her analysis of the comps, and then after 4 weeks of limited foot traffic blames the price, without really scrutinizing what he/she has been doing.......or not doing. In short, 'PRICE' is used WAY too often as the cause.
After 6 weeks with my first agent, and fewer than 6 showings, I parted company with him; it didn't help that he would not return an e-mail. (He was actually a 'Dave Ramsey' recommended agent.) My second agent pulled in more foot traffic in one week, than the first agent did in 6 weeks. (By the way, we got the showings beginning at a price that was higher than when my first agent was handling the effort.)
0 votes
Randy Rehler, , Austin, TX
Fri Apr 2, 2010
Your biggest dilemma in how to sell home fast and for more is Buyers Control the Market. Traditional marketing is risky in the current market, since Buyers are Waiting to Act in Anticipation of Lower Prices in the Future.

The fact is, when you enter the market to sell your home, you enter one of the most competitive businesses in existence anywhere! Competition is fierce and if you’re not ready for it your home just sits on the market. So, the first major key to effectively market your home is to generate lots and lots of potential buyer activity. We use a unique razor-sharp marketing strategy & cutting-edge technology to create THE ADVANTAGE! And that drives droves and droves of buyers through your home in a single weekend.
0 votes
Ronda Allen, Agent, Plano, TX
Sun Mar 28, 2010
Home listings siding or backing to busy streets are not typically short-term listings in our area. 6-months to a year marketing time is highly likely, even if there are no other objections than the location. Price to attract no less than 3-5 showings per week and you will shorten your time on the market. And, have open houses - we had our best open house of the year yesterday 16 people in two hours. We held six open house events this weekend and two of the six homes have offers coming tonight.
Good luck to you.
Ronda
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Mar 28, 2010
Homes close to busy street MANY times have negative issues for resale.

If home does not sale lease option purchase great opp for you families once moved in don't move out for years. Could express interest in purchasing.

Do you have outdoor speakers play down busy street noise? That helps in some instances.

However you can have the perfect home, perfect location, perfect floor plan NEVER sales, THEN have an ugly home, more negatives you can imagine with bidding wars.

Lynn911 Dallas Realtor
Web Reference:  http://www.lynn911.com
0 votes
Pat & Steve…, Agent, Westlake, OH
Sun Mar 28, 2010
Sad:

You answered your own question-- your home has a busy street next to it. So, your home is not a direct comparison to the homes that sold. You need to lower your price, again, to compensate for the busy street.
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sun Mar 28, 2010
Simple answer - still priced too high.
0 votes
The Coopers, Agent, Austin, TX
Sat Oct 10, 2009
Eighty percent of all results are system dependant. Sellers can get the maximum price for their home with the right systems in place. Certainly, you will need every advantage possible to compete in this market and that is why our business management team is constantly testing and improving our systems to ensure the successful sale of our homes. Hang in there and good luck!
0 votes
Seller Finan…, , Austin, TX
Tue Oct 6, 2009
I talked with a realtor the other day who said with 95% certainty, if he has a buyer who likes a re-sale home. And is willing to live in cedar park, leander, round rock, pflugerville, etc. anywhere where new construction is being sold. He can almost always take them to new construction and sell them on the benefits. He'll let them see the re-sale home first, then go to the builder where the builder pays tons of closing costs, throws in the washer, dryer, flat screen TV and even a new laptop computer. Plus the agent gets a bonus to sell it. Everyone in the transaction wins but those homeowners with re-sale homes on the market.

If you're willing to rent, talk to me I can definitely offer a much better and safer solution than renting.
I'm a professional house buyer and we can discuss some options, and you can also visit my blog as I list several options that include, selling with or without a realtor, renting, short sales, loan modificiations, wrap around mortgages, etc. I've been professionally buying and selling houses for almost 8 years (and I'm not a realtor) so my default won't be "list house/rent house". If I can help bring some other solutions to the table, please let me know.

Jessica

PS. I've helped more than 30 families in the last year alone, get out of homes that weren't selling.
0 votes
Greg Hodge, Agent, Round Rock, TX
Fri Oct 2, 2009
Dear Sad Seller,

You are not alone out their even though it may feel like it. The sreet is a harder objection to overcome than most people are willing to admit. You will likely need to be about $10,000 below market value to compensate for this objection. In addition, I would recommend adding a water feature to the side of the yard with the street. The attention will be drawn to the sound of the water and not the road and the eyes will be drawn to the fountain/pond/etc. instead of what lies beyond. You will never be able to sell the road, but your yard is something you can control.

Here is wishing you multiple offers!

Happy selling,

Greg
0 votes
Daniel, , Baton Rouge, LA
Fri Sep 4, 2009
there is a 4th condition to the standard 3, Price - Location - Condition,

available financing!

more difficult to fha financing...3.5 % down and an additional 4% settlement all adds up to alot of money

very nice homes can take a year of more to sell
0 votes
John Magruder, , Williamson County, TX
Fri Sep 4, 2009
The 3 main factors for selling are Price - Location - Condition. If one is undesirable to buyers then the other 2 factors must be adjusted. Since you cannot change the Location and the Condition sounds right, then
Price is all that remains. Since you are getting showings the marketing appears to be working.
In today's market you must price BELOW what comparable homes are SELLING FOR - not he ASKING
price of comps.
0 votes
George Kiefer, Agent, Austin, TX
Fri Sep 4, 2009
Price and Condition. Sounds like your condition is good to excellent. If your home is priced right you will get an offer every 10 to 15 showings. Keep in mind that in 78613, you have 4 major seller groups all competing for the same buyers: 1) regular sellers (like yourself) 2) builders 3) foreclosures 4) short-sales. So to get the attention and interest you need to get a contract you really have to be a "price leader" (for comparable homes of similar size, age, location, features, and condition).
0 votes
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