We are having a BROKERS BRUNCH on November 8th. Do you think this will be helpful to sell my home?

Asked by Jocelyn Bishop, Windham, NH Thu Oct 23, 2008

We listed at $329.9 in July 08 and now we are at $319.9 Oct 08. We an go lower as we need to relocate for personal reasons but would like to negotiate. Should we reduce the price again or wait for our BROKERS BRUNCH on Nov 8th?

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Wendy Leccese, Southern NH Expert’s answer
Wendy Leccese…, Agent, Windham, NH
Sat Nov 1, 2008
Hi Jocelyn,
I'm a local realtor in your area and I have been finding that there are still buyers in your price range. The problem is the stiff competition out there. Buyers are looking for the deal of the century and are very savvy to the local market. Just think for a moment. If you had a good offer today and it was below your asking price, would you take it? If your answer is yes, then you should lower your price. Don't miss that window of opportunity. By lowering your price, you fall into a different search criteria ($250K-$300) which will generate more activity. I'm sure your home will sell, it looks lovely. Patience is the key in this market.
Web Reference:  http://www.wendyleccese.com
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Michael G. B…, , Pensacola, FL
Wed Oct 29, 2008
Yes, I think it will help. Not only do you get the real estate community aware of your property, but it helps develop good relationships that foster an easier time of getting the property closed when you get an offer.
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trulia, , 03063
Wed Oct 29, 2008
Some very straight forward answers so far, and some alittle strong. I agree to reduce now. Don't loose more time waiting for the brunch. It's been a very slow market and houses are staying on for 4-6 months now, unless they are priced the best in their price group for the other houses that compare to it. It may be time to look at your home and see if there are some face lifts that could be done that would help it sell as well. A coat of paint or a new kitchen floor can sometimes be just the thing to help your home get noticed at the price point you have it at. Go ahead and have the brunch too, so that agents who have buyers will see it and know if the buyers they are working with might like it and can bring them back in. But don't just rely on that. Get pro-active and do everything you can to get your house in the best possible condition you can get it in. Then have your agent check what has recently sold in the last 2 months that compares to yours and see how large of a price drop you may have to make. If you need to move, you have to do what it takes to make it happen. With all the doom and gloom on the news buyers are reluctant to go out and spend their money right now. You have to make them see something that is too good to pass up! Good luck, and if you ever want to talk about a change please feel free to call on me.
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Dane Hahn, , 34223
Thu Oct 23, 2008
I'll have to agree with Scott, the brunch is designed to get agents into the house--it is unlikely that it will help sell the property. I can't recall a time that Lobster Rolls ever did the trick. Cut the price, get it listed in the MLS with a Realtor and hope for the best.

Dane Hahn
Web Reference:  http://www.daneandsandra.com
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Scott Godzyk, Agent, Manchester, NH
Thu Oct 23, 2008
Good Evening Jocelyn,

I have to agree that a brokers brunch will not bring you any closer to a sale. if your property is listed you need to ask your agent or if it is not listed i could assist you, but what you need is a current brokers price oppinion to show you what similar homes have sold for in your neighborhood as well as what similar houses are now listed for. More than ever being priced correctly is so important to get people into your house to even look, you cant get offers if you do not have lookers. Especially in Windham where it is a desired area but there is not alot of buyers yiou need a marketing plan with extensive advertising to reach these potential buyers. if you are still liste you need to make sure your agent is advertising your house in the right places, thet they are offering a 50/50 split of the commission to buyers brokers and that they are doing assisted showings on the ones you do have so someoen is there to answer the buyers questions to peak their interest. good luck with your sale and if you ever need any help please feel free to call on me.
Web Reference:  http://www.ScottSellsNH.com
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James Joseph, , 06281
Thu Oct 23, 2008
Hi Jocelyn,

You need to price your property as accurately as possible. This market is changing for the worse and the faster you sell the better off you will be.

All the best,
James Joseph
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Keith Sorem, Agent, Glendale, CA
Thu Oct 23, 2008
I am concerned about the listing not selling since July than I am about the brunch.

I suggest that you ask your Realtor to meet with you and provide the following information. Since your home was listed, how many homes have:
- Come on the market - how many homes, like yours, are in competition with yours.
- reduced their price
- entered escrow
- sold
- expired

You might want to look at the link below. According to Trulia 34 homes have sold recently. So the problem is not that homes are not selling the problem is that your home is not selling.

To sell a home you need showings. The rule of thumb is 10-12 showings or one offer in the first two weeks of market time, or you reduce the price. In most markets we know that homes that sell in the first 30 days sell closest to asking price. In my market homes that sell at 120 Days On Market (DOM) sell at 92.7% of asking. Within 30 days they sell at 99.7% of asking. That is a huge difference.

The rule of thumb is:
Few showings - reduce the price
No offers - reduce the price
- low offers - reduce the price.

The buyer that sees the homes they buy first sees it with a Realtor 90% of the time. So if you are not getting showing activity, Realtors are not on vacation. They are showing homes that show more value than yours.

So you have hurt your chances significantly by over-pricing your home combined with long DOM. BTW a $10K reduction on $329.9 is not a price reduction. It's a price change. Don't bother reducing the price unless it is 5%.

So you have a couple of options-
1. take it off the market
2. if you really need to sell for a special reason (job, health, divorce), then you'd better consider a short sale. An overpriced home will not sell (you've proven that) and now to re-launch your listing you'll need a lower price. To get a lender to agree to a short sale means you better be able to prove hardship.
3. If you cannot really prove hardship to have short sale, ask the lender if you can take a promissory not for the shortfall and you'll pay it back
4. Don't sell, rent it out.

I am very sorry for your situation. I hope that this advice is helpful.
0 votes
James Gordon…, Agent, Hamilton, OH
Thu Oct 23, 2008
Why do a broker tour at this point? Ask to have a stager come in and evaluate the property. Take serious consideration of the recomendations and take action. At that point drop the price or "refresh" the property.
Also at this point what you are selling is not your home but a liability. Your home is where you are relocating to and you have not found it yet.
Web Reference:  http://www.Find1Home.com
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Fred Glick, Agent, Mountain View, CA
Thu Oct 23, 2008
In this market, it is ALL about price/price/price/location/quality.

The price reduction goes to agents now. If they have buyers, they will show it if it is a great house at the right price!
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