We have a 1930 Brick Tudor on the market. Only 3 showings in six months. How do I know if we need to look for a new agent or is it the economy?

Asked by Julie Diers, Inglewood, NE Tue Oct 5, 2010

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9
Don Tepper, Agent, Burke, VA
Tue Oct 5, 2010
Find out from your Realtor what has and what hasn't sold in the past 6 months.

My first instinct was (and is) to say that you're overpriced. Only 3 showings in 6 months is pretty bad, and usually reflects an overpriced property. However, in today's market there are just some areas where there are so many homes for sale that only a tiny percentage of homes are selling. So I wouldn't want to absolutely prejudge your price; there could be other factors. (And, because I'm not familiar with Fremont, I can't really comment authoritatively on whether it's price, market conditions, appearance, marketing, or some other factor.)

However, since it's been 6 months, you definitely should ask your Realtor for a new CMA to determine whether your price is (still) competitive. Also, review your agent's marketing plan and work with him/her on it to make it more effective.

And you certainly can interview other agents. It's against the code of ethics for them to solicit you, but you are free (if you wish) to ask other agents to provide their input and proposals. Understand: I'm not advising that. Just responding to your question to say that it would be permissible if you wished to do that.

Hope that helps.
2 votes
Connie Hladik, Agent, Fremont, NE
Thu Nov 1, 2012
Its important to know how many homes are in your area, priced similarly to yours and how many homes are selling per month, assuming no new listings are being added to your market.
Then you will know how long it might be before you might be able to sell your home.
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Wed Oct 13, 2010
SIx months and 3 showings?

What was the feedback on the showings you DID have?

Price is too high..... Sounds simple, but is true 95% of the time.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
0 votes
Catherine Jo…, Agent, Bryn Mawr, PA
Tue Oct 5, 2010
Price, Location, Condition, and Marketing Effort are the four factors that determine how quickly your home will sell. Nobody is going to change the location, you are in charge of the condition of the home (what does it look like inside? Is it neat and clean? Are there repairs to be made?) as well as have the final say on price. Your realtor is in charge of the marketing effort. If the listing is overpriced, it doesn't matter how much marketing your realtor does, people just won't be interested! Think of it like this- if you normally buy milk at Acme for $2.50, and you see the grocery store across the street advertising milk for $3.00, it doesn't matter how much advertising they do, you will most likely still go to Acme to get your milk. It's the same with marketing your home. I would have to say, most likely, your home is at least somewhat overpriced.

Have you tried dropping the price over the past six months? What does your agent say about only having three showings?

Good luck!!


Kate
0 votes
Desari Jabbar, Agent, Stone Mountain, GA
Tue Oct 5, 2010
Usually, there are 2 reasons a property doesn't sell...pricing and exposure. I suspect your home is not priced correctly. Has your realtor suggested a price adjustment? I agree with Don ask your realtor to do another competitive market analysis. This will tell you what homes have sold and which ones are currently on the market. These homes are your competition. Then adjust your price according. Three showings in six months is not going to your home sold.

Best of luck to you!
Web Reference:  http://www.DesariJabbar.com
0 votes
Eileen Schul…, Agent, Omaha, NE
Tue Oct 5, 2010
Paco,

Condition and price are paramount in today’s economy. Talk with your agent to make sure you have your home ready to show. If needed, have a stager come through your home to get a professional opinion. Also, talk with your agent about the price of your home. Look at prices for other homes for sale that are similar to yours. You must be competitive to sell your home. Third, talk with your agent about his/her marketing plan. What is he/she doing to sell your home? Have you looked at your home on the internet? Are the photos and description professional and show your home in the best possible way? Finally, look at the marketing time for similar homes in your market area. I happen to live in Fremont and know the marketing time there is longer than say in Omaha. Have you seen others sell, and at what price and condition? I hope this helps and good luck in your decision.

Eileen Schultz
Associate Broker, Prudential Ambassador Real Estate
402-669-5607
0 votes
Kevin Olson,…, Agent, Colorado Springs, CO
Tue Oct 5, 2010
I would talk to other sellers in your neighborhood. There can be several factors including price, location, economy, Realtor, exposure, etc.

Talking to other sellers (in the same price range and neighborhood) will give you an idea because if others are getting showings, there is a reason yours is not. From there find out what their agents are doing and compare it to yours. If they are along the same lines the answer may be price.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Oct 5, 2010
Keep in mind that pricing and marketing that maximizes your exposure are paramount in today's market--review comps with your agent--recently sold similar properties in the immediate area, if pricing needs adjusting in order to be competitive, adjust accordingly--review marketing and if something is amiss, adjust accordingly--make sure the property shows well, is neat, clean, clutter free and don't forget the exterior for curb appeal--do keep in mind that 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--review activities with your agent and go from there.
0 votes
John Herrigel, Agent, Falmouth, ME
Tue Oct 5, 2010
I would suggest asking your family and friends what they think about your agent. Then I would also go onto sites like Trulia, Zillow, Realtor etc and see if your home stands out or looks worse than the competition. It is a very slow market thus depending on your micro-market, 3 showings may not be that bad.

Hope this helps,
John
Portland Maine
0 votes
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