We have had house on market over 100 days. We are right on Kendall Drive

Asked by Kathy Ambros, 33156 Tue Dec 11, 2007

We are thinking of taking house of the market for a few weeks, plant a hedge in the front yard to block the busy street, plant some flowers for more curb appeal, take new pictures and replace it up for sale to refresh as a new mls. Does this sound like a good idea? I feel we have just been stagnant.

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Durenda Fach…, , Coastal Tampa Bay area. Pinellas and Pasco Counties.
Wed Dec 12, 2007
Kathy

Your area, like most of the US has had a leveling of prices.

The Average time on the market now is over 128 days.

The good news is that in your area there are buyers and they have been and are buying.

In the past, in your area, taking sold comps 6-12 months back would give property value.

But with the devaluing and now static market in your area, lenders are requiring the appraisers to use comparable sales no older than 3 months.

The buyers who are buying have more inventory in any given parameter than has been available, and they are shopping for the best deals.

For anyone wanting to sell their property, it is crucial to price correctly.

When establishing value, only use sold comps no older than 3 months, use the comps that command the least adjustment, then price at value rather than value + (+room to negotiate)

By pricing at value, Your home will seem like the best deal to the hard shopping buyer, and will most likely be the property chosen to make offer.

Of course, the buyer will come in with an offer cutting your price, expect that.
But because you have priced at value, and most all of the other offerings are overpriced to the point of not being able to appraise out if they did get contract, or priced at value +, your buyer will more readily "justify" (in his mind) the value in your counter offer back to value.

Just a suggestion. Meet with your realtor, establish the value of your property based on sold comps within the past 3 months max. , price at value, and see what happens over the next 4 weeks (that will give tiem for most of your realtor's marketing to reflect your new price)

In the mean time, unclutter (this is a great time of year to give dust collectors to charity), clean, make your home look light and bright by placing lights in dark areas. Change a/c filters, clean a/c grills.

Best of luck in the sale of your home.
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Dec 11, 2007
Kathy
Sorry to hear about your plight.
I see that you've posted some other questions, all pointing to a concerned seller.
You are in a buyer's market. Buyer's generally look at 12 homes before they buy. How many homes, like yours have sold since your home hit the market? I am assuming that some have sold. So the buyer's voted that they thought other homes had more value.

Remember that about 90% of the time the buyer that purchases your home sees it with a Realtor. So you need to convince at least two people that your home is worth seeing: the buyer and the Realtor. If they come to see your home, and don't make an offer, then your listing agent has done the first part of their job. To expose the property to the Realtors and buyers.

How many showings have you had? If you have showings, and no offers, then the price is too high.
If you have no showings, the price is too high.

A couple of key statistics-homes sell closest to list price sell in the first 30 days. After 120 days the offers will be a lot lower (if you were a buyer, and saw a home with 100 days of market time, wouldn't you make a low offer if you liked the home?).
So don't blame the Realtor. And the first post is right. We can see the listing history. You are already in trouble.
I would agree with your strategy to relaunch the listing, but only if you:
Lower the price at least 5%
Offer buyer incentives - help with closing costs, buy down the interest rate.
Re-stage the house
Paint the front door, the trim, something.
Re-shoot the pictures.
After relaunch, if you don't get ten showings in two weeks, lower the price again. Don't kid yourself, you are gambling with your home.

Good luck. Hope this is helpful.
0 votes
Donald J. Le…, Other Pro, Tacoma, WA
Tue Dec 11, 2007
Hello Kathy,

Of course the best thing any agent will tell you to do is to sit down with your agent if at all possible..., or if you feel that is not working... ask to sit down with your agent and their Broker. Brokers are in business to help both their agent but more importantly you, the seller.

Ask for a stratigy session. If you cancel your listing it will still show up under the "History" link on the MLS, all agents will see and know that it was on the market and has been relisted. There are actually only a few basic things that will help to sell your home, but most sellers either do not or will not do them... such as Staging your home, ask your neighbors for their opinion if you get along with them. In the end ALL HOMES SELL.... if priced right. Priced right does not mean the price you want to receive, it just means the price that the market will support at this time. Ask your agent to do a Brokers Open to get the opinions of other agents and brokers.

Just today I went out to get a listing from a seller who is moving to Germany with her Military husband. The sale price would not even pay off their home.... so, we did some stratigy and decided the best thing for them to do was to rent their home for the 4 years that they will be away, using a professinal Property Management Company.

Best regards,
Don
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