Were Do We Need To Have Our House Relistically Priced In Order To Get A Quick Sale?

Asked by Rohan Pryce, Marietta, GA Fri May 28, 2010

I have a house for sale on Lost Mntn Rd in Marietta 30064 that is in move in condition. We have it listed @ $825k but we haven't been getting much traffic, which is really surprising as we're way below anything else for sale in the area. Can anyone suggest were the price needs to be so that we can generate more interest & hopefully sell it fast?

We need to sell b4 June 30th so that we don't lose out on another house. Any suggestions would be greatly appreciated!

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25
Jennifer Pip…, Agent, Atlanta, GA
Sat Oct 2, 2010
Matthew is correct. Listing price for other properties means absolutely nothing. You need to be looking at comparable homes to yours that have actually SOLD. ALSO, a large percentage of of agents do not hire professional real estate photographers to photograph homes. I have not seen your online photos, but especially for your price point, those pictures should have been magazine quality.
1 vote
Linda Lorenzo, Agent, McKinney, TX
Sat May 29, 2010
Ditto to what everyone else said about using a Realtor - it is what we are trained to do and frankly you can't compete with the MLS or Realtor.com, etc for exposure or a professional Realtor for marketing abilities.

A pricing trick is to offer a home at a round number (i.e. $800,000 not $799,000). The logic for this is that if you have someone looking in the range of $800,000 and up your home will come up on the list but will not if it is lower. Another example would be to price at $750,000 not 749,900 for the same reason. Realtors tend to search in round blocks of numbers. Good luck to you.
1 vote
Hank Miller, Agent, Alpharetta, GA
Fri May 28, 2010
Get it appraised. Also, you have a very high priced home for West Cobb, the number of buyers willing and able to buy at that price is low.

Drop me an email, this is what I do - you might not like my call but it'll be based upon the data.

Hank
1 vote
Matthew Share, Agent, Marietta, GA
Fri May 28, 2010
Hi Stan,

You would need to completely ignore the asking prices of surrounding homes and focus ONLY on very recently sold comparable sales with appropriate and realistic adjustments made. If you have an agent, they should have prepared this information for you in a CMA. If not, you should get one. Also, in today's market, pricing is not a set it and forget it thing. Your agent will need to constantly monitor the marketplace, collect feedback from showings and opinions of other brokers who work the area and follow up to see what is selling if yours isn't so that you can always remain the most attractive option out there for the few buyers there are. Unfortunately, that price range is the hardest hit range of the spectrum. Give me a call any time. I will be around this weekend and I'd love to help in any way I can. 678-520-3113`
1 vote
Kevin Ward, Agent, Manalapan, NJ
Fri May 28, 2010
First, I commend you for addressing this issue head on as many avoid the truth. Proper price position is of course a CRITICAL component in the sale of a home in this economic and real estate climate, but NOT THE ONLY ONE. Without expert marketing to MAKE EVERYONE AWARE of your great home and great price it may have little effect.

A strong and informed professional Realtor that is local to your market area can guide you with information and avail you of marketing venues that you cannot access yourself.

That said, if you have access to comparables, try to use properties that have closed within the past three months and price just under where they indicate based on feature and condition comparison. If there are similar competing properties currently for sale, you should be noticably below "the pack". If you have a few superior features compared to the competition, you should NOT try to dollar for dollar increase your price because will will thereby be NUETRALIZING your superior features and advantage. Make sense?

Proper pricing takes serious consideration because noone wants to "give away" their money by pricing too low or hurt themselves or "lose" money by lingering on the market and chasing it as a result of pricing too high.

I hope this may have been of some help to you. Let me know if their is anything additional I can offer in assistance.

Best Regards,
KEVIN WARD
Broker, Sales Associate

732-915-4848 - CELL
732-409-5057 - OFFICE-DIRECT
Email: KevinWard@optonline.NET
Web: http://www.KevinWard.NET

Coldwell Banker Residential Brokerage
335 Route 9 South
Manalapan, NJ 07726
Web Reference:  http://www.kevinward.net
1 vote
Terence Rich…, Agent, Marietta, GA
Fri Nov 16, 2012
Rohan, I hope you were successful in getting it priced right so it sold in time to not lose out on that other home you wanted. Matthew was spot on on this one.
0 votes
Hank Miller, Agent, Alpharetta, GA
Wed Jan 19, 2011
Rohan - what has been the outcome of this?
0 votes
Mark Lackey, Agent, Norcross, GA
Tue Jan 18, 2011
If you have it listed you have an agent. They should be answering your questions. If you don’t have an agent then someone here can assist you.

I’m doing a similar analysis for someone wanting to sell but doesn’t have an agent representing you very close to you Sunday. I can come to you then too, but only if you don’t have an agent representing you.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.RentalHomeAtlanta.com
0 votes
- Sal Salafia…, Agent, Perinton, NY
Tue Jan 18, 2011
I agree with Matthew. You need to focus on past sales not on the activity of current homes on the market. Want to sell it fast, take some price drops each time you have a few buyers come and visit and not write offers. I was in the same situation as you a few months ago. My home was marketed in a price point that moved slowly as well. I had a lot of competition on the market and I started with an aggressive list price. None the less I took a dose of my own medicine and in between each 3-5 showings I took a price drop. What this did for me as well was alerted people signed up in new listing alert programs that my home had just been reduced. New Listing alert programs in my area send corresponding customers an email when a home is first listed and then again when a home’s price is reduced. I took $5000 price drops at a time until I saw a difference in the number of showings and in the feedback I received. It worked for me and will work for you. If you want the other house bad enough, drop it a little at a time.
For more seller and buyer tips: http://www.FindRochester.com and http://www.Rochesterhomelocator.com
-Sal Salafia
http://www.RochesterHomeLocator.com
http://www.FindRochester.com
0 votes
Pat Shankle, , Marietta, GA
Tue Jun 1, 2010
Hey Stan. The Real Estate Agents have given you great advise on price. You state that it is move-in condition. Has the home been professionally staged. Buyers see in 30 seconds what we haven't seen in years. I would welcome the opportunity to help you "set the stage" to attract more buyers and enhance your marketing pieces. Send me a note or call to find out how we can work with you. Thank you and best of luck. Pat Shankle
0 votes
Tammy N. Tea…, Agent, Kennesaw, GA
Sat May 29, 2010
Is your home listed with a real estate agent? If not, your list price should have commission deducted. Is it listed with both multiple listing services? Is your home priced at the suggested list price, or lower, on a recent Comparative Market Analysis? I will be happy to e-mail you a complimentary Comparative Market Analysis. Tammy Teague
Web Reference:  http://tammynteague.com
0 votes
John Morris, , Smyrna, GA
Sat May 29, 2010
Be willing to take a loss on the sale to more then make up on the Buy. One of the programs that Prudential georgia Realty has is a Job Loss Prevention program that costs a seller $500 at closing ( no upfront costs) and protects the BUYER in the event that they lose their job. Give me a call and I will explkain more as to how this can help sell higher priced homes in this market.

You need to get a professional apprisal done which will cost you about $400 but will provide you with an independant assessment of your home. Let me know fi you want me to give you the name of an appraiser I use.

Lastly, what marketing are you or your realtor doing? If you would like to see something different let me know.
0 votes
Chip Roper, Agent, Waterville Valley, NH
Sat May 29, 2010
I've been having clients get a private appraisal, so they know what the bank will be looking at when they cross that bridge. They are between $300-$400 bucks (up here in NH anyways) but worth it. It's not easy selling higher priced homes these days....
Web Reference:  http://www.roperre.com/
0 votes
Dallas Texas, Agent, Dallas, TN
Sat May 29, 2010
FREE might get the attention

$825,000 in Georgia is a luxury home , less qualified buyers than a $200K home. Many families have stepped away from homes in price range due to economy and qualify for a loan. Higher price for a home less qualified families have income purchase.

Ask your listing agent DOM for homes in your area will govern the approx. amount of time sell the home.

However you can have the perfect home, great location, updated and etc. could sit on the market for years, THEN have ugly home nothing right, needs updating , bad location , same price have bidding wars.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
davidwbrower, , Woodstock, GA
Sat May 29, 2010
At the sake of sounding redundant or repeating the other 14 answers.... here you go: there are 449 homes for sale in the 30064 zip code. THere are only 9 above $800,000. Of the top 250 homes in the search, the average asking price is $430,000. Pretty irrelevant data other than it let's us all understand your market area a little better. The most important piece of information is that your home is not listed with real estate. Therefore, your home is not really for sale. Your issue may be price, but your greater issue is EXPOSURE! No one knows it is for sale, and sure, no agent who has an $825K buyer knows it's for sale b/c it is not being marketed as for sale. If you are trying to do it yourself or find the magic number for free online, that's not a good strategy in this market to get your home sold. I suggest hiring one of the fine agents who took the time to reply to your post and get serious about home selling in a challenging market. And at the end of the day, whatever Hank says is probably true.
0 votes
Dp2, , Virginia
Sat May 29, 2010
If you truly need/want to sell FAST, and you ONLY want to focus on price, then you'll need to price your property at least 15% to 20% below its current market value (as determined by the recent, SOLD comps [via a CMA/BPO] or a recent appraisal).

However, lowering your price isn't the only way to attract buyers. Keep in mind that a bona fide offer consists of a set of price and terms. If you really want to sell fast, then offer to sell your property with seller financing, and throw in a few incentives (like a $1K shopping spree at Home Depot [via a gift card], a dinner for 2 at a nice place, etc).

Additionally, keep in mind that many lenders don't want to do jumbo loans at this time (although some continue to do them), so many buyers (who could afford to buy your property) won't qualify for a new loan. The seller financing neutralizes this situation, and it gives you ammunition to immediately disarm any requests for a financing contingency.
0 votes
Daria Knarvik, Agent, Maplewood, NJ
Sat May 29, 2010
I certainly don't know the Marietta market, but a good rule of thumb is: If you're having at least 10 showings a week, but no repeats reduce by 5%. Fewer showings, reduce by 10%. Best of luck!
0 votes
Dan Chase, Home Buyer, Texas City, TX
Fri May 28, 2010
I think if you call Hank Miller you will get the best information you can get. It may not be what you want to hear, but it will be good.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Fri May 28, 2010
Hi Stan, I hope that you have engaged the service of a listing agent - if not, it is time to do that Your price should be based on a current pricing analysis - factoring in your very real experience, since while we do our best to price a home, the feedback you get either from visits and offers, or more dramatically from the lack of either or both, is the real deal.

Back to the pricing analysis - we have just changed our approach and no longer include active listings in the analysis for the very reason that your case captures - your home is listed lower than other comparables BUT if you are all overpriced, then it is a little like cheating off of the least intelligent kid in class.

The analysis includes sales of comparable properties from 12 months, 6 months, recent sales and under contract and then heavily factors in the effect of time by overlaying the market absorption rate (time to sell). The result is much more dynamic and accurate prediction and far more helpful in guiding the pricing of your home.

Do this, and the factor in the fact that you have a very defined and short time frame for success. Given that you should price your home especially aggressively - the analysis will provide a recommended range - price at the low end or just beneath it.

Good luck to you,
Jenane Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Don Tepper, Agent, Burke, VA
Fri May 28, 2010
It'd help if you posted the MLS number or the address.
0 votes
Mark Lackey, Agent, Norcross, GA
Fri May 28, 2010
You can list your home or you can sell your home is what I tell my sellers. It use to be location, location, location. Now it is price, price, price. The correct price will get you traffic. My sellers price as I direct or I don’t take the listing. Send me your address and I will tell you the truth!

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.SolidSourcePM.com
0 votes
Michael Hamm…, Agent, Suwanee, GA
Fri May 28, 2010
For a quick sale then, price it much, much lower than market. Most agents don't get crystal balls from the GREC with their licenses, Stan. Have you been selling it yourself or did (do) you have a broker? Where have the most recent sales in your area over the last six months been priced? How many other homes like yours are currenyly listed for sale?
0 votes
Rohan Pryce, Home Buyer, Marietta, GA
Fri May 28, 2010
At $825k it's priced well below market. I was thinking that we may need to be below $800k. Any suggestions?

Thanks for the answers so far. Very helpful!!
0 votes
Wolfert & Wr…, Agent, Roswell, GA
Fri May 28, 2010
That's a hard question to answer. Is it listed with an agent or on your own? How many showings have you had and what has the feedback been? Have you made adjustments based on the feedback? What marketing has been done and what were the results?

Sorry to give you questions back but there is no magic bullet. If you really need to sell it by the end of next month, then you really need to be under contract NOW. It takes about 30 days to get a loan underwritten and with the tax credit closings all due by June 30, I expect that time frame to be closer to 60 days. It's unlikely you'll find a cash buyer for an $800,000 house.

If you really want to know what to do, you need to have a heart to heart with your agent or hire one. Either way, you need to do this now because 30 days is not a lot of time in the market.

I'd be happy to arrange a meeting with you - even this weekend - if you want to discuss your situation and my listing and marketing services.

Sincerely,

Barry Wolfert, Associate Broker
Atlanta Communities Real Estate Brokerage
3113 Roswell Road
Marietta, GA 30062
770-656-7551
Web Reference:  http://www.barrywolfert.com
0 votes
Michael Hamm…, Agent, Suwanee, GA
Fri May 28, 2010
You don't have a listing agent yet, right? Realistically, Stan, in that price range, in my humble opinion, substantially below market. If I can ID your property , will do a rough CMA if you send over your email address.

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org/
0 votes
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