What is likely going on when you have many many showings on your home and no offers?

Asked by MJ, 32836 Thu Feb 25, 2010

We've been on the market about a month and a half and have had 17 showings in that time, but have yet to receive an offer. Feedback (when we get it) is positive, price right etc..... but then the ones we follow up have gone under contract elsewhere. No reasons as to why we are not getting offers, what is the likely reason for those of you who show homes to people and hear what is going on?

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37
Don Tepper, Agent, Burke, VA
Thu Feb 25, 2010
BEST ANSWER
Something about your home is turning people off. They're showing up because your home (online and/or on paper) looks good--the right size for them, the right location, and the right price. Then they get there and decide they don't want it. There's something that's changing their minds.

You'll get some comments here suggesting your price is too high. I disagree. When people are looking at homes, they do a basic calculation before looking: Is this home in about the right price range for what's being offered? Is it in a price range I can afford? Few people are willing to waste their time looking at homes they think (before even arriving) are overpriced. They just don't do it. Most are serious. And you acknowledge that the ones you've followed up with have bought other properties. They WERE serious. However, they determined that there was something about the other home that worked better for them.

As for feedback being positive, that's almost always the case. I've looked at some real pits, and the agents have told me the feedback was positive. Why? Because most Americans try to be polite. That applies to buyers and to agents. They've been a guest in your home, so they don't want to say, "Gee, that green shag carpeting was ugly." Or "It smelled like a pack of wild dogs lives there." Or "I didn't know the house was at the end of an airport runway." Instead, they'll say, "I like carpeting." Or "We like pet-friendly homes." Or "Your home is really convenient to transportation."

Ignore positive feedback. Really. Hope and pray you get some negative feedback. Have your agent follow up with anyone else who views the home and ask, delicately, what they'd change if they could.

Suggest that your agent hold a broker's open to get feedback from other agents. That will sometimes produce some constructive information.

Consider having your home staged. At least get a home stager in there to give you a proposal. A reasonable charge for an initial evaluation might be in the $150-$250 range. The money spent will be well worth it. A good home stager will give you a good, honest, accurate evaluation of your home, as well as suggestions on what can and should be done.

And, of course, talk to your agent. Even if there have been lots of showings and generally positive feedback, your agent should have some suggestions or ideas.

Hope that helps.
2 votes
Jason Baez, Agent, Norfolk, VA
Wed Jan 19, 2011
There is a ton of competition out there, so it could just simply be that it is not your time yet. However, most of the time it is due to either price or condition. Have a sincere conversation with your agent and be prepared for the raw truth. If you are truly motivated you have to address those two basic principles to have the best chance of being the next one under contract. Good luck.
2 votes
MJ, Both Buyer And Seller, 32836
Thu Feb 25, 2010
So......though no one has yet addressed my query. I will assume then that it is price. Again......Why would the buyers not then make an offer at a lower price? If price were the only issue as so many of you seem to believe.....why not knock the dollars off your offer? Why am I luring in so many showings at my listing price if it is so outrageous? And if it is, again why not lowball an offer? How to get pen to paper is the question and some of you, Barbara Q, have given me some good ideas. I thank you all for your responses...even if I disagree, it is food for thought and I appreciate your input.
1 vote
Not an agent, , Colorado Springs, CO
Thu Feb 25, 2010
MJ, you will hear price quite often because there really are just 5 reasons a home does not sell. Location, condition, financing, agent marketing and price. Sounds like your agent's marketing is in place or you would not be having all the showings. The financing out there is currently at all time lows, so that isn't it. The condition sounds great if you've had it professionally staged... BUT... have you actually gone out to look at your competition? Play buyer for a day and have your agent take you INSIDE your competition to find out if you are missing something. As far as location, well, you can't change the location. It is what it is... but you can change the price to accommodate for a poor location. And EVERY home will eventually sell if the home is priced right! You can still obtain showings if the price is set too high. The buyers could be using your home as a guideline to determine if the other home is a good deal or not. See buyers are very savvy today and they KNOW a good value when they see one. You need to be that "good value." So walk through your competition and compare how you are priced apples to apples.And if your home is priced on the upper end of the scale, the other homes will sell first. Sellers today need to take "but I need to net at least..." out of the equation. All homes will sell eventually if the home is priced right. And sometimes you have to adjust for floor plan, location, etc. Also... have your agent call and specifically ASK the buyer agents why their client selected the other property! Best of luck to you!
1 vote
Troy S. Blan…, , Orlando, FL
Thu Feb 25, 2010
MJ,
Honestly, everone will have the correct answer. . . . But You need to have your answer~ from your agent, , , as to "Why" your home is not selling. . . Is this house clean when showing, was the airplane flying overhead, the area.
Somethig you might want to ask your realtor about is terms, what typpe of termscan I offer to make my home more attractive then my competion, BTW, what is my competition doing that I am Not. . .
In today's market you have to offer "Terms" to get you home "Sold" for the highest possible price, in the shortest amount of time.

Good Luck !!

Troy S. Blanchard
Realtor/Consultant

FREE 30 Minute Consultation on Wealth Creation through Real Estate Investments.

Private Funding, Self Directed IRA’s, Equity Redistribution,
1031 Exchanges, Business Development and Sales, Investor Representation,
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Since 1990
Web Reference:  http://www.Orlando-Today.com
1 vote
Mack McCoy, Agent, Seattle, WA
Thu Feb 25, 2010
Well, MJ, if it's not condition, and it's not price, and it's getting exposure, then, what do YOU think it is?

I think you and your agent should go over the listings that have gone under contract, and try to figure out why people are buying other houses. My guess - nothing personal, MJ - is that they all believe those houses to provide better value than yours.

And, if they were priced low enough to make it easy for buyers to negotiate a deal, that could be a factor too.
1 vote
Tom Phillips, Agent, Orlando, FL
Thu Feb 25, 2010
MJ

I think what you are seeing is common in Lake Sheen Reserve, look at all the listings out there and most are having trouble selling. I think the main cause is not the price we have the homes at, but the competition in the area. If you look between our subdivsion and Keene's Point there is so much new homes for sale at a lower price that it hurts the sales of our homes. The one thing we have that the new homes don't have is the access to the Butler Chain of Lakes through the boat ramp. The question then is how we reach that segment of the market who that is a benefit to. I don't know the clear answer to that, i have reached out to the boating and international community in my listings and have gotten two offers on the homes both about $50,000 below the listing price, which for me did not make sense to accept due to having to pay the difference on the short sale to the bank.

I think in time your home at the price you are at will get offers but it is going to take an improving economy to where more peope see the value in the access to the Butler Chain and can get back into the boating community.

I have a smaller listing in the same community that has only had 2 showings in the last 3 months so your activity is good. It truly only takes one BUYER to sell your home it is a matter of finding that one BUYER and all you can do is reach out in marketing to as many avenues as you can.

In that community only one home has sold in the last year and it was because it was fully furnished. That is a great sell to international buyers so if you have the means maybe that is an avenue that you can use that you are willing for an added price to sell it fully furnished. Keep in mind also that is the first sale in the community in over a year so now we have a comp for appraisers and banks to use in financing the homes, prior to that sale that was a real problem for the community as well was getting a bank loan once an offer was accepted.

If I can ever be of assitance I know the community well.

Thanks

Tom
407-580-8757
Web Reference:  http://www.taprealtor.com
1 vote
Keith Sorem, Agent, Glendale, CA
Thu Feb 25, 2010
You are getting feedback. As a matter of fact, the market is talking so loud that you cannot hear the answer.

Two truths that you should be aware:

In order for a property to sell at the highest price it needs to sell within 30 days. The only reason you are getting showings is because the agents are using your home, which is over-priced, so get their buyers to make offers on other homes, that are priced correctly.

Homes are selling, homes just like yours, right now. Ask your Realtor for a market report. I'll be anazed if at least five homes have not received accepted offers since your home hit the market. Look at the link below.

Don is right....there is something they don't like. The price. If the home were properly priced and marketed, it would be sold.

Good luck.
1 vote
Sergio Herna…, , Naples, FL
Wed Jan 19, 2011
Try contacting the Realtors that showed your property and sold another. Then ask them why their buyers selected the other property over yours.
Web Reference:  http://www.golftobeach.com
0 votes
Davide Salaf…, , Rochester, NY
Wed Jan 19, 2011
My first inclination would be to adjust your price. Even if you're getting some feedback that says, "priced right" it may not be the case with everyone. The positive side is that your home IS getting attention and being shown.
For more buying and selling tips, please visit http://www.RochesterHomeLocator.com

Salafia Sold Team
585-279-8210
http://www.RochesterHomeLocator.com
http://www.FindRochester.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Jan 19, 2011
well MJ (if you are still out there).....you asked this question almost a year ago - did your house sell?
0 votes
Jeramie Vaine, , Orlando, FL
Wed Jan 19, 2011
MJ,

Sounds like your home is definetly getting traffic whic is step one in the selling process. In order to get to step two, getting offers, as a few posts below have stated you need to seperate yourself from the pack. In this market especially in your neighborhood, you need to stand out. Put yourself in your buyers shoes, go see the homes listed similar in price, see what the competition is doing and where they are priced.

I know a few posts say that price doesn't matter but it does. Our market is very difficult as a seller, you need to think like a buyer. If you want to sell you can't be in the middle of the pack you have to be the best deal on the market. Its a buyer's market and everyone is looking for a deal, wouldn't you?

Best of Luck looking forward to reading how it goes!

Jeramie Vaine
jvaine1@gmail.com
978.870.9429
Web Reference:  http://www.jeramievaine.com
0 votes
Centurion Re…, Agent, Orlando, FL
Tue Jan 18, 2011
Mj,

My guess is that its a combination of reasons. I'm sure your price point is off and there has to be some features in your home that are'nt appealing. A lower price usually allows people to ignore things. Your agent needs to determine whats wrong and offer a suggestion.
0 votes
Lisa Jones, Agent, Mount Dora, FL
Tue Mar 2, 2010
Dear MJ,
I have a two-fold answer. You need to have your price analyzed. Then, take an honest look at what a buyer may find objectionable.
First of all, are you one of the lowest priced in your area for what you are offering? If not, lower your price. That is usually the biggest obstacle in getting an offer.
Second of all, a good agent always knows what the weak points of a property are when they list and are honest with their sellers from the start. If there is a way to correct a possible objection the correction should be made. If it is something that cannot be corrected, then the price is the best way to overcome the objections. An example of this is, let's say your home, though similar in every way to all other homes for sale in the area, yours backs to a heavily travelled road, this is not something you can "fix" therefore, reducing the price would be the best way to get an offer. If after looking at price and possible "un-fixable" objections you still can find the answer, you may want to offer a bonus. I have done this on a property I have that has a non-correctable objection and it is being shown every day and I am confident that with the amount of people coming through the home, one is bound to make an offer. Best of luck to you with your sale.
Lisa Jones, GRI
(352)250-3320
ERA Tom Grizzard
0 votes
Amanda Sarnes, , Longwood, FL
Mon Mar 1, 2010
Hi MJ

How is your listing agent following up with the showings? Realtors have an automated system that allows for agents to submit feedback in an email form, however, if the feedback is positive, they should take some time to follow up with a phone call.

In a market where buyers have so many options, it can be overwhelming for them to make a decision. Your agents job is to make your home be one of their top choices. We work together with the buyer's agent to get you there. Follow up is of utmost importance. 17 showings is amazing...that should usually warrant at least a few offers. The last listing I sold on Feb 5th had 6 showing and 3 offers...just food for thought.

Best,
Amanda Sarnes, Realtor
407-702-7302
Web Reference:  http://www.SmartSellsIt.com
0 votes
Barbara Q., , Bergen County, NJ
Sat Feb 27, 2010
MJ - Thank you!
I just looked up on HomePath.com and Fannie Mae has 451 REO homes listed in Orlando Florida. Home Path now offers a 3.5% Concession on all its properties. This money can be used toward the Buyer's closing costs (Which includes discount points to reduce a Buyer's interest rate and monthly payment) and/or appliances.
Are you competing with these bank owned properties?
Home Path Financing:
Down payment: 3% can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
No mortgage insurance*
No appraisal fees*

Looking for a competitive edge in today's market...Think outside the box!
Web Reference:  http://www.321advantage.com
0 votes
Brian McMurr…, Agent, Tawas City, MI
Fri Feb 26, 2010
If the buyers involved in these showings have written offers on other properties then they liked the other property better for some reason. The reason could be price, location, condition, quality .... or some combination of factors. If your Realtor is working with any of these buyers they may be able to gain some additional perspective by asking these buyers. Sometimes a property is second choice on multiple occasions.
0 votes
Lori Jeltema, Agent, Suffolk, VA
Thu Feb 25, 2010
If your home is being showed it means that the agents are not rejecting it based on it's 'cover' but the buyers are rejecting it once they arrive. It appeals on paper at the list price but there is something that isn't holding up value once the buyers view. It could be something that you can't control. One agent had a home that would not sell for such a long time and it turned out that there was a registered offender very nearby and buyers were not comfortable. An agent can pull up comparibles that have gone under contract and call those buyers agents on those sales and find out why they made the choice they did...

Easy answer - and usually the correct one is price.
0 votes
Tom Phillips, Agent, Orlando, FL
Thu Feb 25, 2010
MJ

One other thought to keep in mind is that even people on the internet when they search will put a range in for example $400,000 to $425,000 so if you fall outside that range they may not see your listing so getting under what you think people will search can be another key to getting more activity for you.

Thanks
Tom
Web Reference:  http://www.taprealtor.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Thu Feb 25, 2010
MJ, you ask a good question, and it may be one of the mysteries of real estate.

Current little tale - home in my area listed at 469,000........2 months.....no offers.............reduced to 439,000, and in came 2 offers, and it sold 10,000 over asking! Mind boggling why the offers didn't come in at the original list price, isn't it?
It happens.

I think it goes to perception. The value was perceieved at the lower price..not so much at the higher price..... and the buyers got excited. Lowering the price also brings in (hopefully) a new crop of buyers that wouldn't otherwise be shown the home.

Not only do the buyers get excited at the lower price - the agents do, too.
Agents want to sell a home, The don't want to show a home they feel is overpriced, and frustrate their buyer. The agents don't know the seller or their motivation to sell. Sure, a buyer can make a "lowball" offer, and some brave souls do, but the really motivated buyers want to buy ....and not hope their offer will work.

The closer a home is price to the pulse of the market, the more encouraged the buyers will be to make that offer..and the more encouraged their agents will be, too.. It's less guessing on everyone's part.

Just my opinion..................hope it helps!
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Thu Feb 25, 2010
MJ, not to oversimplify this, but....................price trumps everything......

If there are buyers out there...and apparently there are, as you have had many showings............and the buyers are buying - which they are, based on your follow up.....................then when all is said and done...........it's price..the buyers are not perceiving value at your current list price

best wishes.........
0 votes
John Bennett, Agent, Orlando, FL
Thu Feb 25, 2010
Folks, I am confused here, please help me.

Now I know Location helps a home sale. So are we saying, "great location, will sell at any price?"

or are we saying: " great financing, will sell at any price?"

or are we saying: "Great condition, will sell at any price?"

Or are we saying: "Great staging, Will sell at any price?"

or are we saying: "great marketing, Will sell at any price?"

Is it not, correct price, reflects the above conditions

produces a Sale?


John
0 votes
Shelley Davis, Agent, Orlando, FL
Thu Feb 25, 2010
In a down market, when you've had that many showings and no offers, you need to lower your price no matter what the feedback is.
0 votes
Barbara Q., , Bergen County, NJ
Thu Feb 25, 2010
MJ - Perhaps the other Sellers are offering incentives such as Home warranties, Seller concessions toward closing costs, interest rate buydowns...
Buyers are not "one price fits all."

Cash-constrained Buyers look for paid closing costs.
Buyers who anticipate an increase in earnings appreciate when Sellers pay discount points at closing to reduce their interest rate/payment. (Temporary Buydowns or Permanent Buydowns.)
Think outside the box!
Web Reference:  http://www.321advantage.com
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Thu Feb 25, 2010
Well MJ, I think the concensus is coming down to bad luck in a lousy market for sellers. It really does look like you and your agent have covered every possible base. Unfortunately, distressed sales now account for nearly 75% of the market. And let's face it, sales in the $400,000 to $500,000 price range are few and far between. Only 28 in the ENTIRE County so far this year versus 350 or so on the market. Hang in there.
0 votes
Tom Phillips, Agent, Orlando, FL
Thu Feb 25, 2010
MJ

I assume the agents showed your home as well being in the same general size and range. I have noticed in the last week or so that the showings have dried up again on the community having not had a single showing on any of my listings in the last 7-10 days, are you seeing this as well?

Thanks

Tom
Web Reference:  http://www.taprealtor.com
0 votes
MJ, Both Buyer And Seller, 32836
Thu Feb 25, 2010
Tom, Send those buyers with offers you couldn't accept to my home! :)
0 votes
MJ, Both Buyer And Seller, 32836
Thu Feb 25, 2010
I neglected to mention that our home has been professionally staged. Our agent doesn't understand our lack of offer either.......this is what brings me here looking for other thoughts and opinions. I think I may have to put up hidden cameras in my home to find out if there is something turning them off upon entry.
I understand the "show them tis is what they can get vs this is what they can get" mentality, but if they were looking for a 5/4 pool home in this area....this is what they would they get at the low end. Certainly, there are short sales (which I understand to be a tremendous headache) and bank owned which would be priced less, but they would not be in move in condition.
No one has really addressed for me yet, if buyers make lower offers.......
Obviously no one can know for certain why I am not getting offers, I am just so frustrated and hope that somewhere, somehow, I can gain some control over selling my home and not just be sitting and waiting...
0 votes
John Bennett, Agent, Orlando, FL
Thu Feb 25, 2010
MJ.

I WORK YOUR AREA and do many BPO for the banks. In this market its all about price.

And it is true, we often show a buyer a over priced home so buyer understand range of home.

Here's what you can get for $125 a foot

and Here's what I found you at $75 a foot.

Wouldn't you buy too!!!!

John
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Thu Feb 25, 2010
Hi Again MJ,

Isn't it surprising how many people chime in with answers without bothering to check to see if a question is actaully part of a longer thread.

Well, that's 6 more showings than last time you were on for advice about 9802 Pineola, a 5/4 pool home, 3609 Sq Ft priced at $119 a Sq Ft. The price is indeed extremely competitive for the area, lower than any comp.

Same question I asked a couple weeks ago, what feedback have you gotten from your realtor? What's her take on why it does not sell?

Next thing you might want to try is professional staging. Maybe the place looks too much like your home and not enough like a place the buyer can imagine living in.

Hang in there, Mark
0 votes
MJ, Both Buyer And Seller, 32836
Thu Feb 25, 2010
I have asked my agent for a market report.. I have seen what is selling and pending in my area. And again, that is why I say I do not believe it is a price, or a price issue alone. As Mr Tepper said....buyers have often decided whether a home looks like it is priced for what it offers before they come to see it. I know that is what I am doing as I search for a home.
My real question is: If it is a pricing issue...why wouldn't the buyer just submit a lower offer? No one pays asking price anymore anyway. (although the comps I have seen are not as far off from asking as I feared).
0 votes
Steve Pascuc…, Agent, Orlando, FL
Thu Feb 25, 2010
Hi MJ,

I understand why you disagree that it's not about price. In the end, all extenuating factors lead back to price. If your home has been shown many times, and has had no offers, then it's still being perceived as 'not a good enough deal' by buyers in today's market. If it was perceived as a justifiable price, then offers would be on the table, even if they were low offers. Good Luck..
0 votes
MJ, Both Buyer And Seller, 32836
Thu Feb 25, 2010
I knew so many of you would say price.....I disagree. I think that is easy to say, but not backed up by any fact. I also believe it is agents who are quick to leap to that "over priced" statement that are a major factor in why houses like mine that are not bank owned are not selling. . Even at that, we are priced lower than the comps in our area. Also if it were a price issue, why wouldn't an offer at a lower price be submitted?.
I agree with Mr Tepper.....negative feedback would be MUCH more helpful at this time.
0 votes
Steve Pascuc…, Agent, Orlando, FL
Thu Feb 25, 2010
Hello..

Generally, it's about price. Even if feedback is positive, there may be an underlying reason that a buyer is not making an offer. It could be tied to age of home, or layout, or a number of extenuating factors that affect a buyer's thinking. It could also be that even if the home is clean, and shows well, it lacks the 'wow' factor, thus it's forgettable once a buyer leaves and goes to the next home to view. Staging is critical when selling in this current market environment.

In the end, any and all of these factors can be overcome, but they are all tied to price, and should be accounted for. A good pricing/marketing strategy will bring success. Good Luck!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 25, 2010
Review your listing price-- 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--if other properties similar to yours in the immediate area are going in contract while yours is still available --it's in your best interest to consider a price reduction sooner rather than later.
0 votes
Tom Boos, Agent, Mack Avenue, MI
Thu Feb 25, 2010
Well MJ, congratulations of the positive feedback that you are receiving. It's sounds like your home has been on the "short list" of many potential Buyers in your market. Although your feedback has indicated that your pricing is "on the button", I would suspect that there may still be some room for a price adjustment. Your agent may be able to suggest a small reduction that could be just enough to start the Offers flowing. Have a serious discussion with your Realtor about your pricing strategy, and "sharpen your pencil" to get the job done. Good luck. Bet you'll be moving very soon!
0 votes
Ron Scott,GRI, , Milton, MA
Thu Feb 25, 2010
Unfortunately it comes down to price. Buyers are liking your home but are finding the same in a lower priced home or are finding more features in liked priced homes.
0 votes
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