5 wks left on our 6 mo. contr. to sell in SW FL. Many showings, no offer. Agents LOVE our house. Take it off market in 5 wks? Re-list Nov?

Asked by Diane, 34110 Wed Apr 7, 2010

Last April we listed our single home in SW FL, for $599,900, and got an offer in 2 mos. for $570,000. Appraisers used short sales and townhomes in adjacent neighborhood as comps. House appraised for $540,000, and buyers backed out and bought home (same model but without elec. hurricane shutters, plantation shutters, etc) for $540,000. We put home back on the market 4 mos. later, at $579,900. Others(our model) in our neighborhood are listed at $599,900, $575,000, $555,000, and a short sale just closed at $415,000! We lowered our price to $549,000, below all (except for a new short sale, at $439,900). We have had 30 showings (most before we decr. price two weeks ago) and not one offer. Again, the agents seem to love our house. We have little communication from our agent. We're told that the short sales are what's
killing us & that the appraisals are still being done by out of town appraisers who "only look at the box and not at special artisan glass front door," HELP!

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24
Agnes Tabor, Agent, Naples, FL
Sun Sep 12, 2010
Diane, Looks like you have done some research however, the fact remains no matter how many showings if the home is not priced right it won't sell. Buyers although anxious to buy in this market are reluctant to make offers when the homes are priced so much higher than the area comps. Question, when appraisal came in at $540,000 did you have an opportunity to renegotiate?

Take the property off the market, I am not suggesting that you change agents but rather have some in depth conversations about the comps and the current market. Most important do you really want to sell, if yes, then be prepared to reduce the price and put it back on the market by November 1, 2010.

As far as appraisals if you and your agent feel that the home has things to offer that other properties appearing in the comps do not ; perhaps it is time to work with the appraisor.

As a seller you must be prepared to sell far below your expectations. Properties sitting on the market so long become stale and buyers as well as agents have to wonder "is there something wrong with the property"?
Web Reference:  http://www.agnestabor.com
1 vote
Geoffrey Kle…, Agent, Naples, FL
Thu Jul 22, 2010
Showing agents are nortoriuos for not wanting to offend listing agents and / or sellers so they may not love your home as much as they have stated. The listing agent is the one who must be the most honest and critical with you in order to give a true idea of value and what you may need to do to sell.

If you have many showings as you stated and agents love your home then it is most likely still priced to high in comparison to the competition. If most of those who looked at it bought something else, then likely they found better values, as value is what sells a property.

No, don't take it off the market. If you are serious about selling then have a serious discussion with your agent about the price or if you feel you need to change brokers that is your alternative.
1 vote
John Bennett, Agent, Orlando, FL
Thu Apr 8, 2010
And I do not understand taking it off market??? If things continue as they have for the past 3 years, in November your house will be worth 5 to 10 % Less, given the actions in DC, maybe worse.

It is and has been, a FALLING market, the longer you hold it (in the short term) the less it is worth. There is a ton of REO coming on the market at even lower prices - looks like your area is headed to the $300,000's in November looks like you will have many sales in the $300,000 range. You plan to come back on the market in the $300,000 range?

Diane, we know it's your home - but in the market - IT"S A BOX competing on PRICE with other Boxes!
1 vote
Barbara Q., , Bergen County, NJ
Thu Apr 8, 2010
Diane - Sellers who are "Not Distressed" should understand that they are competing with REO's and short sales. Often, these Distressed Sellers offer Financial INCENTIVES such as 3.5% toward appliances and/or closing costs.

So, if you are a Motivated Seller, looking for a competitive edge, you may want to consider offering a $10,000 Seller Concession that a potential buyer could use toward closing costs and/or discount points to BUYDOWN their interest rate and payment.

A 2-1 Temporary Buydown would cost you ~ $10,000 at closing and the Buyer would save:
$578/month for the first year and $298/month for the second year.
This helps to expand your pool of qualified Buyers!
(PS... and if you just reduced your price by $10,000 it would lower a potential Buyer's monthly payment by a whopping $53.oo!)
Think outside the box!

Calculate the small cost for the Seller and the HUGE upfront savings for the Buyer at the link below.
1 vote
John Bennett, Agent, Orlando, FL
Wed Apr 7, 2010
Diane, glass door and some shutters do not make up the difference between the SELLING price of 439,000 and the ASKING $ 549,000. Being the lowest price of homes sitting on market will not get you home sold.

The right price looks to be something south of $500,000 based on the information you have given.

Would you buy a home for 20% more than what you can get it for?

Sorry but you have to understand, the buyers don't love your house- BUYERS - what Real Estate agents tell you - how nice your home is etc means nothing.

John
1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Wed Apr 7, 2010
Good move to lower the price as you have done, hopefully that will do the trick. In my opinion, 30 showings without an offer means that the price adjustment was necessary.

The short sales are having an impact on appraisals everywhere, initially, I do not think that distressed sales were factored in, but now that there is the likelihood of short sales being among the "best comps" they can't be avoided.

The positive reaction from the agents suggest that you may already have covered staging matters, but if not do that. Take a step back and be objective about your home, clutter, staging. If you find it difficult, hire someone to make recommendations you'll follow.

Next, review your photos and marketing materials with your agent...including the online piece and make any improvements/enhancements you can. Buyers love photos, high quality and lots of them.


Stick to your guns - the formula for success:
Smart Pricing + Maximum Exposure + Agent Effort.

Hopefully you next post will be to report that you have sold!

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
1 vote
David H Schu…, Agent, Naples, FL
Sat Jul 28, 2012
Every few weeks you should review the Comparative Market Analysis. The market is now more stable, but the numbers really do show what a buyer is willing to pay for a similar home. By considering ONLY the sold homes in the area and factoring in expensive upgrades, you can see where the market is selling. You can see what homes are listed for in Naples or Marco Island communities by searching our website http://www.agent4naples.com, which has current information but by looking at listing prices you really do not get a true picture of what things actually are selling for. By looking at what folks are asking, you may be pricing yourself outside the market. Your agent can show you a detailed analysis... and hopefully you will listen to the current market prices. Remember, you may take less for your home, but you can also expect to pay less for the home you buy!
Web Reference:  http://www.agent4naples.com
0 votes
Rich Homer, Agent, NAPLES, FL
Wed Sep 22, 2010
Hi Diane,

We would be happy to perform a Comparative Market Appraisal at your convenience. Let us know if this interests you.
0 votes
Dave Huff, Agent, NAPLES, FL
Wed Aug 4, 2010
ARE AGENTS JUST BEING POLITE ? RELIST ONLY IF YOU REALLY WANT TO SELL..
30 SHOWINGS IS AWESOME. SOME HOMES GET LITTLE OR NO SHOWINGS.
UNLESS YOU LOWER YOUR PRICE NEAR COMPS, YOU ARE JUST CHASING YOUR TAIL.
GOOD LUCK
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Thu Jul 22, 2010
The appraisers are right. Sold properties, that are comps are comps. Noone likes it, it is the way it is. This reality is just true. If you are getting tons of showings and are not getting negative feedback on something you should do like neaten up or lighten up...it is price that is holding you back.

Have your realtor give you the recent sold properties in your area...all of them... "regular" sales, short sales and foreclosed sales. Try last 30 days solds, that will work the best...if needed go to a longer period. I have to sometimes go to 6 months to a year to do this. You can also take a look at the competing properties in your area. Be very careful about your add ons. I paid 30,000 for a salt water pool with spa and enclosure. My added value is about 10,000 not the 30,000 I spent. Your add ons will do more to intice a buyer to your property because it has more to offer, however, it will not necessarily being more money.

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.ronanddebbie.net
0 votes
Rich Homer, Agent, NAPLES, FL
Thu Jul 22, 2010
Diane,

Have you sold your house yet? If not give us a call and we can take a look and let you know why it has not sold and give you an estimate on how long we think it will take to sell it. Might read our blog, as we are positive on the future of the market.

http://blog.naplesrealestateguys.com/2010/07/florida-homes-a…
0 votes
LEANN ANDERS…, Agent, NAPLES, FL
Wed Apr 7, 2010
diane,
this is tough without see in the home or even knowing where the home is located but here is my honest opinion. my partner an i had over 30 listings at the beginning of season and have 5 left that are not 5 pending or sold. it is back to old school of real estate according to my partner whom has over 30 years in the business and me just 10, which is price and location. your comment on comps and appraisal is unfortunately correct but when we list a property we will not take it if it is not priced correctly as it does us no good nor the owner. if you would like us to give you are honest opinion on value would be happy to do so however know it is not going to be white washed with what you want to hear like most buyers. your comment of not hearing from your agent also is not a good sign. if you had 30 showings what was the feedback ? any other questions or concerns feel free to contact me.
all the best,
leann anderson
premiere plus realty
leannnaples@aol.com
239-777-1823
http://www.naplesbeachandhomes.com

l
0 votes
Geoffrey Kle…, Agent, Naples, FL
Wed Apr 7, 2010
Diane:

I see you have already received quite a bit of feedback so my only comment will be about taking it off the market. I work mainly in gated, single-family, family communities in North Naples and can tell you the majority of my business over the past 19 years has been in the summer, not during the "season". Families with children are more likely to move during the summer recess from school. You do not want to take it off the market during the summer.

Good Luck,

Geoffrey Klein, CCPS, CRMS
Realtor
Coldwell Banker Residential Real Estate
Naples North Office
239-290-1764
geoffreyklein@comcast.net
0 votes
Alma Kee, Agent, Tampa, FL
Wed Apr 7, 2010
If your agent has not communicated, how do you know how the showing agents and their clients feel about your house?

Hopefully you're not making a huge mistake by being inside the house following the buyer and her realtor during showings. If you are, STOP IT right now .

New listings always get the most showing in the first two weeks so it's crucial to correctly price your property. If the agents "love" your house then it is probably still overpriced.

Pay $350 to an appraiser to get an updated "true" value. Realtors are notorious for either overpricing or underpricing listings. Get an independent opinion. You may be shocked to find out your house is only worth $500k, hopefully not.

Good luck!
0 votes
Jack J. Lann…, Agent, Naples, FL
Wed Apr 7, 2010
Hi Diane
I was curious as to where your property was located and the best I could come up with is the location is in Delasol. All the pieces of the puzzle seem to fit as we have access to listing history etc. Even the somewhat recent closing was not a short sale but a regular transaction and sold on 10/14/09 at $410,000 located at 15901 Delasol Ln. There is currently one under contract at $439,300 located at 15785 Delasol Ln.
If your home is in fact in Delasol it is currently listed with a recent price change on 3/16/10 to $549,900
The Agent that has your property is doing all the right things to market it and she is a very good Agent. You should have taken the appraisal reduction and saved a lot of grief and money. If you are not confident in out of town Appraisers (and I agree) I would pay for my own Appraisal from a local reputable company. Than you can promote the appraised value
DO NOT TAKE IT OFF THE MARKET! You are either in the market to sell or not. Buyers are plentiful in Naples and will continue to be so throughout the summer.
Your home is lovely! If I am wrong on any of the above I appoligize.
Jack J. Lanners, Realtor
Premiere Plus Realty
239-253-5446
0 votes
Emelia Sanch…, , Ontario, CA
Wed Apr 7, 2010
Diane,

Unfortunately your competition are the bank owned and short sales. Every time one of those closes will decrease the value of your home and you will continue to chase the market by lowering and lowering your price. Your home has been on the market since last April (1 year) You have decreased 50K in this time you could have sold it already for 540K that is 9K less than on the market right now. The buyers at that time were willing to pay 570K but appraised at 540K, buyers saw the 30K of difference not worth it for the shutters and artisan glass front door. VALUE is key. April is a hot month because buyers are scrambling for the tax credit. I recommend you lower your price enough to get multiple offers and have the opportunity to negotiate a contract. If you do not get it sold prior to contract expiration interview a minimum of 3 agents and go ahead and re-list as a new listing it will garner more attention but you will miss the buyers tax incentive.

Good Luck!
0 votes
John R Fee, Agent, Naples, FL
Wed Apr 7, 2010
Hi Diane,
Without feedback from your agent or the agents who have come by for showings, it is difficult for you to figure out what is keeping buyers from putting in an offer. Is your home still currently listed? Your agent should follow-up with showing agents so he can help you position your home to be the most appealing to the market. if that is not happening with your agent, consider an arm's length second opinion.

To have 30 showings without an offer of any kind is unusual. You might consider hiring a good local appraiser who would provide an unvarnished opinion of value and could give you a very accurate price at which your home would sell today. Buyers are using appraisers with increased frequency to make sure they are making an efficient offer. You might consider the same to get your home moving. I'd be happy to give you a referral if you need one. I wish you the best of luck!


John R. Fee
Keller Williams Elite Realty
24851 S. Tamiami Tr. Suite 1
Bonita Springs, FL 34134
Office: 239.949.8338
Fax : 239.949.8339
Direct: 239.776.0539
http://www.CaptureNaples.com
0 votes
Bill Westman, Agent, Naples Fl 34102, FL
Wed Apr 7, 2010
Have you or your REALTOR considered having an independent appraisal done that will control for the short sales and give you a value (regardless of what you may think the home is worth)? You can use the appraisal to deal with objections from prospective buyers. Remember,,,,,,it doesn't matter if agents love your house....they aren't going to be buying it!!!!!
I would keep it on the market at a price provided by a trusted independent appraiser.
If you are not getting good communication from your REALTOR, consider changing to one that will communicate to your satisfaction.
Good Luck,
Bill Westman, REALTOR
http://keatingrealty.com/Westman_B.html
0 votes
Cynthia Coro…, Agent, Marco Island, FL
Wed Apr 7, 2010
What makes your home special? How can you make your home just a bit more special than the others?
Are you living there while its on the market? Do you need to move now?
How many great pictures are on the internet? How recently has your agent looked at the marketing materials and words on the multiple listing service and internet materials?
How often has your home been open for an Open House? How much promotion is there?
The better eduated the consumer (that includes agents as well as buyers) the more opportunity there will be for your home.
Would a home warranty for a year be welcome by prospective buyers?
Maybe a stager needs to come in and help.
There is no question that short sales are hurting most markets. There are thousands of buyers who won't even look at them so all is not lost.
De-clutter, analyze colors in the rooms - are they welcoming?

And if all else fails, bake cookies right before a showing so the aroma tells the buyers that yours is a house they'd be eager to come home to. Light candles with a light vanilla aroma and place by the kitchen and bathroom sinks.

Good luck! Remember - it only takes one buyer.

Cynthia Ann Corogin
Realtor SFR
Amerivest Realty South LLC
CynthiaCorogin@aol.com
0 votes
jmonville, , Naples, FL
Wed Apr 7, 2010
Diane,

I agree with Carolyn. Price it for the market for today.

You need to talk with your agent and set up expectations of type of communication and how often you would like to communicate. One of the number one complaints that people have with their agent is communication. It is important to have reasonable and clear expectations on both sides. It could be a simple and easy fix. Instead of being frustrated with the agent maybe the agent doesn't realize that you would like more communications. And hopefully it will work out for the both.

I would also look for a new updated market analysis of what really is going on. Price it to sell today. Short sales and foreclosures are going to be around for awhile.

If you are still unhappy (after you have talked with them and give them a chance) with your agent then maybe you should take a look another agent(s). Interview several agents.
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Wed Apr 7, 2010
Diane,
If you are getting tons of showings and great feedback and no offers, you need to reduce the price of the property. A price reduction will work in allmost every case. If you wait until November, your values could fall further. All properties must appraise. The appraisers in our area go into the property to do the appraisal because even the same floorplan is not the same house.

Talk to your agent and see what they think.

Best of luck on your home sale.

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.ronanddebbie.net
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Wed Apr 7, 2010
Do not take it off the market. I find that there are more serious buyers during the summer. The amount of showings may decrease but there are less tire kickers. We are always busier during the summer in our office. The appraisals will hurt.....no getting around it......however you may find a cash buyer in the process. Let us know if we can be of any assistance. Good luck.
0 votes
Teri Forsberg, Agent, Naples, FL
Wed Apr 7, 2010
Diane,

You have every reason to be frustrated. It sounds as though you have been realistic with your pricing; just have not received an offer to accept. Was your agent marketing the property on the numerous websites for the general public to view? Most people begin their search on the internet so that presence is extremely important.

Please feel free to contact me regarding the current comparables or with further information you may be looking for. If you give me the address I will look at the home on the MLS to see if I have a buyer that may be interested.

Sincerely,

Teri Daggett
Realty Pros of Naples
239-287-8501
0 votes
Carolyn Thom…, Agent, Rockville, MD
Wed Apr 7, 2010
Tell your Realtor that you need more feedback. Ask what the agents are saying about your house.

Often if a home has the traffic but not the offers it is priced too high.

Try to do what you can to adjust for the market right NOW, as this may be the closest thing you see to a seller's market for a while. Many people trying to get the federal home buyer credit.
0 votes
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