Home Selling in 07607>Question Details

Dfcarton, Home Seller in 07607

been on market from may 3 2010 at 382,500 lots of lookers but no offers, should we lower price or wait ???

Asked by Dfcarton, 07607 Thu Sep 9, 2010

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John Sacktig’s answer
Sounds like your priced too high.

Lower the price.

Sellers concessions., bonuses and raising the commission wll no t make a difference.

A buyer if looking for you to pay the closing costs they will ask anyway.. this is not going to drive buyers to you.
Selling agent bonuses.. dont work.. if they do not have someone interested.. they are not going to come. Raising the commission is not going to bring in Realtors. If a Realtor does not have a buyer looking for what you have.. which is either the type of house, location or price range.. nothing.

Reduce the price.
2 votes Thank Flag Link Fri Sep 10, 2010
BEST ANSWER
Four months on the market, lots of lookers and no offers - yes, by all means adjust the price. The test of price is traffic but more importantly an offer than can be negotiated to agreement. The right thing to do is to adjust your price - I would not wait any longer, frankly would have preferred to see it come earlier, but do it now to take advantage of the fall window. Soon the holidays will arrive and it is sluggish then.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
1 vote Thank Flag Link Thu Sep 9, 2010
If you have not adjusted the asking price since you listed it in May and you have had no offers, then the house is definitely considered "stale" by potential buyers. Your home is in a good community (Maywood), but may be judged to be overpriced by the potential buyers and their agents at this point.

Ask your agent for an updated assessment of its value, with recent comps, and listen to his/her recommendations. Not knowing where it is or what shape it is in, it may be a combination of market factors, location, condition and appearance, etc. If you continue to fail to sell your property and the listing expires, give me a call. Good luck in your endeavors!
1 vote Thank Flag Link Thu Sep 9, 2010
Okay folks, save your powder, this question is 2+ years old, I'm sure the seller has sold or moved on! Gotta check that dateline before you answer!
0 votes Thank Flag Link Mon Aug 13, 2012
Yes, have your agent prepare a current market analysis and follow the average sold prices not active listed prices and check what is the Agents recommendation. In my opinion and in an earlier reply from a great professional Ann Santee the price should have been adjusted after the first month of no offers. We are now going into fall and this is always a slow period in Real estate due to school start and beginning of Holiday season and prices should be adjusted accordingly.
Good luck.
0 votes Thank Flag Link Mon Aug 13, 2012
Dear Dfcarton,

First of all if you have had plenty of activity, but have not received a written offer or have had a prospective buyer visit your home more than one time it is definitely not priced to sell. Usually after 30 days on the market, even in this slower real estate market, a price repositioning is definitely necessary. Actually, the past two months which are usually the slowest of the real estate selling year combined with the intense heat, we have had the busiest summer compared to the past three years.

Buyers are certainly looking, so I would recommend that you reduce your price immediately. And, please keep in mind that a reduction of $5,000 really does not entice buyers to make an offer. A price reduction must be considerable to make an impact on the buyer's decision to purchase.

Please contact me any time at 201-233-5278 so I can help you make a decision on pricing. By getting more information on the location, updates, condition, and attributes of your home, we can make a qualified decision on a great selling price.

Professionally yours,

Ann Santee
Broker Associate
Vikki Healey Properties
201-233-5278
201-881-7906
0 votes Thank Flag Link Mon Aug 13, 2012
Hi D - What did you decide to do?
0 votes Thank Flag Link Fri Sep 24, 2010
First off let's do a real job on the comps in your town for houses similar to you that sold. If there is a wide disparity, than lowering the price is the obvious answer (anything will sell if priced low enough).
If your asking price is on the mark, than i would look at ways to make the house more attractive to buyers. (fresh paint, uncluttering, perhaps minor updating)
Lastly I'd try to set a market plan to target those people who should be interested in your house(location, business etc.)
Best of luck,
Murray(Murph) Plishtin
0 votes Thank Flag Link Tue Sep 14, 2010
Sorry, but why are you selling?

We though of selling and buying closer to work, but it would have been a loss financially - even if we stayed in the same town (which I love).

I'm no financial wiz, but I think buy, sell, and buy transactions cost more than to just stay put and pay it off and retire early / without any debt. The other option is to simply upgrade and renovate to make your home be what you want.
0 votes Thank Flag Link Mon Sep 13, 2010
To me the most important question is what is the showing feedback? Maybe the lookers don't like the paint color. Believe it or not, something that simple could deter an offer. And something as simple as repainting could fix it. Sometimes adapting to the demand can be cheaper than lowering price. Your Realtor should be guiding you base on the feedback. After every showing you want to know what was preventing that buyer from making an offer? Very quickly you will gain an understanding of what needs to change. With so many showings, obviously your price is not too high so as to deter people. Reducing the price may be necessary but only after exhausting other analysis. Otherwise, it is juts an easy way to sell the home without trying to really addressing a potentially fixable issue.
0 votes Thank Flag Link Fri Sep 10, 2010
If you've had a lot of action, it's probably not the location.
If the home shows well & is presentable, it's probably not the condition, either.
If it's been on the market for that long with agents showing it, then the market is screaming at you to reduce the price to market value.
You need to change your outlook or your agent, possibly both. Quite often, sellers get a $-figure in their head and that becomes their reality. It's common, but's not the reality of the market, which is all that matters & all a financial institution will lend based upon as well.
If your agent/broker has not advised you this way, get rid of them. If it's you, change your outlook.
You need massive exposure in order to maximize demand & selling price...but asking price is where it all begins.
Best of luck!
0 votes Thank Flag Link Fri Sep 10, 2010
You listed your home at the hight of the Real Estate Season and you now are in the low season and it is harder to sell.
You should have reduced as soon as you had no offers and a lot of activity that usually is a sign of the price being too high. First reduction should have been within a month form listing price and then a second reduction around August. Please have your realtor give you an opinion sheet to buyers and they will tell you what is wrong but most likely it is priced to high. It is a good Idea to ask you realtor to take it off the market and re-list it with the new price so it appears as a new listing!!
0 votes Thank Flag Link Fri Sep 10, 2010
Have you offered any incentive, perhaps you can assist with a buyers closing costs (seller concession). Sometimes this is all you need to spark a deal, and paying the buyers closing cost may only set you back about $5000.00 but thats better then lowering the price by $10,000. You can also increase your commission to the realtors, sometimes this attracts more traffic. Going from 6 percent to 7 percent commission will set you back only another $4000.00, but again, its better than lowering your price by $10,000. Or you can do a combination of increased commision, selling agent bonus, seller concession, lower the price, etc. Nothing is stopping you from pulling out all the tricks, it all comes down to how bad or how fast you need to sell.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Sep 10, 2010
What does your Realtor say?
My opinion:

See link below. Average price per square foot is rising 8.6% from 12 months ago. Your home is worth MORE now than when you listed it. Which means.....it is priced too high...otherwise...it would be SOLD.

I would take it off the market, repaint the trim, the front door, add fresh flower to the front yard, declutter, clean, paint, take new photos, then put it on the market at 5% less than listed.
0 votes Thank Flag Link Thu Sep 9, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
If people are looking and not buying, I would reduce. If you were my seller, I would have had you reduce after the first 10 showings or so. What is the feedback from the buyers? Have you had a CMA lately so that you know what the market and your competition is doing?
Can you afford to reduce, or are you in a potential short sale scenario?
Real estate 101 says that if the buyers are coming, but not putting in offers, you need to reduce. At least it would seem that the agents don't think you are too overpriced, or they wouldn't be showing your home.
What happens to your market in the Fall? Do things slow down until the Spring? You might need a more drastic reduction.
Contact your agent to discuss your price/feedback/market conditions asap!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Sep 9, 2010
All good responses so far - I will add my two cents: reduce the price or take it off the market until the spring... Good Luck!

Jennifer
0 votes Thank Flag Link Thu Sep 9, 2010
Hi Dfcarton: What does your realtor recommend? Being a Maywood realtor I can tell you that as of today there are 48 houses in Maywood for sale, and only 3 are in attorney review. There are quite a few under contract. Without knowing any information about the house (number of bedrooms, baths, location, etc) I can tell you that the prices have come down in Maywood quiet a bit. Speaking in general, if you have not got an offer YES reduce it and make sure it's being marketed correctly. Good luck!!!!
Diane McVey
Gentry Realty/Maywood
0 votes Thank Flag Link Thu Sep 9, 2010
Dfcarton,

I don't know where your home is located but thereis a lot of inventory out on the market right now and the way buyers are thinking is if you will not give me your house for what i want to pay i will move on to the next. There are only 3 things that control the sale of your home 1. Location 2.Condition 3. Price. I don't know the location and don't know the condition and with that i can not tell you if you are properly priced. The only thing I can tell you is that you can not pick up your home and move it to a better location, I am sure you want to get the most money out of your home and not spend any more money on it, so therefore the only thing you can control is the price. The market has dropped in prices and yes it is harder to get a mortage because a few years ago banks were handing money to any one but anyone who says the market is slow or not a good maret is not working and that is the reason they say 80% of your realtors make 20% of the business and 20% make 80% of the business. My suggestion is if you have been properly marketed (which I don't know) then drop the price anything is saleable if you are priced correctly. Trust me if you were priced correctly or under priced you would have had 30 offers on the property so droppinng a little can only bring you more activity.

Ron SImone Jr.
All Towne Realty
Commercial/Residential
Broker/Associate
732-978-0991 Cell
732-453-2930 Private
RSJ58@aol.com
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009







Top 1% in sales of over 16,000 Union,Hudson,Bergen,Essex & Middlesex County agents in 2006 & 2009

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0 votes Thank Flag Link Thu Sep 9, 2010
What is your agent suggesting--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--if you had good traffic and no offers, yes the price is generally the culprit--also make sure that the property shows well, is neat, clean, clutter free and don't forget the exterior for curb appeal.
0 votes Thank Flag Link Thu Sep 9, 2010
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