my house has been on the market in macedon, ny for almost 3 months- no offers. i bought it for 180... put 25,000 into it. the real estate person

Asked by Ellie, Macedon, NY Sat Sep 5, 2009

res. starting at 199- it's now 179. Should we further reduce? If so- how much? nothing is moving- and I have a job elsewhere. thanks

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The Hagley Group’s answer
The Hagley G…, Agent, Pleasanton, CA
Sat Sep 5, 2009
If a home dosn't sel, it comes down to either Price, Product (your home) or Pitch (the marketing.) Review all three...it's usually price, followed by marketing. In any market, any home, properly priced and properly marketed, should sell within 30 days.
Web Reference:  http://www.cindihagley.com
1 vote
Andrijana Fu…, Other Pro, Reminderville, OH
Sat Sep 5, 2009
Hi Ellie!!

It all depends of the available properties in the area (same price range)... Usually, just reducing the price and not taking care of the reason you are not getting an offer, does not help. An example is the 20K reduction you have had over the 3 month period and still no offers coming your way.

If you send me the property address and some photos, I could give you further suggestions.

Regards,
Andrijana Furniss.
homesaglow@gmail.com
330.357.1151
Web Reference:  http://HomesAglow.com
1 vote
Bill Eckler, Agent, Venice, FL
Sat Sep 5, 2009
Ellie,

We are sorry to hear of you difficulties.......as hard as it is to do, it's evident that you are still searching for the bottom of your local real estate market. Unfortunately, if there have been no recent sales in your area you may be determining the acceptable price level.

Good luck
1 vote
Paul E. Bocka, , Fairport, NY
Fri Sep 11, 2009
Suggestions for STAGING YOUR HOME TO SELL

Make the Most of that First Impression
A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted - or at least freshly scrubbed - front door. If it's autumn, rake the leaves. If it's winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
Invest a Few Hours for Future Dividends
Here's your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. Prospects would rather see how great your home really looks than hear how great it COULD look, "with a little work."
Check Faucets and Bulbs
Dripping water rattles the nerves, discolors sinks and suggests faulty or worn-out plumbing. Burned out bulbs leave prospects in the dark. Don't let little problems detract from what's right with your home.
Don't Shut Out a Sale
If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect's mind. Don't try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
Think Safety
Homeowners learn to live with all kinds of self-set booby traps: rollerskates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
PREPARING
YOUR HOME
Make Room for Space
Remember, potential buyers are looking for more than just comfortable living space. They're looking for storage space too. Make sure your attic and basement are clean and free of unnecessary items.
Consider Your Closets
The better organized a closet, the larger it appears. Now's the time to box up those unwanted clothes and donate them to charity.
Make Your Bathrooms Sparkle
Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats and shower curtains.
Create Dream Bedrooms
Wake-up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful beadspreads and fresh curtains are a must.
Open up in the Daytime
Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
Lighten up at Night
Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
Relax
If you must be present during your showing, be friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.
PREPARING
YOUR HOME
Watch Your Pets
Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. Do everybody a favor: keep Kitty and Spot outside, or at least out of the way.
Think Volume
Rock-and-roll will never die, but it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo or TV.
Don't Apologize
No matter how humble your abode, never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home's appearance, let your REALTOR handle the situation.
Keep a Low Profile
Nobody knows your home as well as you do. But your REALTOR knows buyers - what they need and what they want. Your REALTOR will have an easier time articulating the virtues of your home if you stay in the background.
Avoid Crowd Scenes
Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company to a minimum.
Don't Turn Your Home Into a Second-Hand Store
When prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
0 votes
Paul E. Bocka, , Fairport, NY
Fri Sep 11, 2009
How you price your home will directly impact upon how many buyers, showings and offers you attract, and ultimately to how easily it sells. At the Pricing Pyramid's center is the fair market value at which a reasonable percentage of buyers would view and purchase your home. When you under-price your home you'll attract a greater percentage of buyers, and when you overprice it you'll attract a lesser percentage of buyers.

The strategy of overpricing your property—knowing that you can reduce the price later—might make sense at first glance. However, it seldom works. In fact, sellers who overprice their properties—even just 10% above market value—often end up getting less than they would if they had priced it properly from the start.
Here is why:
- A high price on your property makes other comparable properties more attractive, so you actually help to sell your competition.
- Fewer buyers will respond to ads, fewer agents will show your property to their buyer clients, and you'll get fewer serious offers if any at all.
- Inflated prices often lead to mortgage rejections and critical lost time waiting for finance approvals that don't go through.
- Reducing the price after buyers have begun to perceive your home as a "stale listing” will not generate nearly as much interest as if you'd priced it properly from the start.
- This is why accurately pricing your property to coincide with its window of maximum market exposure and buyer interest is so important.

The ultimate selling price of a home is the highest price our local market will bear. To assist you in determining the correct asking price, you should have a comprehensive market analysis of comparable properties that have been recently offered for sale in your neighborhood. This analysis is based strictly on homes that can be considered similar to yours.
A comprehensive CMA is divided into four categories:
1. Similar properties that are currently listed
2. Similar properties that have recently sold
3. Similar properties that have sales pending
4. Similar properties that failed to sell
By carefully studying the comparable property locations, features, and the terms under which they are offered, we can develop a clear picture of the potential market for your property.
By looking at the properties currently listed, we can see exactly what alternatives a serious buyer has to choose from. We can be certain that we are not under pricing the property.
By looking at similar properties recently sold, we can see what homeowners have actually received over the last few months. This is the acid test that is used by lending institutions to determine how much they will be willing to lend a buyer for your home.
While we naturally want top market value for the home, we can agree that there's a point where the price would be too high. By looking at homes that didn't sell, we can accurately determine that price point and be careful not to get too close to it. By doing our homework diligently, we can get maximum dollars in a reasonable period of time.
0 votes
Aaron Lazenby, , Rochester, NY
Wed Sep 9, 2009
Ellie-
Has the realtor given you suggestions on what might be done to make the house more marketable? Sometimes some small cosmetic updates or hiring a home stager to give you some advice might attract the right buyer. A lease option and/or owner financing might also help. Best of luck
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Sep 6, 2009
Option have you considered a lease or lease option purchase?

Ask your listing agent provide you DOM in your area. You can have an ugly home with bidding war, vs. a nice house difficult to state the why's

Good luck

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911
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0 votes
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