Home Selling in Mayfair>Question Details

Robert Cobb, Other/Just Looking in Mayfair, Philadelphia,...

price drop...

Asked by Robert Cobb, Mayfair, Philadelphia, PA Thu Jul 9, 2009

i put my house up for sale 48 days ago, we have had 6 showings, and two offers, unfortunatly both offers turned into credit problems, we live in 19149 the avg listing is 143k the avg sell 132k, we are listed at 130k, i listed it that low to attract buyers, we have updated property with new bath, newer kitchen, new central air, new heater, and so on, i really hate to go below our asking....am i being unrealistic? all the people who have seen the house have liked it, the two did want to buy, the others did not like the traffic on our street, our mls is 5529491....do you believe the results so far have been ok? we have had about one showing per week?

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I looked up your home in the Multiple Listing Service. I have worked with your REALTOR in the past as a cooperating broker. I am happy to say that I have had favorable interaction him and his office leading to positive results. I suggest that you give him a call and voice any concerns. It is very important that the two of you are on the same page in this very important transaction.

Keep in mind that there are presently 58 homes on the market in 19149 between $120,000 and $140,000. 57 of these homes are your competition. On average 12 buyers each month have purchased in this same zip code / price category. This is about a 5 month inventory accumulation (there are home sellers across the nation that would love to have only 5 months of active inventory on the market). If these statistics hold true, that will leave 46 homes plus any new listings that jump into the market as your competition next month. 122 properties sold between $120,000 and $140,000 in 19149 over the past year with an average “days on market” of 54 days.

Selling a home can be very stressful. I haven't met many sellers that like to go below their asking price. However in the end, the sellers that drop below their asking are most often doing so to meet market demand. Value is in the eyes of the beholder. If your home is worth $130,000 you likely will not have to adjust. If you have the time you may want to be patient a bit longer. If time is not your best friend you may want to adjust your price or product so that you may be better positioned against the 57 other ACTIVE listings in your area to capture one of this month's likely 12 buyers.

One of the best ways to gauge how well you are positioned against your competition is to go on a consumer site(s) like Tulia.com or Realtor.com and do a search in your area wearing your buyer hat instead of your seller hat. Try to put aside any personal emotions or agendas (I understand that this is easier said than done) and see what properties catch your eye? Which properties are you tempted to go see? If your home is not in the top 12, you may want to be more proactive.

Good luck!!
2 votes Thank Flag Link Mon Aug 3, 2009
I am leaving that area because the crime is going up and not petty crime either my parents are trying to sell in 19149 as well and they are having problems also.
0 votes Thank Flag Link Mon Jul 22, 2013
Hiya Robert,

Sorry I'm a month late, but I had to jump in. You didn't need to lower your price that much. You needed better staging. Here are some specifics:

1) DECLUTTER. I can see all your personal bathroom products (lotions, perfumes, etc.) in the pictures and it is extremely distracting. I need to see the floors and walls, not Vaseline lotion, Garnier Fructis, your toothbrush, and knicknacks. Also, too much furniture in the dining room picture. The heavy personalization makes it feel more like I am a guest in YOUR home, instead of making it my own. It looks like you have a nice house, but I have to 'imagine' too much. Google "staging" and you'll find some great suggestions.

2) Better angled pictures. From your pictures, I get the feeling the home is tight & confined, not open & airy. For instance, the kitchen. Stand back and get one nice, wide shot...as much as you can, anyway. If I can see the wood grain of the cabinets, you're probably standing too close. :-)

3) Paint the wood paneling in the living room & basement, or better yet, throw up drywall & new trim on top of it. Both are relatively easy to do and inexpensive. If you can't do it yourself, there are a bunch of freelance contractors in your area that could probably do it in a day. Most buyers don't like 80's paneling.

Honestly, your realtor should have advised you about staging and better pictures before suggesting you lower the price. The qualified buyers are another red flag. If I were you, I'd consider hiring someone new, and listing for $129,900 as suggested in another post. Best of luck to you!!!
0 votes Thank Flag Link Fri Sep 4, 2009
The amount of showings you have received is positive. And of course the fact that you received two offers is even better. The thing that worries me is that you or your agent accepted offers from buyers that were not qualified. Are you being represented by an agent? If so your agent should have reviewed the buyers financial sheet and the pre-approval letters. Sometimes things fall through but to have two fall through is a little fishy.

I would keep plugging away with the currently listed price and if you receive showings at the same pace then you are good. If you do not receive any offers from these showings for 1 month then I would reduce the price accordingly.

If you need assistance with this process should you be working as a For Sale By Owner please feel free to call me.

Best regards,
Carmel Archdekin

Did you know there are only 4 months left until the Free $8,000 tax credit expires?
Start looking NOW – the average homebuyer takes 2-3 months to find and settle on a home
The deadline to settle is November 30th 2009—do your friends a favor, tell them to call us today

Carmel Archdekin
Coldwell Banker Preferred
223-225 Market Street
Philadelphia PA 19106
Office: 215.923.7600
Cell: 215.680.5998
EFax: 215.940.8207
Web Reference: http://www.liveinphilly.net
0 votes Thank Flag Link Tue Aug 11, 2009
In order to sell, your house needs to be priced right and look better than its competition. Looking at the photos you have posted on the MLS, there are some ways to improve the appearance of your home for potential buyers. I would suggest de-cluttering to start. Most buyers begin their search online and the photos need to show the house at its best. Good luck!
0 votes Thank Flag Link Mon Aug 3, 2009

Selling a home can be very stressful. I am sorry you are having so many issues.

I would have to first ask, if those buyers who put those offers in were working with your agent or had their own buyer agents? If they had their own buyer agent, your Realtor should have done their homework and made calls to the mortgage lender and asked specific questions of that lender. Due to privacy issues, the lender can't provide personal information about the buyers but there are questions your agent can ask to make sure there will be no problems down the line. Since I do not know all of the facts, this is the only advice I can provide at the moment.

If your Realtor was acting as a dual agent, (representing both you and the buyer) Did you sign off on that, allowing that to happen?

48 days is getting up there and may make the listing become stale. Now, is the time to do something different.

See, what many sellers think is that the lower the listing price is, the lower the offer will be and that simply is not the case. When a home is listed properly, it sells for asking price or extremely close to it. At this point, I think your home may still be listed too high. I'm thinking $129,900 would be more like it. You may just need to make peace with that.

Had you listed the home at $129,900, it is my opinion, you would have sold it already and may even have gotten a little bit more.

The problem you may continue to have is with buyers not qualifying and that is the problem with the Realtor. Buyers should already be qualified BEFORE they make offers on homes but many Realtors are desperate for business and get a lead on a buyer who they never met, run them out to see your home and then get them qualified and find out they can't get a mortgage. Huge waste of everyone's time and clearly shows the inexperience of both Realtors. Again, this is just my opinion and my experience.

If your home sits on the market much longer, it will become stale and you will have to lower it much more and then you may get below market value. The time to act is now.

If you have any other questions, please feel free to ask.

Good luck.

Renee Porsia
Associate Broker
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
0 votes Thank Flag Link Mon Jul 13, 2009
My guess is that you have listed your home with and MLS Entry Only broker, which is why you are posting your question on Trulia rather than asking your Realtor.

A few things you might want to think about:
1. In the marketing of a home, what is THE most important single factor in obtaining a successful sale?

Answer - pricing. So you are asking US, hundreds of people from all of over the US, what we think? We don't know your situation (when you need to move), your property, or your market.

2. Look at the link below. So you are in a declining market. That is why it is the interpretation of market stats that makes listing agents invaluable (meaning you cannot put a price on their knowledge). Pricing is not about selling price, or price per square foot. It is more like a game of chess.

How many homes are competing with yours?
How long have they been on the market?
How many homes, like yours, since your home hit the market, have
Lowered their price
Gone into escrow,
Come on the market
Come BACK on the market (fell out of escrow(

How do you know that buyers that do make offers can close? Who's going to call THEIR lender to find out what's going on? Who is going to counter in a direct lender that can close "for sure".

No offense, but would you hire ME if I had your broker's track record. Ask your broker how many homes they've sold in the last year.

Good luck.
0 votes Thank Flag Link Thu Jul 9, 2009
Keith Sorem, Real Estate Pro in Glendale, CA

PLEASE CALL ME ...... 215 295 9080

0 votes Thank Flag Link Thu Jul 9, 2009
Good Morning Mr. Cobb,

The best option is to contact the agent that is representing you and inform them about your concerns.

Peter Lavelle
Citizens Premier Real Estate
(215) 396-0500 Ext: 3440

Sellers- Your home sold under 120 days,
GUARANTEED, or I'll sell it for free!!!*

*Conditions apply
0 votes Thank Flag Link Thu Jul 9, 2009
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