Good traffic, no offers?

Asked by Alan Ewing, 28210 Mon Jul 30, 2007

Our home in south Charlotte has been on the market since mid-June and has had consistent traffic, (28 showings to date). Feedback has been very positive with some concern about the corner lot. What are realtors seeing in the under $300,000 market?

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Joshua Jarvis, Agent, Duluth, GA
Mon Jul 30, 2007
A good rule of thumb is that 10 showings should be an offer - if not, then you may be slightly off (1-3%).

Some things to look for are where are you priced? Are you at an odd price, like $296,500? People on the internet shop in 5, 10's and 25's. So if you aren't in a certain bracket you might be getting missed by the right buyers.

Also, what are the people buying instead of your home. It takes some leg work but you can usually find out what people bought instead of yours. This will tell you a few things about your home as well.

Bottomline - it's price or condition - as long as your home is exposed to the market. With 28 showings I'd say you're exposed.
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3 votes
Scott Hartis, Agent, Charlotte, NC
Mon Jul 30, 2007
There are only a few things that affect how quickly a home sells. They are price, condition, and location. You obviously can't change the location. It sounds like from the feedback that the condition is good. So, that leaves only one other variable, and that is price. If you have had that many showings, and no offers, it is overpriced. If your home is listed with a Realtor, you should have then do another CMA to see what other homes have sold for since you first listed your home. Regardless, it sounds like you need to lower the price. A good rule of thumb is that for every ten showings you have, you should receive an offer. If you haven't, you should lower the price after every ten showings.
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3 votes
Deborah Madey, Agent, Brick, NJ
Mon Jul 30, 2007
Good traffic without an offer is an indication of a price that is slightly high, but not over the top. When a property is very high, the market ignores it and you get no showings.

When buyers come to visit it and tell you that they are concerned about the corner, what they are saying is for this amount of $$, I don't want to be on a busy street. They believe they can spend the same, or near the same amount of money, and do better. The only way to compensate for a busy corner is price.

You must balance price and exposure. You are getting showings, so there doesn't seem to be much question about exposure. On the pricing side of the balance scale, you either add value to bring the proeprty up or decrease the price. In your case, you can't change the fact that you are on a busy corner, so you can only address it in the price. An example of where a homeowner could add value instead of lowering the price might be in staging, de-cluttering, repairs.

You need to price with the corner in mind. This way the buyer will say, "It's on a busy street, but it has so much more than x property down the street. I'll live with the busy street." It was to be worth it to the buyer to accept the drawback of the corner.
3 votes
Irina Netcha…, Agent, San Marino, CA
Mon Jul 30, 2007
Hi Alan,

Good traffic, no offers usually means the home doesn't show well. Have you considered having it staged? That would be the first area that I would revisit.

I'm including a post that I did on staging for your information.

Good luck,
1 vote
Diane Glander, Agent, Spring Lake, NJ
Mon Jul 30, 2007
When you have good traffic, but no offers, you need to lower your price. There is a buyer out there. A house is only worth what a buyer will pay for it.
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1 vote
Nathan Wolf, Agent, Charlotte, NC
Wed Jun 29, 2011
This question is from 2007!!!


If this post answered your questions, GIVE ME A THUMBS UP!
Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
charlotte mls realtor home listings
0 votes
John Siddons…, Agent, Charlotte, NC
Tue Jun 28, 2011
Price is always best indicator for lack of offers. Customers determine the market value of homes and so when looking for that "shiny penny" be sure yours is the best value at your price point.
0 votes
Cindy Mclawh…, , Greenville, NC
Mon Jul 30, 2007
Hi Mr. Ewing,
I am a broker in Greenville, NC. To answer your question as related to our market: We have had 39 homes listed since your home and from $275,000-$325,000: 9 of those homes are either pending or closed. Still leaving 30 homes with this criteria on the market. Remember, Pricing and location are the keys to selling a home. Have you reviewed pricing with your Realtor? Another idea(if not already done). Have an inspection done and start working on any repairs needed. This way, your home will be move-in ready.Hope this helps.
Cindy McLawhorn
Century 21 - The Realty Group
0 votes
Jonathan Osm…, Agent, Charlotte, NC
Mon Jul 30, 2007
When your home hits the market for the first time, its imperative that your home launches at the right price, with all the promotion of a good marketing plan, staged, and ready to go. That way, you're capturing the buyers currently in the market that are ready to write an offer. They usually see the home in the first two weeks. After that, you are either waiting for new buyers to come into the market or you're stuck convincing the buyers who have rejected your home to take a second look with a lower price or additional concessions.

Sounds like you are in the second stage now. Your agent should be contacting the buyers who have gone through to see if they purchased elsewhere and what is keeping them from making an offer. Also, they need to be watching the market around your home (much like an investor watches the stock market) to see what new listings are available and their price, which are under contract since you listed, and which have expired, withdrawn and sold. This info should be conveyed weekly so that you can tweak your marketing gameplan.

Also, ask your agent to take you on a tour of your competition to see how your home matches up. That way you can see it from the buyers eyes.

Under $300,000 is a popular price point and depending on location, homes sell relatively quickly. So instead of going by vague recommendations, you need to get a diagnosis of the problem. Hope that helped.
0 votes
Mark Gillett, , 28211
Mon Jul 30, 2007
Staging has been mentioned as a possible concern. The decision to purchase a home is wrapped up in a bundle of emotions. Remember it is not a house it is another family's future. You want to reflect that when prospective buyers enter your home. Remember that starts at the curb. Consider hiring a stager. “Detail your home” that is to say, make sure it is extremely clean. No scuff marks, no wall dents, no “designer colored walls etc. You are competing against new construction so make sure you house looks it. Many of those “little” need to repair items that you have accepted as part of your house can cause a buyer to look else where. All homes have a price range. I suspect it is your goal to sell at the top of that range.
Just my opinion.

Mark Gillett
0 votes
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