house on market 14 months, perfect condition, lowered price, what next?

Asked by Sandra Shapiro, 60053 Fri Aug 31, 2007

LISTING PRICE IS LOWER THAN OTHER HOUSES IN AREA

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6
#1, , San Francisco Bay Area
Fri Aug 31, 2007
Have your agent check the recent comparables and drop it again.

Somehow you have to make your home stand out above all others to get it sold.

Location plays a part but price is today's buyers motivation... unfortunately.
1 vote
Lee Taylor, Agent, Charleston, SC
Sat Sep 1, 2007
Increase your advertising and lower the price some more, or take it off the market.
0 votes
Patti Pereyra, , Chicago, IL
Fri Aug 31, 2007
Hi Sandra,

What type of feedback have you had on your home?

What you feel is"perfect condition" might mean something else entirely through the eyes of a buyer.

Various things can affect the sell-ability of a house, i.e., layout, room sizes, amount of light that enters the home, even less-than-conventional paint color.

It's important that you get an objective point of view to be sure you have done all you can to ensure that your home is as 'sellable' as possible.

Finally, as Cathi said, don't always go by how the neighbors are pricing their homes. A person can price their home however they wish; it is what the market is willing to pay that matters. Be sure your home is priced accordingly.

As an FYI, in the Morton Grove area of Chicagoland, there are currently 206 single family homes on the active market, and in the past 12 months, the average 'sold' statistics is a worrisome 56%. The average market time over the past year has been between 100-160 days. But again, this is for only 56% of the inventory, which did sell at about 95% of asking price. The rest of the inventory over that time period expired.

Good luck, Sandra. Sorry for your frustration!
0 votes
Mr.P, , Arizona
Fri Aug 31, 2007
Hey Sandra your not alone, I have gone to a bunch of anniversary parties lately.

You can do three things here.

1) Take it off the market, wait it out. How long that would be who knows? 6 12 18 months?

2) Drop the price 5k every two weeks.

3) Review the Marketing. What`s your Realtor doing to get the word out? Internet, Newspaper, Broker/realtor open tour/ open houses, Mailers? Owner finance?

Good Luck
Patrick
0 votes
Pam Winterba…, Agent, Danville, VA
Fri Aug 31, 2007
Sandra

You did not say if you had any offer during the 14 months.

Are you getting showings but not offers? Are buyers using your home to compare.

I am guessing your property is easy to show with a security box or is it shown by appointment only? Do you have a security box on the property or is it shown by appointment only.

Have your Realtor do the comparables for you and see where the values are and what has sold during your time on the market. How long before they received and acceptable offer?

I would also review your marketing plan with your Realtor. Good luck.
Web Reference:  http://pamwinterbauer.com
0 votes
Cathi Weaver, Agent, Chicago, IL
Fri Aug 31, 2007
Hi Sandra,

Even though the listing price is lower tan other houses in the area, it is the recent selling price of other comparable homes that takes precedence.

Also, if you have been on the market for 14 months and have lowered or been lowering the price, you are simply chasing the market.

If you don't need to sell right now, I would suggest you take if off the market. If you do need to sell, depending on when that is by, I would sit down with your Realtor after they run new comps and aggressively price your home. Taking it off for awhile might not be a bad idea anyway since it has been on so long. Some people just figure a home on the market for greater lengths must have issues even though it may just be a matter of overpricing.

I'd be interested in looking your home up if you'd like to send me your MLS #.

Let me know if I can be of any assistance!

Cathi Weaver
Web Reference:  http://www.cathiweaver.com
0 votes
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