Home Selling in Bon Aqua>Question Details

Jim Brightman, Both Buyer and Seller in Bon Aqua, TN


Asked by Jim Brightman, Bon Aqua, TN Tue Jul 1, 2008

We have a beautiful custom home located 30 minutes from Brentwood in the town of Bon Aqua, it has been on the market for about four months now(MLS 961150) and we have not had any showings for a couple of months now. We have reduced the price several times because we desperately need to move due to a career change. Please give us some pointers. Thanks for all of the help it is greatly appreciated!!!!!

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Dear Jim..... some sellers who are desperate to sell their homes but have no equity yet are considering renting their homes out for a while until the market gets a little better. In this way you have a tenant that will help pay the mortgage for you, taking some of the pressure off you and wife. If this is an option for you, talk to your agent. Your agent should also be able to set up a company to do property management for you while you are away. I hope this advice is helpful. Good luck.
Web Reference: http://www.YvonneBaker.com
1 vote Thank Flag Link Wed Jul 2, 2008
Jimand Dana: I just looked up the listing - - it's a nice home,,pictures look good. did a very quick comp - - your agent has the house listed too high. Avg. selling price within a 3-5 mi. area is around the $200-220K price. Sorry! Remeber, you just purchased the home in Mar of '07, not really enough time to build up any equity. I'd suggest meeting with your agent, have her pull another set of comps since the date of listing and review that data. Then talk seriously about the correct price. Since you seem to want to movet he property asap, then suggest new list price to be 2-5% the average selling price. Also, make sure that the selling broker commission is a full 3%! That will drive more traffic to the property. Also ask for a detailed marketing strategy/implementation plan to review with your agent. Go over that in detail and discuss with the agent where they have fallen short somewhat and discuss new ways to market the house.
Best of luck. Let me know if I can be of more help. I can recommend an agent in your area that does get results! Good luck!
Just email me at Tina@tinaevans.net

Tina Evans, Principal Broker
Web Reference: http://tinaevans.net
1 vote Thank Flag Link Tue Jul 1, 2008
I assume you have a full service, full time agent? It's in the MLS. Despite your price reductions, it is likely a price issue (sorry).

Sounds like you are in a hurry. Maybe you want to consider a real estate auction. Call Lynn (see web site). Your agent will continue to be your agent, so no losses to her/him. Please, tell Lynn I recommended her. She's a huge resource, and they do auctions nationally.
1 vote Thank Flag Link Tue Jul 1, 2008
Speak to your Realtor and ask him/her point blank why you haven't gotten any showings. It's very likely due to: (1) improper pricing (too high, despite your reductions), and (2) insufficient marketing (though, if the price is too high, all the marketing in the world won't help).

So, address pricing by asking your Realtor for a current CMA (competitive market analysis). Make sure you're priced at the low end.

Address marketing by reviewing the marketing plan your agent presented you at the time of the listing. Make sure, first, that he/she is doing everything on it. Then find out what else can be done. Make sure you have a good Internet presence, and lots of good photos. Make sure your agent is marketing your property by mailings to targeted neighborhoods. Make sure your agent has held a broker's open. Make sure your MLS listing is complete, and presents your home in the best possible way. And ask your agent for three other ways he/she will market your home. If your agent can't come up with three other ways (there are dozens; don't worry), then ask yourself how well served you are by your current agent.

Heck: No showings for a couple of months. Your agent should be calling you with suggestions or at least an explanation. (All real estate is local, and it's possible that your market is absolutely dead, regardless of price. If so, your agent should have told you that.) It's great that you're asking us, but that shouldn't really be necessary if you're working with an on-the-ball agent.

Hope that helps.
1 vote Thank Flag Link Tue Jul 1, 2008
Don Tepper, Real Estate Pro in Burke, VA

Price and patience are the two keys to today's market. The only way to get out quick is to take a drastic price reduction. If you can't or aren't willing to do that, patience while the market comes and finds you is your only other hope.

Cameron Piper
Web Reference: http://www.campiper.com
1 vote Thank Flag Link Tue Jul 1, 2008
Jim and Dana,,, sorry, I forgot one of the words in my response yesterday,,, (sometimes I type faster than the computer can keep up with!) consider having your agent lower the asking price 2-5% BELOW the average selling price in the area is what I meant to say. Sorry!! Again, I can recommend a great agent that will be able to SELL your home,,not just "list" it! Best of luck,,
Tina Evans. Principal Broker
Web Reference: http://tinaevans.net
0 votes Thank Flag Link Wed Jul 2, 2008

Are you working with a Realtor from the area? If not the would be a great place to start. Best of luck to you!
Web Reference: http://www.markroncone.com
0 votes Thank Flag Link Tue Jul 1, 2008
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