Nothing is Working to Get Showings

raya7694April 24, 2010

We dropped the price from 249,000 to 239,000 and offered an extra 1% commission to a buyer's agent who sells the property. I think the issue is the location as none of the houses in the neighborhood are selling. There are 4 new construction and we are competivitely priced with them. The only way we could drop the price more without a huge loss is to put the house fsbo so we wouldn't have to pay the realtor fees. We have been on the market 2 months with no showings and 2 people through an open house.

My question is how much longer would you wait to pull the listing and put it fsbo? We could reduce the price another 15,000.

I appreciate your suggestions.

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Reduce the price. Do it before the end of April so you get someone who wants to take advantage of the tax credit. If you really need to sell now and don't want to be paying 2 mortgages when you have to move, reduce the price now.

    Bookmark   April 24, 2010 at 5:17PM
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There are 4 new construction and we are competivitely priced with them.

Nothing is going to work except for reducing the price. You can't compete with new construction.

    Bookmark   April 25, 2010 at 7:52AM
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I'd forget about the 1% bonus to the selling office (buyer's agency). That doesn't play into the buyer's primary search criteria on MLS, which is price, square footage and location. Also think about price groupings. Reducing to $239,000 from $249,000 really didn't get you any more buyers, as most people who are searching up to $250,000 were already aware of your home. People tend to search in $25,000 increments, so you wouldn't really reach more buyers until you drop to $225,000. And don't make it $224,900, because then you will miss people who are starting at $225,000.

    Bookmark   April 25, 2010 at 11:21AM
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So you think dropping the price and going fsbo is better than keeping it listed with a realtor at a higher price. I can pull the listing at any time.

    Bookmark   April 25, 2010 at 11:55AM
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I don't think she said anything about listing it fsbo. I think fsbo won't have the effect you think it will. How will you get people to your house? A lot of people don't want to deal with FSBO. Also, bear in mind that many buyers see FSBO as a way for them to save money, not you.

    Bookmark   April 25, 2010 at 12:43PM
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I can't reduce the price anymore without putting the house fsbo. I can't afford the realtor fees and dropping the price way below what it was bought for. We also finished the basement and added a bedroom/bathroom since purchasing.

    Bookmark   April 25, 2010 at 1:53PM
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Then you may need to be prepared to keep this house until the new construction is completed and you have the time for the market to change.

I'm not saying this unfeelingly. Some years ago we had a house that was only a couple of years old that we wanted to sell. There was still new construction being built and our house was still great looking (albeit with colors that wouldn't appeal to most people). We did get showings, some, but nothing close to an offer in over a year of being listed.

Looking back on it even neutralizing color wouldn't have helped us. We couldn't afford to reduce the price to where it would sell given the new construction.

We took it off the market for two years, then neutralized colors and sold it to the first person who looked at it (for a very good price).

    Bookmark   April 25, 2010 at 5:17PM
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Raya, I know that you have posted several times, but I don't remember if you have mentioned why you are selling. Do you need to sell because you are moving from the area, or can you stay put for a while? Also how long have you owned your home?

    Bookmark   April 25, 2010 at 7:36PM
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We would like to move to make the commute shorter for my husband. Would like to move to a town more in the middle. We are really motivated but are not going to give our house away.

My location is the biggest issue. Nothing is selling not even the new constuction.

    Bookmark   April 25, 2010 at 9:05PM
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I think that you subconsciously feel that by posting here re every idea that you think of, your house is somehow going to sell, but it's also wishful thinking, and maybe you need to take a break from the process, find something else for a while to focus on and let your anxiety fade a bit. We can't buy or sell your house for you, and maybe you need (as someone else suggested) to either take it off the market for now, or ... something, before you make yourself cuckoo :-).

    Bookmark   April 25, 2010 at 11:22PM
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I post here to get valueable advice. I didn't know that people search based on 25,000 increments like a pp said. I always learn something new and that is the reason for my posting nothing else. Thanks to all for the suggestions!

    Bookmark   April 26, 2010 at 7:56AM
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If you have 2 comparable houses in the same neighborhood both priced at $249k and 1 is brand new, the new construction is going to sell first 10 times out of 10. If you want to sell, you have to be priced less than the new houses. That is the bottom line. If you can't make a sale work at that price, you are just going to have to wait it out for the new construction to sell or for the market to improve.

    Bookmark   April 26, 2010 at 9:26AM
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If you've been on the market for two months with no showings whatsoever, then your house is clearly overpriced. Sorry to be blunt, but your location is not the issue; your price is. If you listed your house for $100,000, you would have buyers beating down your door to buy your house regardless of the "location." Obviously, you're not going to do that, but at $249k, or even $239k, "location" becomes a concern to the buyer. You have to find the right price between $100k and $239k where buyers like your house (and your price) enough to overcome whatever concerns they might have about the location.

And btw, I speak from experience. I used to live on a major commuter road (it even had the name "highway" in its name) underneath a bridge, and adjacent to a trail that is slated to become a mass transit light rail line. I first put my house on the market 4 years ago at the height of the buying frenzy, but received no offers and very few showings. I, too, blamed it on the location. I didn't realize that I was overpriced even in a seller's market. Then last fall, with the guidance of a different real estate agent, I put my house on the market at a reasonable price on a Thursday afternoon, and had five offers by Monday - two with escalation clauses.

It's never about the location, the size of the kitchen or bedrooms, or whether the house needs to be updated; it always comes down to price. At the right price, any house will sell.

    Bookmark   April 26, 2010 at 12:11PM
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How long ago did you buy?

Unless you have had increases in the market you will have to take a loss on the sale if you want to get out quickly.

When prices went up 2-3% a year, it still toot 2-3 years to cover the sales cost and barely break even.

Selling in a shorter period resulted in a loss.

Trade the money against the driving.
How much is it worth to you to reduce a commute?

    Bookmark   April 27, 2010 at 7:38PM
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If you realistically can't lower the price to a point where there is a good chance it will sell, then you may want to pull the house off the market and save yourself from the aggravation and uncertainty of trying to sell it. A long commute is not enjoyable, certainly, but commonplace. Everything runs in cycles, so you can always sell your place when your local market gets strong again. Best of luck.

    Bookmark   April 27, 2010 at 9:35PM
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Price, price, price. And marketing. To other agents. Not to the general public. That's how a house sells.

Did you interview multiple agents before selecting one? What prices did they recommend? Most people pick the agent who recommends the highest price, regardless of whether that's the right agent for them.

Decrease your price, cut your losses, and move on. Or, stay in the house. Those are, sorry to say, your only options (barring short sale or foreclosure).

So sorry... you're not the only one in this situation...

    Bookmark   April 28, 2010 at 6:43PM
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