Need to sell quickly. Lowering price the best way?

drybeanMay 24, 2012

We are selling our home and relocating across the country. We need to be in CA by Oct 1 (my husband has been transferred), but we want to get there before August to coincide with school.

We listed our house 2 weeks ago, and priced it aggressively to facilitate a quick sale. We have had a lot of showing, and several second showings, but no offers. The feedback from all brokers is that it is priced well for the house that it is and based on comps.

I honestly thought we would have an offer by now. Is lowering the price the best way to get a buyer?

Our agent is communicating to buyer agents that we are very motivated and ready to 'talk turkey'.

We are listed for $25k less than we paid 2.5 years ago, and have done a lot of updates inside. I fully realize that we will not recoup these costs, but I thought they would at least help sell it faster.

Also, the house next door is also for sale for 100k more.

I appreciate any feedback!

Here is my MLS: 98538695

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We sold our house a year ago and it had been listed at a particular price that agents said was "good" but hadn't sold. We relisted it a significantly lower price that placed it in the next lower search band and had an offer within a few days. One question I asked the agent is what price would we would do to get a quick sale.

    Bookmark   May 24, 2012 at 4:46PM
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Nice house. I just zillowed it and zillow shows their estimate at a lower price. I don't think zillow is that accurate but might be worth a look.

Here is a link that might be useful: Zillow

    Bookmark   May 24, 2012 at 4:51PM
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Thanks for your response, and congrats on selling your home!

I did ask the agent what price we needed to be at for a quick sale, and then knocked a further 5k off of that. The agents we interviewed all suggested 499, and so we all thought 485 would be enticing.

But not enough, I guess. Sigh. We have a bit of wiggle room before our bottom line, so I guess we will reduce further. I just want this behind us so we can concentrate on buying a new house in CA!

    Bookmark   May 24, 2012 at 4:51PM
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Jane, thanks. Dang zillow. I don't feel that is usually accurate, but I'm sure buyers are checking it too.

    Bookmark   May 24, 2012 at 5:09PM
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How many people are buying in your price bracket?

I was just a buyer and didn't even look at zillow. They've got too bad of a reputation for being inaccurate.

I DID use redfin a lot though (Are they in your market?).

    Bookmark   May 24, 2012 at 5:33PM
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Little princess-Redfin is not in our area.
Ours is a popular price bracket, probably on the low end for our area.

I just got off the phone with my agent. She says that buyers in our price bracket are coming through our house. Sme of them have not yet made any purchases, and we have a couple more scheduled in the coming days. She doesn't feel we should lower our price yet.

    Bookmark   May 24, 2012 at 6:20PM
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Where are you going in CA? Have you researched that market? I'm in the LA area (top school town) and your CT house would be around $1.5 mill with only 1/4 acre lot! We also relocated from the east coast and there are many interesting differences. No snow and no humidity are big pluses!

    Bookmark   May 24, 2012 at 7:27PM
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Yes, the first time I suggested lowering price to my agent -- when we had been on the market a few weeks and had had many showings and a few second showings -- she said I should wait. So I waited several weeks -- it was actually about this time of year -- and then when I did reduce it by then it was well into June and the spring market was starting to cool.

What are search brackets in your MLS? If your house was below $475k would that put you into a new search bracket?

Every market is different but when we were in the higher bracket we did get lots of showings but no offers. It wasn't just us -- almost everything was selling slowly. Look at sales in your price range/area? Are houses really selling or are there tons more houses on the market than sales? How long is it taking most houses to sell? And can you see a difference in prices for those that sell quickly? In our area, sales were slow and the houses that sold were either priced at what seemed like low prices or were taking 2 years to sell. We didn't want to wait 2 years so we lowered the price.

    Bookmark   May 25, 2012 at 1:31AM
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Your house is beautiful.
If I were you, I would change a couple of lighting fixtures just to bring it up to date, otherwise things look great.
I would change that "hollywood lights" fixture in the bathroom, and some of the brass ones in the photos.

Your price seems good.
Zillow is NOT accurate in CT at all. Just a heads up.
RE is regional, so you cannot go by some posters here who do not live in CT. CT buyers are unique.

    Bookmark   May 25, 2012 at 9:49AM
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What a beautiful home!

I live in a shoreline town, but that price doesn't seem that high to me....I think you'd be under contract fast in the towns I've been looking in.

I've noticed that for homes that were priced high, the selling price vs the original asking price is about 20% less. There are several homes that have been on the market for quite a while that I'm watching.

But ones that are in the lower range for what they are are going under contract quickly. This one just got listed last week and is already under deposit:

Good luck! There's a chance that we could be relocated to CA in the next few years as well, which makes a decision to buy a bigger home right now really hard!

    Bookmark   May 25, 2012 at 1:30PM
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Do not rely on Zillow.

If it is correct it is often more by accident than anything.

    Bookmark   May 26, 2012 at 12:55PM
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I think it's beautiful, you don't need to change a thing. You might give it a couple of more weeks to see if it sells. If not you could take it down another $10,000.

    Bookmark   May 26, 2012 at 3:25PM
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A beautiful home. I live in Southern California coastal area, and you could not buy anything nice here for the price at which you hope to sell. Good luck to you! Hope stiker shock doesn't do you in!

Depending on the community, school in California starts in August or September.

    Bookmark   May 27, 2012 at 3:44PM
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Thank you for all of the feedback and compliments on the house. We have continued to have heavy traffic for showings, so I think we will sit on it for another week or two and hope for an offer. There are apparently a lot of relo people coming to the area, so with some luck we will land one.

Chispa- we are also moving to the LA area. We are aware of the higher prices, and I've made my peace with compromising a (much, much) smaller home for a quality school district. We are primarily looking in la crescenta, Burbank and Glendale. Like you said, we will be able to spend more time outdoors, so hopefully we won't feel too cramped!

Sheilajoyce-we are originally from Texas, and it seems with each move we make-we go to a higher and higher priced area! We keep having to downsize our home. We are going to be in LA, but hopefully not in LAUSD. I'll very willingly sacrifice square footage for my children's education.

    Bookmark   May 30, 2012 at 10:30AM
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Well, we received our first offer on Friday! We have three other second showings this weekend as well, so hopefully we will be wrapped up here in the next few days. Thanks for all of your help!

I'll report back as to how we shake out.

    Bookmark   June 3, 2012 at 9:42AM
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Drybean, that is great news. I hope you get a few more offers and can then get the best price for your house. Crossing fingers for you!

Just be carefull if you get multiple offers. When we were buying our previous house (bubble years) we would back out if the sellers had multiple offers. You don't want to scare the buyers.

I would be happy to share all my recent east-to- west coast relocation information. If you would like, you can send me an email through the (My page) link next to my user name.

Good luck!

    Bookmark   June 3, 2012 at 1:59PM
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Chiapa-that would be wonderful, thank you for your offer. I'll send you an email. The buyers accepted our counter offer today, so now I'm just keeping my fingers crossed all goes well with appraisal and inspections. I'm ready to head west!

    Bookmark   June 4, 2012 at 6:26PM
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