What else can I do...just keep waiting?

bosegirlNovember 5, 2012

Our house went on the market 5 weeks ago. We had approximately 15 or 16 showings. In the 4th week we dropped the price 10k. We had one offer but then the couple got cold feet.

We've already started moving into our new house and I'm really getting anxious now...seems like a lot of showings in 5 weeks.

The average days listed in the area is 95 days. So obviously I have to be somewhat patient but I'm a little worried going into the winter months.

Any advice? Just sit tight?

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You can wait until next spring when people start looking again. Although home selling doesn't stop at this time of the year, it is the slowest time of the year. If you've got to sell, and you're going into the slowest time of the year, then only one thing will get that SOLD sign in your yard.

Nothing sells like price, especially if you NEED to sell. Drop the price again. This time something more substantially than 10K. Ideally, you'd drop it enough to encourage a bidding war. That means around 25% below market value. The trick is "market value". You have to be WELL below the price that other homes in your immediate area have sold for. Foreclosure price for something nice.

    Bookmark   November 5, 2012 at 11:45AM
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I'm wondering why the first line in your listing is mentioning that the property is over assessed? Is that not the case for all properties in your area or is it something specific to your property? If it is for all then I would not have it in the listing at all. Actually even if it is specific to yours I would not have it in the listing itself. Can it be put in a notes section or something like that. It just have a really negative when you read the listing. Especially since it is the first line.

Seems like you are close on the price with the number of showings, but probably not enough for them to overlook something about your property that they don't like to pull the trigger. What is the search ranges for price in your local MLS?

    Bookmark   November 5, 2012 at 12:22PM
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What feedback did you get from those 15 showings?

    Bookmark   November 5, 2012 at 1:24PM
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All the feedback has said 4 out of 5 rating (1 being bad, 5 being great). All feedback was either somewhat interested, interested or very interested. Price range most except one said right price...a few left blank, one said overpriced (this is before we dropped the 10k). Overall good or great experience.

I don't like how that first line reads that its overassessed. Yes its probably overassessed more than others around us but our realtor put that in there...I'm not happy with how it's written there. I should contact him now about changing it.

I don't know what else.

    Bookmark   November 5, 2012 at 9:00PM
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Ask your realtor to show you monthly historic pricing. I'm getting ready to list and it was recommended to wait until Jan because some people don't want to write the end of year tax check and aggressively drop their price. This may be regional, and if true in your area the price drop you did may have been good in other times, but not enough for Nov/Dec. Good luck.

    Bookmark   November 7, 2012 at 11:55AM
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Are you in a position to wait until April or May for a sale? If you are, and the comps aren't dropping, then sit tight. If you need to sell, the only way to get it sold is to lower the price significantly. Significantly. You've got to create a sense of excitment in the market that such a great house can be had for such a bargain. That is when you may possibly get bidding wars. Even if you cut the price until you have to bring money to the table, it will get that SOLD sign for you rather than having months more carrying costs.

    Bookmark   November 7, 2012 at 1:02PM
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Are you getting any constructive feedback (other than rate it 1-5 and tell us if you're interested)? Something that would tell you what the lookers aren't liking about it? Or how it's not measuring up to your competition?

Have you posted a link to your listing here for us to weigh in and throw darts at?

    Bookmark   November 7, 2012 at 1:11PM
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