I am currently selling a 1800 sq ft house, built around 1900 on a .28 acre lot (large for the area). My home is in the same price range as other comparable homes and listed below appraised value. The house is in move in condition. In 4 months I have only had 15 showings and no offers. My contract with my realtor is up soon. Any ideas why it won't sell or should I switch realtors?
2006-09-17 16:28:39 · 26 answers · asked by AMANDA B 2 in Business & Finance ➔ Renting & Real Estate
Also it is a victorian with all the original woodwork and a woodburner as an additional heat source. It can be viewed at realtor.com mls #616901 it in pa
2006-09-17 16:36:12 · update #1
Also my realtor says I am getting no feedback. Strange? I have had people come back and take a second look but still no feedback>
2006-09-17 16:45:36 · update #2
It is only on the mls, every once in awhile in the paper. He says he will put it in the paper but doesn't.
Thanks for all the helpful info!
2006-09-17 16:47:26 · update #3
Assuming that everything is as you say, the primary reason that a house does not sell is price.
Many agents make a big deal about "location, location, location" as being the 3 most important items in real estate sales. That's bunk! Even a dump in a crap neighborhood will sell if the price is right.
Whether you stay with your current realtor is up to you. Most listings are placed in the MLS so that any realtor can show the property. In fact, few realtors sell the properties that they list; nearly all transactions involve a commission split. I've bought and sold many homes and every one involved a split commission.
It might be a good idea to take it off the market for a couple of weeks and re-list it with another realtor. Try to find one who will actively market your home, if only to other realtors. The more exposure you get, the better the chance of someone coming up with a buyer. Switching realtors will "freshen" your listing a bit; stale listings are death on a sale. You might also consider lowering your price a bit as well.
But before you do anything, ask your realtor what the feedback was from the 15 viewings! Many viewers will make comments about the home and unless it's being shown by a "buyer's agent" with a specific buyer's agent agreement, you are entitled to know what those comments were. If your realtor is not passing that information to you, you definitely should give them the pink slip and get a better agent!
I broke a listing agreement several months ago when the agent showed it twice and failed to pass on the comments to me. She had allowed them to roam around the house unaccompanied for the most part and had no clue what their thoughts were. She threatened to sue but her broker agreed that she was unprofessional and that I was justified in breaking the listing agreement.
He's not getting feedback? And then says that he'll put it in the paper but fails to follow through? Can that sucker!!
One thing that I've noted as a buyer is the alarming number of realtors who break the cardinal rule of selling: The fail to ask for the sale! Try having a decoy look at the house and make some positive comments about it and report back on the agent's performance. If he's not asking for the sale, he's HISTORY!
2006-09-17 16:49:42 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
1st - call the broker and speak with the manager, letting them know that you are unhappy with the current agent, also let them know your listing agreement is about to expire. I had a selling agent who seemed to "lose interest" until I made a phone call. The manager may also be able to switch agents and keep the sale.
2nd - your listing on Realtor.com doesn't have accurate info and is missing info. The age of the home says 999 years. The square footage is not listed.
3rd - lower your price to unload it. 15 potential buyers have walked out for some reason. It may be a stupid reason, but it is probably price.
4th - go with the "spy" suggestion. have a friend go through the process of contacting the agent through taking a look. They can take notes about the whole process. Big things to look out for - availability of agent (do they make a reasonable effort to show the house when the buyer wants). Does the agent take them all through the house or let them wander? Have them make comments about your house and see if you get the feedback.
5th - from the listing on realtor.com it is hard to compare yours to any others (not many show square footage). However there is at least one listing that has central air, seems to be similar in size, and is lower in price. Ask your realtor for a MLS printout from 0 to 150K (1 line description per listing). You can eliminate those which are in bad neighborhoods, have alot lower/higher sq ft etc until you are left with a handful of listings. Get the MLS sheet on each so you can compare these better and see where your house stands against the others.
Good Luck
2006-09-18 05:07:20 · answer #2 · answered by Steve M 3 · 1⤊ 0⤋
Let's ask this question. Do you feel your realtor is aggressive and really wished to sell this house? Ask your realtor if you should take your house off of the market for a couple weeks, then put it back on. After houses have been on the market more than a month, they become "stale" not only will other realtors not care to show it, assuming that it is not worth it, or it would have sold, some think that they can get you to come way down on your price since you haven't sold it. If you take it off and put it back on, it is a NEW listing to all the buyers agents! You should also be having open houses every weekend, and that is your realtor's job. I am speaking from the California Real Estate perspective, which is very aggressive, but don't back down!!
2006-09-17 23:34:20 · answer #3 · answered by tasha 2 · 1⤊ 0⤋
Wow. Your description tells a story to me. I am a former real estate agent. First of all...the market changed from last year in many areas. The housing market was selling higher than ever.
Today with many wanting to sell to get much dollar for their property it is causing a buyers market. Many homes are no longer going to sell as high as they were last over the last couple years due to increased competition.
Secondly..any home that gets 15 showings without a bite says something. Has any of the realtors showing it provided feedback on their buyers comments? I would ask your current realtor to track down their showing realtor to find out their opinion of your property in comparison to the one they purchased or saw.
Do you feel comfortable that your realtor is marketing your property? 15 showing to me says they are,but what do you think?
Are they advertising your home for sale in the area newspapers,
MLS, etc. I would ask your realtor to provide feedback and new marketing strategies to decided if relisting with them is in your best interest.
Best wishes. This is currently a tough market in many areas.
The dollar amount you were going to get last year is more than likely not the one you will get this year.
Decide what your bottom $ line is. Work from there. Sometimes people hold out for a dollar amount which only costs them more in the long run. Winter is coming..heating bills, etc. How much will this cost you by keeping it at your current listing price?
Just some food for thought.
2006-09-17 23:42:50 · answer #4 · answered by 1whowants2know 2 · 1⤊ 0⤋
It may not have anything to do with the home itself. Have you ever considered the location. It might be out of the way or not in a convenient location. It could be that the real estate market is bogged down right now, not a lot of people are buying houses due to the economy. I know some real estate agents and some of them are saying they are lucky to get one closing every 2 months, 1 a month if they are really lucky. You might want to try another Realtor, but I don't think that is the problem, they make money selling your house for you, so why wouldn't they do there job? I think its more likely your location or the slow market right now.
2006-09-18 00:04:35 · answer #5 · answered by big10inmidd 2 · 1⤊ 0⤋
Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.
It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.
For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).
Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.
Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
2006-09-18 06:22:45 · answer #6 · answered by Price is what you pay for value. 3 · 1⤊ 0⤋
It's a buyer's market out there now. You're going to have a challenge selling it, no matter what you do. Lowering the price might help, but would you want to do that? Sprucing up the "curb appeal" might help also. Location is important. You don't mention what sort of neighborhood the property is located. Honestly, unless your realtor is neglecting you and/or the property isn't properly listed, I'd stick with someone with whom you're already familiar. It's going to be tough for you to sell your home due to the market. Your realtor probably has some suggestions for you. I wish you good luck.
2006-09-17 23:34:12 · answer #7 · answered by Flavorsplash 2 · 1⤊ 0⤋
Do you want to sell it? If the answer is yes.. then do the following:
1. Fire your existing agent
2. Interview several agents (only sign with someone who will)
a. Hire a professional staging company
b. Advertise in local and national papers (if appropriate)
c. Price your home less than any (comparable) home listed in your area.
whoever you pick, make sure you have specific timelines. Example, realtor will hold open house twice monthly- offer food, advertise in local papers, or the listing can be cancelled by seller, hold them accountable.
2006-09-18 16:43:27 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Right now, 4 months is not very long. There could be several different reasons why no one has made an offer, and it could just be as simple as no one shows any interest in what the house has to offer. However, there has all throughout the country been a home sale decrease, where it can take months for a house to sell. 6+ even.
2006-09-18 03:40:12 · answer #9 · answered by ME 2 · 1⤊ 0⤋
someone told me once....
"when you wanna sell something, make sure you leave a little extra on the table for the buyer so that he's attracted to your product more than others. It maybe price, payment terms, etc..."
So if the buyers looking at 5 properties in your neighborhood, and everything looks the same, the person offering the right 'sweetner' will be the one getting the sale!
Additionally, I would also go with another realtor.
2006-09-17 23:45:40 · answer #10 · answered by kafkaz30 2 · 1⤊ 0⤋