Why haven't we gotton an offer on our house?

Question

We are selling by owner, but we have our house listed in the MLS. We are paying a 3% commission to a buyer's agent. We have listed our house according to a realtor's recommendation, based on comps in the area. We have gotten over 20 people come through our house in the last 3 months (over 70 since it's been on the market--at about $20K over what it's currently listed at.) No one has made an offer yet. When I ask realtors for feedback, the only thing they say is wrong with the house is that it's too close to a highway. (Our neighbors on one side and behind us have a brick wall in the back yard that backs to the highway. We do not have it directly in our yard, but you can definitely hear the noise.) But realtors tell us they think the house is priced right. Should we drop our price again? Or should we wait it out until sping? Should we put money into the house to make it perfectly updated? (It would cost about $15K).

Answer 1

It is too close to the holidays to make any changes (putting money into it, or lower the sale price) that will get noticed.

See what happens through March and April then change the price...

Answer 2

I don't know a tonne about house selling, but I do know that people who try to sell their house on their own have a harder time. Sometimes people just don't want to deal directly with the owner to buy a house- it can be awkward, and people who don't know much about house buying/selling may feel like they'd be taken for a ride dealing with an owner, rather than an agent. That being said- you should try to update your home a little before selling it- you may not have to spend 15K to do it. Fresh paint in neutral trendy colours can really make a home look updated and fresh (inside and out) remove all personal stuff from the rooms (pictures, too many knick nacks etc), make sure the home smells nice and fresh- not like cooking (unless it's baking)- and make sure it doesn't smell stale or like pets. Adding some nice lighting to you home can help too. Make sure the outside of your home looks sharp, and charming. December is a very bad time of year to have your home listed- I would take it off the market, and wait until the spring when the market picks up. When you re-list, keep it at the same price and see what happens. Also, sometimes when a home has been on the market too long, people notice that, and think there must be something wrong with it since it hasn't sold yet. Taking it off the market now for awhile might help. Take the time to freshen up the house. Good luck!

Answer 3

The value in hiring an agent is getting your house marketed. Ads in the papers and the MLS are just the beginning. True marketing is MUCH more than a few ads and open houses.

A very common FSBO error is failing to ask for the sale! Sales pros never make that mistake. They get the details on their prosepctive buyers -- name, address, and phone -- and follow up until a sale is made. Most potential buyers have looked at many places. After a while, it's all a blur. Regular follow-ups by the seller can bring them back for a second or third look and will often lead to a sale. Failing to follow-up will result in no-sale as you have learned.

Fix obvious defects such as bad carpeting or worn paint but don't plow a lot of money into updates and upgrades.

Winter is not prime selling season, but if the price is right a professional can sell any house at any time of year.

If you're not willing or able to professionally market your home, turn it over to a pro.

Answer 4

What they are not telling you is that the real estate market is in the dumper; very seriously. Last 2 years in our development, that sold 68 units per year, this year 12, and those were way underpriced, it's a big buyers market. I had a friend looking for a new house, the builder was so desparate he took 200K off the price. If you must sell in the next two years the only chance is to drop the price, and don't spend any money, it won't matter.

Answer 5

Incentives are now the norm. Try cash back at close toward the buyers closing costs, usually 3 percent. Offer a one year home warrenty, insurance that covers major structural and mechanical breakdowns. Maybe a new small Kia in the garage or money toward new furnishings for the buyer. Best advise, make sure your asking price is realistic for the market, perhaps ten percent lower to reduce days on the market. Good luck!

Answer 6

Houses are on the market a little longer. It took me a few months to sell a property I had. I suggest little things like making sure the paint looks good if not repaint it, bake cookies or cake so the house smells like home, if you have any clutter get rid of it. Stage
the furniture in your house so house looks spacious. I would post pictures on craigslist for free-have open houses. Post fliers w/ pictures in supermarkets.

If you want to drop the price maybe 5-10,000 you can that might help also!! I dropped the price.

When you do get a contract and if youre not happy w/ what they offer do a counter bid for a little higher.

Answer 7

Seasonally this is a weak time of year. April / May thru September are the best months for selling.

Also in case you haven't heard we are in a housing slowdown coming out of a historically low trough in interest rates. What this means is that any schmo was able to buy a home or build a property on loan for next to nothing for the past 5-6 years. So there is a lot of "burnout", meaning anyone who wanted to trade up has already done it, and a lot of over supply.

Answer 8

My thoughts....

1. Hire a professional local real estate agent.
2. Just listing your house in the MLS is NOT enough!
3. Agents don't like to work with sellers who list thier home in the MLS without a full service representation.

Answer 9

It's a buyer's market now. Houses are staying on the market longer.

Also, it's very close to the holidays. That's a lot of stress to buy a house and think about Christmas, family, entertaining, etc.

Answer 10

For a house close to the highway(or close enough to hear noise from it), the house should probably be perfect to offset the noise factor. Thats just me being a homeowner myself. I personaly don't want to spend alot of money on a house close to a major road and then have to spend alot of money nto update it.