This seems like a big drop so soon. It will put it in the under 400 bracket. Need opinions.
2007-05-01 13:43:19 · 7 answers · asked by lcmwest58 2 in Business & Finance ➔ Renting & Real Estate
Is the property getting shown and you are not getting offers? If it is not getting shown, it is probably overpriced. If you are NOT appropriately priced and you priced at the top end of your market, you need to make an adjustment. But if you are at $405,000 - it probably wouldn't hurt to have it below 400k, drop to $395,000 or so.
If you are priced well in your market, I'd say before you drop the price, get a home staging service to come look at the property. Having a professional look at the property and doing what they suggest can really improve the marketability of the property. This may mean packing up a bunch of personal items, getting rid of clutter, putting away some cherished decorations. Your home may be tastefully decorated in your eyes, but to the consumer, it may look like a mess. Be prepared for some criticism and maybe some hard work, but this can make alot of difference. In my area these services are fairly inexpensive, my favorite one will spend one "before" hour, give a list of assignments and one "after" hour to evaluate the home again and make further suggestions for $75.
It is a tough market, you have to have your home market ready to attract buyers.
2007-05-01 14:29:05 · answer #1 · answered by godged 7 · 0⤊ 0⤋
The market sucks! have your Realtor list the property with a bonus to the buyers agent. That will cost you a bit of cash but it may drive in more showings.
Ask the Realtor for a list of comps of recent sales in the area.
Before you lower your price ask the agent to show you what others are selling and listed for in the area.
Make sure your Realtor is listing the property where it should be listed. Most agents rely too heavily on the MLS. Do an Internet search for the terms "townhome Chicago"
"Townhouse Chicago" "Townhomes for Sale" etc. and see what listings you get. Imagine what you would type in if you were looking for a property like yours.
Ask your Realtor if they have posted the listing to craigslist, postlets and backpage, if not ask them to do that. People are searching the Internet for property far more than talking to Realtors.
DO NOT try to place ads on your own, there are so many laws pertaining to real estate advertising that a simple word can cause a huge lawsuit!
If you can not find your property by using certain keywords, your Realtor is not using the Internet to it's fullest advantage.
2007-05-01 14:05:09 · answer #2 · answered by oldfatcowboy 3 · 0⤊ 0⤋
I agree with Louisa. It seems like a steep drop in price. I am here in CA but maybe another possibility; try having your agent advertise that you are willing to help Buyers with closing costs before you drop your price. If you are in a sluggish market, 1 month doesn't seem like a long time. Try to remember if during the listing appointment they mentioned a possible reduction. If they did it might mean you were a little too high in price from the start.
Again, I am from California but it doesn't hurt to ask your Realtor. Set a cap on what you are willing to offer the Buyer, ask for new comps and search the internet.
Good Luck!
2007-05-01 15:18:37 · answer #3 · answered by athomewithchris 1 · 0⤊ 0⤋
Sounds like a 5% adjustment or so...
How motivated are you to sell your place?
Have you taken a good hard look at your competition (active listings) as well as those that have sold in the last two months?
You're pricing needs to be competitive or its just going to sit there. I've seen people hold out for top of the market and get it - even after 200 days on the market. However, the property needs to be pretty special.
Keep in mind, all you need is ONE buyer who thinks your place is perfect. What can you do to attract that buyer?
Make sure the place is spotless with great curb appeal...
Find out what other agents have to say about your house. Ask your agent for current feedback...Make sure your home is easy to show. More traffic = more potential for the perfect buyer to see it.
Good luck!
2007-05-01 14:00:07 · answer #4 · answered by KConsults 3 · 0⤊ 0⤋
It sounds like a big drop. When house hunters see a drop that big, they think there must be something wrong with the place.
Not only is your realtor cutting $20k from the asking price, she's leaving you with less room to negotiate.
I'd say drop the price by $10k and give it 2 more weeks. Then it may be key to get it under the $400k price point.
2007-05-01 13:48:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
how long are you willing to sit with your house on the market? do you need to be somewhere else by a particular time? is there a lot of inventory in your area?
2007-05-02 01:12:16 · answer #6 · answered by njyogibear 7 · 0⤊ 0⤋
ill buy it
2007-05-01 13:50:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋