My home in Northern Mi has been listed since Nov. "06. I haven't had one person look at it, I have dropped the price $80,000, put many improvements, working w/ a realtor (Coldwell banker), updated pictures, virtual tour, and today, my realtor had an open house. NO ONE SHOWED... I am drvistated. What more can I do? I am desperate. I NEED to miove. I am currently listed at "fair market value" which is $53,000 less than I owe.
2007-06-24 11:42:37 · 10 answers · asked by joythegreat 3 in Business & Finance ➔ Renting & Real Estate
If you are in an extremely weak market, you are experiencing what is sadly to be expected. If your realtor is properly marketing the property (and it sounds like the appropriate actions are being taken), there is literally nothing you can do to force a potential buyer to show up or make an offer.
I would think your realtor is just as frustrated as you are, since he/she probably knows how weak is your market.
If you are in a higher priced property, your problems simply compound, since the best selling properties in such markets are 'starter homes' for those who are just entering home ownership.
I recommend speaking frankly with your realtor and asking "What can WE do to find a buyer?"
To the rubes who advised finding a different realtor, do you actually expect that a different one will cause a buyer to appear out of thin air ? Get a grip, folks. In tough markets, it's not easy to sell a house unless you literally give it away.
2007-06-24 13:39:24 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
I'm so sorry you're having such a difficult time. It sounds like you're in a very tough market.
My suggestion is rather than working against your Realtor work with him/her and try to understand your market better.
Ask your Realtor to come by your house and provide you with all your competition listings, expired, and sold listings. I'm betting you'll see that the ones that have sold were on for a long time and there are more houses on the market than being sold.
Rather than drop the price again, take a look at the competition and set yourself apart from them and stand out. Look at the ones that sold compared to the ones that didn't and pay attention to what was different about those.
After you have done this come up with a new strategy with your Realtor and give it some time.
Good Luck!!!!
2007-06-24 15:07:45 · answer #2 · answered by Lainie L 3 · 0⤊ 0⤋
I agree with the other answers in getting a new Realtor....He or she is not doing their job if no one showed up to the open house.
Ask around are other homes selling? Does the home look inviting from the outside? This is not the best time of year for a move as most do not like to move when it is really hot and really cold. Fall is a better time for selling...but I would look at the outside of the house and make sure it looks good...also set up the house so it looks inviting and lived in so people can walk in and envision themselves living there.
2007-06-24 12:10:10 · answer #3 · answered by Patricia G 4 · 0⤊ 0⤋
As a Realtor, I have advertised a property, advertised the open house, put up a ton of signs and had no one show up to an open house. It happens.
There is no reason to be devasted, you are in a market with a ton of inventory.
I'm sorry you are experiencing this, but I'm sure your Realtor is as frustrated as you are. There just aren't many buyers in your market.
2007-06-24 18:19:26 · answer #4 · answered by godged 7 · 0⤊ 0⤋
Don't assume it's your agent's fault for the lack of interest. If your home is being advertised through the local MLS, print media, web sites, and your agent is conducting open houses, what good is firing them going to do?
Price, exposure, and condition is what sells a home. If your home is in good condition and exposed to the market, PRICE IS THE ISSUE! Firing an agent who has put in effort and money to market your home will do no good if the home is priced higher than the market can bear. It's a depressing scenario I know, and we're feeling it throughout the US.
The viable option is lowering the home price further, and consulting the "short sale" or "loss mitigation" department of your lender. See if there is a way they will accept the sale at a particular lower price (it could better for a lender risking the expense of foreclosure).
I wish you luck!
2007-06-24 12:27:33 · answer #5 · answered by R.E. Advice 3 · 0⤊ 0⤋
If listed at 53K less than you owe and you cannot sell or get someone even to look at it my guess is you are stuck. Even if you do sell you still owe the 53K so the house cannot be turned over until that money is taken care of. It is not the Realtor it is the out of equity, and location that is your problem. Sorry do not see any good news here.
2007-06-24 12:44:48 · answer #6 · answered by Pengy 7 · 0⤊ 0⤋
Joy, I understand your pain and frustration. The market is like that in Minnesota too. My husband and I both work in real estate and we have only had two sales in the last 3 years. It's sad. We have listings, but very few showings and no offers.
Hang in there, we keep hearing the market is going to turn around soon. We have had more inquiries this past week, so we're hopeful it starting. Good Luck!
2007-06-24 11:57:50 · answer #7 · answered by Alterfemego 7 · 0⤊ 0⤋
Wow, it doesn't sound like your realtor is working very hard for you. Is your contract up yet?
She or he should be creative by marketing the open house. It's their job. They are suppose to be selling the house for you.
2007-06-24 14:53:53 · answer #8 · answered by Not Laughing w/ U 3 · 0⤊ 1⤋
Bummer....
Start by getting a new Realtor..Check their local record and get one with success in your market.
OR Rent it..for a year or two(To cover your mortgage payments) till the market gets stronger.
Good Luck.
2007-06-24 11:53:02 · answer #9 · answered by .G. 7 · 0⤊ 1⤋
WOW! I would get a different realitor, this one just isn't cutting it.
2007-06-24 11:46:55 · answer #10 · answered by halestrm 6 · 0⤊ 1⤋