I've had my house on the market for 3 weeks and no showings!! I need advice on what to do! My house is?

Question

extremely nice in a good neighborhood. 4,500 sq feet neutrally decorated. Excellent curb appeal and large lot. People come by and get flyer but dont schedule showing. Priced right as realtor suggested. Should I lower the price??

My area is pretty small only 40K population. My house is the only one on the market in the price range. Here's a link for any suggestions: http://checkmateincrealtors1.tennessee.remax.com/listings/ListingDetail_r4.aspx?LID=34412246#aTop

Answer 1

Nice house but due to recent events the selling price may be an issue. Right now the banks (including mine) have no where to sell our loans except to quasi gov't corporations such as Fannie Mae or Freddie Mac. These companies have a maximum loan amount (known as a "conforming" loan) of 417K. Most lenders have stopped lending anything above that amount. Wall street has "stopped" trading these types of loans. We're experiencing a "liquidity crisis" on wall street. This means we can't sell off our loans on the books to free up more capital to lend out over and over again. This has happened within the past couple weeks.

Foreclosures are going through the roof. I'm not sure about your particular area but many people where I live (So. Cal.) are "short selling" their property (selling for less than what is owed) to avoid foreclosure. Even those houses aren't moving because people are in a state of panic over falling values.

My bank is now booking loans over 417K but we are using are "own money". Therefore we charge a higher rate and have much stricter guidelines. At 417K you can still offer buyers 100% financing, first time home buyers, etc. Above 417k you need cash down and need to prove income at this point.

Check out the foreclosures in your town. If you find some comps priced way less than your house and still not selling then you have some issues. You must reduce your home price of offer other incentives.

Answer 2

There is no way to answer your question without knowing more information.

How many homes are for sale in your neighborhood?
How many comparable homes have sold in the last 90 days?
How does your house compare as far as amenities?
What is the marketing strategy?

If your Realtor isn't contacting you weekly with a subdivision update, you better call him/her on the carpet and get some answers or you'll be back on this forum 3 months from now asking the same question.

Answer 3

I'm assuming that it's in a good location! If not, that could be your problem.
Otherwise, do these things prior to selling your home.
Paint inside and outside. Remove all clutter. Replace old appliances, toilets, vanities, and windows. Remove old, worn-out carpet or give carpet allowance. Keep house spotless while showing it. Keep yard watered, mowed, and sidewalks trimmed. Trim all scrubs and bushes. Fix any chipping in the stucco, brick, or cement. Repair any cracks in walls floors and ceilings. Remove all trash and debris from yard. Make sure your home is priced right for square footage in your area. These are just some of the things we recently did in order to sell our last home. Good luck!

Answer 4

Basically, it's the market. And it sounds like you are at the high end of your local market, which is a BAD place to be right now.

Too many factors here to give good advice, but if you don't have to move and want to maximize your profit -- wait until the panic from the mortgage industry has died down a bit, then relist. If you have to move, the only thing that is going to move that house is price.

Sorry . . .

Answer 5

How is the economy where you are? It's not too good here... Homes for sale are sitting sometimes for close to 2 yrs untill the price drops dramatically. It's a buyers market no matter what any real estate person tells you.
Watch how long other homes are sitting for sale around you and you'll have a good idea how long yours may take.
Good luck...........

Answer 6

No showings in 3 weeks tells you the consumer thinks the price is to high. Lower the price and you will see results.

Answer 7

might be a thing to consider, and when people do come over to look at your house here are a few tips: bake cookies, the smell help them relax and start to picture it as a cozy home that may soon be their own, also take any pictures of family down; so they can think of what their family pictures will look like here or there, having your own photos up will stop them from doing just that.
hope this helps! good luck!

Answer 8

if no showing, only can mean two things - marketing and pricing

if you've done everything to market home, then it's pricing too expensive..

unfortunately people still thinks you can get 1 million dollars for a home thats worth $360k