Is my home overpriced?

Question

My house has been on the market for 10 days, including 1 open house for the public. My agent has not received any calls for appts during this time. Am I too assume that the house is overpriced? She told me that she thought she would've had some calls by now and that she's doing everything she can,
(she has my listing on realtor.com along with her agencies site.) She also said that Sept is a slow month for real estate. Will you please tell me if agents market homes in other ways other than relying on the internet. I am ready to dump this agent as we have already have a contract on another home. She is already hinting at cutting the price. She sent me some comps for my home and all the homes have sold for 5-20K more than our listing price, except for one which is about 5 miles away and not in a residential neighborhood. Please advise, I am feeling quite anxious.
Thanks in advance for your feedback!

Answer 1

10 days? The market is not was it was a couple of years ago there are more houses on the market than eligible buyers and that is going to increase in the coming months.. DO you not read the news. Dependent upon the state you are in it might be there for a year or more, and the pricing in most states is dropping anywheres from 7 to 25%

Answer 2

It's a bad time to sell-sorry. Your agent may be doing what she can and you may have to cut price. We are house hunting and one place we saw is a flip on the market for over a year-in great shape just isn't moving. Several we saw so far are in that same boat. The one we have an offer pending on has been on the market for about 6 months-they lowered the price $14,500 after 90 days. Again-a flip in very good condition and shows very well. Our agent said she has places that in the past would have been gone in a week that are still listed 9 months down the road and people are cutting prices like crazy. You could lower the price and see if it helps. Good luck.

Answer 3

You should not panic at 10 days. It sounds like your home is priced to sell and that is important. The three determining factors of a homes marketability is price, condition,location. As I said before it sounds like you are priced competitively. How is the condition of your home? You should always attempt to keep your home in top shape while it is on the market. There are many times per day that your home is being viewed and you are not even aware. People drive by your home and check it out before they ask their agent for a private appoinment. Because of this you should keep grass well manicured, no clutter on front lawn, make sure that your address is easily seen by anybody driving pass. I have a service package that I give all of my clients when they list with me. It has small tips that you can do everyday to make sure that your home is shown in the best light when it is on the market. I will be more than happy to email it to you if you want it. There is an abundance of homes on the market right now but there is still a shortage of quality homes on the market so make your look better than everybody' s else. If your home is on an exclusive block where there is only local traffic ask your Realtor to put signs on all the major streets surrounding your home to direct people to it. Ask yourself if you were a buyer and you were looking to buy in this neighborhood could you find your home. If not then you should look to make changes. Hope I helped.

Answer 4

There is a 10 month supply of homes currently on the market in the U.S. You are not likely to sell anytime soon unless you are in one of the few areas where real estate is still doing well. I have clients who have been trying to sell for over 15 months.

Cutting the price would help make your property more marketable. However, if nothing is selling in your area, you may be better off renting your house out until the market turns around.

Answer 5

It is way too soon to jump to conclusion about your agent. Even in a good seller's market, 10 days is not a long time for a house to be on the market.

You need to look at the reasons that you are selling the house for and do you really need to sell it and what the lowest offer is that you would accept. And if you really don't have to sell, you should definitely consider pulling it off the market and resting on it for a while. However, if you do have to sell, you need to be realistic, and even do consider a minor reduction and other buyer incentives.

Good luck,

Barry

Answer 6

It does not sound like an agent or price problem but an oversupply of houses on the market in your area. Buyers have lots of choices so. make your home the one they want to own. Do whatever you can to make it the best house to buy in that price range.

One of the best pieces of advice I learned from an agent was to declutter my house. It made the house look bigger and allowed the prospective buyer to imagine their things in my home. We boxed stuff up and put it in storage and the rest we sold at a garage sale. The house sold quickly...granted it was in the old sellers market days.

Also increase your curb appeal...remember you only have one chance to make a first impression!

The last bit of advice is to be patient because this is going to take some time...if you are that itchy to buy before you sell, make sure that you can handle the carrying costs of 2 mortgages for up to a year? so you do not get yourself in over your head.

Answer 7

The real estate market is very slow right know and as I understand, it is going to stay like this for a while. A lot of people are going in forecloser due to the rise of interest rates. There is more inventory then buyers. It is a buyers market right know.
Good luck!

Answer 8

Homes are listed for 6 months to over a year. Don't blame your agent for not getting any calls on the house. Maybe you should consider dropping the price.

Answer 9

10 DAYS and you're in a panic? Houses are typically taking several months to sell these days. From your description of the comps, doesn't sound like price is a problem.

Answer 10

10 days is nothing. Relax for a month and see how many people look at it and if you get any offers. If there are alot of showings and you don't get any offers then it may be too high. But since the VOLUME of sales is so low, it's hard to get a read on values so you have to be patient and not lose your head.