I have had my house for sale for eight weeks and have had ONE couple look at it. We are in a sought after neighborhood and we are the cheapest in the neighborhood. We hired a stager just for a consultation who said our house looked "amazing".
2007-11-01 12:19:31 · 7 answers · asked by Shelly N 2 in Business & Finance ➔ Renting & Real Estate
First of all, in this market, 8 weeks isn't that long. If you have a purchase agreement you have to honor, then 8 weeks is a long time. Second, I don't know where your general geographical location is. Each market is a little different. But the following is some good basic advice. I hope it helps.
Either the price isn't right, or the seller isn't doing a good job. If you are the seller, don't take it personally, what is is. If you are using an agent, tell him/her to step up the online marketing. Get your house listed all over the place! There are tons of resources for realtors and FSBO's alike. Most are even free! Spend a few bucks on an adwords campaign. Open houses are a dinosaur.
Price: I don't know if you are buying a home that already exists, or a new build, but I have a feeling you're buying something at a really good deal. So think of your house more like a stock. You might be selling your current home for a 20-30% discount (and that hurts), but you're also buying the new home at a similar discount (and that feels good). When the market turns (and it will), you'll make just as much, if not more. Sell at the price the market gives, and buy the same way.
Then again, if you don't really need/want to move. Don't. Give it some time, the market will turn around. It always does. And trust me, the media is always the last in line. When they finally convince you it's real estate armageddon, it's time to buy, because things are turning around.
I hope I helped. Good luck selling your home!
2007-11-01 12:48:45 · answer #1 · answered by Mike 1 · 0⤊ 0⤋
Just because you home is the lowest(never refer to your home as cheap, mentally it deters buyers) in the area, it doesn't mean its not over priced. I would ask your broker what they are doing to promote it. Are they advertising, and if they are is it in the right place? Some Realtors just advertise in the cheapest places to satisfy the seller, but not always the best place. What is your price compared to the whole town, not just your neighborhood? If I can get a comparable home 2 miles away and the same school for 25k less I might go there. With this market you need to be competitive with every one, not just your immediate area. You may want to offer an incentive to the buyer, or even the buyers agent to get more traffic. If all else fails your price is too high, and it needs to be lowered. Remember the buyers et the price, not you not your agent. It is a free market system, and a home is only worth what someone is willing to pay.
2007-11-01 20:29:59 · answer #2 · answered by frankie b 5 · 0⤊ 0⤋
8 weeks the average time on the market these days is 10.5 months, and with the influx of upcoming foreclosures that is only going to get longer, there are less eligible buyers on the market. Best advice would be to hold on for a couple of years, until prices stop decreasing, and credit start loosening. Now is the worse time to sell a home, may look good but the market is flooded, and not looking to get better for at least a year, maybe two
2007-11-01 20:30:09 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
what is your agent doing to sell the house. If you are FSBO, then forget it.
You need to do something to stand out in the crowd. It's like dating. The big chested babe gets hit on first.
Offer closing help, selling agent bonus (money or trips), paid mortgage payments. And this information should be in the MRIS and the flyers, etc.
Do you have pics and 3D tours in the MRIS?
It could also be price. Just because you are the cheapest, doesn't mean that you are not over priced.
Your agent should be marketing the home, not just trying to sell it.
2007-11-01 19:30:58 · answer #4 · answered by Anonymous · 0⤊ 1⤋
go an view all the other property on the market in your area both above and below your price that is still comparable ie dont look at a five bedroom house if yours is a three bedroomked house, this will tell you where the market is at, you need to do what buyers do compare compare compare
2007-11-02 10:48:44 · answer #5 · answered by brilliantwash 4 · 0⤊ 0⤋
Market value is what people are willing to pay for it. If you are not even getting traffic to view your home, you seriousely need to lower your price to have any realistic chance of moving it.
2007-11-01 19:52:06 · answer #6 · answered by Cysteine 6 · 0⤊ 0⤋
If it is not getting viewed, your price is too high.
If it is getting viewed and not getting offers, you are probably a little too high in price or not competitive with other homes at that price point.
2007-11-01 19:36:10 · answer #7 · answered by godged 7 · 1⤊ 0⤋