We listed our house a month ago and have had 1 showing. We are priced at the top for our neighborhood. The agent that showed the house said that it "shows very, very well" and that we have it staged perfectly. We priced it this way knowing that we had 8 months until our new house is ready and so that we had a bit of wiggle room.
I guess I'm a little nervous because the market is so slow. Our next door neighbors have their home for sale for 2 months & have had NO showings. They are 50k less than ours....so I really don't think it is the price that is keeping people away.
We finished our basement & have a nice THX type media equipment. We are thinking about including that as an incentive, but not sure it would get people in to "see" the house. Another idea is to offer a bonus to the agents, but I'm not sure how to go about that.
BTW - We're North of Atlanta, GA in Canton.
Any thoughts? Should we just give it more time or get aggressive?
2007-11-07 06:13:50 · 5 answers · asked by Shannon S 2 in Business & Finance ➔ Renting & Real Estate
We are a FSBO, but did research other houses in the neighborhood. Unfortunately, there has been no houses sold in the neighborhood since May and that was a smaller home.
We are currently listed at $469,900 - do you think dropping it to $449,900 would create an interest? The next priced house is currently $439,900 but has a TERRIBLE lot and no finished basement or landscaping. I hate to give it away, but also don't want to hold it.
We may be better keeping it as is, then taking it off the market for a couple weeks & relisting it at $449k.
OOOORR - should we drop the price now when the market is coming in to the holidays????
2007-11-07 06:41:35 · update #1
We did list it with a listing broker and have exposure on MLS, Realtor.com, Google. I created my own website & have that posted on a number of other free sites...I even advertised on ebay!
We are paying a buyer's agent commission of 3.1%
Our neighbors are listed with an agent and have had NO showings. I don't know what more a seller's agent can do besides charge me a commission of 3.5%.
www.house4sale-canton.com
2007-11-07 07:35:10 · update #2
What does your agent say? Are you priced correctly based on the market in your area?
If you are priced right the next question is what is the average "time on the market" currently for homes in your price range? It may be that properly priced homes in your price range and in your area are on the market for an averaged of 4 - 6 months.
Also, your agent (if you have one) can offer a bonus to the buyers agent out of the commission, generally that means you will have to pay a higher commission.
2007-11-07 06:30:16 · answer #1 · answered by jimmy dean 3 · 0⤊ 0⤋
Pricing your home at the top of the range of comps is NEVER a good idea in a slow market. How well your place shows is important, however people are expecting bargains today and a top-tier price isn't seen as a bargain no matter how well it's staged.
It's a fools mission to think that since you have 8 months until your new place is ready that you can wait for a buyer at your price. The problem is that in those 8 months your listing will become stale. Very stale. And a stale listing scares off buyers who wonder what is wrong with the place. Buyers are a fickle lot in a down market and will look at any reason to not buy YOUR home. Worst of all, if prices are still sliding in your area, your current asking price may be WAY above market in 6 - 8 months!
Your real estate agent SHOULD have explained all of this to you. If you drop your price a bit you may be able to get a quick sale. Sure, you'll have to rent for a while until you new place is ready, but that's a HECK of a lot better than a looming closing date on the new place and the prospect of having to pay two mortgages or seeing your deposit vanish for failing to close the sale on the new place because your old one didn't sell!
Good luck.
2007-11-07 06:24:47 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Price your house right on the nose but ask for option to rent back. The first few weeks when you put your house on the market is the most crucial time to sell it. You get the most traffic then. Buyers have a set price range and they may overlook your house because they think they can't afford it. It is definitely not wise to over price your house in this dry market. If the buyers don't agree on the rent back you can always rent elsewhere for a short time or leave your belonging in storage and live with parents.
2007-11-07 06:18:11 · answer #3 · answered by livewire 4 · 0⤊ 0⤋
Before you consider dropping you price by $20,000 you should consider hiring an agent that can get your home the kind of exposure it needs to sell at your price. The number one reasons homes do not sell is poor exposure. Simply put people cant by it if they dont know it exist. You need to be honest with yourself and ask the question: If I was lookint to buy in this area could I find this home with little effort? If you answer that question no then you should get an agent. Hope I helped
2007-11-07 07:27:26 · answer #4 · answered by young2bballin 2 · 0⤊ 0⤋
The housing market is in it's worst slump in decades. All over the counrty. Expect to drop your house another 10 percent
2007-11-07 06:18:16 · answer #5 · answered by Rick D 3 · 0⤊ 0⤋