Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Our Realtor had suggested we give an extra percent to the buying Realtor. He said that the market is so flooded, and that buyers can only stuff so many properties into one day, that the extra percent often gets your home into the list of "to see" properties. Sure, that calls in to question the ethics of the buyer's Realtor, but that's their issue.
Here's the other thing about lowering prices - sometimes you're priced at the top of that range - say you're priced at $289K. Lowering to $285 will not likely get that person in the door any more than being priced at $285, because people are generally looking for houses up to $280, $290, 300K, and so on. If you cannot afford to completely drop into the next range down, then that extra percent to the buying Realtor could at least get your property more showings.
A local realtor in the Charlotte area (Jonathan Osman) did a study on whether offering realtors a "bonus" would actually help sell a home faster, and you know what? It didn't. They don't work.
Also, as you mentioned above, lowering your price in drips and drabs will get the home on the hot sheet. If you cannot afford to lower your home price anymore, you're basically stuck in this market. (unless you do a short sale)
Its simply supply and demand. Yes, the market is flooded and unfortunatley prices have no where to go but DOWN.
A local realtor in the Charlotte area (Jonathan Osman) did a study on whether offering realtors a "bonus" would actually help sell a home faster, and you know what? It didn't. They don't work.
Also, as you mentioned above, lowering your price in drips and drabs will get the home on the hot sheet. If you cannot afford to lower your home price anymore, you're basically stuck in this market. (unless you do a short sale)
Its simply supply and demand. Yes, the market is flooded and unfortunatley prices have no where to go but DOWN.
One random Realtor's study means nothing to me, and it should mean nothing to anyone out there. Just as you believe Forbes articles citing Charlotte should mean nothing to those looking to relocate.
Not everyone can price low enough to be one of the best in the price range. If you'll notice, MOST houses are competitively priced for their price range, some are way overpriced, and only a very few are low enough to stand out like yours obviously did. And not everyone can afford to stage on top of that price. But you're right when you say that if those things can be done (along with location, etc.) then it will work. But isn't that stating the obvious?
If you must sell, and you can't afford to lower your price in one fell swoop, then what's next on the list? Just sit there "stuck"? No...you start getting creative, and that's the idea behind incentives, and that's what the OP was looking for...fresh ideas. Hey, what's the harm anyway? If it doesn't work then you're in no worse position than you were the day before! But it's better than just throwing your hands up and saying you're stuck!
If you must sell, and you can't afford to lower your price in one fell swoop, then what's next on the list? Just sit there "stuck"? No...you start getting creative, and that's the idea behind incentives, and that's what the OP was looking for...fresh ideas. Hey, what's the harm anyway? If it doesn't work then you're in no worse position than you were the day before! But it's better than just throwing your hands up and saying you're stuck!
If you can lower your price, you absolutely should get to your lowest limit.
If you can't lower your price because you don't have the cash to make up the difference in a short sell, then yes, you pretty much are stuck.
Better off to take your home off the market, and move on for now. Try to sell a couple of years from now. Just my .02
Well, I sold my house in an oversaturated market. I also priced it HIGHER than the realtors who wanted my listing suggested.
I had it staged to perfection, including the landscaping. I also stated I would leave my nearly new top of the line stainless fridge w/ a full price offer. I also left my several year old spa on the deck.
In addition, I added a $2000 bonus to the selling agent if the house sold in less than 30 days.
Houses were not moving and I had priced my HIGHER than the other similar houses on the market. We were in a development w/ over 900 houses and many for sale.
I sold the house in less than 72 hours, as in, had an offer in my hand in less than 24 hours. They wanted the fridge and spa but wanted to come down 2% on the price.
And since the woman called my listing agent (off the sign in the yard) . . . I didn't have to pay a bonus, either (my realtor refused it wh/ I appreciated).
So . . . was it the staging? Was it the fridge and/or spa? Was it the price (wh/ was higher than other similar houses)? Was it the bonus?
Do I care?
Do everything possible that makes sense, follow your instincts . . . and who cares what made the sale? The point is - to sell the house!!!!
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,555 posts, read 10,401,557 times
Reputation: 2162
Quote:
Originally Posted by anifani821
Well, I sold my house in an oversaturated market. I also priced it HIGHER than the realtors who wanted my listing suggested.
I had it staged to perfection, including the landscaping. I also stated I would leave my nearly new top of the line stainless fridge w/ a full price offer. I also left my several year old spa on the deck.
In addition, I added a $2000 bonus to the selling agent if the house sold in less than 30 days.
Houses were not moving and I had priced my HIGHER than the other similar houses on the market. We were in a development w/ over 900 houses and many for sale.
I sold the house in less than 72 hours, as in, had an offer in my hand in less than 24 hours. They wanted the fridge and spa but wanted to come down 2% on the price.
And since the woman called my listing agent (off the sign in the yard) . . . I didn't have to pay a bonus, either (my realtor refused it wh/ I appreciated).
So . . . was it the staging? Was it the fridge and/or spa? Was it the price (wh/ was higher than other similar houses)? Was it the bonus?
Do I care?
Do everything possible that makes sense, follow your instincts . . . and who cares what made the sale? The point is - to sell the house!!!!
I wouldn't care either, but personally....I'm thinking I'd much rather sell my house high with an incentive as opposed to low with nothing.
We just relocated "over the border" to SC as well, in November, from TN. On the selling end--same situation--hubby moved for a Charlotte job in Sept, me stuck in TN until the house sold. We sold in 8 weeks. While TN was never an inflated market, my hubby and I had a "come to Jesus" moment w/our list price. We realized what we needed from our TN house to get what we wanted here, and then slashed our initial listing price by that amount. You can't think about what "could've been" or you'll never sleep at night. We got a great deal here, too. You "lose" a bit when you sell, but you "gain" a deal when you buy, too. Now, on the buying end, I think money talks! HOA fees. Grocery gift cards. Pool service contracts. Down payment assistance. This would be IN ADDITION to slash-and-burn pricing on your listing...just remember your goal is to get out of there asap!! Being apart is so hard on everyone in the family.
I wouldn't care either, but personally....I'm thinking I'd much rather sell my house high with an incentive as opposed to low with nothing.
Exactly. Agree wholeheartedly. And in this market - you gotta do everything you can to set your house apart from that sea of other homes for sale out there. Will a TV sell your house? No! But the potential buyers will definitely say remember "the house w/ the flat screen included." (or the fridge, or the surround sound system, or the stainless grill out back, etc. etc).
You know - the thing about advice is . . . it is free. People who want to try adding an incentive can do so and see how it works. Those that don't feel it is necessary - FINE! I just know what worked for me.
...just remember your goal is to get out of there asap!!
Not always. Some people need to sell as soon as possible. Other sellers may not be in such a situation and can afford to wait. This is just one other variable that comes into play in determining what it is that you need to do to sell your home.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
To OP caught in the fray...a couple of tips
