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Based on the information provided it sounds like the marketing is being done well.
That leaves you with 2 things you adjust that will cause your home to sell:
1-Price
2-Condition
If your home is already in great condition, then your home is probably being perceived as overpriced by about 3-5%. You can adjust the price down about 3% and see what happens. That will go a long ways to getting an offer.
I guess we aren't getting the traffic, but neither is anyone else as there are 14 homes for sale in the neighborhood and none have sold. I guess either everyone is overpriced or the market is at a standstill in our neighborhood. It is discouraging, hopefully Spring rush will start soon. But for now, I'm not sure what will bring the buyers in, other than giving the house away-which we don't really want to do.
I think your problem is that there is 14 homes for sale just in your neighborhood alone. Many buyers get very nervous about to many houses in a area being up for sale. They assume that there is something very wrong with the neighborhood when they see so many people trying to leave the area at once.
I looked up Durham, NC on Realty Trac and got 1436 properties in the search results. I'd say there's too much competition and too few buyers and it's much broader than a neighborhood. I hope this doesn't sound too harsh or come across the wrong way. It's a difficult time for many of us and my heart goes out to you.
P.S. Suggest you post your MLS#. Maybe some can give you constructive criticism on your Realtor.com listing.
MLS # 973987 (broken link) Here is the MLS listing. Been on the market since Jan 1, originally started at 317,900. Dropped in Feb to current price. Did not make a difference in viewings. We have had a total of 4 people make appointments to see the house with 2 2nd showings with no offers. We are now at a standstill.
Any input would be appreciated. Is it the photos, is it the house, is it market, or do we just have bad luck?
It's funny. I've had numerous agent open houses over the years and fed these folks very well - or given away trips, etc. And you know what? None of the agents who attended have ever brought me a buyer! I think agent open houses are a waste of time but something every seller expects. Alternatively, I've sold $5 Million in the past 10 months as a direct result of an email newsletter I send out. Those were direct sales where the buyer recieved the newsletter, saw the house, called about a showing and ultimately bought.
MLS # 973987 (broken link) Here is the MLS listing. Been on the market since Jan 1, originally started at 317,900. Dropped in Feb to current price. Did not make a difference in viewings. We have had a total of 4 people make appointments to see the house with 2 2nd showings with no offers. We are now at a standstill.
Any input would be appreciated. Is it the photos, is it the house, is it market, or do we just have bad luck?
Thanks!
Well, without even looking at the photos, I wouldn't expect to see any difference in showings because of yrou price adjustment.
People shop for a house in price ranges. The pripose of an adjustment shouod be to present the house to a new group of consumers, who are looking in a price range different from those who have laready seen it. When you change the price from $317,900 to $309,900, you aren't showing the house to a new market. The people who saw it at $317,900 are looking in the range $300k to $325k. Thi same group will see it at $309,900. Sure, one or two of them might think that this is now a better value, and therefore will go see it. But don't count on that generating a big increase in showings. If you want price to affect showings, you have to bring it into a new price range. $300k will do that. If you price it at $300k, the people looking from $300k to $325k will see it, and so will the people looking from $275l to $300k.
I'm not that familiar with your part of the Triangle (SW-Durham) but today I looked at a home in your zipcode of similar size (actually, about 200 sq ft larger) that was listed for 80k less expensive (in Bay Pointe). I would agree with Bill that reducing the price from $317k to $309 is not enough to attract a new set of buyers. Have there been recent sales in your subdivision? As far as pricing goes, what do the local comps show?
At 310k there are many more attractive listings (on paper only) in the immediate area. We looked at a house listed at 299k in nearby Lakehurst that was 3000 square feet and across the street from the lake, and a house in Wyndcross that was roughly the same size and only slightly older with a nice back yard and was listed for 50k less.
In fact, there is a home in your same neighborhood that is 400 square feet larger, 3 years newer, and on 0.13 acres more land....
And listed at 10k less.
I'm not saying that one is even priced properly, but given this comp in the immediate subdivision, I think most buyers would identify that as the better value and perhaps more worth a look.
I don't mean to be blunt or dismissive, but as I continue to shop in the exact market and price range your house is listed in, I figure the best and most helpful thing to do is give you my honest feedback as a buyer who searches the listings in 27713 between 250 and 375k every single day.
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