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Old 05-23-2007, 07:19 AM
 
Location: Earth
539 posts, read 1,990,603 times
Reputation: 275

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I would really appreciate ANY input on this subject. I was a licensed real estate agent in the state of CT a few years ago. I have put my house on the market as FSBO, on the MLS (offering above average commission for buyer's agent), in local and city papers, on the internet and Realtor.com. It has been 2 weeks, I am priced very appropriately, have had 1 open house which was fairly well attended but haven't received a call from agents or buyers for even 1 showing. Is this a sign of the soft market? My town and county was named one of the fastest growing within the past couple years. There is a fair amount of inventory on the market but its mostly new homes priced at about 200 sq. ft, mine is priced at 158 sq. ft. My home is five years old. As a former agent I remember several showings the first week or so when a listing came on the market and then of course, the showings often dwindled. I haven't had 1! Should I be concerned?
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Old 05-23-2007, 07:51 AM
 
Location: S.E. US
13,169 posts, read 719,988 times
Reputation: 5118
When we were researching for ways to sell our home in NH, we looked at traditional real estate services as well as non-traditional, including FSBO. There was one FSBO in our neighborhood, and we talked to them about their level of satisfaction. Bottom line conclusion: Traditional realtors boycott, i.e., avoid showing those houses no matter how well they might suit a buyer. Same goes for those homes listed with flat-fee agencies (Like Assist-2-Sell, for example, the names different by region.)

There may be some of this going on with your home.

Also, after looking into FSBO listings, my general impression is that these homes are priced too high, so I don't even want to bother to try to negotiate. Too much hassle. And, some people may not know how to proceed, where to get the contracts, how to complete them for offers, how to find a RE atty, etc. It may seem overwhelming to them.

Last edited by swbtoo; 05-23-2007 at 07:56 AM.. Reason: add line
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Old 05-23-2007, 08:54 AM
 
202 posts, read 907,475 times
Reputation: 93
Well I started out using a flat fee service and for the first 2 weeks I had NO realtor showings, I had 2 showings but no realtor showings. So last Thursday I dropped the flat fee service and hired an agent. It didn't get on MLS until late Friday and I had my first realtor showing this past weekend. Could be co-incidence. This weekend is a holiday weekend so not sure how many showings I will have. My house is in the $450k-$500k range which is somewhat high for the Cary/Apex area so I know there are not as many buyers at this range. The realtor showing I did have was a positive one, the buyer is considering relocating down here and has a job offer and hasn't taken it yet but if he does they do like my house and it will be in consideration (per the buyer's agents comments).
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Old 05-23-2007, 09:07 AM
 
Location: Earth
539 posts, read 1,990,603 times
Reputation: 275
TSSmith and Southward thanks for you input. My husband suggested the same scenerio in regards to agents avoiding our listing. I thought "no, I never avoided them as an agent" and never heard of agents avoiding them when I was in the business but I also found that I didn't think like most agents on many levels. This could very well be the problem. Maybe I will wait until my next open house and consider putting it on with an agent after all. It my listing is being boycotted by agents, that really stinks.
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Old 05-23-2007, 09:13 AM
 
Location: Cornelius
2,314 posts, read 2,431,518 times
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Well if you are dong it strictly as a FSBO and not through a flat rate company it can make a agents life a little harder as we then have to make sure your doing you job and disclosing what you are supposed to.

There could be many factors. I have noticed it normally can take two weeks before the flood gates open to you home. If its priced right and has the marketing needed it should sell. Good Luck!
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Old 05-23-2007, 10:48 AM
 
11,460 posts, read 49,198,780 times
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Dig deeper into your former experience and qualify your home a bit more compared to the rest of the marketplace.

Are those new homes at $200 sqft selling actively now? IF so, what do they offer to a buyer that you aren't? Do they have better quality/better finish/landscaping, HOA/covenants, locations that are better/more attractive?

There's such a large difference between your home price point psf and the new homes that there's a number of possible scenarios going on ...

1) you've placed you house at a price point were people wonder "what's wrong with this place, it's so cheap psf compared to the market?"

2) your advertising isn't standing out from the pro realtor's ads. Are you in the media where most of your competition is advertising? Do you have an effective ad that features the strong points of your unique property? Do you indicate that you're knowledgeable and can assist a prospective buyer to complete a purchase with the same insight into a deal that an active pro can do? The real estate purchase process is, for the most part, pretty simple and straightforward in most locales; you can guide a buyer to qualified legal, financial, title insurance, and other services to complete their deal; and you can comply with appropriate disclosure doc's, etc., as needed to complete a purchase.

Sounds to me like you just need to establish the value of your home and deal compared to others in the marketplace. Maybe you even need to raise your price to reflect the true value/condition of the place to attract attention.

Are you able to show the place as needed? Are you able to qualify your prospective buyers from the "looky-lou's"? Can you deal with your own house objections/concerns from buyers objectively?

Think like a pro about your property; try to be objective about how you'd sell this to a buyer if it wasn't your place. If you cannot be this objective about the entire marketing/sale process for any reason, then you'd be best off putting the house on the market through a pro full service brokerage.
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Old 05-23-2007, 11:54 AM
 
Location: Montana
2,203 posts, read 8,873,265 times
Reputation: 1127
Quote:
Originally Posted by southward bound View Post
When we were researching for ways to sell our home in NH, we looked at traditional real estate services as well as non-traditional, including FSBO. There was one FSBO in our neighborhood, and we talked to them about their level of satisfaction. Bottom line conclusion: Traditional realtors boycott, i.e., avoid showing those houses no matter how well they might suit a buyer. Same goes for those homes listed with flat-fee agencies (Like Assist-2-Sell, for example, the names different by region.)

There may be some of this going on with your home.

Also, after looking into FSBO listings, my general impression is that these homes are priced too high, so I don't even want to bother to try to negotiate. Too much hassle. And, some people may not know how to proceed, where to get the contracts, how to complete them for offers, how to find a RE atty, etc. It may seem overwhelming to them.
Bingo! You hit the nail on the head with many FSBO listings. I've never hesitated to show my clients anything they wanted to look at, including FSBO's. The problem with a true FSBO (not on MLS, just the sign in the yard) is that many times they're priced too high, you have to negotiate a co-broke, and plan on handling both sides of the transaction, making sure both the buyer and seller are staying with the program (getting inspections done, paperwork back to the title company, etc). Frankly, unless my client has an interest in a particular FSBO, I'm probably not going to drive neighborhoods, searching for a FSBO to show my client. It's much, much easier and safer (in the sense of a deal that's not going to fall apart) to stick with homes listed in the MLS.

As far as limited service/flat fee listings posted in the MLS, no problem as far as I'm concerned. I think there may be a couple of issues, though, that sometimes make those listings less desirable to buyers: 1) sometimes the limited service broker doesn't give input as to pricing, and these listings are often priced incorrectly, and 2) usually these are the 1-photo listings so it's really hard for potential buyers to tell if it's something they want to look at or not.

Right now with so much on the market, sellers really need to have a marketing edge to get their homes looked at by potential buyers.
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