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Old 07-18-2012, 02:11 PM
 
936 posts, read 1,757,719 times
Reputation: 934

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The types of questions that you have should be answered by your agent. You should be making pricing decisions based upon what is happening in your market. This is the job of your agent- to represent your best interests. You shouldn't have to be guessing at pricing and timing decisions, nor making decisions without understanding why those decisions are made.

If you agent recommends a price reduction then ask to see the market data that supports it. There's always something to talk about on a weekly basis and you should expect to hear from you agent weekly, if only for a few minutes to tell you about what changes ocurred in your market (new listings, comments from buyers, pending sales, inventory changes, new competition, availability of financing, recommendations for staging your property, recommended repairs, discussion of advertising efforts and approaches, etc, etc.)
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Old 07-18-2012, 02:38 PM
 
Location: Columbia, SC
8,870 posts, read 17,509,458 times
Reputation: 6265
First open houses are useless. Second, if I don't have an offer in the first 2-4 I want a price reduction.
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Old 07-18-2012, 06:55 PM
 
Location: Kansas City North
3,638 posts, read 6,812,094 times
Reputation: 4655
I'm curious -- would an occupied (furnished) or a vacant house show better at an open house? I have a vision of the agent sitting at a card table in the living room.....

To the OP: bite the bullet and lower the price now. We wasted 15 months selling with unrealistic pricing expectations. Once we lowered the price and fenced the backyard - as suggested by our agent - we had an offer in four days.
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Old 07-18-2012, 07:01 PM
 
Location: earth?
7,288 posts, read 10,419,721 times
Reputation: 8956
When you listed the property, you should have asked for the marketing plan. No one can tell you about the price reduction, because it is dependent upon how the price was initially arrived at, but having said that, price cures all ailments . . .so if you want to sell, lower the price . . .

As far as updates are concerned, I would ask my Realtor for weekly updates. The MLS data tells you how many people are viewing the property . . .also, your Realtor should be hosting open houses and broker's opens . . .it's the agents and brokers who sell the house . . .so if you are going to do a price reduction, ask your Realtor to plan for a broker's open and to get on the horn and call everyone and drop flyers off at all of the major real estate companies . . . there is a lot that can be done to sell a house - some on your part (flowers in the front yard, paint interior/exterior, stage) and some your agent . . . open houses, phone calls, flyers, Internet marketing (Craigslist, and tons of web presence - updated frequently). Your Realtor should be talking about your house in every sales meeting . . .if it's priced right, it will sell, no ifs ands or buts.
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Old 07-18-2012, 07:39 PM
 
14,524 posts, read 16,435,987 times
Reputation: 12975
When the lookers commented that it had a small hard, they really meant that the price was too high for the size hard that is has and they were expecting/hoping for a larger yard given the current price. (Gives you a hint to lower the price since you won't be grabbing buyers with a large yard to wow them)

When lookers commented about the missing 3rd bedroom, they really meant that the current price is for a 3 bedroom home, but you are missing that 3rd bedroom. (Gives you a hint to lower the price to take into account the bedroom situation. You want to be a better deal so they will be ok without the 3rd bedroom because they got a lower price than a 3 bedroom as they typically should.)
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Old 07-18-2012, 08:50 PM
 
Location: Florida Gulf Coast
4,108 posts, read 5,539,935 times
Reputation: 6444
Quote:
Originally Posted by imcurious View Post
When you listed the property, you should have asked for the marketing plan. No one can tell you about the price reduction, because it is dependent upon how the price was initially arrived at, but having said that, price cures all ailments . . .so if you want to sell, lower the price . . .

As far as updates are concerned, I would ask my Realtor for weekly updates. The MLS data tells you how many people are viewing the property . . .also, your Realtor should be hosting open houses and broker's opens . . .it's the agents and brokers who sell the house . . .so if you are going to do a price reduction, ask your Realtor to plan for a broker's open and to get on the horn and call everyone and drop flyers off at all of the major real estate companies . . . there is a lot that can be done to sell a house - some on your part (flowers in the front yard, paint interior/exterior, stage) and some your agent . . . open houses, phone calls, flyers, Internet marketing (Craigslist, and tons of web presence - updated frequently). Your Realtor should be talking about your house in every sales meeting . . .if it's priced right, it will sell, no ifs ands or buts.
Is this really realistic for a house in the 80K price range? Weekly open houses and broker's opens? This is not Million Dollar Listing. Neither is it a large metropolitan area with tons of inventory. I would think the agents and buyers in that area are familiar with the house by now. The last few places I've sold, my agent hasn't had open houses, nor have I asked for any. I do not want newsy neighbors or passers-by traipsing through my house. If someone wants to see it, they make an appointment for a showing.

For the OP: The only thing I can think of that would be a real detriment is that it's only two bedrooms.
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Old 07-18-2012, 08:50 PM
 
Location: Illinois
718 posts, read 1,756,066 times
Reputation: 971
It is ALWAYS the price. Because every home sells that is priced correctly. What are you waiting for? Some rhubarb to roll up the driveway and give you asking price. Those rhubarbs are in pies....lower the price until it sells. You will be glad you did.
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Old 07-18-2012, 09:22 PM
 
Location: earth?
7,288 posts, read 10,419,721 times
Reputation: 8956
Quote:
Originally Posted by Avalon08 View Post
Is this really realistic for a house in the 80K price range? Weekly open houses and broker's opens? This is not Million Dollar Listing. Neither is it a large metropolitan area with tons of inventory. I would think the agents and buyers in that area are familiar with the house by now. The last few places I've sold, my agent hasn't had open houses, nor have I asked for any. I do not want newsy neighbors or passers-by traipsing through my house. If someone wants to see it, they make an appointment for a showing.

For the OP: The only thing I can think of that would be a real detriment is that it's only two bedrooms.
I didn't notice the price. There should still be a marketing plan and if it's not selling, it's the price - especially in that price range. Price cures everything.
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Old 07-18-2012, 09:47 PM
 
Location: Pleasanton, CA
115 posts, read 280,242 times
Reputation: 169
Quote:
Originally Posted by Midwest1628 View Post
2) lot/yard to small
3) wish there were a 3rd bedroom (there are 2 + a good size office with windows/french doors we used as a nursery- no closet in it)
I think your house shuts out a huge market : Family. Even newlyweds will be skeptical about buying a house without enough room to grow. It can just be your house.

Good Luck. PS: Have you thought about renting it out??
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Old 07-19-2012, 08:24 AM
 
90 posts, read 233,234 times
Reputation: 73
Quote:
Originally Posted by sware2cod View Post
When the lookers commented that it had a small hard, they really meant that the price was too high for the size hard that is has and they were expecting/hoping for a larger yard given the current price. (Gives you a hint to lower the price since you won't be grabbing buyers with a large yard to wow them)

When lookers commented about the missing 3rd bedroom, they really meant that the current price is for a 3 bedroom home, but you are missing that 3rd bedroom. (Gives you a hint to lower the price to take into account the bedroom situation. You want to be a better deal so they will be ok without the 3rd bedroom because they got a lower price than a 3 bedroom as they typically should.)

Then why wouldn't they have just said it's the price? I don't think I know anyone who would not be honest about saying "it's a priced a little to high, especially if there is no 3rd bedroom" etc
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