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Old 11-10-2014, 12:19 PM
 
Location: Scottsdale, AZ
2,150 posts, read 5,151,245 times
Reputation: 3303

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Quote:
Originally Posted by abolgani View Post
Hello. I am in the middle of selling my home. My home has been on the market for 18 days and my Realtor has hosted 3 open houses. I have received only one offer which was 40K below my asking price. My Realtor will be hosting 2 more open houses later this week. I am not sure why my home isn't selling since I live in hot market where there tends to be bidding wars. I believe my home is competitively priced. Any advice? This is the first time I have sold a home so I'm not sure typically why a home doesn't sell. Thanks.
With regard to the offer you did receive, it is hard to judge. It depends on the home. If your house is listed at $1M, a -$40K offer might be a good start. If your home is listed at $200K, a -$40K under would be upsetting.

Either way, you need to verify your pricing to make sure you are priced correctly.
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Old 11-10-2014, 12:44 PM
 
Location: los angeles county
1,763 posts, read 2,038,721 times
Reputation: 1877
and where are you?

maybe it's just slow season in your area
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Old 11-10-2014, 01:19 PM
 
Location: East Bay, San Francisco Bay Area
23,357 posts, read 23,767,632 times
Reputation: 23777
No doubt, it is pricing.

A fairly priced house will move quickly, especially in a hot market.
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Old 11-10-2014, 02:08 PM
 
Location: Olympia
1,024 posts, read 4,127,926 times
Reputation: 846
It's not how many open houses are being held, but how many actual buyer showings you receive. If you have good buyer traffic but no offers then it's usually that reality doesn't match with the way the listing shows online (neighborhhod, photos, condition, etc.) These obstacles can be fixed, or overcome with a price adjustement. If there are no showings then review first how the listing looks online (plenty of high quality photos, good description etc.) and second how it is priced compared to other similar homes in the area. 18 days on market doesn't seem very long, but if the average time on market for your area is 5 days, then it's a concern.
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Old 11-10-2014, 02:15 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,685 posts, read 29,645,485 times
Reputation: 33237
Default Get real

Call me after 26 open houses, 63 showings and 7 months on the market.
No sympathy from me.

What does your agent say?
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Old 11-10-2014, 02:23 PM
 
Location: los angeles county
1,763 posts, read 2,038,721 times
Reputation: 1877
Quote:
Originally Posted by ccm123 View Post
No doubt, it is pricing.

A fairly priced house will move quickly, especially in a hot market.

SFbay.... easy for you to say

a 40k drop would definitely be accepted there.
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Old 11-10-2014, 04:34 PM
 
9,891 posts, read 11,705,760 times
Reputation: 22085
Quote:
No doubt, it is pricing. A fairly priced house will move quickly, especially in a hot market.
Far from the only reason, and may not be overpriced.

To properly evaluate why the property has not already sold, things needed to know.

How many homes for sale in the general area. How many homes have sold in the last 6 months in that same area. With that knowledge, I could know the probability of the home selling within what time frame.

How close to asking price, were the homes that sold, sold. Maybe the $40,000 below asking price offer, is in line with other sales, or may be truly a low ball offer.

What is average time on the market for homes sold, and how long is the listing time for homes for sale. This will tell the normal sales times for the area for homes to be sold.

What is the median price for square feet, that similar homes in the area are for sale at, and for the ones sold.

With that knowledge, I could evaluate why the home has not sold. It could be, that homes are selling slowly in that neighborhood. It could be several reasons. It could be the home is overpriced and that fact alone is turning off buyers. But without that knowledge, all anyone can do is make a wild guess based on their local real estate market. But with the answers, anyone experienced in real estate, can give you an educated guess, not just a wild guess based on their own real estate market. I went into the real estate business as a investment/commercial/business/farm and ranch broker in 1972, and stayed in the business till I finally retired so I have years of experience evaluating why a property is not selling.

Give us the address, and it is very easy to find the answers to the questions I asked above if you can't answer them yourself.
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Old 11-10-2014, 06:16 PM
 
Location: City Data Land
17,156 posts, read 12,891,961 times
Reputation: 33164
Price.
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Old 11-10-2014, 07:27 PM
 
265 posts, read 403,044 times
Reputation: 532
Quote:
Originally Posted by EngGirl View Post
18 days is nothing, really.
But only offer that is 40K below asking screams you priced your house too high.
Not really. It could be an unrealistic buyer or someone who likes to start negotiations really low (bad move).
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Old 11-10-2014, 10:47 PM
 
Location: Riverside Ca
22,146 posts, read 33,324,356 times
Reputation: 35433
So did you counter on the 40k less offer? That could be a starting point. If the potential buyer comes up 20-25k you're that much closer to selling.
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