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I'm selling a home for the first time in Illinois. I hired a broker at the end of July. My main objective is to sell quickly. The realtor assured me that my 2BR townhouse would sell quickly because it is spotlessly clean and ready to go.
After we continued to go over the comparable market analysis, I agreed to the price set forth by the broker. The house went on the market ten days later. The house is well marketed online and the photos look great.
As of today, my home still hasn't had a single showing. The home is being viewed and saved, which doesn't mean much, but there's zero inquiries.
First, we figured that the two 3BR town homes priced near my own killed any sales.
Both of those homes have since recently sold. So, now my home is the only town home in the subdivision for sale.
I've asked my realtor why there aren't any showings and what I could do. The answers have been:
"I don't know."
"I was sure that we'd have 5-10 showings by now."
"Maybe it's the school year."
"The market has suddenly halted. It's not you, it's all of my properties."
"Buyers want three bedroom houses now. You have two bedrooms so maybe it's not be attracting families."
"It could be the price but I don't advise you to drop it yet."
"Let's wait until after Labor Day weekend. If we don't get a showing by then, let's consider dropping the price."
"We could relist or wait until Spring."
I'm completely confused now. I want to sell sooner, not wait until Spring 2020.
I wouldn't mind dropping the price but the realtor insists on waiting until after Labor Day to do so.
I'm not sure what to do.
One one hand, I feel that my timing was bad. I should've hired a broker sooner but life happened.
On the other hand, I don't know how all of this works.
My questions are:
*My realtor really made me feel that my house would sell quickly. I was hoping to have the process completed by October. Is this an unrealistic time frame for Illinois?
*Did the Illinois real estate market grind to a halt?
*Historically, is there an uptick in sales after Labor Day?
These are questions of your agent.
Where in Illinois are you?
If you want to improve the price, do so.
No showings means 3-5% over.
How does the listing info look?
*My realtor really made me feel that my house would sell quickly. I was hoping to have the process completed by October. Is this an unrealistic time frame for Illinois?
*Did the Illinois real estate market grind to a halt?
*Historically, is there an uptick in sales after Labor Day?
Thank you for your time!
1- Not unrealistic time frame depending upon location, condition and price.
2- No, condo's, townhouses and SFH are selling, however, see ^
3- Again, it depends on your location, condition and price. Not every buyer has a family; time of the year is irrelevant to some buyers(single or couple with no children, usually).
Are you in the northern burbs or southern burbs? Or middle of the state? Or southern IL? Location does matter. Having the only townhouse in your subdivision for sale is not a bad thing, if your subdivision/village is a sought after location.
FYI, I am in the same state, listed my 2/1 condo on Monday with a flat fee service and it is under contract with a cash buyer today and closing date of 3 weeks from today.
Last edited by photogal9; 08-22-2019 at 01:44 PM..
I would wait to drop the price. If you drop too quickly, you signal a highly motivated seller. This happened with my friend's house. She dropped the price right out of the gate several times because she was trying to get a relo buyout deal. It ended up selling below market and the comp hurt our neighborhood.
Realtors tell you a lot of things to get a listing. We will sell it quickly, get a lot of showings, etc.
sounds like 21 days, which is NOT too soon for a price reduction. what's the asking price, and what was the asking price(s) of the 2 units that had 3 BR and went under contract?
and your Realtor can surely ask those Realtors how many showings their 3 BR got.
Look at the comments from the people whose user title indicates they are a professional working in the real estate field. Every one of them that posted on this thread has asked good questions and/or given good advice that you can benefit from.
The info listing looks good! It's straight-forward, no fluff, positive. All of the information is accurate.
I'm so happy to hear that the time frame is doable.
Days on market: 15
Asking price $155K
I have to make a correction, the two 3BR are contingent, not sold:
First 3BR: $154 (Pro photos & listing. Pending sale 8/15. 65 days on market)
Second 3BR: $165 (Amateur listing & photos. Listed 7/21, Pending sale for asking price 8/21. 28 days on market.)
The info listing looks good! It's straight-forward, no fluff, positive. All of the information is accurate.
I'm so happy to hear that the time frame is doable.
Days on market: 15
Asking price $155K
I have to make a correction, the two 3BR are contingent, not sold:
First 3BR: $154 (Pro photos & listing. Pending sale 8/15. 65 days on market)
Second 3BR: $165 (Amateur listing & photos. Listed 7/21, Pending sale for asking price 8/21. 28 days on market.)
Kneejerk reaction: You're overpriced. And from your Realtor's responses, he sounds like a dud.
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