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Old Yesterday, 07:08 PM
 
Location: Stuck on the East Coast, hoping to head West
3,793 posts, read 9,316,167 times
Reputation: 7370

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I listed my house in mid July. I'm in a seller's market in a desirable area. There is a new high school opening next fall (2020) and my house was re-districted into that school---one of the reasons why I'm selling, to take advantage of the buzz. My house also happens to be in the $360000 range while the average price in my area is over $400,000. Its a SFH, 3bed/3bath.

My realtor showed me comps, and I let him set the price (he gave a range). In other words, I didn't say I want x dollars or I owe this amount on the mortgage, etc. I agreed with his comps. I have beautiful photos, 3d tour, etc.

He stated that days on market in my area were around 45 when I listed. I'm at 36 days on market and no offer. I've had 7 showings and received positive feedback. Other agents say it shows well and is priced about right.

I have not had any offers yet.

Now when I look online it shows dom are around 51. Obviously, Labor Day is coming. I would think days on market would increase, but I don't know.

On the one hand, I'm considering contacting my agent for another CMA and considering lowering the price. On the other hand, inventory is going down and I'm thinking about sitting tight. I just don't know what to do.

FWIW, I got market reports every week that show positive activity. But again, I don't have an offer and that's all I really care about.

What do you think?
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Old Today, 01:58 AM
 
Location: Gainesville, FL
288 posts, read 62,138 times
Reputation: 379
Your agent will know your market best and can help you make these choices. If it’s showing well with positive feedback, but no offers, i would say you’re priced too high. Doesn’t matter what other agents think of the price, it matters what buyers think. Is there anything in particular about the house that would make it more difficult to sell? Why is yours valued lower than similar homes? You might actually have the opposite problem - people think something is wrong bc it’s not priced high enough. I would let it go for another 10 days and see what the agent thinks. DOM will get longer as we get into fall, most likely, but it depends on location. Speaking of which, rezoning the schools could scare people bc that school has no track record of performing well. I don’t think another full CMA is necessary as your agent should be tracking market activity relevant to your home.
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Old Today, 04:17 AM
 
Location: Cary, NC
33,855 posts, read 58,830,200 times
Reputation: 32741
36 days and 7 showings?

In a good market, I would expect those 7 showings in a week or less.

If the house is good condition, it would seem that the buying public is not seeing the same value as your agent, IMO.
IOW, price is a bit high.
Agents will say a property is priced right just to avoid a sales pitch from the listing agent on their input.
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Old Today, 08:32 AM
 
Location: Stuck on the East Coast, hoping to head West
3,793 posts, read 9,316,167 times
Reputation: 7370
Thank you, great points.

Re the showings: there were 7 confirmed showings. I had more requests, but some were no shows and some were cancelled by the buyers (not me). I agree, though, 7 seems low to me, too.

Also, I have been spending hours in my area looking at the houses that have sold and I've noticed something: it appears that the houses that are selling are either cheap and not updated, like under $300,000 or they are in the $500,000 + and beautifully updated. My house falls smack in the middle.
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Old Today, 12:37 PM
 
Location: Raleigh NC
9,759 posts, read 7,381,027 times
Reputation: 8412
what online function are you using to see the stats and these various other homes?

I'm sure that when you listed, the average DOM was 35, and now it's up to 51. When you listed, that was basically the 90 days up to June 30. If you did 90 days up to 8/15, then it will show a different picture. Yes, seasonality varies geographically, but from everything I've heard that are non-2nd home locations, activity peaks from April 1 to end of June, then closings through end of July.
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Old Today, 01:05 PM
 
Location: El paso,tx
2,288 posts, read 863,390 times
Reputation: 3637
Quote:
Originally Posted by BoBromhal View Post
what online function are you using to see the stats and these various other homes?

I'm sure that when you listed, the average DOM was 35, and now it's up to 51. When you listed, that was basically the 90 days up to June 30. If you did 90 days up to 8/15, then it will show a different picture. Yes, seasonality varies geographically, but from everything I've heard that are non-2nd home locations, activity peaks from April 1 to end of June, then closings through end of July.
This^^^

You can have agent do a search on homes listed in july last yr, and see those days on the mkt.

Also, is your home updated? If not, and the nonupdated homes were selling under 300k, that may be your problem.
Along with looking at closed listings, you also need to look at current active listings to see what your competition is. And look at pending listings to see what got contracts on them recently, and how they compare.
Does your home have any true negatives, like on a busy street, backing up to a business, houses close by so they look into your yard, multi level/split level?
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Old Today, 07:38 PM
 
Location: Stuck on the East Coast, hoping to head West
3,793 posts, read 9,316,167 times
Reputation: 7370
Thanks. I called my agent and he was planning to contact me on Monday as he's looking into my situation.

Last edited by bande1102; Today at 07:53 PM..
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