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We interviewed two realtors, both of which told us our home would sell quickly at $104,900. So, we listied it with one of the realtors and there has been zero interest in our home.
It has all new everything and is staged and looks great according to the realtors. We've sold quite a few homes in the past and our guess is that the price is too high.
So, we lowered the price to $99,900 and still nothing. Today I spent quite a bit of time looking at comparable listings (2/2 duplex with 1 car garage). All the other listings were not as nice, but a bit larger and were listed in the mid to high eighties. The inventory is low. There are only five duplexes. One is a pre-forclosure and three had been listed for over 100 days, so I'm guessing there is something wrong with those.
In March, two homes in our neighborhood that are the same model as ours sold for $96,000 and $103,000. This was during an upswing in home sales that seems to have dropped off now. Our location isn't quite as nice as the two that sold for $96,000 and $103,000 in our neighborhood, but other wise very similar.
Our realtor insists that $99,900 is the right price and said it would be a quick sale. However, we think it's still overpriced given the lack of response. One call and zero showings in three weeks. What do you think?
I'm not entirely sure. I know she runs an ad in some local paper each week and she said she "did some marketing" online. She has a website for her company and our house is listed on that. What else should be doing?
In any case, we're looking at the price given that it's higher than the comps that are on the market right now.
I'm not entirely sure. I know she runs an ad in some local paper each week and she said she "did some marketing" online. She has a website for her company and our house is listed on that. What else should be doing?
In any case, we're looking at the price given that it's higher than the comps that are on the market right now.
If a realtor's marketing plan involves "some local paper," chances are they're not really in touch with how buyers are finding homes now. More than 90 percent of buyers research homes online. Advertising in print is a waste of money in 2015 (and I spent 14 years in the newspaper business).
And bravo for being among the 1 percent of sellers who is actually willing to consider that their home isn't worth 50 percent more than every other house on their block.
Without knowing your market and seeing the comps and subject property for myself, I can't definitively tell you that your home is overpriced. However, if you're within 5 percent of comps (such as the homes with the same floorplan) you should be getting SOME action. Is there anything about your home that makes it less inherently more or less attractive than the others?
If a realtor's marketing plan involves "some local paper," chances are they're not really in touch with how buyers are finding homes now. More than 90 percent of buyers research homes online. Advertising in print is a waste of money in 2015 (and I spent 14 years in the newspaper business).
And bravo for being among the 1 percent of sellers who is actually willing to consider that their home isn't worth 50 percent more than every other house on their block.
Without knowing your market and seeing the comps and subject property for myself, I can't definitively tell you that your home is overpriced. However, if you're within 5 percent of comps (such as the homes with the same floorplan) you should be getting SOME action. Is there anything about your home that makes it less inherently more or less attractive than the others?
Thanks for your response. I'm not from this area and I know each area has it's quirks, so maybe the local paper has worked for this realtor. I doubt it, but who knows. She has managed to sell quite a few homes lately.
The $104,900 was clearly high and even our reduced price of $99,900 is about ten percent over the comps that are presently listed. So, we're thinking that the price is still way too high. The marketing of our home, or lack thereof, may also be part of the problem. I think a lower price and time will tell.
As for the home itself, the condition is excellent. I would say it's the best of what is available. The square footage is a bit lower, but quite a few of this model have sold in our neighborhood this year. Some of which were in a bit better location and one that was in a bit worse. So, I would say that there isn't anything negative that stands out and the positive is the condition. However, if the marketing is lacking (not sure about this), or if the price is too high, then no one will see how nice it is, so it doesn't really matter.
Do you have professional photographs of the house?
That's a really good question, since photos are so important. The realtor took horrible photos, so my husband who is a professional photographer took photos of our home and asked the realtor to use the new photos. The bad photos were replaced right away and we're in good shape now. Thanks for asking.
Something about this confuses me. You say you've sold homes before; yet, you've made several rookie mistakes:
1. You hired a Realtor without learning their marketing plan to sell your home.
2. You accepted the listing price suggested by the Realtors before looking at the comps. You only researched the comps after the home was listed and not getting any action.
3. You allowed the Realtor to list the home with lousy photos.
Certainly, you need to get those photos fixed immediately.
I don't know your local market, but generally speaking, price rules.
Aside from price we're now looking at how are home is being marketed. So, we asked our agent and in addition to the ad in the local paper she put it on Craigslist, realtor.com and one other website I had never heard of. I'm thinking that we should also be on sites like trulia and zillow. Can anyone tell me what else our realtor should be doing to market our home? It sounds like she should be doing more online, but what?
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