Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We have a "Listing History" button on our MLS that any agent can see when it had been listed, relisted and all the price changes. It would not help to take it off now in my market.
People have been trying to manipulate DOM for years. It has gotten more difficult. If I see an old listing, I am going in super low, if at all.
In a really hot market, an old listing might be one month. It would probably be more like 6 months in Foreclosureville.
The listing history of each property remains intact within most MLS, regardless fo how market time is accumulated. Taking a break fools no one, anymore.
The glut you see right now, at your price point, in your market, is apt to be greater, come springtime.
The thing about DOM is that this is the average time it takes the seller to hear the market, adjust their price ( sometimes multiple times) and often times improve their home's condition to get sold and closed.
The homes that get sold and closed closest to the original asking price are usually homes that sell quickly. They are priced right, out of the box.
The glut of unsold homes at your price point, in your area, is what is putting pressure on the market value of your home and implies that you are in a declining market as are most homes, right now. Best case, closed comps for July-Sept were used to determine your asking price. Those sales went to contract in the Apr-Jun timeframe. Right now, those comps could trail the current market by as much as 8 months.
Regardless of what you decide to do with your listing right now, you will need to get your arms around the facts of the current market. Is it possible that those facts are not conducive to achieving your real estate objectives, given selling is discretionary?
The issue of there be TOO FEW BUYERS is very real, as is the hope that you MIGHT be able to capture a first time buyer OR EVEN a move up buyer that will be enticed by tax incentives.
Your AGENT needs to amp up the exposure. The seller needs to do everything they can to highlight the homes BEST features, if that means NEW interior photos alongside exterior photos that highlight the curb appeal from warmer months SO BE IT.
If the pricing is not as agressive as you can be you may not capture the price motivated buyers and those are a group that may be worth targeting.
Chet, I normally like your posts very much. However, I don't think we can say the agent needs to get more exposure when we don't know what the current marketing plan is. All the exposure in the world won't sell an overpriced listing. You should review where your market is headed and decide what to do. If you have too few buyers in the area, then you need to reduce your price or improve your condition to capture one of them.
Respectfully Brandon, I think that even in places that have milder weather (I think the OP is in SC or VA) the key to generate some excitement about listings in the "dead of winter" is to "break the mold" to some degree. Gimmicky stuff may sometimes seem like a waste, but I have seen all sorts of things work remarkable well while other agents are "off in Orlando" or some other jaunt that justify during the "slow time".
The local papers will cut deals on ad space, so that a full page ad makes sense. You can do email that reminds folks that have shared their contact info to get details about a particle lisitng that it 'remains available', there are expiring incentives to help you move in, the rates are at all time lows, and if you act now you can be in your new family room to enjoy the Super Bowl.
If none of the local teams are in playoffs you expect a better attended than usual Open House, and if the local teams are in the playoffs you might host the Open House as a bit of "pep rally" earlier the day (even I tend not to risk suggesting Open Houses as "victory celebration" -- too much to jinx ... ).
Now if the house is priced at a point that is truly unsupportable you could have the Goodyear Blimp in the drive to "hype it" and of course it won't sell, but honestly often you can 'nudge' folks to remember the great rates and tax credits and shake out a few sales. Very much worth it!
I have a summer house that I just pulled. I wanted the opportunity to have some new pictures posted and have it repackaged. The previous listing didn't feature the deeded rights to a private beach 300 ft away. I also have put on a new roof. I plan to relist Feb 1.
Thank you all for your comments. We did speak with our realtor and he agrees that there is nothing to gain by pulling the house from the market at this time. That combined with the five showings in six days so far this month has convinced us to remain listed.
As much as I appreciate all the input, I would caution those who have rushed to judgement without knowledge of our situation. Whether or not it was your intention, some opinions have been tinged with admonishments that exceed the level of information given and seem overly harsh in opinion.
My home is in the range of 430K and is not likely suitable for the first time home buyer tax credit.
We are very comfortable with our price. Our agent, every agent in his office, and every agent that has shown the home has universally agreed that the home is well priced. All the feedback we have received has been to the effect that agents are eager to show our home because they are convinced that this is the house they will sell in a difficult market.
There is 16 months worth of inventory in our market... houses range from well over 2 mil to houses closer to our price point (and this is just our neighborhood). Responses to showings for our house have been either a problem with stairs to the garage (ederly looking for true one floor living) or too small a dining room (ours is only 12 x 12.5). So far four buyers have expressed that they hope our house is still on the market when they sell their own because they really want it. Because we want to move rather than NEED to move, I am patient. If patience is a virtue, I am truely and deeply virtuous. We will sell when the right buyer views the home. In the meantime, I do not feel like we are chasing the market down (it appears to be picking up in pace), I do not feel like we are priced incorrectly, I'm just trying to position the house as best as possible within the parameters of my comfort zone.
Don't take this the wrong way, but your home has been on the market for over 100 days. I think if this was "The house that would sell in this market" then it would have sold. I have bought and sold 7 times and have heard stuff like this from realtors over and over "we are priced right", "your house is the best in the area", "only been great feedback"...yada yada yada. Fact remained that we were on the market for our last home for 7 months. All feedback was great. My realtor told me the nice fuzzy things I wanted to hear. BUT obviously that wasn't the case...if it was one of the many showings would have put an offer in. It wasn't until we lowered our price to less than what we paid did it sell. I am NOT saying it is your price. I don't know your area. I'm just saying this is an EMOTIONAL time period (whether you need to sell or want to sell) and we tend to believe only the best. It's like our kids: they are the best. So our home is the best. Know what I mean?
I'm not trying to sound harsh, just being honest.
I wish you the best and hope it sells soon!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
... ).
