Brokers opens, when do you drop the price? (hardwood floors, days on market)

[DaisyDaisy]

I put my house on the market about three weeks ago. We've not had many showings.

Once I requested it, my broker said she'd schedule an open house June 2.

My broker suggested dropping the price after a month. Average time on market in my neighborhood is about 85 days.

Homes in my area grew in price, on average, about 38% over 10 years. My house is priced at 38% more than purchased 11 years ago. It's priced slightly above area comps but lower than comps from last summer (which sold for about 5% more than my listed price). It also has some enhanced features that the comps don't have. Its been well maintained. A friend just sold her house for the same price as my asking and she has a shared driveway and 1 bathroom (I have driveway and 1.5 baths) So I feel like mine should be fine price wise. I'm willing to drop the price after awhile but a month seems kind of fast.

Questions...
Is a brokers open standard? She said people mostly look online now so not necessary.
Suggestions for how many days on market before you drop the price? I'm not in a huge rush.

Thanks for any insight.

[ferraris]

Since you're not in a huge rush, i don't see any reason to drop the price. A high "days on market" can make buyers think you are desperate and would accept a low-ball offer, or that there is something fundamentally wrong with the property, but one month is nowhere near that point. In fact dropping the price now may make you look more desperate in a way.

[selltheburgh]

pm me an address and I'll tell you what I know / think the issue is. 3 weeks isn't a long time on the market, but you should have had a rush of showings at the beginning if it is a nice property in a desirable location.

[gg]

I see you mentioned your friends home, but you didn't mention condition of either. Does your home look tired from the street? Landscaping pays off in spades. Is your kitchen as nice as your friends? When you say, you haven't had many showings, what kind of numbers are we talking about? 10 in those three weeks, not including agents only? Is your home listed on the multi list or is this broker you are using not a member? If it is one of the big agencies then it should be on the MLS. I would say you are probably a little overpriced. The best buyers are the first few that come through your home. After that, it is a little more luck of the draw. As far as the open house goes, they are rarely productive as far as you selling a home that day, but they do get advertised and I think they are good every once in a while.

I don't agree if you reduce your price you will look desperate. It provides a renewed buzz around the home. These aren't cars, they are homes and there are only so many buyers out there. Good luck. I have a feeling you are a bit overprice if you had few showings at the beginning, or you are in a spot that isn't that desirable to the masses.

[DaisyDaisy]

Thank you, h_curtis and selltheburgh. Both of you gave similar feedback regarding curb appeal and kitchen.
h-curtis, you reinforced what selltheburg intimated in a private message, that my house is probably overpriced. I can drop the price about 5-8% to be more in line with some of the more current comps.

House is on the multi-list. Most recent buyers in my area tend to be early 30-early 40 single or married professionals who don't have kids (undesireable school district).

I appreciate the professional critique and feedback. Dropping the price next week!

[gg]

Originally Posted by Daisy7773

Thank you, h_curtis and selltheburgh. Both of you gave similar feedback regarding curb appeal and kitchen.
h-curtis, you reinforced what selltheburg intimated in a private message, that my house is probably overpriced. I can drop the price about 5-8% to be more in line with some of the more current comps.

House is on the multi-list. Most recent buyers in my area tend to be early 30-early 40 single or married professionals who don't have kids (undesireable school district).

I appreciate the professional critique and feedback. Dropping the price next week!

We are both realtors, so we do probably look at things similarly. Well, I am an ex-realtor.

[selltheburgh]

The curb appeal isn't bad, it just isn't the same architectural style as the other house that you mentioned. Best of luck. It seems like a nice house.

[Truluv]

Hoping to hijack the thread for a moment. I'll be selling my house next year, after the kids graduate, move out and take their clutter with them.

I'm using this year to get the house ready for sale. I'll be removing wallpaper, painting, getting rid of stuff, etc. I've also started doing some repairs to make the house more readily marketable, like replacing a door, new pool liner/pool fence, new furnace, etc. I'm in an extremely desirable school district and in a good location, although my house does have some negatives like carpets instead of hardwood floors, solid-surface counters instead of granite, and a floorplan that has some problems. According to Zillow, my house will be priced the lowest in my neighborhood by about $100,000. I don't know if that's a negative or a positive.

I also thought that I'd hire a home inspector in a few months to give it a once over, and let me know if there's anything that should be fixed before the house is listed.

I've started keeping track of houses in my expected price range and their realtors. I'd like to find a realtor whose listings sell in a 6-month range, without price drops. (I've already spotted two realtors who seem to automatically drop the prices of their listings within a month - I will want someone to price the house fairly in the first place, and not get the listing by giving me unreasonable expectations). I'd also like a realtor who would walk in and tell me honestly if I'm missing something that would help it sell for a fair price.

I'm also starting to shop for a possible retirement house or condo to down-size. However, I still don't have any idea whether I should move into a small condo, try to build a small ranch, or move out of the area. My kids will all be launched in a year or so.

My question is -- when do I reach out to talk to a realtor? Only when I'm ready to list, or a few months before? Do you recommend working with the same realtor for selling & as a possible buyer's agent? Should I go to open houses to meet realtors and try to find someone I like?

I'm actually terrified about this process. I've lived in this house for almost 30 years, and moving seems overwhelming (also a new widow).

[Goodjules]

Originally Posted by Truluv

Hoping to hijack the thread for a moment. I'll be selling my house next year, after the kids graduate, move out and take their clutter with them.

I'm using this year to get the house ready for sale. I'll be removing wallpaper, painting, getting rid of stuff, etc. I've also started doing some repairs to make the house more readily marketable, like replacing a door, new pool liner/pool fence, new furnace, etc. I'm in an extremely desirable school district and in a good location, although my house does have some negatives like carpets instead of hardwood floors, solid-surface counters instead of granite, and a floorplan that has some problems. According to Zillow, my house will be priced the lowest in my neighborhood by about $100,000. I don't know if that's a negative or a positive.

I also thought that I'd hire a home inspector in a few months to give it a once over, and let me know if there's anything that should be fixed before the house is listed.

I've started keeping track of houses in my expected price range and their realtors. I'd like to find a realtor whose listings sell in a 6-month range, without price drops. (I've already spotted two realtors who seem to automatically drop the prices of their listings within a month - I will want someone to price the house fairly in the first place, and not get the listing by giving me unreasonable expectations). I'd also like a realtor who would walk in and tell me honestly if I'm missing something that would help it sell for a fair price.

I'm also starting to shop for a possible retirement house or condo to down-size. However, I still don't have any idea whether I should move into a small condo, try to build a small ranch, or move out of the area. My kids will all be launched in a year or so.

My question is -- when do I reach out to talk to a realtor? Only when I'm ready to list, or a few months before? Do you recommend working with the same realtor for selling & as a possible buyer's agent? Should I go to open houses to meet realtors and try to find someone I like?

I'm actually terrified about this process. I've lived in this house for almost 30 years, and moving seems overwhelming (also a new widow).

I've had to use the services of a realtor twice in the last two years. I would talk to people you know in your community and ask them if they can recommend someone. Also contact the agents who handle most of the listings in your neighborhood. Ask for and contact references. Prepare a list of questions before you call. I would do this a few months in advance of when you plan to list the house.