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Our house has been on the market for almost 6 months, several showings but no offers. We live in a semi-rural area of Maine, but close to Portland and coast. My question: my 6 month contract with my realtor is up soon and I would like to take it off the market for a few days and then relist with her at a new lower price. My reasoning is to reset the DOM clock back to zero as I think 180 days on market looks bad to buyers. I know I am not fooling any local realtors with my action, just would like to look "fresh" on the market with a new price. Your opinions, please!
I think that you answered your own question. It won't be fooling any agents, although on some of the syndicated sites it may reset the clock, such as Realtor.com. What is your average Days on Market for homes in your price range and style?
Ahhhh, kind of hard to answer. Comps are rather difficult to obtain since we are out in the boonies and houses nearby range from rundown trailer to multi million dollar showplaces on the water. We have dropped already from the original asking price and know we will be asked again soon, hence my idea. We were told it may take up to a year to sell . We have done major improvements (new roof, septic, windows, whole house generator, etc) and are getting close to the price we paid which bothers me. So, don't have actual figures to give you re: how soon others sell. Thank you.
Other than resetting the DOM clock, it won't make a hill of beans difference to buyers. Everyone knows this is a difficult economy and the housing market is in a slump, it's no secret.
I would extend the listing with your current agent, and make enough of a drop in price to leave a little wiggle room to negotiate. If the home has been shown often to ready, willing and able buyers, your agent will be able to, or already has, given you all of the feedback on why no one has made an offer. The only reasons homes don't sell in any market are: Price, Location, or Condition. One of those or more could be the reasons. In this market, it is mainly about price.
Depending on your motivation for selling, take your Realtor's advice. (It will also cause more expense to your agent for you to take the listing down and relist it simply for the DOM reason.
Last edited by QuilterChick; 12-10-2010 at 02:39 PM..
Reason: spelling
There is no harm in doing so. You can withdraw your listing whenever you wish to, its your birth right. It will not harm anyone because you are taking a break before submitting the listing allover again. The clock will start from zero by default with some Realtor, but for others you need check it out with them.
Ask your agent about the specifics of both your house and how MLS works in your area....
There are almost certainly a handful of things that are probably pretty small but might be worth doing to spiff up your house a little. From literal no cost things like merely rearranging a room, to repainting or getting upgraded appliances if you focus on what , right now, is your home's weakest feature you may be able to make that a 'plus'....
If your MLS system is setup so that your previous days on market does not reset until you are off the market for 30 days or more maybe it is not worth "delisting"...
It also very important that you have at least some idea about what homes have sold and at what price point. In some areas you can get a very solid clue that there is a "ceiling price" above which no sales are happening. If that ceiling is below where you'd like to be then maybe you need to re-think your strategy...
(I am not a realtor but was just reading this anyway). If you do re-list your house, I would suggest taking new photos, too. Buyers will recognize the house from the old photos, even if the listing looks brand new.
You need to ask your agent how long it has to be off the market before your DOM will reset. I have never known it to be any less than 30 days and I have known it to be as long as 90 days.
As I buyer I look at the DOM, but in the current market in most places I would be a fool to assume that there was something wrong with a house (other than the price) simply based on DOM.
I agree i would check to see how long it needs to be off the market to "reset" the clock, often times it's a few months. Make sure you drop price quite a bit, with so few showings and no offers shows you're overpriced.
(I am not a realtor but was just reading this anyway). If you do re-list your house, I would suggest taking new photos, too. Buyers will recognize the house from the old photos, even if the listing looks brand new.
Maybe you should repaint something on the outside of the house and probably some new flowers or bushes that match the exterior. You might also want to interview some new agents to see if they have some better ideas to draw more traffic to your house.
One question: Is your agent one of the top sellers in your market? I am not talking about top listing because there is a difference. The reason I asked is because the statement remains true, "if you keep doing what you've been doing you will get the same results". Also, "doing the same thing, expecting a different result is a sign of insanity".
I wouldn't hesitate to fire an agent because listing with an agent is about getting results and if you aren't getting results then you need to go with someone that will. Selling a house is serious business and is not about who your friend is or who you like. Those emotions will have your house sitting there until the foundation rots away.
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. We have done major improvements (new roof, septic, windows, whole house generator, etc) and are getting close to the price we paid which bothers me. So, don't have actual figures to give you re: how soon others sell. Thank you.
Ask your agent about the specifics of both your house and how MLS works in your area....
