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In the neihborhood I live all the houses have sold for 540k,480k but they are
2500 sq, more or less. There are just 3 small houses and mine is one of them. I listed with a realtor 1 month ago at $399. It is a 3/2. With a yard wich is the same as the big houses of 8,800 sq. and the house is 1604 sf.
These neighborhood is on a Exellent location, very nice schools and very safe, I walk my dogs day and night and it is very safe.
My next door neighborhood has townhouses, cero lot, they have mainenance which I don't, and they are on top of each other. But some times they are bigger in sq. than my house and they have sold for 320k.
My realtor is telling me to lower my price at 368k and to offer to the realtor that brings the buyer $2000.
What is your advice?
Live it in 399k and offer to paid closing cost?
$2000 to the buyer realtor?
To go to 368k?
Does it really make a difference to lower that much?
I have a lot of traffic when I do open houses. It is like a party. I have specially 3 couples that loved my house and they say they would do an offer,(that was like 2 or 3 weeks ago). When my realtor call them they say they are working with the numbers(like to see if they can buy it). What should I do about the questions above? Thanks
When did your realtor call them? If it was a day or two ago then don't call again... if it was, say, a week ago or more I would have her call again to let them know that there were several couples interested and do they have an offer ready. I wouldn't lower my price that much if there are people that interested. If none of them are ready to make an offer and it doesn't seem like they will for awhile I would lower it. I don't know that I would go that far down AND add in an extra $2000 to the buyer's agent. They're getting commission anyway... plus, you don't want to do everything you can all at once. If you're getting some interest but things aren't happening yet after the price drop then add in the bonus.
Dont forget the only reason a home does not sell is price
Even homes in bad locations sale at some price
Dropthe price $10,000 and raise the commission to 3 %
then every 2 weeks drop another $10,000 til you get to $369,900
I dont know what area you are in as as the weather gets cold up north the traffic slows down
In the neihborhood I live all the houses have sold for 540k,480k but they are
2500 sq, more or less. There are just 3 small houses and mine is one of them. I listed with a realtor 1 month ago at $399. It is a 3/2. With a yard wich is the same as the big houses of 8,800 sq. and the house is 1604 sf.
These neighborhood is on a Exellent location, very nice schools and very safe, I walk my dogs day and night and it is very safe.
My next door neighborhood has townhouses, cero lot, they have mainenance which I don't, and they are on top of each other. But some times they are bigger in sq. than my house and they have sold for 320k.
My realtor is telling me to lower my price at 368k and to offer to the realtor that brings the buyer $2000.
What is your advice?
Live it in 399k and offer to paid closing cost?
$2000 to the buyer realtor?
To go to 368k?
Does it really make a difference to lower that much?
I have a lot of traffic when I do open houses. It is like a party. I have specially 3 couples that loved my house and they say they would do an offer,(that was like 2 or 3 weeks ago). When my realtor call them they say they are working with the numbers(like to see if they can buy it). What should I do about the questions above? Thanks
Closing costs typically average about 4% of the purchase price, so this will be the same as dropping the price about $16000.00 - 383K
There's a big difference between 383 & 368 ($20,000.00) and a 2000.00 bonus to an agent.
Will your agent receive the bonus if he/she brings the buyer?
In todays up and down mortgage industry many Realtors must take the extra step to help the buyers crunch numbers as well as provide lending options that will get them to closing.
I would talk to your Realtor and look at a current CMA to see what the market shows homes like yours are selling for now - then adjust the price.
Temporal, you might want to consider offerring to pay 2k or more of buyer's closing costs rather than an incentive bonus to a buyer's agent. I have an aversion to agents getting an incentive bonus when they have already agreed with the buyers what their compensation will be. Why should they get more than they have contracted for? I would also have some concerns about an agent who would "steer" a potential buyer to a house because of an incentive bonus. The DOJ is looking into this practice. Also, I have found that potential buyer's are attracted to houses that not only meet their criteria but also offer to help with closing costs.
If your house is in excellent condition, I believe a combination of lower list price, assistance with closing costs to the buyer, and an aggressive marketing and strategic pricing campaign will begin to attract qualified buyers. Hope this helps and good luck.
An agents job is to market a home and guide it to closing. That's it. The home must sell itself to the buyer, we can't make people look or make offers. It sounds like you may have a couple of tire-kickers rather than motivated, qualified buyers.
Lastly there are 5 equal reasons a home sells.
1-Condition (Seller controls)
2-Terms offered (Seller controls)
3-Price (Seller controls)
4-Marketing (Agent Controls)
5-Location (buyer controls-they determine value of the area)
So, 60% of the burden of selling a home falls on the seller. That being said, it's the agents job to interpret the data and discover what needs to be done to sell the home. I don't know your market, haven't seen your home or the comps, so I am not qualified to answer your question. I can tell you this though-price fixes all the other 4 reasons.
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