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We are located in Concord, NC (the Western part of Cabarrus) in a neighborhood that is 4 years old. The builder is Shea homes. We are close to grocery stores, shopping schools and the city of charlotte. We are near I77, I85 and I485. Our schools are very well rated.
We have had our home on the market for almost 6 weeks. We have had showings, but no offers yet. I know the market is slow and taking longer. Our house is 4500SF. We live in a cul-de-sac and our neighborhood has good amenities. Pool, tennis courts, basketball courts, clubhouse and a couple of neighborhood parks. Lots of kids.
How long would you keep the house on the market before you would decide to rent it out?
We are relocating back to Northern VA. My husband is already up there working and the kids and I are down here with the house.
What did your Realtor tell you when you listed? When I list a house, I make sure my sellers are aware of the time the average home is taking to sell in their neighborhood, and I will not take a listing agreement less than that time.
If the average is 6 months, I will not agree to a 3 month listing agreement. If the average is 6 months, the seller better be prepared to wait it out as well because I can't control the numbers, I can only interpret them.
However, if you're going to price your home below the average to sell faster than the average and it's still not selling, you need to step back and rethink your strategy.
6 weeks is like 1 week used to be. We don't know what your average days on the market is, nor what your average rent would go for to know if you're better off renting or selling. Run your numbers.
Please just make you understand what goes in to being a LL when making this decision. Do your research and understand all of the finances and responsibilities associated with it.
We are priced at 399K with a 6 Bedroom, 4.5 bath. We also are giving up to 5K in closing costs to a buyer w/ an acceptable offer. Our realtor said that it could take up to 6 months or so. Our contract with the realtor isn't that long.
We are priced at 399K with a 6 Bedroom, 4.5 bath. We also are giving up to 5K in closing costs to a buyer w/ an acceptable offer. Our realtor said that it could take up to 6 months or so. Our contract with the realtor isn't that long.
Is there a reason you expected your house to sell in less than the 6 month time frame your realtor told you?
The more I work with her the more I think that her houses are the ones that take up to 6 months to sell. She doesn't seem to be on the ball so to speak. When something isn't done (like putting the 5K in closing costs in the MLS) I get a "that's odd". I have to check up on her and I don't think that I should have too. Maybe it's I'm used to a little bit more in a real estate agent. She couldn't even put the open house signs up because the ground was to hard.
Personally, I wouldn't have it listed at $399k. You need to be at $400k. Buyers (and their agents) look at rounded numbers in their searches. A buyer looking at $400-450k is going to completely miss your house priced at $399k. Bad pricing strategy. Also, why are you advertising that you're already willing to take less than asking price by stating the $5k for closing costs? Buyers (and their agents) in today's market assume every seller is going to be agreeable to closing costs as it's your NET numbers you're interested in. You need an agent who knows how to actually market and market correctly.
Good points. Our (mine and my husband) thinking was that since the tax credit went away for previous homebuyers we would offer the 5K in closing costs.
We definitely wanted to stay under 400K and that's why the 399K.
I even asked the realtor to put our house in the paper to see if that would help any. I don't think anything hurts in todays market. We are still getting showings. There hasn't been a week that we haven't had one. I guess I am a little impatient, but I also see where our realtor is failing.
That it takes X days to get sold in any market is really telling you that this is how long it takes for sellers to adjust to the reality of their local market.
Generally speaking the longer you sit amongst the unsellables, the greater the spread between your original ask and closed sale price.
I am an advocate of aligning price with the market once and right as opposed to nibbles that almost become predictable.
That you are offering $5K towards closing costs likely does nothing to make your listing stand out from the crowd. Most buyers expect sellers to assist them with closing costs, right now , regardless of what the listing says.
I assume your listing agent did a CMA for you back when. A CMA is a living document and the value of your property changes with every new listing, closed sale and price adjustment for comparable properties.
Your agent should be telling you what properties have gone under contract since you listed and not limit it to just your sub division if there are few sales.
Not exactly what you are asking but I am curious why you have not had an offer yet. What comments are the lookers making? Your realtor should be asking the showing agent what negatives the potential buyers made and see if you can do something about it. If it is cost effective and you can make the change then it make help you get an offer from the next person.
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