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No. Should be running sold comps at minimum once a month to make sure you are always competitive.
great suggestion
Quote:
Originally Posted by SDQEWR
The house is move in ready (only 5 yrs old) and all the feedback we have gotten is positive, like the house shows well and it is well maintained and clean. Our backyard faces a main street so that has been the only negative remark. sounds like the house is in good shape and ready.
I'll talk to our realtor about lowering the price again, the last price drop was mid November. The homes in the neighborhood for sale are all priced around the same from 187k-245k. We are priced at 195k.as silverfall & rjrcm said you need the sold comps to know what price you should be at. in this range if it were me and I needed to sell I would in the 186 range.
Quote:
Originally Posted by rjrcm
OK, but what are the recent sold price ranges for similar homes?
I feel you and you realtor should be working as a team. nothing says a seller has to be a passive partner. a seller should always communicate if they have doubts or are unhappy with how things are going.
The house is move in ready (only 5 yrs old) and all the feedback we have gotten is positive, like the house shows well and it is well maintained and clean. Our backyard faces a main street so that has been the only negative remark.
I'll talk to our realtor about lowering the price again, the last price drop was mid November. The homes in the neighborhood for sale are all priced around the same from 187k-245k. We are priced at 195k.
Unless you are not the original owner, and got a great deal on it when you bought, then you most likely paid too much in the first place. At 5 years that puts in right in the peak period for prices and anyone that bought then will be taking it up the shorts when selling now!
Since this is your first home, and you need to dump it quick because of a relocation, this might be a hard pill to swallow. Looks like you need to lower the price to offload it before it becomes a major liability after your relocation. Another poster, accufitgolf, nailed it on the head in that you need a real hungry and aggressive agent to push that home as hard as possible. Your current agent is doing nothing more than the same done during the high times when all you had to do is stand out on the street and yell out "House For Sale" and it had more offers than you could count before you finished calling out!
Not sure where you are at but if you have a snobby neighborhood, price it low enough, and advertise it properly, then you will get a lot of interest from "Block Busters" who want to move in the neighborhood. For example if it is a snobby white neighborhood price it accordingly to draw in the minorities and sell it fast! This is a business and although you like the next door neighbors they are not the ones that will be paying your mortgage when you transfer!
I was the one to suggest we lower the price before and she suggested a 5% reduction and I decided to do 10%. Shouldn't she be suggesting a price modification and what price it should be based on her research if the house is priced too high?
Are these things she should be doing with out me prompting her? or do realtors normally wait for the seller to ask for a price reduction?
She should be suggeting price and should be keeping an eye on the market. Maybe this is her downfall, maybe not.
This is why you need to interview 3 agents...they will each bring comps (recently SOLD homes, near your home and similar in style, age, size and condition as your home). These 3 agents will discuss price and marketing strategy for your home.
FYI, why sign a 6 month listing contract??? I thought 90 days was standard and that seems to be what is suggested. This way if you want to change agents after 90 days you can.
I think you are priced too high because not enough showings. This usually means price is too high. Probably need to lower the price. It is too bad the agent is not seeing this. A bad mark against her for not suggesting another price adjustment.
lastly, you can hire a real estate appraiser to appraise the home. under $400 usually for this. You tell them you are selling and want to know the true market value of your home. look for a licensed apprser. But the 3 new agents you interview should all provide similar info to you, though opinions can vary.
I think you are priced too high because not enough showings. This usually means price is too high. Probably need to lower the price. It is too bad the agent is not seeing this. A bad mark against her for not suggesting another price adjustment.
I do 6 month listing agreements. Pretty standard on the West Coast. I'd never agree to a 90 day one on a commission contract. Too risky. The average home sales time in my area is 4 months.
The pictures look good and the house is on all the internet sites, the local real estate magazine and she does post it on craig's list at times and there are fliers outside on the for sale sign. She hosted a realtor's luncheon and had 2 open houses.
Is there anything else that she could be doing? This is our first home so we have very limited experience dealing with realtors. I hate to stick with her and have the house sit for another 6 months, but at the same time I also do not want to go with someone else if she is doing all she can.
We do not have the expertise or time to do a FSBO. We are relocating due to work and need to sell in the next couple of months.
That's good marketing. With exposure like that I don't know that it will be easier to find a better marketing plan. You may just need another price drop.
Unless you are not the original owner, and got a great deal on it when you bought, then you most likely paid too much in the first place.
Likely paid market value at the time the property was purchased. This is not the same thing as paying too much.
Everything sells for as much as the market will bear at any point in time.
Google ( goog) stock is selling for about $626 a share right this minute. If I buy now, its value could decline to the $473 range where it was in July. Or, it could gain an additional 100 points as many analysts predict it will.
Only thing certain is if I buy now, I am paying current market value.
Unlike a house, I cannot live in my investment portfolio.
Likely paid market value at the time the property was purchased. This is not the same thing as paying too much.
Everything sells for as much as the market will bear at any point in time.
Google ( goog) stock is selling for about $626 a share right this minute. If I buy now, its value could decline to the $473 range where it was in July. Or, it could gain an additional 100 points as many analysts predict it will.
Only thing certain is if I buy now, I am paying current market value.
Unlike a house, I cannot live in my investment portfolio.
No but I can live in a cheap appartment and have liabilities that actually bring fun. If I am going to have a 200k + liability then it better be able to fly or go 180 mph and make me feel alive, not just a place to crash that I cant get out of if I dont want to live there anymore.
At the time we purchased, I didn't think I was overpaying for the house. The builder did screw us all by slashing the prices, but going cheap on all the materials, for the last 8 houses they built. They sold those for about 40-50k less than everyone else had purchased. Some of those people are now selling and they are bringing everyone else down with them. They are selling cheaper than a couple of short sales and a foreclosure sold for last yr.
Here are the latest comps in my neighboorhood, I have a 4 br 3100 sqft
Sold in Oct- 4 br less sq ft but with a pool 215k
Sold in November- 5 br 210k
Sold in November- 4br same sqft but less upgrades and smaller lot 185k (was listed at 195k, but at the time we were listed at 205k)
Sold in December-3br house 177k
there were two foreclosures that sold but she didn't give me the sale price of those two.
Here's another thing to look for. How many 4 bedrooms in your price point are currently on the market? What is the commission they are paying to the selling broker? Unfortunately, you'd be surprised how many homes get shown simply by raising the commission payout. You can basically guarantee your home will get shown to every buyer every agent has by offering the highest commission.
Here's a for instance: I was 1 of 3 agents interviewed when a listing was about to expire for the second time. The first agent had already renewed it once, so the home had been on the market for a year. Honestly, the marketing was all done well. I pointed out the few things I would change, including actually raising the asking price (it was the lowest priced home on the market and giving out the wrong impression) and the most important was changing the commission payout to the selling broker from 2.5% to 3.5%.
It turned out the listing agent was a "friend" who renewed the listing for a third time but took all of my ideas. The house went under contract in under 2 weeks and ended up closing for higher than the previous asking price!
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