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3 months and zero showings and no offers means a house is overprice. Think about that.
Now 3 months, lots of showings and no real offers (in your case) means the same exact thing: That it's overpriced.
It's sad to say this. But based on market conditions and your competition; your price is not what buyers are willing to pay for.
At the 400-500K and plus range in the Georgia market, you are looking at a limited market to began with like you said. Factor in buyers are looking for a specific wants/needs for their homes. Unless you have a "wow" factor that can set you apart from your competition like professional series kitchen, plantation shutters, pavers driveway, etc touches that may cost you an extra 10-20K. Those things can appeal to many buyers.
The appraisal that looked at your home maybe be interested but I am sure he will want to cut out the middle guy and want you to sell directly to him (minus 4-6% real estate commission).
What are the exact comps of the last homes sold in your neighborhood within the past 3-6 months including distress properties?
I know. Atlanta area has been hit one of the worst in the country.
Quote:
Originally Posted by aneftp
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What are the exact comps of the last homes sold in your neighborhood within the past 3-6 months including distress properties?
As I mentioned before my immediate neighborhood is very small just a few houses. So there are no sales within past six months. My agent had to look at a broader range of the houses when pricing it. This is the reason for a consult with three additional agents too. I can PM you MLS number. I do not want to post it on the forum.
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If someone wants to offer suggestions based on MLS listing, I can PM MLS to you too. Thanks.
* The negative that can not be changed the backyard backs up to a road
I'm not sure how your local market is, but in my market you would have to discount considerably, buyers are not willing to pay top dollar when they have to shout to each other in their back yard.
My son has one of those huge, beautiful, relatively new homes (5000 sf) just up the road from you in Canton, Ga. He listed his for sale about a year ago ... as have another dozen or so in his particular housing area (and about 8-10 similar size, age housing areas in the same vicinity. Unfortunately, nothing seems to be moving except distress sales that are going for 'lowball prices.'
Part of the issue is that many of these NW Atlanta areas grew out of the 2004-2007 'boom' when young families were hungry for 5-6 bedroom, $400-$700K homes in the suburbs. These days, the same market is in the mid-$300's, if a buyer 'needing' a really large family home can be found. Older buyers who are still in the same $ market, are often looking to downsize.
In any case, it's still about marketing. You may want to seriously think about what makes your home particularly unique and desirable ... to your anticipated pool of buyers; ... and market that yourself! Sometimes, realtors get caught-up in 'the way they have always done things' and wind-up with 100 listings in the same general pool! Both they and potential buyers need to focus on your unique offering. (eg; if you've done some significant upgrades, list them out by cost; offer wall-mounted HD TV's in several rooms; etc). I've done this type of thing a few times now, with pretty good results (and have actually sold my own place, even though I had a realtor).
Earlier, you asked about bumping either 'up' or 'down'. I've seen a number of long-term listings do this and can only assume they are achieving some added visibility. As mentioned, it tends to add them back into otherwise stagnant 'alerts' for new listings.
I wouldn't take it off and put it on later. I also wouldn't do miniature reductions just for the sake of it. Even if your market slows down and there's less inventory at certain times, people buy all the time and it's probably better to be on the market when there's fewer choices even if there are fewer buyers looking.
Regarding your "negatives", these were things you saw as positives and you need to get your realtor to market these things as positives. You might have a pool company draw up a site plan showing a pool on your lot with a price so buyers can see how it will fit and what it will cost. Have that on display for showings. If your neighborhood is one of the only ones where you can have a trampoline or an archery set up (or whatever) put one up to demonstrate the 'plus' of your neighborhood. You get the idea. Promote!
I'm taking notes here... My house has only been on the market 3 weeks and I'm already starting to freak out! We have had numerous showings and the feedback is always positive (it shows beautifully). After the first week, we had 2 offers in one day! The first was above asking price, but by morning the buyers got cold feet. Since then, we've still had lots of lookers, but no takers. The only thing I can think to do is lower the price. I'm already giving lots of extras and we will walk away just breaking even if we are lucky (we may even be in the red). I didn't mean to hijack this thread, but I just felt I could relate to the original poster. My home is also on MLS and I'd be more than happy to share the number privately for feedback. Thanks everyone!
Thanks everybody for your responses and suggestions!
Quote:
Originally Posted by bbronston
I wouldn't take it off and put it on later. I also wouldn't do miniature reductions just for the sake of it. Even if your market slows down and there's less inventory at certain times, people buy all the time and it's probably better to be on the market when there's fewer choices even if there are fewer buyers looking....
So you are suggesting to leave it on the market without price changes.
What about all Days On Market (DOM)? Would it be a bad thing to keep it there for long?
If you are significantly higher in DOM than the homes in your area that are selling, I can see why you might be concerned but, in our MLS, that 'trick' doesn't work because we can see the property's history (no matter how many MLS #s it has been under) with just a click of an icon. With the economy we have had, high DOMs don't really carry the stigma they once did. The key is price, period. BUT...you have to give each price a fair chance to work and you have to market the property in a way that shows off it's best features. If you think you've done that, then drop the price and keep marketing. Also, by marketing, I'm not talking about post cards and newspaper ads. Those things work a little but the MLS is probably THE most effective sales tool. Your MLS description is the most important thing to get right. Make sure your photos are good and have a good virtual tour, too.
Frankly, when I was shopping for houses, I looked much more negatively upon listings that employed tricks to try to hide the true DOM or did tiny price "bumps" than I did on houses that just legitimately had been listed for a long time. It always gives me the impression that the seller or agent is trying to be deceitful, and I don't like to do business with deceitful people.
It's fine to periodically lower the price, but make them meaningful reductions, not tiny changes just to try to make the listing look fresh again. If you're not willing to make a meaningful reduction, IMHO just leave the price alone.
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