I want to lower the list price but realtor advises us to wait (accept, property)
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Here's an important question . . . you mentioned several similar homes have sold recently in your neighborhood . . . how long were they on the market before receiving an offer?
I'm curious how this will end up for you because we are in a similar situation. My inherited house has been on the market for a little over 8 months and we switched realtors at the 6 months point because he priced it way too high and wasn't doing enough to get it sold. We also did a ton of repairs and improvements and clearing out of the house at the 6 month point so the house is much more salable now than before. In the first 6 months we maybe got 11 showings and 4 were the same person who decided it was too much work for a single woman. If she saw the house now she'd probably buy it (frustrating). In this town it is not unusual for houses to sit on the market for 1+ years, some longer.
In the last 2 months we've had about 30 showings. The price now is about 88% of what it was when we started and we really want to drop it another 25k, but the real estate agent wants us to wait on a second showing that happened a week and a half ago, but they've made no offer. The house is dated and the 3 bathrooms have not been updated, neither has the kitchen and it just needs work so I get that people are hesitant, but it is also why the price is lower than it would be otherwise. We've factored in to our estimations of what we'd accept that all of that needs to be done and what it would cost to be done well. We've had one low ball offer with someone who barely qualified for a mortgage and that was the max they could go, so there is a little interest.
We bothered him twice about price in the last two weeks and he still wants to wait. I don't want to sound too desperate because he is acting as a dual agent with this recent second showing.
Did you manage to get the price down or are you waiting?
The other houses in our price range were on the market between 30-60 days so we're still in the "acceptable" zone. After talking to our realtor he stressed this.
We've decided to let it go until after all the showings that are scheduled for this weekend. If we don't get an offer he's proposed that we target just those people that had more than one showing and offer them the $5,000 drop before we drop it publicly. He's hoping that it won't be necessary but, if so, it might flush out a buyer that's been waiting and watching. We'll see.
If it doesn't sell before the holidays we're going to take it off the market. The thought of trying to keep the house staged perfectly during that time makes me cringe.
The other houses in our price range were on the market between 30-60 days...
...and offer them the $5,000 drop before we drop it publicly.
Privately or publicly a $5000 drop (vs a $229 ask) isn't such a big deal.
Probably less of a big deal than what an interested buyer would make an offer at.
Which in my view (no offers from interested buyers) remains the larger question vs the price.
Something is making these people turn away without even offering $5k (or $25k) off asking.
My husband and I have our home on the market for 229,000. Our realtor is wonderful, comes highly recommended from friends/neighbors and priced our home based on a CMA. We paid for a private appraisal for comparison and it backs up the list price. Similar homes in our neighborhood have sold for around 220,000-250,000 in the last 45 days.
My question is this: The home has been on the market for about 35 days with about 20 showings but no offers. I keep asking about dropping it to 224,900 so that we show up in a lower search bracket but he's advising us to wait another week. Our neighbor said that our realtor's been doing this long enough to know the signs of a possible impending offer and to sit back and let him do his job.
I keep seeing posts where the realtor wants to lower the price but none addressing when the buyer wants to drop the price.
A 1.7% price reduction is not going to matter.
You/ your agent really needs to know why those other homes in your price range sold during your listing period. How did those properties compare to your own. Does your agent have first hand knowledge of the competition? Of all your showings, how many have bought something, somewhere?
If/when you drop your price do it once and do it right.
Well, I'm glad we listened to our realtor. We got a full price offer this morning.
Two more similar houses in our neighborhood have come on the market in the past week asking over $25,000 more than us so we're looking pretty darn good in comparison. Our realtor told us that the inventory was dwindling but the values in our neighborhood were rising which is why he didn't want to touch the price. We've still got 3 more showings scheduled for today with two of them being second showings so he's hoping that they've finally realized it's a good value and we're not budging. Our realtor suspects we may have 2 more offers by the end of the day.
I feel like a HUGE weight has been lifted off my shoulders! :-)
we switched realtors at the 6 months point because he priced it way too high and wasn't doing enough to get it sold..
The realtor didn't price anything. You did.
Quote:
Originally Posted by dkbobble
We bothered him twice about price in the last two weeks and he still wants to wait.
You seem to have a misunderstanding about who is selling this property. Its not the realtor. You are. If you want to lower the price, do it. The realtor will happily accept a commission from any buyer.
Well, I'm glad we listened to our realtor. We got a full price offer this morning.
Two more similar houses in our neighborhood have come on the market in the past week asking over $25,000 more than us so we're looking pretty darn good in comparison. Our realtor told us that the inventory was dwindling but the values in our neighborhood were rising which is why he didn't want to touch the price. We've still got 3 more showings scheduled for today with two of them being second showings so he's hoping that they've finally realized it's a good value and we're not budging. Our realtor suspects we may have 2 more offers by the end of the day.
I feel like a HUGE weight has been lifted off my shoulders! :-)
That is great news. I hope you get into a bidding war and get several thousand over asking price.
With the extra amount between what you wanted to lower the price to, and what it actually sells for you should go on a cruise or something.
My husband and I have our home on the market for 229,000. Our realtor is wonderful, comes highly recommended from friends/neighbors and priced our home based on a CMA. We paid for a private appraisal for comparison and it backs up the list price. Similar homes in our neighborhood have sold for around 220,000-250,000 in the last 45 days.
My question is this: The home has been on the market for about 35 days with about 20 showings but no offers. I keep asking about dropping it to 224,900 so that we show up in a lower search bracket but he's advising us to wait another week. Our neighbor said that our realtor's been doing this long enough to know the signs of a possible impending offer and to sit back and let him do his job.
I keep seeing posts where the realtor wants to lower the price but none addressing when the buyer wants to drop the price.
The realtor does not want you to loose $4100.00
which will lower his/her commission also.
New buyers come in every day.
If you lower the price to early in the game people will feel you are in a hurry
and desperate to sell and at $224900 they will try to offer
you even much less ... maybe $214900.
Once you lower your price you can never raise it back up.
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