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Old 08-09-2013, 06:58 PM
 
Location: Anchorage, Alaska
11 posts, read 23,854 times
Reputation: 10

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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.
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Old 08-09-2013, 07:33 PM
 
Location: NC
502 posts, read 808,241 times
Reputation: 1130
I love this post! The reason there aren't many (any?) threads about sellers asking to lower to price because I'm pretty sure it rarely happens!

Under normal circumstances, I would agree with the price drop. 35 days, 20 showings, no offers = price drop. I'm not sure why your agent would advise against it. But, he knows your local market and maybe he knows something you don't. In the big scheme of things, I suppose giving him one more week won't hurt. But, if you are really getting anxious and need to sell, you can insist on the price drop in a week. You may even get multiple offers and get your original price after all:-)
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Old 08-09-2013, 07:57 PM
 
Location: The Triad (NC)
31,873 posts, read 73,068,046 times
Reputation: 38740
Quote:
Originally Posted by AKBuffy View Post
...on the market for 229,000 ...priced our home based on a CMA.
Similar homes in our neighborhood have sold for around 220,000-250,000 in the last 45 days.
on the market for about 35 days with about 20 showings but no offers.
At face your house is priced right in the sweet spot which leads to questioning the assumptions...
How many "similar homes have sold for around 220,000-250,000 in the last 45 days" ??

The "no offers" is the larger concern.
It implies a showing issue that is turning people off independent of price.
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Old 08-09-2013, 08:03 PM
 
2,349 posts, read 4,968,888 times
Reputation: 3030
Quote:
Originally Posted by AKBuffy View Post
keep asking about dropping it to 224,900 so that we show up in a lower search bracket
This might be a huge mistake - a backfire. You'd be eliminating people using price range drop down boxes looking at 225000 through 230000 for example. It's better to be on larger whole number than on something with a 9.
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Old 08-09-2013, 08:25 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
16,329 posts, read 25,029,781 times
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Default Wrong

Quote:
Originally Posted by plmokn View Post
This might be a huge mistake - a backfire. You'd be eliminating people using price range drop down boxes looking at 225000 through 230000 for example. It's better to be on larger whole number than on something with a 9.
No, you capture all the people who set 225 as the max.
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Old 08-09-2013, 10:08 PM
 
Location: Up above the world so high!
45,246 posts, read 94,179,571 times
Reputation: 40073
Quote:
Originally Posted by AKBuffy View Post
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.
Your realtor sounds experienced and competent. Trust him/her to do their job!

35 days is not time to panic. You may be closer to an offer than you know
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Old 08-10-2013, 08:18 AM
 
2,349 posts, read 4,968,888 times
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Default Right

Quote:
Originally Posted by davebarnes View Post
No, you capture all the people who set 225 as the max.
Yes, because listing it at 225 you get both sets of buyers, those looking for 220-225 AND those looking for 225-230. If she lists at 224900, she's eliminating the people looking 225-230.

Listing it at 224900 means nobody looking at 225-230 is going to see her listing. You want to list at a price that is common to TWO ranges.
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Old 08-10-2013, 10:02 AM
 
Location: Aurora Co
31 posts, read 68,086 times
Reputation: 38
Quote:
Originally Posted by plmokn View Post
Yes, because listing it at 225 you get both sets of buyers, those looking for 220-225 AND those looking for 225-230. If she lists at 224900, she's eliminating the people looking 225-230.

Listing it at 224900 means nobody looking at 225-230 is going to see her listing. You want to list at a price that is common to TWO ranges.
How many buyers are looking in that small of a price range? If you are limiting yourself to a 5000 dollar range there can't be that many options.
My husband and I just closed on a house and we looked at houses in a 60k range (houses from 230 - 290). And made offers on a few houses that we liked and some were 10s of thousands of dollars apart.
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Old 08-10-2013, 10:11 AM
 
Location: Anchorage, Alaska
11 posts, read 23,854 times
Reputation: 10
Quote:
Originally Posted by MrRational View Post
At face your house is priced right in the sweet spot which leads to questioning the assumptions...
How many "similar homes have sold for around 220,000-250,000 in the last 45 days" ??

The "no offers" is the larger concern.
It implies a showing issue that is turning people off independent of price.

We're in a small neighborhood that's basically a peninsula so in the past month we've had:

One sale at 800,000 (From the outer ring of houses right on the water)
Three sales in my price range/area 220-250,000 (one street back from water)
Seven sales in the 150-199,000 price range that consists of the fixer uppers in the center of our neighborhood and furthest away from water.

My concern is that perhaps realtors are using us as an example of what those inner houses can look like once they're renovated. They just need to get rid of the linoleum, formica, shag carpeting, wood paneling, etc. Those houses are being snapped up pretty quickly.We did a full gut job, the house is professionally staged and we've gotten positive feedback except for the size of the guest bath which is so tiny it's laughable but I can't change that.

Still, I would think we would have gotten an offer from somebody that wants move in ready but can't afford 800,000. That's why I was thinking that we should lower our price so that we capture the 200-225 crowd as well as the 200-250. Most search engines seem to be in increments of 25,000, 50,000 or 100,000.

We'll see. There are two more showings scheduled for today. I am so tired of living in a staged home :-(

Last edited by AKBuffy; 08-10-2013 at 10:25 AM..
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Old 08-10-2013, 10:13 AM
 
2,349 posts, read 4,968,888 times
Reputation: 3030
Quote:
Originally Posted by MustangMommy View Post
How many buyers are looking in that small of a price range? If you are limiting yourself to a 5000 dollar range there can't be that many options.
My husband and I just closed on a house and we looked at houses in a 60k range (houses from 230 - 290). And made offers on a few houses that we liked and some were 10s of thousands of dollars apart.
Not many but I only used that as an example to illustrate the point.

A more realistic example would be someone who wants to list at 119,900. It would be in their best interests to list 120,000 to display to the 100-120 buyers and the 120-140 buyers (more realistic ranges).

Most real estate database search engines provide drop down boxes with 20K differences so 100-120 and 120-140 are commonly used ranges.
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