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Another consideration is if it sits for a year, then you have to pay a years worth of payments. Consider dropping the price equivalent to 6 months worth of mortgage payments. So if your payment is $1500, then drop the price $9000.
We did the cost comparison and just bit the bullet and dropped the price 10k 3 days ago. We are now priced lower than all comps. No showings yet, but fingers crossed! We have 6 weeks before we have to be in contract! Anyone want to buy a house in Spokane Valley, Wa? Lol
hey jessica, i am in the same boat as you! i have been on the market over 3 mos. now with showings every week. no one made an offer. i lowered my price 2x most recently over the weekend. i am having an open house in a week or so. i feel at this point i have done everything i can and i just have to wait for the right buyer. i am now priced lower than everyone else in my town for the same comparable house and amenities. i am convinced it is not my house nor anything to do with my house but the buyers. i have spoken to my agent about this and she said all of the sellers in this town at this price range are going thru the same thing, and that this price range just takes a little longer than lower priced homes. i do think after my contract is up with my agent if there is no action, i will consider re-listing with a different agent/company. i still have 4 mos before i have to move so i will learn patience. i know everyone on here is always about the price reduction and there must be something wrong but, sometimes homes just don't sell right away. i wish you luck and hang in there, i know it takes a toll after awhile and something that you tried to keep impersonal becomes personal when the offers don't come in. i still constantly hear from friends neighbors relatives coworkers even real estate agents cannot believe my house isn't sold. every showing i get that it is beautiful shows nicely looks professionally staged etc. so what is wrong with these buyers?
Stage the house well. If the house is a "wow" house the small yard will not be a major deterrent, or the close neighbors. Some tasteful furniture that's symmetrically placed, color splashed around; make sure it's very clean. I think freshly painted or walls that look good help. Also, flooring. Either cleaned very well or replaced. A wreath on the door, clean doormats, etc. For showings, clean garbage out, no odors, open blinds to let light in, etc.
Are you paying for a home warranty for the buyers? If you are competing with new construction, it may help.
Don't get so caught up on the 5K. If the house sits for 4 months at $1500/month, you've lost that $5K anyway, depending how much interest you're paying.
I just did a price reduction today as well. We're in similar situations - I've moved to another state, my husband is back home wrapping things up. He's going to move here within the next month, so it would be really nice if the house was sold with furniture still in it.
We've had over 30 showings, a couple of 2nd and 3rd showings, but no offers. There is some feedback we can't do anything about (I don't like the layout, this bedroom is too small, etc). The only useful feedback we got was that the front door could use a fresh coat of paint. After dumping $10k in new landscaping, driveway, sidewalk, and porch for "curb appeal" to put the house on the market, I'm drawing the line at sanding down and repainting the door. I refuse to believe that is the reason someone wouldn't buy a house. Besides, at some point, you have to draw the line and say "it is what it is" and stop investing in a property you want to get rid of.
So that leads me to believe the only issue is price. My realtor is a waste and hasn't been much of a help, but my husband likes him a lot. Since he's there and I'm not, he's calling the shots. But if a price reduction doesn't bring an offer within the next couple of weeks, I'm going to have to fire the realtor and start from scratch.
at some point perhaps it is the realtor. i wait days for a response to my text or email or for feedback after a showing......
i'm trying to decide if the realtor is not aggressive or if there is no buyers interested than is it the realtor's fault?
at some point perhaps it is the realtor. i wait days for a response to my text or email or for feedback after a showing......
i'm trying to decide if the realtor is not aggressive or if there is no buyers interested than is it the realtor's fault?
I'm feeling that way too - I'm not sure what my seller's agent is doing to warrant his 5 1/2% (and I don't care that he has to split it.... he's still getting several thousands of dollars when the house sells). He hired a photographer and listed us on the MLS. Beyond that, I have no idea. He could be wheeling and dealing behind the scenes, but he never communicates what he is doing.
When I ask him a question, I get slick salesman answers, which pisses me off.
Me: What's the average time on market right now for our comps?
Him: Let me tell you how an average works.... you have a low and you have a high and throws everything off!
or
Me: We had 5 showings yesterday - was there any feedback that I can work with?
Him: The only feedback I care about is an offer. If we don't have an offer, we don't have feedback.
Sorry that you guys are in the same boat, but I'm glad I'm not the only one!
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