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Our house has been on the market since May. We've had over 40 showings and only one really low ball offer back in July (where they walked away when we countered).
Our 6 month contract was up so we extended for 3 months. We'll be up again in Feb. Do you think there's any benefit to going with a different realtor? Everyone I speak to always is like "oh you should talk to my realtor...." But my realtor has advertised everywhere she should....I don't know how a different realtor could physically bring more people in the house.
Plus, my current Realtor only charges 3.9% so I can afford to be priced low. What would you do? Would you change realtors??? Or stick with her and just price even lower?
If you have had over 40 showings and a low ball offer, I don't think that your issue is the Realtor. The problem is most likely property condition or price. Have you looked at recent sales? Have you discussed a lower price? Does your house show like a model home?
My guess is that if you interview other agents they will talk to you about a lowered price.
I lost a listing recently on renewal, I had showings. I had an offer that at the time was considered "low-ball". The seller could not be convinced by me to lower the price as much as I felt was needed. My failure.
The new agent has been successful in getting a lower listing price; 50K less than the low ball offer I was able to bring her, and she is still on the market.
We are in a declining market the longer you wait to deal with the price/condition of your home the final selling price may be much less than you ever expected. Or you will come off the market.
Our house has been on the market since May. We've had over 40 showings and only one really low ball offer back in July (where they walked away when we countered).
Our 6 month contract was up so we extended for 3 months. We'll be up again in Feb. Do you think there's any benefit to going with a different realtor? Everyone I speak to always is like "oh you should talk to my realtor...." But my realtor has advertised everywhere she should....I don't know how a different realtor could physically bring more people in the house.
Plus, my current Realtor only charges 3.9% so I can afford to be priced low. What would you do? Would you change realtors??? Or stick with her and just price even lower?
I have some questions:
Where are they marketing your home on the internet, how many sites? Do you know that less than 3% of the homes sold in 2008 came because of an ad found in print advertising? (NAR stats on 2008 buyers)
Is your agent a member of the local Multiple Listing Service? Ask your agent what the current absorption rate is in the local market.
Has your agent given you comps on homes sold in the last 60-90 days that compare in features to yours? How does your home stack up against them in price?
You have had 40 showings, which is GREAT traffic, what comments came back on the showing feedback?Did you take action on them?
1.95% commission which may or may not have to be split with their broker is not much of an incentive to the buyer agent, especially when there are so many houses to choose from on the market. Have you thought about offering a $500 gas gift card to the selling office? Or some other incentive?
Depending on your location and the price point you are in, you may have to wait longer. However, the listing at this point is getting "tired" and pulling it, even for a few weeks might be worthwhile. I hope this helps and Good LUCK
Our home shows beautifully. We've had nothing but positive feedback on that. The few "negatives" we have are:
No downstairs master
Don't like the powerlines behind our property
Don't want a washer/dryer in the kitchen
Don't like the neighborhood that you go through before our neighborhood.
Our realtor has never encouraged us to lower our price. I had to talk her into lowering it!! I just wonder if she's not "pushy" enough. We are advertised all over the internet and we do have an MLS...I think we are probably just over priced in this slow market, and we're in a zip code which is slow to sell. She hasn't pulled any comps in the neighborhood lately, she just keeps telling us that she's NEVER in all her years as a realtor (since the 80's) seen a market this bad. She keeps 1.9% of the commission and the buyers agent gets the rest. She hopes we will use her as our buyers agent and she'll make back her money there.
1002985 - here's our MLS if you're interested...
I feel your pain! We're in just about the same situation. Our home's been on the market for about 4 months. We've had steady traffic and around 35 showings, plus a broker's open. Our home is show-ready and we've had almost entirely positive comments about the house. One person said they don't like the neighborhood they have to drive through to get to ours (the homes on the street coming in are 10-15 years older than our subdivision, but very nice.) One thought the kitchen didn't have enough cupboards. And a few have said that they'd like a little more square footage. Our home is the only 4 bedroom colonial newer than 5 years old in our city. We seem to be losing out to homes that are 10-15 years older, but have 200 more square feet. But, we have a beautiful finished basement with a full bath, that they often don't.
We have a terrific, experienced realtor and have taken all his advice on pricing. When we first listed and had the broker's open, every one of them thought we were priced right on, and now we're priced 17,000 lower than our original list price. Still no offers. We did have one buyer who planned on writing an offer, but then their 6 month old pre-qual did not hold up when they actually went to get approved. That was several weeks ago and we thought they were off the table. But today we find out they now qualify and are coming back for a second look, but they're also looking at 13 more listings that have come up recently. Aargh! Another couple is flying in to see our home this weekend, and is asking about a lease purchase contract, but I'd rather just sell. We're going to have to bring money to close, so we'd just like to get the pain over with! I'm hesitant to get my hopes up, after 35+ showings, I've just about given up.
By the way, how did you negotiate such a low commission? I feel like we're getting robbed! Especially since we're now priced so far below his estimated sale price. We're taking the hit, but he's still going to get all his $$$. Doesn't seem fair.
I hope you find your buyer soon, they're still out there somewhere!
I checked out the listing on Realtor.com. Your right the house looks nice. I don't know your market but the house doesn't appear to be way over priced. I'd ask Raza to pull comps and see where things are selling. NC is really just beginning to see the type of market I've been experiencing for the past 2.5 years. The downward trend can take you by surprise, you really need to keep an eye on what is selling at what price.
You'll have better luck with a more expensive, pushy Realtor. 40 Showings with no serious offers means the price should have been dropped 25 showings ago, and good agents know that.
Find a Realtor who has been closing sales all year in your market, who has no expired or withdrawn listings and is doing almost as good this year as last. That's the agent you want.
Steve
Last edited by austin-steve; 11-21-2008 at 05:45 PM..
Our house has been on the market since May. We've had over 40 showings and only one really low ball offer back in July (where they walked away when we countered).
Our 6 month contract was up so we extended for 3 months. We'll be up again in Feb. Do you think there's any benefit to going with a different realtor? Everyone I speak to always is like "oh you should talk to my realtor...." But my realtor has advertised everywhere she should....I don't know how a different realtor could physically bring more people in the house.
Plus, my current Realtor only charges 3.9% so I can afford to be priced low. What would you do? Would you change realtors??? Or stick with her and just price even lower?
If you had that many showings I'd say the marketing is working. That means you need to either improve your price or conditions to entice an offer (or you can wait for an offer that's better but that could take another 9 months if price/condition isn't adjusted). I suggest keeping your agent based on the info provided but I do suggest asking what a normal buyer agent side is and make sure you're competitive. For example, you see a lot 3 or 3.5% in my market. If someone only offered 2.5% compensation to the buyer agent, it could hurt their ability to sell the home.
Location: Danbury CT covering all of Fairfield County
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Nice looking house. I'm not crazy about the order of the photographs. I would maybe suggest, without knowing your market, is to get it under the $200,000 price level to attract buyers looking up to that price point. Good luck!
I"m thinking we need to be under $200K too - thanks for all your help guys.
Think i'm going to lower it to something like $199,900....
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change Realtor?
