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Here's the situation: our home has been on the market for one month. We've had 35 showings. We've had wonderful feedback on the home, just that a certain element does not work for the potential buyer. There's always been just one thing wrong for the potential buyer (stairs, needing one more bedroom, needing more open yard space, too many trees/too much shade, no place to put a swimming pool, needing a garage, etc, etc) - but the one negative has always come with tons of positive comments. Examples of the comments include things like "nicest home I've seen in years", "lovingly maintained home", "excellent upgrades", "my clients love, love, love this home but....(fill in blank)", "stunning home", "this is an amazing house", etc.
Here's my question: do real estate professionals just put in positive comments to be nice? Are they trying to "let me down easy"? Are they honest with the feedback? Does it serve a useful purpose? No one has commented on pricing - would they comment if they thought the home was overpriced?
I'm asking because I'm wondering if I should lower price of home. I understand 35 showings is a lot - but I also understand that most homes sell with this many showings! Or, I'm reading into all the positive comments that maybe it's a nice home (I think it is, but remember it's mine) and there might be someone out there who doesn't need/want a swimming pool, garage, yard, fewer trees, etc)
I usually only give feedback on homes that have a fixable problem. Most homes that show well, it's just not the right home or it's overpriced. If I have a buyer who loves the house I give no feedback if we are going to make an offer. I don't want to hurt their position as if they had to have the home.
This is a strange market. Buyers are mostly looking for deals and you might be overpriced. After 35 showings and good feedback you've not received an offer.
You and your agent need to look at your competition and maybe consider a price adjustment.
I usually only give feedback on homes that have a fixable problem. Most homes that show well, it's just not the right home or it's overpriced. If I have a buyer who loves the house I give no feedback if we are going to make an offer. I don't want to hurt their position as if they had to have the home.
This is a strange market. Buyers are mostly looking for deals and you might be overpriced. After 35 showings and good feedback you've not received an offer.
You and your agent need to look at your competition and maybe consider a price adjustment.
I'm asking because I'm wondering if I should lower price of home.
Quote:
Originally Posted by Rakin
Most homes that show well, it's just not the right home or it's overpriced.
Nearly everything will be overpriced before labor Day.
Quote:
Originally Posted by bluecar
I understand 35 showings is a lot - but...
but (as regards the "not the right home" concern) that is a LOT of people and agents
to have misread the details as shown in the pictures or described in the listing
relative to the needs/desires of the presumably qualified lookers.
If not a single one has come back to you with even a single offer of any sort...
well, that leads me to think that something else is going on beyond price.
I'd say that you really do need to question the basic assumptions.
Good point MrRational. That many showing and no offer is hard to imagine price is the only issue. Assuming there are decent pictures up for the place and people know the price before they go and see it that seems like a heck of a lot of showings to get zero offers.
OP here. I really appreciate all this helpful feedback and advice. Thanks to all of you!
I didn't address offers in my original post. Yes, we've had 3 offers, all in the first week. The first offer was from someone out-of-state. She hadn't even seen the house in person, but made the offer sight unseen, by way of a local agent, just from what she saw on internet. This was a decent offer (in hindsight) but we didn't accept because the house had only been on market 2 days. Two more offers came in that week, both about $50,000 under our asking price. Again, because the house had just been listed, we didn't feel the need to jump at these offers. All these buyers were looking at other properties and must have gone with their other choices.
Another factor contributing to large number of showings - at least 4 of these have been second showings. One more interesting thing - some showings have been scheduled for 2 hours. Needless to say, I haven't been home much!
I haven't talked with my agent yet - I'm doing that on Monday. I ended up here because I was doing some searches to get as much front line info myself, specifically about # of showings (because all my friends seemed amazed at the number of showings, I thought this was normal).
Several questions that haven't been answered. Do agents just give positive feedback to make sellers (and other agents) feel good? Would feedback include thoughts about home being overpriced for market?
From a different perspective. I used to be a agent. That many shows tends to tell me price might not be the problem. I would look at how the neighborhood looks. Something is turning the potenial buyers off that they dont want to admit in writing. It could just be a vibe they get or as little as the way a neighbors yard looks. With that
many showings your listing must look apealing.
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