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My house went on the market at the end of last week. Since it's been on the market I've had one open house that was mostly looky loos, and then one showing. The feedback from the open house was that my house was priced right, and there was no negative feedback.
I am very concerned about the lack of showings. I know that the first couple of weeks on the market is when you get the most traffic, and yet I've only had one showing. My home is priced in the lowest 25% of all homes in the area and is in an excellent school district, so I would have thought that my pool of buyers would have been relatively large (first time home buyers and investors). I am concerned that the lack of showings is suggesting that my home is overpriced out of the gate. My realtor says that sometimes they have houses where they will be no showings for awhile and then they pick-up and not to worry, but as most of the other houses in my area are selling within 20-25 days, I'm very concerned that my home is overpriced. So does a lack of showings indicate that a home is overpriced?
Look at other things than just price (although price is certainly the likely answer). Are the photo's in the MLS excellent? Did you stage the house BEFORE the photos were taken? Does the MLS description read correctly and well? Is the information in the MLS 100% accurate? Is there a sign and flyers outside the house (yeah, I know, some people don't bother with flyers, but I'm a proven case where the house we bought would never have been in our radar unless there was a flyer outside of it.) Are you making it super easy to show the house?
In our experience of selling a home, we were given suggestions by our realtor to lower our home price after 3 weeks of slow traffic. This was after they had given us comps and what-not so not sure if our realtor screwed up pricing our home or what. We ended up not lowering the price and got what our asking price was about a month or so later. It was no big deal... we weren't in any hurry.
Its only been a very few days. Let people nose around on the internet and put your house on their list to see. See what happens in a couple of weeks.
Don't let the stories you see here on this forum scare you. There are only a few places here in the United States where houses go within hours of listing and where there are multiple bids. Most areas are normal and 25 days sounds like your in a good market.
Look at other things than just price (although price is certainly the likely answer). Are the photo's in the MLS excellent? Did you stage the house BEFORE the photos were taken? Does the MLS description read correctly and well? Is the information in the MLS 100% accurate? Is there a sign and flyers outside the house (yeah, I know, some people don't bother with flyers, but I'm a proven case where the house we bought would never have been in our radar unless there was a flyer outside of it.) Are you making it super easy to show the house?
I don't think the photos are that good (over and underexposed), but my friends who have seen them haven't commented on their quality.
The house was staged before photos were taken, and I believe the information on the MLS is accurate (at least what I can see). I have a sign up with flyers. I also only require 15 minutes notice to vacate the premise and so anyone is welcome to show the house at anytime.
I don't think the MLS description is that good myself, I think it's too focused on my house being cute, versus the updates (4 year old roof, new gutters, etc.), but my realtor told me that those things aren't really selling points -- the roof isn't new enough and the gutters aren't a big enough ticket item.
I think what worries me is in my area 20-25 is average DOM. Some houses go pending within 48 hours of being listed. Most seem to be taking back-up offers within 10-15 days. It's the foreclosures that have been pushing up the DOM, and even they sell within 40-50 days at the most.
Those first few open houses are mostly your neighbors checking your house out. 20-25 ADOM is a decent market but that is from listing to contract acceptance not close, you've got 15-20 days to go so stop worrying about it. I wouldn't lower a price so early assuming your realtor came up with a decent estimate, maybe after 3 weeks or so re-evaluate the price.
I don't think the photos are that good (over and underexposed), but my friends who have seen them haven't commented on their quality.
The house was staged before photos were taken, and I believe the information on the MLS is accurate (at least what I can see). I have a sign up with flyers. I also only require 15 minutes notice to vacate the premise and so anyone is welcome to show the house at anytime.
I don't think the MLS description is that good myself, I think it's too focused on my house being cute, versus the updates (4 year old roof, new gutters, etc.), but my realtor told me that those things aren't really selling points -- the roof isn't new enough and the gutters aren't a big enough ticket item.
I think what worries me is in my area 20-25 is average DOM. Some houses go pending within 48 hours of being listed. Most seem to be taking back-up offers within 10-15 days. It's the foreclosures that have been pushing up the DOM, and even they sell within 40-50 days at the most.
Insist on new photos - good one (as in they look professional). As far as your friends comments, remember that most people do not like to say anything negative about anything, especially something very stressful and personal to you, like selling your home. Friends are rarely subjective.
Saying "newer roof" might be helpful, but I agree with the agent about the gutters.
A couple of more questions: How old is your house? How old is the kitchen and bathrooms (meaning: when were they last renovated)? When was the last time the exterior and the interior were repainted? Got carpet? How old is it?
BTW, where are you located? That information would allow some of our knowledgeable agents to comment specifically on the market.
Insist on new photos - good one (as in they look professional). As far as your friends comments, remember that most people do not like to say anything negative about anything, especially something very stressful and personal to you, like selling your home. Friends are rarely subjective.
Saying "newer roof" might be helpful, but I agree with the agent about the gutters.
A couple of more questions: How old is your house? How old is the kitchen and bathrooms (meaning: when were they last renovated)? When was the last time the exterior and the interior were repainted? Got carpet? How old is it?
BTW, where are you located? That information would allow some of our knowledgeable agents to comment specifically on the market.
That comment about the gutters makes me laugh as they were several thousand dollars. But, many people don't realize how expensive new guttering can be until they have to replace theirs.
My house is 50 years old with the original kitchen and bathroom. Given the very low price-point of my house it makes no sense to remodel them as I would never see my money again.
The hardwood floors were refinished a few months ago, flooring in the kitchen and bathroom is only weeks only, and there is brand new carpet in the other areas of the house. The interior was completely repainted prior to sale (although as I did it myself, my realtor -- and I agree with her on this -- doesn't think it's a selling point). Exterior hasn't been repainted in several years, but it also doesn't need to be repainted.
I spent a significant amount of money prepping my house for sale. Making sure it would show well.
As for the photos, I mentioned that they didn't seem great, but my realtor told me that was the best that she could do. And professional photographers don't get hired for homes in my price range.
I don't expect an offer this early on. I realize that will take some time. However, I don't understand why I am not getting showings. Most of my friends who put their homes on the market got multiple showings a day during the first weekend, and several showings during the first week. It's the lack of showings that concern me at this point, given that this is when I'm supposed to get the most showings.
Are your friends and the other houses on the market updated - as in they don't have a 50 year old kitchen and bathroom? That's going to turn A LOT of people off especially if it's a low price point house. They probably don't have the money to completely redo the kitchen and bathroom. That would reduce your showings dramatically, IMHO.
Regarding the photos - I think your Realtor is full of it. Lazy and incompetent with a camera. Many Realtors do great photos themselves. Or they recognize that they can't do it themselves and hire a professional as the right way to service their client.
Again, what is your market?
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