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Sometimes pricing is the issue, but I also think that sometime the right buyer just has to come along. My aunt recently gave up a listing because she had done everything she could. The home had a unique feature that required a special buyer or a buyer who didn't care, add to that it was over priced. Within 60 days of giving up the listing an all cash buyer was looking for a place to park some cash. They didn't care about the unique feature, and price was not an issue. If my aunt would have just let the listing sit she would have had a very nice commission.
May be, it will sound different:
Just take off the market for about a month. Change pictures and new description. Make it look 'FRESH'!
(And may be, price it more than what it was! Sometimes you are in the price bracket where it's not really seen by the right people.)
Oh yeah, and if you need to give incentives, there is something wrong. I don't think you should have to incentive agents to bring their clients to a house...it's either right or wrong, good value or bad. If the incentive is money to the buyer to fix the house, that's another matter, but it would have been more efficient to have done that before the house hit the market.
Debbie - Yes, I hear you. The amt owed or for seller to make profit is irrelevant to selling price. It's only relevant to the seller and if they can't be realistic w/ the #'s then either need to get real or wait and sell at a later point in time. It's as simple as that.
seller can spend more to enhance (e.g. hardwood flooring, paint, remodel kitchen) or lower price. but, if they won't I would expect the house to sit...assuming it has been on the market for a while, marketing is working and easy access.
If seller put house on the market for $1, it would sell. Somewhere between that and current price is the actual value at this point in time.
Probably. Clearly there is something amiss w/ price vs. value equation. I like Alexandra's idea to do some things to fix it up/add value. If they won't do that or won't lower the price, then yes, let it go. It's wasting time and money.
Debbie Reynolds, C21 P...
I recall a commercial building we had for sale on one of the prime streets in the design area ofLos Angeles that was not getting action. We had the owner paint it bright white instead of the neutral look it had, and within a week we leased it to a prominent French brand, and the next month it sold...
We believe, that it became noticed again and sparked someone's attention. Would that work for a home, it may...not bright white, but something that would give it attention...in Southern California, yellow works A
Debbie Reynolds, C21 P...
Is it a unique property that will involve out of the ordinary marketing?
Apparently there must be something wrong with the home if the buyers are not even getting in the front door. Does it need a little curb appeal? In my opinion it is always price and location, location, location. Although, it may be priced below the appraisal, if a buyer is not willing to pay the current listed price, never the less even view the home, then it sounds like the price still needs to be lowered. How long has it been on the market?
Here are two possibilities for you Debbie Reynolds:
1) Go off market and bring it back at a higher price in 2 weeks. Sounds counter-productive but has been successfully used if the property is, in your opinion, competitive.
2) Invite all neighbors to a mid-week evening open house event. It need not be fancy but there must be a few who have friends that could be interested.
I would try both of these strategies before giving up on an otherwise sound value.
If the sellers keep on asking you daily why there are no showings and you are doing everything you can , you may want to let it go if the sellers do not take your suggestions.
I would be compelled to ask, "What does no activity mean?"
1. Does it mean no offers
2. No showings
3. No interest
If Level 1 and Level 2 monthly showing are not 10 times monthly sales, the MARKETING is the issue.
No showing but Level 1 and Level 2 are above 10 times monthly sales, the buyer is rejecting the property because of perceived value.
No interest. Where are folks actually buying real estate that matches this homes attributes and where are sales taking place at this price point? How about sales $50,000 higher?
List why these homes are selling and this one is not.
STEAL buyers from these communities
Make home competitive with these communities
If owner is not receptive, and not looking for someone else to blame, you should choose to make the best possible use of the front yard.
If you've done everything humanly possible to market the home and it's not getting activity, clearly the market is not valuing this home at its current asking price and if the sellers are balking at lowering the price, I'd probably stop wasting my time on what seems to be an unsellable listing.
You just described my December. It was so quiet and painful, i could not stand it. But, we should be patient. Sometimes you are sitting there for months pushing, marketing, showing with no offers and receive multiple offers in one day. I will never understand why is that....:)
That depends on if Seller WON't go lower or CAN't go lower...
Debbie, I don't think one has to let go unless they're spending countless amounts of money on the listings and the seller is being unreasonable to work with setting a realistic price. Some homes just need to sell way below the market value.
There must be a reason why people aren't coming. If you can identify it, maybe you can correct it.
I would figure out why it isnt selling. Price, how does teh exterior look, how is the interior and then determine if it is saleable some day, i may keep it, if never, i may let it go,
hello , so you have reduce the price no revert in price to justifie giving the buyers agent a higher commission ,example instead of 3/3 you can do 3/4 ; or you can reduce what you are getting from 3/3 and give 2/4 or 2/5 ; this should help , in my opinion incentives to agents don't work as good as if the set commission showing is higher , personally had a lot better turn out on increasing the commission that giving an incentive.