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Rainer
80,193
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

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.

Jan 11, 2015 02:32 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

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.)

Jan 11, 2015 09:17 AM
Rainmaker
2,817,665
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Jan 11, 2015 04:22 AM
Rainmaker
2,817,665
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Jan 11, 2015 04:20 AM
Rainmaker
2,817,665
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Jan 11, 2015 02:30 AM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Debbie,

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

Jan 11, 2015 02:21 AM
Ambassador
6,364,089
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Is it a unique property that will involve out of the ordinary marketing?

 

Oct 07, 2017 10:25 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It has been on the market 9 months with a contract after 3 months that stalled it out for 2 1/2 months. That is how we know the appraisal value. I do think a little curb enhancement would help but hard to do in winter months when everything is wet and dead looking.

I think pulling it off the market may be smart. Also the neighborhood open house is a good idea.

If the seller isn't willing then I will bow out.

 

Jan 12, 2015 01:16 AM
Rainmaker
90,543
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

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? 

Jan 11, 2015 11:16 PM
Rainmaker
1,153,744
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

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.  

Jan 11, 2015 11:15 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

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.

Jan 11, 2015 09:51 PM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

Options are:
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.

 

Jan 11, 2015 08:53 PM
Rainmaker
5,096,966
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Jan 11, 2015 08:41 PM
Rainmaker
1,619,916
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

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....:)

Jan 11, 2015 05:11 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

All good points. Make it needs a little more color on the outside. Maybe it is too plain. We had a deal that went south so seller is scorned and feels like hosue is worth it. Taking off the market may be the answer and freshen up and come back at a slightly lower price. Maybe that will do the trick.

Jan 11, 2015 11:51 AM
Rainmaker
2,443,200
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

That depends on if Seller WON't go lower or CAN't go lower...

Jan 11, 2015 10:33 AM
Rainmaker
1,278,466
Potranco Realty
Potranco Realty - San Antonio, TX
"Sold with Potranco Realty"

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.

Jan 11, 2015 09:29 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

There must be a reason why people aren't coming.  If you can identify it, maybe you can correct it.

Jan 11, 2015 08:25 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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, 

Jan 11, 2015 05:21 AM
Rainer
368,326
Raoul Loustaunau
EXP REALTY - Phoenix, AZ
urhomefinder.com myvaluetoday.com

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.

Jan 11, 2015 02:38 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Debbie, He says he is losing money now and it is several thousand below appraisal. It is a very basic house and how to change that, I don't know without spending even more money. Don't get me wrong it is nice and it doesn't have any functional or physical obsolescence. It is just plain vanilla.

Jan 11, 2015 02:36 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It has been totally remodeled with new carpet, paint, kitchen, lights, etc. It is located in an area that doesn't have much activity traditionally. I don't know if doing something out of the ordinary would work but will discuss with the seller.

Jan 11, 2015 02:27 AM