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Hi
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Janet S | I have lowered my price on my house again? |
My house has been on market for almost 90 days. Market is bad. I lowered the price 10,000 2 weeks ago and last week lowered it anohter 20,000 to get it sold. Only 8 agents has shown the house. My realtor showed me a comp which is right down the street from me and said if that house sells that would hurt me and appraiser would appraise my house against the comp. That house had little more amenties. So I lowered the price. Hope I did right, but sure sounds funny to me. Any comments
Jan |
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Magic
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I would take it off the market if I were you because at this rate you will be giving it away before to long, don't be to hasty to sell they may be tyring it on with you, to get a bigger profit.
Good luck.. |
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www.hogshead.info
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WHICH COUNTRY ARE YOU, BECAUSE IN THE UK IT WOULD BE THE OTHER WAY ROUND |
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jackie_jabar
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Your house should not appraise lower because one was sold down the street. I sold my house a few months ago and it just takes the right person to come along. Just make sure that the first impression of your house is a good one. Good luck in selling your home. |
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gazzump123
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its in Gloucester...under all that water isn't it |
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Alterfemego
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Jan I understand your pain. This is the market right now. My husband and I both are working hard to get our daughters townhouse sold. They aren't getting any showings. The number of buyers just aren't out there. You have options, #1 to continue and wait it out, #2 pull your listing, #3 try an auction, #4 do a short sale. None are very palatable. |
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MamaBear
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Hmm. Well, don't know exactly where you are in the US, but only 8 showings in 3 months is pretty slow, and in this market, especially, the initial listing price may have been overestimated. A house is only "worth" what someone is willing to pay for it. But that's water under the bridge at this point.
If there haven't been any similar sales in the last six to twelve months, then yes, the house down the street IS going to be a major influence on price. There will be adjustments on the appraisal for improvements (i.e., better appliances, a finished basement, hardwood floors, etc.) and for sales concessions, such as closing costs, but there's no doubt that it will be a major factor, especially as a casual comp for other buyers, who will see your house and wonder why you want $20,000 more than the house that just sold down the street that was actually "nicer".
Instead of lowering the price again, consider offering concessions such as an allowance for new carpet or new appliances or closing costs. Depending on your situation (do you HAVE to move, or is it just a WANT to move?) and your relationship with the agent, you may be able to suggest that they give up 1/2% commission to a buyer's agent to increase the commission to someone who brings in a buyer, especially if you can make a case for the house being overpriced to begin with.
Sit down with your agent and review their marketing plan -- see what they've done, and what results they've had. Any agent worth the name will be able to show you web site hits for your house, open house plans, caravans, feedback from the agents who HAVE shown your house, etc. LISTEN to the feedback -- if 7 agents are telling you that their clients hate your kitchen wallpaper, then take it down!
And if you DON'T have feedback . . . then you may need to rethink the agent.
Just as a note to other posters: Why is this considered primarily a "UK" board? Just curious -- don't see any designation on the board, and wondered. |
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John A
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You are obviously the other side of the big pond, as here we have estate agents and not realtors. You are asking in a forum that is mainly people living in the UK. I can comment on the UK market until the cows come home, but sorry know little or nothing about the US. Basically in estate agent terms if a house is marketed properly there should be six months from the first day you put it on the market until your moving day. This allows three months for your sale and three months for the legal work. As a rule of thumb, if you sell in a week, the chances are the property is too cheap, and if the property has not sold in three months, either the property is too expensive or your agent is not doing his job to a good standard. |
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jimbob
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You've lowered the price by 30K. How much was it going for before? |
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Expert Realtor
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I am sorry that you are having trouble selling your house, but your Realtor is incorrect, and I would probably cancel my contract and find a new Realtor....see who's name you see the most...and contact that person.
A single sale of a home does not set the price for the entire neighborhood...and maybe an appraiser that SHE would hire would use that comp, but good appraisers look at the entire picture...never the sale of a single home.
There are alot of reasons why a single home would sell for less...maybe it's a short sale (you are not responsible for someone else's financial difficulties), maybe the maintanence of the home was deplorable..maybe they painted all of the walls Barney purple and used pink hardwood floors...who knows!
If it was 6 or 7 homes in your neighborhood...then I would be concerned, but ONE house? Nope. Appraisals just aren't done that way.
PS: The other reason that you need to find a new Realtor is that there is no way I would do TWO major price reductions in two weeks...you don't give it a chance to work...as listing contracts draw to a close, some Realtors get desparate at losing the commission and start giving bad advice. |
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godged
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It is probably best if you take it off the market for awhile and start over.
The unfortunate part of pricing at the high end of your market is that active buyers see that. Now these 2 decreases. The mentality becomes there must be something wrong with the house.
What feedback is your Realtor getting from people that have viewed the house? This is valuable, to know what people think of your property. Then respond to it by making some changes so your house is more marketable. |
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john k
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If it is very urgent for you to sell quickly you will have to make your house so attractive that buyers will fight over it.
There is nothing more attractive than a low price, so you have your answer. |
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Ellie
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Are you USA- this is the UK board so we don't really know the answer for real estate in USA. Try posting on the US board. |
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Paul T
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It's still too Expensive. |
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ABC
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Janet,
Sorry to hear that you are unable to sell your house as quickly as you like it. We are in a real estate slump and it is only the beginning. As for your house, have you consider putting it for auction? This might build up interest. I've been to many real estate auctions and a lot of investors or potential homeowners just get caught up in the excitement of the bidding that MOST iwll overpay for the property. Tell me what you think.
Charlie
www.InvestInUglyHomes.com |
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