Q: I have had my house listed for four months now. There were about 10 open houses with no offer, what seems to be the problem? The price was dropped by $10,000. if I keep on dropping the price, it will put me underwater meaning I wll have to pay out of pocket to have the house sold. It is in a very nice neighborhood with good schools, all major highway access within minutes. My second question is: is the housebuyernetwork legitimate? Any advice is appreciated.
–Michelle, Holt, MI
A: You hired a Realtor and did everything he told you to do, but your home still didn’t sell? Wondering what went wrong? There are many factors at play here and failing to do the complete job marketing your home will surely result in failure.
Here’s a little test that will help you make a decision on your next step? Just complete the test at http://www.leedworshak.com/images/images/Home%20Saleability%20File%206.xls and I’ll review your current marketing plan against weighted criteria we know work best.
When completed, (it’s only 20 questions and should only take about 10 minutes) you will instantly receive a Salability Analysis score that will range from anywhere from 1-100 points. Scoring anything below 70 indicates that some serious changes to your marketing plan are in order and possibly a change in Realtors too. The results of the analysis should be reviewed with your next agent before re-listing your home for sale.
Lee Dworshak is a Realtor® with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.
A: I am a Realtor. If there are no problems with the property or its location, it is the price. Properties sell when they are priced correctly. The value of your home is determined by what a buyer is willing to pay for it. If it is too high, you won’t get any offers. If you have had all those open houses with no offer, the property is over priced. If selling at a lower price means you won’t net enough to pay off the loan, then you need to consider other options.You can stay in the property until the value goes up. You can consider a short sale. Or you can pay the difference between what you owe and what you can get for it.
I have never heard of housebuyersnetwork.com. It sound like a website used to generate leads to be sold to Realtors.
Tracey Martin is a Realtor® with Realty World Premier Associates in Salinas, CA.
A: Dear Holt, MI.
If I am understanding you correctly, when you write that your had your house listed for four months, you were referring to having it listed with a website called housebuyernetwork.com, and not with a local Realtor. May I suggest that you contact a local Realtor to assess your home as to its value in your market, and what may need to be done to improve showings.
JoyceM
Joyce Mitchell is a Realtor® with Mitchell & Associates Real Estate in Bigfork, MT.
A: That is a great question, so let’s break it down. Four months may be way more or way less that the median (average can be less accurate if there are homes that are way better or way worse swaying the numbers) days on market for homes like yours. I would recommend asking your agent to meet with you again and show you how long it is taking homes like yours to sell. If you area is taking 100 days or 1,000 days that will answer the time frame question.
Open houses are one way of many that homes get exposure but in my experience it is not one of the top five activities that actually sells homes. Have you had any showings by your agent or other agents and if so what was the feedback from the agents and the buyers? Some important things to consider: Are you in your local MLS? How does your listing look compared to the homes priced similar? Has every inquiry turned into a showing appointment, if not why? Since the day you listed what properties have accepted offers, how many days did it take and what price where they asking?
The price you owe is not a factor in selling (it sounds crazy I know) but the payoff does not reflect market value. Ask your agent about a possible short sale if you determine your value is considerably less than your payoff and know that you have options. Best of luck to you.
Courtney Hunt-Perna s a Realtor® with Better Homes and Gardens Rand Realty in Central Valley, NY.
A: Dear MI,
homes sell for 2 reasons: price & quality. You can drop your price by $50,000 and if its still above the market (your competition in the block) no one will buy it. It can also not sell because the house is outdated or something is wrong (e.g. plumming, roof, structural). Lets assume the second reason is not a problem. Therefore, you need to have your agent ID exactly what the last three-to-six months similar (apples-to-apples) sales were within a 1/2 mile radius of your home to make sure you are still not above market price. If you end up being “underwater” one strategy would be to sell it to an owner who will carry wrap-around mortgage. Talk to your agent about this. He or she should be educated on it to explain the pros & cons about doing so. Take care.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.
A: If you have had a lot of showings with no offers, it is a pricing issue. If you are having very little activity, it can be a pricing or marketing issue. Is your house being marketed on all the major websites? How is the quality and quantity of the photos?
Robin Lemmons is a Realtor® with Coldwell Banker King Thompson in Gahanna, OH.
A: If a home does not sell, it is always a function of price. The buyer has to preceive the value to be there. If not, no offers. How do you compare to the comparables in the neighborhood? Be honest in your assessment, because vanity or pride could be costing you money. Have your Realtor do another market analysis of the area. They buy homes at a discount, so if you want to get the most for your home, probably not the way to go.
Beverly Houlier is a Realtor® with Hilltop Chateau Realty in San Diego, CA.
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