Profile picture for Coppery

Great feedback, tons of showing but no offers !

My realtor doesnt sugar coat and has gotten feedback on my house. Ive had 15 showings in 2 weeks.

5 people said it was priced right , shows excellent and is charming.

But no offers.

Im lucky Im not speedballing heroin !

Jeez.....

 

Why do people bother looking if they dont want to buy now ?

  • November 07 2008 - US
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Answers (35)

Profile picture for luckyme8890

Maybe they can't get financing.  I know someone who was turned down with a 800 FICO with more than enough for dp.

  • November 07 2008
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Profile picture for wetdawgs

Congrats on the showings.  It isn't unusual for a house that is priced right and in good condtion to have 50 or 60 showings (or more) until the people who absolutely love it appear and make an offer. Perhaps one of the 15 or more who've seen it already will roll over in their bed tonight and think "that is the one!".  

 

You ask "why do people bother looking if they don't want to buy now?"  There are many components to this. 

 

a) Perhaps some of the lookers do want to buy now, and your house shows well and is priced right but something isn't quite right for their desires.   I've seen dozens of houses like this when I was buying.   While my agent may give the seller feedback,  some of my pet dislikes are things they can't change (e.g. sunken living rooms, what I consider awkward layout etc) so aren't mentioned.

 

b)  Some people aren't ready to buy, but are doing their homework to know what sorts of domiciles are out there.

 

How many places did you look at before you bought?  In our buying adventures, it has ranged from 10 to 100 or more.   All the time we were serious buyers (and mortgage lenders were not as nervous as they are today).

 

 

  • November 07 2008
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Profile picture for sunnyview
wetdawgs is right. Positive early showings are great. We had three or four couples that came through more than once. They needed to compare our house to others available before making a decision. You are on the right track. Be patient and give the buyers time to come back.
  • November 07 2008
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Patience is key - the previous comments are right on.  Becasue there are sooooooo many properties on the market, it takes longer for buyers to make a decision.  Further, they know in a week or two from now that the property will probably still be available so they do not have as much urgency versus several years ago.  On average, it might take 15 to 25 showings to get that one good offer.  So hang in there !  Being that you have had so many showings already, things are working.   Your agent must have it priced right and is marketing it well !

 

Good luck with the sale !

 

  • November 08 2008
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Profile picture for Coppery

Oh yeah I should have added one of the couples are young doctors and can't get financing because of students loans ! argh.

They wouldve been my best bet.

  • November 08 2008
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Profile picture for Coppery

what i really dont understand if this one young guy who is late 20s SINGLE, and has money and LOVED my house.

He told the buyers agent it was wonderful but not big enough.

The house has 5 bedrooms.

WTH ?

  • November 08 2008
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Profile picture for Coppery

Okay after 5 hours of marathon watching house selling tip shows on TLC and FLN I am pumped to finally go do the mother of all claning and staging for tomorrow open house.

This is my sick dad's house and mine and I MUST have this sold asap.

And Im in non bubblicious area so I m hoping that will help.

Prayers sought and needed !

 

  • November 08 2008
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Profile picture for Coppery

Oh and I should add I keep track of comps all the time...

In similar neighborhoods there are only 10 houses like my house in my price range.

No glut here ! 

  • November 08 2008
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Profile picture for Coppery

Yeah well I wish I could let the buyrs know that house at this price will be gone in 3 weeks.

I have a family who can rent it for 2 years.

And I will be improving it over that time.

 

So the buyers dont know this is limited time offer !

 

  • November 08 2008
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Here is something I do for all my sellers- I show them the actual feedback.  I don't paraphrase, show them charts, or anything else, I forward the emails or the exact input as it was entered into the feedback system- depending on how we asked for feedback.

 

Price right and charming are often code words for "there's so much to see out there that feedback is the last of our concerns.  If we liked it so much we'd have made an offer". 

Expecting buyer's agents or their clients to spend the time to give honest feedback regarding the price- and if they haven't looked at detail comp information who cares what their opinion is anywways- is a pipedream.  I show 50 properties a week and most agents don't even get back to me for a few days.  By the time they do I have a vague idea of the property they're referring to and unless it specifically stuck out in my mind as way over-priced or for some other rare reason I usually say "Price fine, I'd show it again, showed nicely".  This isn't necessarily true or untrue advice but more of a neutral comment designed to get me back to dealing with my clients and making money rather than helping another agent do the same.

 

I think in this market 50-75 showings is not an unreasonable number before you get an offer.  If you're going to rely on the feedback you're getting have your agent ask the specific question- "why didn't your clients write an offer today?" in response to the feedback you're getting.  Then you'll start getting to the bottom of things.  But again, this sounds more like a volume issue.  If you still haven't seen an offer and 50 more people give you the same advise post again and we'll help you solve your problem when it becomes one.  Best of luck, it's tough out there, but if you have a good agent and a good plan selling is possible!!

  • November 08 2008
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Profile picture for ANDREW.ROGOVIC

This is what I find the buyers in my area are doing. Because everyone is reading that the world is coming to an end when it comes to homes and stocks, buyers are being very patient. They see everything that comes on the market and then wait. They keeping waiting for the perfect home at a perfect price to come on the market.

 The problem lies that often times these homes do not exist in the price range people are looking to spend. Thus they keep waiting till either they are more comfortable with the state of the housing market or till they realize that your house is actually something they would happy in.

 Keep an eye on the showings and if they slow down. If they do then you need to think what needs to be done to draw the offers. Usually if a home lacks certain things or is priced too high it has been sitting in my area. Pricing at a number that makes people feel like they cant pass on it seems to be drawing competing bids. Not to the point where we are going over asking but rather a place where you can choose on terms.

  • November 08 2008
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Profile picture for 2 Big 2 Fail

Buyer feedback is useless and you can flush it down the toilet.  THe real reason they are not buying is they think the world is coming to and end and they don't want to admit the real reason.  On a NYC forum I frequently post on, there are no less than 3 threads where buyers who put down 10% deposits on new devleopments are considering walking away.  ALl of them want to cancel the sale, but I don't think too many of them have the guts to lose the 10% deposit. 

  • November 08 2008
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Have you had 15 showings for qualified buyers or just lookers?

Are you showing the house yourself? Buyers usually don't tell the owner the truth.

Hire a professional stager.

  • November 09 2008
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Profile picture for ANDREW.ROGOVIC

2 Big to Fail,

 The biggest reason I find that people try to get out of new developments is that they are worried about total sales and not their own pricing. If you buy into a development with 50 units and only 10 units are in contract, it has to be a worrying factor. The buyer naturally assumes that if developer cant sell units he eventually will reduce the prices.

 On the flip side, when sales are going well the buyer do feel more comfortable. I just handled a 20 unit development in Harrison and will tell you that the previous sales is what made everyone comfortable with what they were buying. We are down to just 1 unit left and you can be sure people felt better knowing that 75%, 80% whatever it was at the time were sold or in contract.

 Maybe those people on the boards that you are reading are reconsidering for different reasons but that is the biggest drawback in buying a new development. If you buy early you always are nervous what will happen if other units dont sell.

  • November 09 2008
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Profile picture for HVHomeTeam

When your agent get's the feedback, he or she needs to have specific questions answered in order to position your property correctly. (i.e. How do they feel about the price?, If over-priced, what price do you reccommend?  Does the property show well?, Is there anything that the homeowner can improve?).

 

[content removed by moderator for being self promotional]

 

 

  • November 09 2008
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Profile picture for mina36
We don't spam here. You've been flagged.
  • November 09 2008
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Profile picture for sunnyview
Marty, although you may not know it, links like the one you posted above are considered spam. They are not informational, but straight self promotion. No only are they widely hated, they are also not allowed on Zillow.
  • November 09 2008
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Profile picture for 80smusicrox

Lookers said it was priced right and liked the house...but no offers?

 

Either not priced right enough or not liked enough...could be priced right for today, but tomorrow?  Next month and thereafter?    I think that's what most potential buyers have at the top of their minds....seems like a fair price now, but it may be too much considering the direction of the market.  They may be tinkering on an offer, but they're considering how much lower you might accept.  They might be contemplating a purchase offer, but feel if they wait (and you wait) long enough they may be able to get it for much less.  Buyers aren't feeling any urgency...more than likely they know, the property will be sitting for a while if it's not priced  well *below* market value.

 

And getting a loan approved, even with a hefty down and good FICO isn't as it was even a month ago.  My in-laws have a buyer who's got good credit, a 30% down payment and Bank of America is taking 5 weeks to get the loan  *hopefully* approved!  Normally, it'd be a no-problem loan in under two weeks.

 

You could get an offer, eventually, but getting the sale to close could be another story.

  • November 09 2008
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Profile picture for 2 Big 2 Fail

You don't need a professional stager.  What stupid advice Maria.

  • November 09 2008
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Profile picture for Mark75NYC

"THe real reason they are not buying is they think the world is coming to and end ..."

 

"think the world is coming to an end" = think real estate prices will continue to plummet

 

Gee. Wonder why they think that?

 

 

 

 

 

 

 

 

 

 

 

 

Sort of reminds you of a roller-coast ride, doesn't it?

  • November 09 2008
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The bottom line usually involves the motivations of the sellers and the buyers.  If there is an urgency for the seller to sell the house quickly, he or she is going to list the house for less than what everything that is comparable is selling for in his or her area.  If the buyers truly like or even love the house and they know the home is a good price and they need to purchase something now...the house will get an offer quickly.  I have a situation currently where there is no urgency on the seller or the buyer.  The seller has the house listed for a reasonable price, but they do not need to sell.  The buyers love the house but don't need to purchase...so their thoughts are why not wait and see if the seller will come down on the price.  They are okay waiting a couple of months to see what will happen.  The sellers don't need to sell so they are willing to wait for the right people to come along that are willing to pay their asking price.  On the other hand, I have a contract that will be closing next week that both the seller and buyers were eager.  The seller wanted to get rid of the house and the buyers loved the house and needed to get away from where they currently are.  They had the house listed correctly, negotiated fairly and quickly and in less than a month we are closing.  Motivation was there!

  • November 10 2008
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Profile picture for Coppery

sctottn... my agent forwards me all the acutal feedback emails.

the feeback regquests 3 standards questions PLUS 'other comment section'

 

price:

how the house showed:

buyer interested or not:

 

 

it is really helpful....

 

 

I had open house yesterday

Only 2 hours but agent said 11 couples showed up and 2 epxressed positive interest.

sitll its like buyers think they can wait around forever......

  • November 10 2008
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Profile picture for Coppery

Thanks everyone !

Great points...

The house is staged & priced very fairly.

Thing is the buyers really seem to be freaking out that if they buy it must be the worlds best deal/steal ever.

 

 

  • November 10 2008
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Profile picture for sunnyview
You will sell because it sounds like youu are smart. Stay on top of current prices and keep up the staging. It can be a grind, but it really pays off. I wish you all good luck.
  • November 10 2008
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Coppery,

 

That's just not a detailed enough list of questions to get any real idea.  How about this to actually qualify and quantify the info you're getting? 

 

1) How many listings has your buyer seen a) less than 10 b) 10-20 c) 20+

2) Based on what YOU'VE seen, how much do YOU honestly feel we're overpriced by?

3) Based on what THEY'VE seen, how much do THEY honestly feel we're overpriced by?

4) If we dropped our list price by 2% would that change your clients level of interest in the property?

5) How about 5%?

6) In your opinion, what do you think is an accurate timeframe for when you expect these clients to close on a home by?

 

Here's the kicker.  This actually requires some thought other than slapping together a few Y and N's.  You'll find most agents won't take the time to give you this feedback which means their opinions are not much worth listening to anyways.

 

One last trick.  Print out these questions and leave them with a pen and paper on your kitchen counter for each showing.  Put a box out so people can fold the paper up and slip it in the slot.  People are much more prone to being honest if they feel they can do so anonymously. 

 

Obviously I'm going to the extreme to reinforce the fact that while you can do these things and they may help, if you're not getting consistent heavy traffic you're overpriced or you have an agent who doesn't return phone calls from buyer's agents looking to make appointments- especially if you're staging it and goes to all those lengths!

 

 

  • November 11 2008
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You are having that many showings and no offer then I'm assuming the house isn't looking as good as it should.

Do youhave a link to the mls listing that you can send to me? [content removed by moderator for being self promotional] I'll give my professional opinon on the house.

  • November 11 2008
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Profile picture for sunnyview
What a lovely offer.
  • November 11 2008
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Does that mean you are taking me up on my offer?

  • November 11 2008
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Sorry sunnview,   I thought i was responding to the original poster.  I find this format confusing.

I would love to see what the house looks like.

  • November 11 2008
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Profile picture for Coppery

Bloomfield, you need to take marketing 101.

And how to avoid seeming like a bottom dwelling spammer on zillow. :)

Zillowites don't take kindly to any form of shameless self promotion.

 

 

  • November 12 2008
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