Profile picture for JamieGR

House not Selling

We've had our house on the market for 6 months now & our contract is almost up with our agent. We have had 27 showings on our home - reduced the price numerous times, added incentives, etc. but still no contract. What are your suggestions?

Thanks,
House in Winston-Salem, NC
  • October 17 2007 - US
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Answers (32)

Its a tough market; Lucydjacobs just finally sold her house in Fayetteville. Look for her and see what her last realtor did that turned it around for her. Good luck.
  • October 17 2007
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Profile picture for Vegas girl
We have had our home on the market for 18 months, only a handfull of lookers. Your problem may be that the homes up north are not selling, so the homes down south have a hard time selling. We also reduced our price two times. Our listing is also coming to an end. We will try FSBO. Long Island, NY
  • October 17 2007
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Profile picture for pinksandbaby
vegas girl, I'm in Smithtown. Our last agent was from Northport, he was a rotten egg. I hope yours is better!
  • October 17 2007
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27 showings, that is about what we have had and I agree with Vegas Girl, we are all on a cycle and the dominos are falling harder with each month. Hey Lucy: give up the goods on what you did!! I asked who I needed to sleep with to make it happen.......as you can tell that got me no where!!!
  • October 17 2007
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Profile picture for robin398
Is it really imperative that you move?
  • October 17 2007
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Profile picture for donna0616
my house has been on the market also for about 3 months and i have not even had an offer.. I get tons of showings but nothing so far
  • October 17 2007
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It is a tough market not only for sellers but also for buyers. The loans are taking time to fund, and also there are lots of properties on the market. Patience and exposure is the key. Be competitive in pricing and list with a Realtor because it is even harder for sellers who go FSBO. If you decide to sell by owner, try and contact Realtors in your area who might show your house as well. Good luck.
  • October 17 2007
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Profile picture for LongIslandBubble
According to this article http://www.nytimes.com/2007/10/16/business/16lend.html?_r=1&oref=slogin

------------------------------snip-------------------------------------------
He noted that Countrywide Financial, the nation’s largest lender whose practices are often emulated by smaller companies, did not significantly tighten standards until August. And it was only in mid-July that Moody’s Investors Service and Standard & Poor’s, the large ratings agencies, said they would make major changes in the assumptions that they use to evaluate pools of home loans sold to investors.
--------------------------------------------------------------------------------

Just a couple of months ago was a much better chance to get the house sold; there were still suicide loans being issued. Now "supposedly" all lenders have tightened up their standards; this means that there is an even more leaner herd out their than ever before.
  • October 17 2007
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Profile picture for klarek the realist
Here's what I did: vastly underprice the competition, it's the only way you'll attract real attention. Then accept the awful low-ball offer you get, dry up the tears, and be thankful that you're future is not as questionable.
  • October 17 2007
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Klarek did you get an acceptable contract? Are you moving?
  • October 17 2007
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Oh, and I did what Klarek did as well.
  • October 17 2007
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Profile picture for klarek the realist
Acceptable? I'd tell you no, but I accepted it nonetheless. Actually I bumped it up about $10k, but I'm sure they were expecting that. Really the original low-ball offer is to see just how desperate the seller is. I'd be more upset with the situation if I didn't know there are millions of people that are screwed out there and don't even know it. Now I'm off to the stress-free life of renting for a while.
  • October 17 2007
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good for you. Congrats
  • October 17 2007
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Profile picture for LongIslandBubble
Exactly klarek; and those tears dry up awfully quick when they see others eventually sell for less than they did.

Anyway, the only ones who should even be worried about getting top dollar are those who plan to downsize; usually the boomers. The smartest of the boomers are already cutting their price because they know where the market is going and they know the longer they have to wait for a buyer, the less they will eventually get.

You can’t look at it like cutting your losses either; it was just a freak thing that prices went up so high due to the easy credit that is now forever gone; the shoulda, coulda, woulda attitude is always the lagging aftermath.
  • October 17 2007
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Profile picture for klarek the realist
Thanks. My mood has been significantly elevated over the past two weeks. Except for when I went home shopping, that was a quick and wasteful exercise of depressing adventurism.
  • October 17 2007
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Profile picture for emilybh
My property has been listed on MLS for 4 months. I do not have a listing agent but am paying a generous commission to the buyer's broker. I leave info disclosures, brochures for the buyer's agent and the buyer when they come to see the property and let them walk through themselves while I do errands.

I did what klarek did and have had lots of showings, a few near offers that were supposed to but didn't materialize and also got a low ball offer that was raised a measly $10K but is still $25k away from where it ought to be so I have not accepted it.

Am hoping others who just saw it and supposedly loved it will make a better offer.
  • October 17 2007
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Profile picture for JamieGR
For those of you who really dropped the price on your house, did you have a realtor?
  • October 17 2007
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Profile picture for klarek the realist
Yes, I had a realtor. He was very aggressive in convincing me to lower the price and accept the low-ballers. Part of that may be because he knew the prices were going to go much lower, or perhaps it's because he thought at the time that I'd buy again and he'd get the 3% and wanted to expedite the process.
  • October 17 2007
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Profile picture for 2 Big 2 Fail
I disagree with that LIB. I don't see the boomers in my area cutting prices. Many of them bought their houses for $20,000-$30,000 back in the 70s and are asking $500,000 + like everyone else.
  • October 17 2007
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Profile picture for meyers
JamieGR - I have not yet sold (nearly 5 months on the market) and I do have a realtor. One thing my realtor recently gave to me was a link to our local MLS system. I click on it and it gives me accurate information on homes for sale, pending sale, and closed sales. wish he would have given me this sooner.

From this information, i realized that prices were being negotiated down to an average of $200 a square foot for the final sales price. At that point I decided to drop my price to near that now. I figured it would drop to that price in negotiations, so why not just make my home look more appealing price-wise now?

Hopefully this helps me out and hopefully this advice can help you, too.
  • October 17 2007
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if you think the price is right , I would suggest, you offer incentives to the buyer , such as credit towards the closing costs , and with todays stricter lending guidelines , may be if you have equity , offer seller financing and that should help sell the property faster.
  • October 17 2007
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JamieGR: I have a realtor and I have lowered my price considerably, but I am also competing with new construction. I feel for you and I am paying two house payments right now......I am selling for jsut a few thousand more than I bought the house and it is painful take that pill down, but like LIB said, better to cut it loose now and lesson the blow later.....I have only been at this price for a week so we shall see what comes of it. Apparently a realtor came through the other day and previewed the house for a client and she is gun-ho about having them see the house.......
  • October 17 2007
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Profile picture for PJ Sassifras
So, how do you know if you've lowered your price enough? Is that when you feel like throwing up at the thought of what you might accept now? Is that low enough or do you actually need to barf? I'm pretty nauseated at the moment..........
  • October 17 2007
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JSegress: I wish I could throw up....I have eaten most of the Halloween candy stressing over this house and it ain't purty!! I guess you have lowered the price enough when the house gets a contract, or is that too obvious. Increased activity woud be a good indicator as well. Again, there are too many fish in the pond right now......
  • October 18 2007
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Profile picture for JamieGR
We lowered ours about $4k to a ridiculous low price I think for the neighborhood. The house across the street from me is listed $30k more & it's not that much bigger & has no yard. I just don't understand how I could have 27 showings & no offers. Is it because the market is flooded?
  • October 18 2007
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Hey there.. I had a house in old sherwood that had 36 agent showings.. the reason it wasn't selling is that it had a "great room" and not a formal dining room.. where is your house? Does it have any "not typical" features? There are certain price ranges in winston that are selling quite well right now.. and with the parade of homes going on there is great "traffic".. i would need more info on your home to give you any other input.. sorry though.. i hope it sells soon.. that is frustrating to have all those showings and no offers..
  • October 18 2007
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Profile picture for JamieGR
Our house is off of Jonestown Road towards Clemmons in Camden Place. We have a formal dining room, living room, 4 bdrm, 2.5 bath house with fenced in yard. We are the last new house in a neighborhood situated next to an older home but the neighborhood is good.
  • October 18 2007
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There area four things that are getting homes sold today. Price Location Condition and Price. The reality is that most markets are flooded with inventory and if you are not in the bottom 20% price wise you are not going to get showings. I just had one home that we averaged 5 showings a week from the day we went active till the week we closed. It took 4 months and reducing the price every three weeks to get it to a point where it became a value for someone to write an offer. If you ae getting showings and no offers you may be the home that helping to get the others sold by being priced to high. I would recommend not looking at the prices of other active listings because that is a price that is not getting the home sold. If you are in a declining market like most of us are base your price on pending sales. Good luck
  • October 18 2007
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Oh i know camden place.. that's a cute neighborhood.. there is a lot of new construction out that way- but that price range is still moving pretty good in our area.. don't most of those houses have just 3 bdrms? I would think your 4 bdrms would get some extra attn.. the other thing some of those homes are kinda boxy and plain.. it is freaky what some cute window boxes with plants and planters will do.. flowers in the landscaping.. that sort of thing.. something to make yours scream curb appeal over the others that are there.. hope that helps.. let me know if you need any other info.. my website is www.listforlesswithme.com
  • October 18 2007
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I'm in Clemmons, NC. It's a pretty good market here but I just dropped my price $10,000. I don't have a formal dining room and the family room is in the basement. So like Rachel said--I have one of those weird situations that called for lower price. I have had two showings since I dropped the price. I'm hoping the folks that looked today will like it enough to write a contract. They were here for about 30 minutes. I'm building a new home just a couple of miles from where I live now. I love the area. Great schools--etc.

Jamie---landscaping is my thing and if you would like me to come by and give my opinion on improvements for pennies---I'll be glad to come by. I do have curb appeal and it may just be what is getting folks to look. But if this drought doesn't ease up---some of my plants are going to be history.

Let me know if I can help. Just click on my name and send me a msg.
  • October 18 2007
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