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Answers (6)
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
@Clayton
This thread is more than 2 years old. I'm pretty sure that ssacra figured it out by now.
This thread is more than 2 years old. I'm pretty sure that ssacra figured it out by now.
- John H. Mathews
- Contributions:7
You should find an agent who is honest enough to tell you the value of your mother's home. I promise that at this point it is not just a matter of price. Perhaps, she should take a break and try again in the spring with proper valuation...
High End houses are not selling well in the current economy.
You may need wine and cheese open houses with original art, and other high-end marketing techniques to get Buyers into the house.
Having said that:
Exposure to Buyers is everything. 85%+ of Buyers are on the Internet... What kind of Internet Presence does your house have? Are you on Yahoo Real Estate, Trulia, Zillow, YouTube, Realtor.com, etc.? Do you have multiple photos, video, text messaging capability?
Also, are you signing Six-Month listing agreements? Don't. Sign a 90-day agreement, or better yet, sign a No Cancellation Fee Agreement. If the Agent cannot move your property, then move on to another Brokerage.
Best wishes,
Fred
You may need wine and cheese open houses with original art, and other high-end marketing techniques to get Buyers into the house.
Having said that:
Exposure to Buyers is everything. 85%+ of Buyers are on the Internet... What kind of Internet Presence does your house have? Are you on Yahoo Real Estate, Trulia, Zillow, YouTube, Realtor.com, etc.? Do you have multiple photos, video, text messaging capability?
Also, are you signing Six-Month listing agreements? Don't. Sign a 90-day agreement, or better yet, sign a No Cancellation Fee Agreement. If the Agent cannot move your property, then move on to another Brokerage.
Best wishes,
Fred
- rockinblu
- Contributions:7202
ssacra,
Being familiar with Ladue, and if that is where the house is, I can only imagine the area of price we're talking about here. From what I see consistantly in threads on zillow and trulia is that the upper range houses are moving very slowly in this economy. That being said, maybe it's time to get a fresh approach with a new agent. Below is a link to a blog that might be of some benefit in the interview process if you choose to go that route. Good luck to your mom and Go Cards!
http://rockinblu-rockinblu.blogspot.com/2009/02/ive-got-my-fingers-crossed.html
Being familiar with Ladue, and if that is where the house is, I can only imagine the area of price we're talking about here. From what I see consistantly in threads on zillow and trulia is that the upper range houses are moving very slowly in this economy. That being said, maybe it's time to get a fresh approach with a new agent. Below is a link to a blog that might be of some benefit in the interview process if you choose to go that route. Good luck to your mom and Go Cards!
http://rockinblu-rockinblu.blogspot.com/2009/02/ive-got-my-fingers-crossed.html
- Michelle Rottach, "REMAX Agent in IA"
- Contributions:355
Todays buyers start their search on line and determine which homes they want to see based on the photos and description. You should make sure that the listing has a strong online marketing strategy.
Price, condition and location are what make real estate sell. If 10% of the inventory is selling, your home needs to be in better condition and/or have a better price than 90% of your competition.
If your Mother's home is not in tip top shape or priced to compensate for the need of updates, then it will not sell. With your present agent or a new one.
If you are not able to price it to compete in today's market, then it might be wise to lease it for a year or two. Hopefully we will have another "hot" market by then.
Price, condition and location are what make real estate sell. If 10% of the inventory is selling, your home needs to be in better condition and/or have a better price than 90% of your competition.
If your Mother's home is not in tip top shape or priced to compensate for the need of updates, then it will not sell. With your present agent or a new one.
If you are not able to price it to compete in today's market, then it might be wise to lease it for a year or two. Hopefully we will have another "hot" market by then.
- agentblu15
- Contributions:353
The first thing you should try to do is determine WHY it isn't selling.
If it's gotten a lot of showings/traffic through it, but no offers, then there may be a problem with either the price, or the appearance of the house compared to others on the market.
If it hasn't had much traffic through it, then there may be a problem with either the price, or the agent's marketing techniques.
If there have been offers that you declined, you need to ask yourself if your expectations are reasonable for selling.
If there have been other similar comp homes in the area that are selling faster, look at those with your agent and see WHY they sold (lower price, better condition, more features?). If there really isn't anything selling in the area, and most homes are sitting on the market for as long or longer than yours, then leasing may be the best option for now, unless you're willing to cut the price way down to motivate a buyer.
I know you said that there have been 4 price cuts, but you still need to honestly ask yourself if the property is priced right-- this means competitive for the area, taking into consideration features, condition, location, and most of all, what the competition is selling for and listed for. This is something to go over with your agent BEFORE you dump them, so you make sure that they are truly the reason that it hasn't sold.
If it's gotten a lot of showings/traffic through it, but no offers, then there may be a problem with either the price, or the appearance of the house compared to others on the market.
If it hasn't had much traffic through it, then there may be a problem with either the price, or the agent's marketing techniques.
If there have been offers that you declined, you need to ask yourself if your expectations are reasonable for selling.
If there have been other similar comp homes in the area that are selling faster, look at those with your agent and see WHY they sold (lower price, better condition, more features?). If there really isn't anything selling in the area, and most homes are sitting on the market for as long or longer than yours, then leasing may be the best option for now, unless you're willing to cut the price way down to motivate a buyer.
I know you said that there have been 4 price cuts, but you still need to honestly ask yourself if the property is priced right-- this means competitive for the area, taking into consideration features, condition, location, and most of all, what the competition is selling for and listed for. This is something to go over with your agent BEFORE you dump them, so you make sure that they are truly the reason that it hasn't sold.
My mom's house has been on the market for 13 months w/o selling w/4 price cuts. New agent or lease?
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