Profile picture for strgazer68

No showings in three weeks - are we overpriced?

Our house has been listed for three weeks.  We have had two open houses with about 3 people at each one.  Our 4 bedroom home is listed at $179,900.  So far we have had no showings outside of the open house.  My realtor said to wait till we have another open house to drop the price.

We want to sell as quickly as possible.  Should we lower the price or wait?
  • July 22 2014 - Indianola
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Answers (16)

Profile picture for Blue in d Nile
You also need to consider that your syndicated point2 listing created a duplicate home details page that doesn't have the county records.  You are still getting about 30 page views per day, which is not bad, but you might get more if  the listing is put on the one with the county records instead of a duplicate.

(You can find the other by zooming the map in, and clicking on the other icon in that property location).
The one with the county records is presently estimated at $280.2k.  The duplicate (without sales history and tax history) is presently estimated at $154k.

In any case, there is a place on the details page to provide your own estimate and explanation.  People open the details page to find out "why the difference"... so it helps if you have an answer ready for them.
Sure, there are some in the area estimated over $400k and some under $95k, so there is a wide tolerance on estimates in that area.

And personally, I think this may be a better "lead photo".


The lead photo is often what entices people to open a details page, or not.

You need to entice people to "look" and to "visit".
  • July 23 2014
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Profile picture for Blue in d Nile
I agree that there are problems with the photos... too much JPG compression (causing the bluring) and too low a resolution.  Zillow will display up to 1024 x 760 pixels, yet the posted photo size is only 449 x 298 pixels.

And a large number of the photos have the "point2" watermark across them, which is very distracting.

All the photos should be deleted and new ones posted at 1024 x760 pixels, with minimum JPG compression.

I also agree that the room that is being used as an office with the Fire Place needs to be staged different for selling.

It is also counter productive to post duplicate photos.
Way too many duplicates.

The cracked driveway doesn't do much for curb appeal either.  Perhaps leave the photo out, or have a car parked there, or take the photo a bit more to the left.  It probably is not worth the expense to do anything about it before a sale.

A slightly wider focal length lens may also help on some of the interior shots.

Personally, I think the exterior paint color is also distracting; but it is likely not work the expense to repaint.

You might also consider a different window treatment.

I also agree that if your agent won't work with you and be more responsive, you likely need a different agent.

It is interesting that your agent is a gold or platinum premier agent on Zillow.  You would expect a bit more from those that pay for that status on Zillow.
  • July 23 2014
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Profile picture for WhimseyWoman

Get a new agent immediately.
Once we signed all of the paperwork, our home was on MLS that night, and on other web sites within a day or two. We had our first showing request the very next day.

Our agent took amazing digital photos, posted them, and also made a brochure that we displayed on the kitchen counter next to a bowl of chocolates and some small bottles of water.

You're trying to sell something - a BIG something - but good marketing is good marketing. You have to get an agent who understands how to make your house stand out. Why is YOUR house the one people should see? Why is YOUR house the one people should want? You deserve an agent who will do all of that with/for you. Remember - the commission they make is no small potatoes. You deserve someone who will actually work for it.

  • July 23 2014
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Profile picture for wetdawgs
Your agent owes you better.    Sit down and have a chat about expectations and timelines.    A good agent should not need this push but here you are today.  A good agent would be horrified at the quality of photos showing from their listing feed and have taken action already.  (The photos themselves are not bad, the quality is the issue).

  • July 23 2014
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Profile picture for strgazer68
Thanks for you posts so far.  Yes, wetdawgs that would be my listing.  My realtor said the person that came to our house was a professional photographer, but I could take better pictures.  For some reason, their photos appear blurred when syndicated through Point2?  I notice other listing from other realty companies are not blurry.  It's been a frustrating time.

WhimseyWoman, we are about to the point of firing or changing agents.  It's been one mistake after another.  First, they put our listing on with our street address misspelled.  Then it took over a week to get our listing to Zillow and Trulia. Then it took another week for the professional photographer to show up. I had to push them to do that.  Now my realtor tells me we should wait to have another open house to gauge the market.  Really??  Not sure if I can do a breach of contract and go with another company or not?

  • July 23 2014
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Profile picture for USMortgageRanger
There are quite a few constructive criticism and suggestions that you should heed too. My only  suggestion is before you go reducing the price list it for the same price with a $5-10K towards buyers closing cost. This will allow you a quicker sale. Good Luck
 
  • July 23 2014
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Profile picture for WhimseyWoman
Do you want me to teach a class in marketing strategies? If this individual's real estate agent doesn't know how to market the house (apparent due to two open houses and no other showings), maybe it's time to find a new agent?
Strgazer - you are under no obligation to continue to work with an agent who is not working his/her butt off to sell your house.
  • July 23 2014
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Profile picture for wetdawgs
How did you establish your price?     Was this your dream price, or a price derived from some careful analysis of homes that have sold in your neighborhood in the last couple of months (or something else)?

How's the marketing?   Is your house advertised well in every internet location possible?

If you provide a link (and I know you may not wish to), we can give you more detailed ideas.  If it is the one I think it is, the photos are all have poor focus and the layout of the desk relative to the fireplace triggers immediate concerns in my mind about house layout.
  • July 23 2014
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Do you have a broker tour in your town?  If so get it on the tour so other agents can view it.  
   You should have the greatest BUZZ in the first few weeks of a new listing. If the comps show that you are in the right spot with the price there has to be something else going on.   How is the market in your area?  How long does it take for a home to sell, days or months?  Are there many similar homes in your area for sale?  How do they compare?  If those homes have open houses you could go and see the competition in person. Also check out the agent and compare them to yours.  I believe a positive attitude and lots of Energy is key when presenting a house. Maybe your agent is not a go getter?
   There could be outside factors at play here such as your location. Are you under or near power lines, near a stinky farm, on a busy main road?  
  Does your property have curb appeal?  if not fix it up so it does. 
  And as others have suggested good quality photos are a must. 
 Good luck
  • July 23 2014
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Profile picture for Brad Pratt
We have a professional take photos and floorplans for the MLS and for all other marketing materials.  We also use a system that automatically generates a property website and blasts it out to virtually every real estate oriented portal.  When a great marketing plan is not working then it is price.  It needs to be priced properly from the beginning or you will likely get less later with a stigmatized listing.
  • July 23 2014
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What do you suggest, WW?
  • July 23 2014
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Profile picture for WhimseyWoman
Don't be so quick to reduce your price if there are comparable listings and your home is worth the price you've listed. What you need is better marketing.
  • July 23 2014
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Profile picture for JamesWalkerRE
The general rule of thumb is that if you haven't received an offer, in 30 days, a price reduction of 5-10% is in order. Have your Realtor review the Comps in the area with you.

It's a bit concerning that the only traffic you've received is from the open houses. I would double check the pictures of your house and make sure that they reflect value and appeal.

Also, approximately 50% of the homes sold this year will be between June and September. With interest rates potentially rising you don't want to miss these 2 windows of opportunity!

Best Wishes!
  • July 23 2014
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Profile picture for WhimseyWoman

Hi - have you taken a constructive tour of your own home? When you took the pictures, did you have it all set in a way that would attract you to see it in person if you were a buyer? Just something to think about.

I can't speak for others using Zillow to find a home, but I can tell you what I am doing in my search:  I don't even bother with listings that don't have pictures of all of the areas in the home. From there, I look at the kitchen and bathrooms (the most expensive things to upgrade/repair). Are they move-in ready or am I looking at a house that will need months of expensive upgrade work? If the kitchens and baths are okay, I look at the flooring and walls --- will I need to repaint a lot or just one room? Is there still 1970s paneling and/or wallpaper up, or can I easily, quickly and inexpensively make my décor fit nicely in this space without having to fix walls? How old are the light fixtures? Will I have a lot of old-style ceiling fixtures to replace?

All of that said - your agent should be looking out for your best interests. A key to knowing if it's the price that's keeping people away is to look at comparable listings (should be provided by your agent) and to look at the state of your home in general. Also related to your agent looking out for your best interests: My agent told me that open houses do not sell homes. She's been in the business for over 20 years and has never sold a home from an open house.

  • July 22 2014
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Profile picture for Seth McCauley
I agree with what Tim says in regards to the Price and the Pictures.  Nowadays most people first see a home on the internet.  With that being said the two things that will really jump out at them are the price of the home and the quality of the pictures.  Location and size certainly play a huge role, but with the internet people are actively using filters to search for the specific home they are looking for.
  • July 22 2014
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Profile picture for Outer Banks N C
Open houses don't often sell homes, they usually help an agent find more buyers for other homes. Your agent should be able to give you an idea if you are over priced, but a good rule of thumb is that if buyers don't show up to see a house then they are being turned off by something that makes them not even want to come see it. These can include:
price
location
too many pictures where they see things they don't like
poor pictures
style, size, bedrooms etc

  • July 22 2014
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