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hi pub, is there anything selling around you? What are their sales prices? If you can't sell at the current price and you can't lower it, you may have to put off your plans for a while.
Dropping to below $200K gives you a different pool of lookers/buyers. Only you know if you can make the numbers work for you but you should be candid with your broker about the fact that if you drop below $200K then you CANNOT afford to pay closing costs for a buyer so that the realtor can make that clear in the listing and also to any buyer's agents who inquire.
I would certainly ask your realtor for some data to back up the $199k number. There should be some good comparable solds (or even actives) that show a $15k price drop would make a difference. Basically she needs to prove you're overpriced. How many showings have you had in the past month? Since Jan 1, I've had 5, I'm in FL too.
I don't know anything about your particular realtor, but I've had my share of duds. Sometimes I think they just need a paycheck and hit up whichever listing they feel is their easiest target (whoever will agree). Good luck to you.
Pub,
This is one of my biggest pet peeves. I am going to get scolded royally for saying this. "Dropping Price" is the easiest suggestion for somebody that doesn't have any better ideas, and it put's you constantly on defense.
I am a much bigger proponent of driving up demand, distinguishing your home, and making it stand out from the rest.
Sit back and watch me take a bunch of arrows for this post. Just know that I have sold my homes this way, and it puts you in a much better position than being upside down and trying to "outrun" the market to the downside.
Best of luck,
Steve
In today's market, if the public feels your home is overpriced, it won't be sold. Now, I know there will be someone who will post "I stayed firm to my price and it sold" But then you hear the rest of the story and it took over a year and they happened to get a buyer from another state who felt there home was a good buy compared to homes in their state.
If you NEED to sell your home, you have to ask yourself if that is a gamble you are ready to take.
Excellent point From Gig Harbor. Market will always dictate price. Always has, always will. The challenge is conveying to the public why your home is unique and consequently worth more than all the others. This is a lot easier to do if you can outmarket the competition and draw in competing offers.
Bigbad,
You said it very well.....the market dictates your price. Maybe your agent is seeing a trend and your house is up on posts above other solds in the neighborhood. No amount of creative marketing is going to fix that.
The only thing your agent controls is the advertising! Everything else, price, interest rates, competition in the market place, general buyer sentiment,is completely out of the control of the agent and the seller. You control only the price and timing to market.
Out of those things that you and the agent can control, do you think the marketing is adequate? Have you asked what the agent is doing to advertise? Is her marketing different than the others? The advertising may be top notch, and if that isn't bringing in offers than the only thing that can be used to modify the outcome is the price or taking your house off the market and waiting for a better time.
I
Stuttering posts.....my previous post was directed to pub123. Happy Sunday!
Why not just walk away from the house and let the bank foreclose? Does not cost you anything except your credit rating.
I guess I'm wondering why she wants you to drop. Did she give you a real reason or just say something like, "It's the best thing to do"?
Pub, ask your agent for the comps to support the reduction (I’m a little surprised that she didn’t give those to you already)
didnt get a direct answer from her, no comps no nothin just that its not moving at our price,we have had allot of lookers,no offers but as far as advertising its because WE are the ones doing all the pushing and marketing while she s waitinng for the phone to ring. as soon as her contract is up we will be looking for a new agent Since January weve had about 20 lookers because of US marketing the home NOT her when she has an OH she doesnt get ! person.
If you are unhappy don't wait
pub,
I'm glad to see you getting a such a good response to your marketing. That is exactly how we sold our home. Contact me offline and I can give you some examples of what we did. You'll find my contact info in my profile.
Best of luck.
Steve
Pub,
if you are not getting the service and attention you deserve...take it up w/the broker and if they will not listen and make the appropriate changes you do have recourse. How much time do you have left on your contract?
Its called a RE recession.
Pub, Hope this information helps you:
According to public records, there have been no sales in your subdivision in the past 3 months (if there has been a very recent one, it may not be showing in public record information yet)
The most recent sales in your subdivison most comparable to your TH are:
9015 SW 203 1560 sq ft built 2005 Sold 5/1/07 $226,000 (seller may have paid buyer closing costs)
9005 SW 203 1598 sq ft built 2005 Sold 4/1/07 $215,000 (seller may have paid buyer closing costs on this one too)
Just an afterthought on those 2 sales. If you got a contract on your TH today, you would possibly close in Feb or Mar. That would make those 2 comps nearly a year old.
Unfortunately, South Florida has been among the hardest hit with property devaluation, especially so this past year
Since there does not appear to be recent sales in your subdivision, an agent familiar with your area should be able to provide more recent comps from subdivisions similar in value/location to yours
Since October 2009
Objections are opportunities. Your agent should be providing you with feedback from showings. I always look for ways to overcome the buyer's objections before asking for a price reduction. So many time though the seller would rather reduce 10k than replace 4k worth of worn out carpet or remove wallpaper & repaint. remember that no detail it too small. I walk the house with a roll of blue masking tape and look for evry detail from dirty window sill, skuffed walls etc... You home really needs to be sharp, I know it is a pain but it will pay.
To my colleagues from out of the state you really need to be here to understand what is going on in south Florida. Advertising and buyer feedback won't help. In the past 2 1/2 years our selling prices have dropped a good 30 to 50 percent from the highs of mid-2005. Keep in mind, we experienced a tremendous run-up in prices of over 20 to 25 percent a year for each of the 3 years prior to that. We just don't have enough buyers!
To the seller: If you want and or need to move you must follow the discipline of the market as well as listening to your agent, who I'm going to assume is an experienced one. No one is expecting prices to increase anytime soon (I'm talking years!) All we are hoping for is to return to a more stable market with our housing inventory decreasing for a while and then pray we can even get increases of 1 1/2 to 2 percent a year. The comps someone provided you with above are from spring of 2007 and yes, prices have dropped since then as well as a continuing build up of our inventory. I'm a listing as well as a selling agent. When I do have viable "buyers" I spend so much more time then I ever did in choosing among the very many properties I could show them. Since my time with a buyer is limited I am going to show the properties that are priced correctly to the market within their price range. Ask your agent to show you comps of those listed a little above your current listed price as well as those listed at and slightly below the 199K figure. See how your townhouse compares within those ranges -- views, condo or HOA fees, age and condition of the property, etc.
I've been a broker for 25 years and never have I've seen a market such as this! I sincerely wish you good luck with whatever you decide to do.
AM I missing something? I see the most recent sale of the Townhouse here on Zillow at...
Sold 05/11/2004: $132,000
Did you buy it after this time?
Pub if prices are dropping then the time will come when you too will have to drop your price if you havent sold yet... in the meantime can you offer some perk if you cant drop your price? Or the idea of a lower price and buyer paying closing costs is good. After your contract ends if you cant afford a realtor you can try to lower your price and then choose a flat flee realty service to get you on the mls listing that way the charges are only to get you on the mls and realtor.com and after that fee you are pretty much an fsbo and save money that way .
Lisa
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Realtor wants me to drop price
pub123
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Can anyone help me out
My 2story town house in FL is priced at 214,900 my realtor wants me to drop the price to 199,000 I owe 192,000 on it and after paying fees and commission I wont have nothing to move with also if she wants it dropped that much I feel I will be paying out of my pocket for some of the expences at which I dont have. Ty for your input and please be nice
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