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mpal
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Norwalk, ct

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I am selling an antique that has been on the market for 8 months. We have had alot of traffic through it with people coming back 3 or 4 times, no offers, they also are selling homes. We have followed all of our realtors advice, done all the stuff she suggests, house is clean, decluttered, music on, smells good, and I believe she is marketing us correctly and she is happy with the price as are the other realtors who have been polled and none of the people looking at it have complained of price, just that they need to sell their homes. My concern is, when should I remove it from the market, I am afraid of the listing getting stale?
Thank you for your help!

July 28 2007 - US

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Replies (20)

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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The longer it stays on the market, the less keen the buyers are with the property. Usually, they will think that there is something wrong with the house?either with the building, the price or there is a problem involved that?s why its taking longer to sell. Sellers of stale properties are usually forced to lower their prices just to move their properties. They may get lucky at selling it. However, buyers would usually bargain for more, since its been sitting too long in the market.

July 28 2007

mpal
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Norwalk, ct

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Thank you Robin, How long do you think is "too long" for a house to be on the market?

July 28 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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I know that my firm would ideally like to sell a home in 45 days. We list for nothing less than 90 day. Anything over 90 would be considered too long.

July 28 2007

mpal
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Norwalk, ct

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That's interesting. I am also buying, with in the same state and have noticed that houses are on the market for a very long time here. I am in fairfield County, Ct and moving to Hartford or Tolland County, Ct. Houses that I looked at before I listed mine are still on the market and homes that listed at the same time as mine are still on the market. It's just very confusing to me. We dropped the price, alot! and i am just not willing to "give it away" , especially since we have not had one person tell us that the price is the problem. The only thing we have been told is that because it is an antique we are in a niche market.
Thank you for your replies, I was hoping that you would answer me, I've read some of your remarks to other people and think that you are very helpful. Zillow should pay you!

July 28 2007

mpal
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Norwalk, ct

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Maybe I should pay for an inspection. We are having central air installed in the upstairs of our home. Zillows estimate is much higher than what we are asking. It's listed here at 3 Admiral Lane, 06851.

July 28 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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Thank you so much for your kind words. I hope everything works out for you. Robin

July 28 2007

mpal
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Norwalk, ct

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Thank you Robin, It's funny, everything really does work out for the best in the end, it's just the anxiety getting there that's the killer!

July 28 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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Mpal,

Is your home on a busy street?

July 28 2007

mpal
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Norwalk, ct

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No, at the very end of a cul de sac

July 28 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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Without having seen the house, a renovation project will most likely do you more harm than good. Everyone is going to say that they want an updated house, but the buyer of a 17xx house is either going to have enough money that they don't care or they want to do it themselves in order to renovate it according to their own taste (and they have enough experience to do it and preserve the historical character of the house). Here's my thoughts:

1. Take enough pictures and write enough about the story on a website that someone can fall in love with the house without going there.

2. Post it on craigslist every week. Title with Historic Landmark or something similar.

3. There are a number of online classified websites that target old homes. Bite the bullet and advertise there. You'll get better traffic if there is some possibility that it could be turned into a b&b and you market it on the b&b classified websites.

3. Take out Pay Per Click advertising on Google for appropriate keywords.

4. Find a local reporter and pitch the idea of doing a story about the house and its history.

5. Find the couple agents in your area that are almost exclusively marketing old homes and get their opinion / make them aware of the house. Either you will find the buyer on craigslist/classifieds/ppc OR you will find the buyer through an agent targeting historic homes.

6. Get a staging consultant in there to give it a more modern feel.

July 28 2007

mpal
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Norwalk, ct

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WOW!!! Thank you!! Alot of great advice there!! I really appreciate you help!

July 28 2007

Shaun McLane, "shaun76"
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Shaun McLane, "shaun76"

Saint Cloud, FL

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Great tips Robin. I'd also like to suggest using postlets.com. They allow you to advertise on oodles, and also gives you code to dump into craigslist for a cleaner advertisement with a lot more information. I'd also suggest using the EZads on here. I have successfully sold two homes thanks to the EZads.

Another idea that might work for your unique situation is to host an artshow at your home. Hear me out. The kids will be going back to school soon. Speak with the art teacher about having the students make art, and allow your house to be used to show the art. Have flyers at the event for the parents, and make flyers for the event that you can post locally. This might be extreme, but it could work.

Hang in there mpal. I wish you the best of luck.

July 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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Thanks, Shaun. I use postlets myself to advertise listings. Besides oodles, the listing is automatically submitted to craigslist, edgeio, Google Base, Hot Pads, LiveDeal, Propsmart, Vast and other online classified search engines.

July 29 2007

mpal
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Norwalk, ct

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Thank you Shaun and Robin,
I am looking into pstlets, I really appreciate all of your advice!

July 29 2007

mpal
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Norwalk, ct

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OK, Did postlets, boy that was easy!! Thanks!

July 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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Make sure that the information filtered out correctly onto the other sites. I always double-check my work. It might take a couple of days to filter out.

July 29 2007

pinksandbaby
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Robin, come sell my house in NY :o)

Our agent never checked ANYTHING! Open house, no ad. No pics on website... ugh....

July 29 2007

mpal
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Norwalk, ct

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Pinksandbaby,
That's terrible, mine has had many open houses, several different websites, a virtual tour, it's been listed in the international Hearld tribune, NYTimes, Wall St journal and local papers. But, it looks like I'm in the same spot as you, still waiting for a buyer :).

July 29 2007

LawFitz
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Lower your price.

Gimmicks are great, but in the end it's a question of supply and demand. Right now supply is rising (foreclosures) and demand is falling (tighter credit).

The biggest mistake sellers make is that they are 3-6 months behind the curve in pricing. Given the DRAMATIC deterioration of the mortgage market over the past three months, I'd say be super aggressive with your price reductions if you want to move the property.

Anything short of that will lead to ongoing delays of the inevitable. Unless you can stand to wait 2-5 years, things are going to get worse from here before they get better.

Good luck!
LF

July 31 2007

Kary L. Krismer, "Krismer"
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Kary L. Krismer, "Krismer"

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LF wrote: "Gimmicks are great, but in the end it's a question of supply and demand."

I agree about the supply and demand, but a change in status will generate attention of agents, and that can help. Locally there are rules against artificial changes of status, designed solely for attracting attention. For example, you can't change the price $500 on a $300,000 house, or you can't cancel and relist just to get a new listing to appear.

July 31 2007

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