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What else can we do?

Ok....So we own a 2500sqf home that was built in 2005.  It's a 4br 3.5ba waterfront home on two acres.  We had our house appraised, completed a home inspection, septic system inspection, roof inspection, and pest inspection.  All reports show the house and systems are in exceptional condition and are available for review to potential buyers.  The house appraised at 414k and our current listing price is 359k.

So far not even an offer?  What else can we do? 
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August 28 2012 - Rangeley
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Profile picture for user6555125
All good answers so far and we've done just about all of them.  We do have language in the listing that discusses the 55k below appraised value and condition (inspections).  We've changed the pictures around (20 total) and the house is currently de-cluttered and staged with furniture.  The lawn is being mowed once a week and the house is clean (my wife and I aren't living there).  

We've done the open houses and it's being advertised on just about every on line listing portal imaginable.  As for location....we're walking distance to town amenities, have a view of the local ski resort, and a rental history for those interested in a potential income property.

So I guess that leave price.....which over the past 6 months doesn't seem to work either.  
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September 03 2012
The appraisal was a great idea...but remember, that is what the market comparables justify on sales price, not what a buyer is willing to pay.  If there are no showings, then the appraised price really doesn't matter...you need to get people in the door!
I would say to change the pictures online...they are gorgeous...but they have been seen by everyone already...so change them up.  Add a closer picture of the house, then people who have already seen it online might take a second look not realizing it is the same house at  a new price.  Also, restage some of the rooms, for the same reason...change a bedspread, move some furniture around, just make the whole place look a bit different! 
Good luck!
jennifer
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August 31 2012
Typically there are four reasons property doesn't sell: Price,  Condition, Location, exposure.  Price seems right. Condition sounds good.  That leaves location and exposure.  If you are away from town, you will have fewer buyers.  If the location is good...is your agent advertising?  Have you had an open house, or a caravan to showcase your property? Sure an agent can put your house on the MLS, but they can do more than that also.  Check to see if you are receiving enough exposure. 
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August 31 2012
Try pricing your home at $350,000. It will allow for a broader range of buyers to view it online and to attract the buyers who may only be looking up to $350k but will stretch a bit more when they see that yours is significantly nicer than the homes in their price range. Good luck!
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August 31 2012
Reduce the price...... and have a realtors open house/ fish fry.
That view is to die for, barrow/rent some Adirondack chairs for those realtors to soak in that view and push that home.
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August 30 2012
Hello, 

Without knowing the market of other homes in your area, including where your house is located.... However, I believe it is safe to state that your home looks very appealing - but only for the "right" buyer. For instance, if your home was in a development with other like property, selling or getting an offer would not be an issue.

Personally, I were your agent, I would raise the asking price of your home. Once the "right" buyer views your property, negotiating a sales price will not be an option, because of the unique nature of your property. However, if you choose to keep the asking price, have your agent market the property - "Purchase below appraised value." 

Good luck with the sale of your property.


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August 29 2012
Profile picture for sunnyview
You have a beautiful view and house. Maybe you can market the house as a second or vacation home to people out of state in NY, NJ, CT and MA. If price is the sticking point, marketing the house to people with deeper pockets who might be looking for a second home at a low interest rate might be an avenue to explore.

Ask your agent about putting your home on a "premium" estate marketing site or possibly even directing some direct contact advertising to larger brokerages in other states with well to do clientele.
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August 29 2012

Have you had your home staged by a professional.  Are the Pictures and Videos professionally done.  In this market you must make your home standout like a shinny new penny.  Spending a couple hundred dollars can make a HUGE difference

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August 29 2012
No interest is always price, sorry to say. I recently had to reduce a home $40,000 to a 5 digit price before I had any viewings and everyone still says "too much work". If you don't want to reduce your price take it off the market. Real Estate is not for the soft.
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August 29 2012
Unfortunately, buyers do not care about appraisals or how much you feel the home is worth. They want a deal. The way the market acts is if you price something at FAIR market value, it will sell. Try reducing the price by atleast 3% to generate attention on the market.
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August 28 2012
Profile picture for user6555125
The property went on the market 6months ago.  We started at 399k, then 389, 378, and now 359k.  As for marketing it's in the usual places on the web, a few broker open houses and regular open houses.  It's also featured in local print publications.  In six months we've had 8 showings. 

As for recent sales the market has picked up.  The unfortunate thing is that homes are selling at or above 500k and below 300k.  Seems like there's no in between.
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August 28 2012
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How long has your property been on the market?

What approach is being taken to advertise the property?

Is anything selling in the area?



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August 28 2012
Thanks for posting your question on Zillow.com.

Hate to say it, price reduction.  That is nice that the appraised price is that high but obviously the buyers do not care (assuming you are listed with a broker).

Good luck to you.
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August 28 2012
 
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