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Answers (8)
- Patrick Beringer
- Contributions:414
What's going to sell this place is price. It doesn't matter how long it's on or off market, if it's priced wrong, it's not going to sell--now or later.
- efenter
- Contributions:43
As a prospective buyer, I have looked at homes titled "back on the market" (this particular one was off the market for about a week). There is something appealing about homes that were almost sold, but the financing fell through or whatever that tells the buyers, hey, you have a second chance. If you can make the description of the home emotioally connect to buyers and make them feel that it is going to go fast or you have a second chance- I am always a sucker for those and know in my head that they are just words, but emotionally, I want that house and will at least come and look at it.
As far as staging, I'd rather look at a vacant home especially if the description says something about a quick closing. As soon as my home sells, I want to purchase one that I can get into as soon as I close on my current one. But then again, some buyers can't see what a room's function is without furnature. Personally, I like to look at the vacant ones. It is easier for me to picture my stuff in an empty house rather than my stuff in place of their stuff.
As far as staging, I'd rather look at a vacant home especially if the description says something about a quick closing. As soon as my home sells, I want to purchase one that I can get into as soon as I close on my current one. But then again, some buyers can't see what a room's function is without furnature. Personally, I like to look at the vacant ones. It is easier for me to picture my stuff in an empty house rather than my stuff in place of their stuff.
- Dan, "the_country_hick"
- Contributions:4691
Since a deal fell through can you add to the headline something like " Deal fell apart, now you can have a chance"?
If the reason is a deal that died that is different than a deal that never happened.
If the reason is a deal that died that is different than a deal that never happened.
- Jim Basquette CRS, CNE, "Jim Basquette"
- Contributions:1231
Melissa,
I agree that any agent can determine the property history, but not all do. A stale listing is still stale in the minds of the buyers who remember it no matter what you do.
It may still be a good idea to remove it from the market while you make the cosmetic improvements and staging but longer than necessary.
I would highly recommend re-taking the photos, includine the front photo from a different angle so it won't be as recognizable by buyers and they can give it a fresh look. Change all the comments and descriptions too.
You also need to do another CMA using current condition and recent comparable sales. As you know, no matter what it was under contract for or how much was reinvested by the sellers r how much it was listed for earlier, it is worth what it is today in the condition it is when you re-list it.
I agree that any agent can determine the property history, but not all do. A stale listing is still stale in the minds of the buyers who remember it no matter what you do.
It may still be a good idea to remove it from the market while you make the cosmetic improvements and staging but longer than necessary.
I would highly recommend re-taking the photos, includine the front photo from a different angle so it won't be as recognizable by buyers and they can give it a fresh look. Change all the comments and descriptions too.
You also need to do another CMA using current condition and recent comparable sales. As you know, no matter what it was under contract for or how much was reinvested by the sellers r how much it was listed for earlier, it is worth what it is today in the condition it is when you re-list it.
- Melissa Loughridge Savenko, "Melissa_Savenko"
- Contributions:225
This story behind this listing is complicated. The house was unfairly stigmatized by buyers that walked away from closing after a long pending period - done to accomodate self-same buyers, by the way - well after all contractual contingencies were cleared.
The house is aggressively priced. There has been a serious subsequent investment by the sellers, upwards of $15,000 to install 2-zone central air and heat pump. The house is no longer occupied and does not show as well as it did furnished.
I am thinking about (i) getting price quotes on cosmetic improvements, like painting; (ii) staging the home; and (iii) re-shooting new pictures with the staging. The house is in the entry-level buyer price range, and the sellers are not in a position to spend additional money on improving property. I'd be happy to hear additional suggestions that might help in this situation.
The house is aggressively priced. There has been a serious subsequent investment by the sellers, upwards of $15,000 to install 2-zone central air and heat pump. The house is no longer occupied and does not show as well as it did furnished.
I am thinking about (i) getting price quotes on cosmetic improvements, like painting; (ii) staging the home; and (iii) re-shooting new pictures with the staging. The house is in the entry-level buyer price range, and the sellers are not in a position to spend additional money on improving property. I'd be happy to hear additional suggestions that might help in this situation.
- J.C. Thatcher, "JCThatcher"
- Contributions:17
Hey Melissa:
More often than not, buyers will ask about DOM and think that a listing has gotten stale after a period of time. Back when the market was hot, a listing, in my opinion, was considered stale if it was listed for two to four months. Nowadays, buyers understand that houses will sit on the market for six to nine months, easily.
Reviving a stale listing... Many agree that taking the property off the market for a while does help resuscitate. The question becomes, how long do you take it off the market? Many people do this during the holidays, so some may argue that there is shrinking inventory from Nov to Jan. Thus, it is best to keep the house on the market.
We are in a market where it is all about price. My recommendation is tell your clients if you take it off the market for three to four months, they will be paying a mortgage during that time. Perhaps drop the price now by that amount (e.g. $5K), or more if you can will help sell the house. Unfortunately, it is all about price.
Hope this helps.
J.C. Thatcher
More often than not, buyers will ask about DOM and think that a listing has gotten stale after a period of time. Back when the market was hot, a listing, in my opinion, was considered stale if it was listed for two to four months. Nowadays, buyers understand that houses will sit on the market for six to nine months, easily.
Reviving a stale listing... Many agree that taking the property off the market for a while does help resuscitate. The question becomes, how long do you take it off the market? Many people do this during the holidays, so some may argue that there is shrinking inventory from Nov to Jan. Thus, it is best to keep the house on the market.
We are in a market where it is all about price. My recommendation is tell your clients if you take it off the market for three to four months, they will be paying a mortgage during that time. Perhaps drop the price now by that amount (e.g. $5K), or more if you can will help sell the house. Unfortunately, it is all about price.
Hope this helps.
J.C. Thatcher
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
In most instances a stale listing is indicative of one of more of these:
1. Over priced
2. Hard to show
3. Unlisted
4. Bad curb or interior appeal
5. Poor representation by agent, or uncompetitive offer of commission.
These usually can all be corrected or at least improved upon. Intentionally removing and then reinstating a listing for the purpose of resetting the Days On Market (DOM) counter may be a violation of your MLS rules.
What to do? I would recommend competing on every possible point.
- Dan, "the_country_hick"
- Contributions:4691
Taking it off the market only INCREASES the CDOM (Constant Days On Market)
A smart buyer and a competent agent will look for and see this true days on market number. Thus removing it does almost no good. It could even backfire as taking it off the market for 3 months only adds 90 days with no views.
If you want to revive an old listing you either have to drop the price enough so it appeals to a different price point buyer than before OR do some very serious changes to the house itself so just remodeled appears in the listing. Mostly, drop price as the remodel is not what the next buyer wanted or what the seller wanted to spend money on.
A smart buyer and a competent agent will look for and see this true days on market number. Thus removing it does almost no good. It could even backfire as taking it off the market for 3 months only adds 90 days with no views.
If you want to revive an old listing you either have to drop the price enough so it appeals to a different price point buyer than before OR do some very serious changes to the house itself so just remodeled appears in the listing. Mostly, drop price as the remodel is not what the next buyer wanted or what the seller wanted to spend money on.
What is your favorite tip for reviving a stale listing?
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