Profile picture for michanna

why after 4 years with as many agents we have not had one offer unlike others similar

we have modern detached with larger than average private gardens, room to extend
good location to city, schools, shops and transport, small complex with wildlife gardens. good state of repair, reduced price 5 times over last 3 years not one offer - price has been as others of similar design and age.  what do we need to do to change this status quo.
  • December 26 2011 - Worcester
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Answers (8)

If you are relying on Zillow data for a list price, you should stop immediately and hire a good local agent.
  • December 27 2011
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If a home has not sold in a reasonable time (< 6 months) it is one of the following:
1. Price
2. Access. Are you allowing people to see it? is it on lockbox? 
3. Awareness. If it is on the mls, and syndicated out to zillow, hotpads, etc, people searching will find it. 
4. Condition. Buyers have almost no imagination, so fresh paint, carpet and updating wows them, and they won't look past even minor things that are easy to change. 

There is nothing else. PERIOD. 

Notice that almost none of these can be fixed by hiring the 'magical' agent, so you have doubtlessly fired agents who were actually doing an acceptable job trying to sell your hom. 

  • December 26 2011
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How are you finding your agents?  Are you just calling up random agents or walking into area offices? 
You should be asking friends, family and especially neighbors for recommendations on realtors they have liked working with.  If you see a home with a sold sign go up in your neighborhood go knock on the door and ask if they were happy with their agent. 
Also, always interview a few agents before you decide who you are going to use.  We are interviewing for a job working for YOU.  It is very important that you feel comfortable with your agent.  You should have an open, friendly, professional relationship.  You should always be able to trust your agent.  If you have an agent you are comfortable with you should be able to talk to them about any questions or problems that you have along the way.  Your agent wants you to be happy with their service and wants to get good word of mouth and your referral. 
Have you given your agent a chance to redeem themselves before switching agents?  Tell them what is bothering you and give them a chance to respond.  Good luck.
  • December 26 2011
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Curious.  You have changed agents four times?
What caused you to change each time?
What were the three you fired doing wrong?
Why have you landed on the current agent?  What is that agent doing that has remedied the shortcomings of the other three who were unsatisfactory?
What was your original price?
And why would you have lowered it?  By changing agents four times and your comments, it would seem you believe your problem is with the agent, not with your home or its price.  Correct?
  • December 26 2011
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Profile picture for SoCal Engr
When you say "price has been as others of similar design and age"...

 - Are you talking list price, or the final sale price?
 - Assumption is that the other homes have sold?
 - Are you talking price/sqft, or actual price?
 - If others have sold, how long ago? What's the most current sale?
 - What is the other competition (i.e., the older homes) selling for?

All of these play into how your house is viewed. And, the key word is "competition". You are in competition with these other houses for the attention/business of the buyer. If you don't price accordingly, then you are targeting that one-special-buyer.
  • December 26 2011
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Profile picture for wetdawgs
It sounds like you have quite an appealing home and location, but you are dealing with a tough market. 

In four years in Worcester, the median prices have dropped 30%.   Unless you've had a larger drop than this, chances are very good you still aren't priced correctly.

What do you know about your competition - the houses of similar design and age that have sold.   Were they in great condition, or poor?   How did their condition compare to yours?  

If your home has been on the market for three or four years, what are you doing to keep the listing fresh?   Seeing a house has been on the market for 1200 days - many people shy away.   It may be a gem, but a long listing suggests there is a major problem.

Get an appraisal, have an inspection and repair everything mentioned in the inspection, have your agent pull up comps that have sold in the last two or three months and then price lower.

  • December 26 2011
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This time of the year you will find serious buyers. Not as many showings.   It must be priced right?  You can ask for a Zillow Report from your agent and it will show you how many times your home has been viewed.  How many pictures are up on your home.  I find the more pictures the more views many take some new ones.  good luck!!  Hope you get an offer for New Years!
  • December 26 2011
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The most likely possibility is that the house is still not priced correctly. Price reductions mean very little if the home was overpriced to begin with. Assuming that your realtor is doing everything he/she should be doing to market your home, then you should continue to lower the price until you start to get offers. The market tells you what the value of your home is. Up to this point, the market has told you that the price is not appropriate enough to garner an offer from anyone.
  • December 26 2011
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