After three months on the market, twenty showings and still no offers is it time to find a new selling agent? A seller posed this question on Trulia over a year ago and since my response (May 2009) was selected as a "Best Answer" I decided to share it with my readers since the answer(s) is timeless and not dependent upon current or past economic factors.
Probably not, but in order to offer an educated opinion I would like a little more information. Such as have similar homes sold during the three months your home was on the market? What's the current absorption rate in your neighborhood for homes of similar condition, size and price? If your agent has not provided this information to you, you should ask for a market update. The current economic conditions are challenging and your agent may be doing everything right without generating an offer because homes are simply selling at a much slower pace than in years past.
Buyer are choosy and their confidence is low. They need the wow factor of your house to impress them. Determine your property's wow factor and play it up. Maybe it's the view, the new kitchen or a great yard. Whatever it is make sure every buyer is aware of the features that make your property special.
There are several things you can do to increase the chance of obtaining an offer on your property. First, keep the lines of communication open with your agent. Be cooperative and do your part to make sure interested buyers are welcome. Think of every showing as a job interview. Prepare for it as if the sale depends upon it.Make sure your property stands out from the crowd. It must be the best: best of show, best value, best terms and the best choice for the prospective buyer.
Express your concerns to your agent. Ask what you can do to increase your home's appeal to prospective buyers. It takes teamwork to get the job done, and working together toward a common goal is the best way to achieve a closed sale.
Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you with buying or selling in the Jackson MS Metro area.
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Written and Published by Pat Starnes REALTOR
Keller Williams New Beginnings132 Riverview Dr., Ste AFlowood, MS 39232601-278-4513 - cell601-977-9411- office
Pat, I had a seller tell me she was disappointed with the lack of activity on her listing recently. I reminded her of our conversation at the time of listing (about price & current market values) and upon further research confirmed the last sale of a similar property was 9 months ago, and at $17,000 less than her current asking price. Reduce , remove or relax those are your choices. None made her happy but those are the facts.
Good post/great comment. The sellers are part of the equation, along with the realtor, that's for sure.
Thanks for re-blogging this one.
Thanks for the great tips.