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We need to sell our home fairly quickly. Can anyone give me ideas on what I can do in this market to help increase our chances for a quicker sale?
A little background: The real estate agent recommended listing at 949,000 and we listed for 920,000. We will be willing to go down in price even further...and we will. The home is new, clean, and staged. We are in one of the best locations/school districts.
We have only had one showing in a few months. What more can we do to let people know they will have instant equity in our home? We have a real estate agent but is there something we can do, somewhere we should advertise?
I understand a home our size and price will take longer than normal but is there anything I can do to speed it along. Ty for any help.
You are right: Your price range is the reason you are not having showings. There would only be a select group of people looking for homes in your price range at any given time . . .and very often, those who are in the $1M range wish to build their own custom home. For most people in that price range, instant equity may not be a big buying point as opposed to having a custom home.
You could try a nice bonus to the selling agent . . . If you are serious about moving the house, I would lower the price MORE and add a bonus. No one wants to hear the advice to lower the price on their house even further, but if you want to move it, that is what I would do. That - and the bonus.
I think "instant equity" is just a number a seller or real estate agent comes up with based on the market B.C. 2008. (Before Crash 2008)
As other posters have said Ithink your pool of buyers will be small so you must do something dramatic. Suggest to the broker you will particapate in the cost of production for some slick printed materials. Build a separate web site to market the property to this class of people.Bring the price down well below any other price that might be competition in your nabe or like and similar offering.
Offer a large cash incentive bonus. Start with a high number for a contact in 30 days. ie; $10000 for contract in 30 days. Reduce the amount ($8000 for contact in 60 days, so on and so forth) With incentives like that after 90-180 days start thinking about "Plan B"
OK, so the 3% commission is roughly 27,000 depending on your final price. A bonus would have to be fairly big to make a difference - maybe 15K for a sale in 30 days? That will at least get the attention of agents and improve their interest in showing your home. I've seen, in today's market, that what the agent intially says is a fair price is usually about 10% too high, for the usaul 200K-400K range. You may have to go under 900K to get attention.
OK, so the 3% commission is roughly 27,000 depending on your final price. A bonus would have to be fairly big to make a difference - maybe 15K for a sale in 30 days? That will at least get the attention of agents and improve their interest in showing your home. I've seen, in today's market, that what the agent intially says is a fair price is usually about 10% too high, for the usaul 200K-400K range. You may have to go under 900K to get attention.
I hate to say it (so I didn't in my earlier post) but w/ the market adjusting - I was thinking exactly what you said, SB - $899,000.
Thanks for all the responses. FYI: A house on my street is in the 990,000 range and we have more square footage. So we are $70,000 under that. We are looking at lowering it again I just need to get people in here. The buyers agent bonus is a good idea.
Can someone give me basic idea of what short sale is. Are you talking foreclosure? I'm going to google it later when I have time, but I'm willing to take any information/advice.
TY
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