It's important to bear in mind that the current credit crunch is making life very difficult for sellers and you are not alone in not having any offers. In those areas, it wouldn't be at all unusual to have no offers after a week and a half. You may already have had a meeting with your lender and received a mortgage offer, in principle. You need to let your lender know that your offer has been successful and progress the mortgage application as soon as possible. Top headlines from around the real estate industry. The process was illuminating. To subscribe to exclusive newsletters, visit your email preferences in the account settings. New Year's Sale: Join us for January Connect + 9 Connect Now events next year. We now have 2 offers one at full asking price and one a little lower but with better terms. Q I recently made an offer for a flat in London. They confirmed that we were about $20,000-$30,000 high in terms of where they thought the property should sell. Did the seller have other opportunities / offers / pending house showings to other buyers before you signed and agreed to a contract for X price with them? Two days after we listed, my gut started telling me that we were listed too high. During that time, we had five showings but no offers. But after 3 weeks, potential buyers started offering them good prices for the property. He might have a majority of 80, but had he tried … We got 10 showings in the next 2 months. It looks like you’re already a Select Member! The only website dedicated to help UK homesellers. Two days after we listed, my gut started telling me that we were listed too high — even though the comps more than supported the price. Most of the comparable sales sold within the first month on the market. A realistic look at all your options Why Didn't My Home Sell? Hi we recently put our home on the market (3 weeks ago) had a couple of viewings but no major interest so I contacted Dublin City Council and inquired about them buying it. The two most recent comparable sales were priced at $224.22 and $242.55 per square foot. Did anyone force you to do that? “When a house sits empty, things happen to it,” O’Connor says, alluding to heating problems, burst pipes and break-ins that can go unnoticed when no one’s living at the residence. Since being advertised we have had more than 1100 detail views on Rightmove but no viewings. Multiple Offers Expected. Should you lower your price 2 weeks after listing? time to sell a house = 4.2 months (18 weeks / 129 days) Key takeaways. After my third home therapy session my therapist began taking me on walks outside the house. Cut the price and get ahead of the drop. Our Web hits are approaching 8,000 pageviews from the local MLS and Trulia alone. If the photos are poorly li… Get the week's leading headlines delivered straight to your inbox. However, iIf you wait until the house comes down in price to market value you should expect more competition. After reviewing the results, our broker recommended that we wait two weeks and see what happened. Receiving two offers on a listing at the same time—even on a listing that's been on the market for a long time—is common. Almost one per day. Leading commentary by award-winning journalists. I have always told my sellers that if you are in a good market and you have 10 showings and no offers, it’s time to lower your price. Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, author and trainer with over 1,000 published articles and two best-selling real estate books. Based on their feedback we priced the home at $489,000. Yes 5. I just sold my home in the St. Louis, MO area and my real estate agent advocated a 14 day rule. Breaking news as it happens. Find out the best methods of ensuring a positive reaction to every aspect of your house to potential buyers. Getting a few showings a week, but no offers. Time will tell. This put us lower than all the other comparably priced homes based upon square footage, but at the most expensive price point because we are about 400 square feet larger than competing properties. Serious sellers at 90 days will be considering a price reduction. That home went to someone offering an extra $51,000 (yes, $51,000). Your home has … Please update your billing information to reactivate your membership. When we priced our property, everything indicated a strong sellers’ market. We offered $15,000 over ask the first time we bid. Our home is newer, has an abundance of comparable high-end upgrades and is located on one of the best view lots in the subdivision. After that, the showings slow down dramatically because they are limited to new buyers coming into the market. In the last five months, there have been ten listings in our subdivision and seven have gone under contract. Given the bad stock market news coupled with a potential rate hike, this could be an early harbinger of troubles ahead for the real estate market as well. The buyers with the highest offers will compete in a bidding war to see who is willing to make the most appealing offer on the house. The prime minister knew that he couldn't run the English national lockdown beyond 2 December. But what if what we are experiencing is a widespread market slowdown? New homebuyers often discover property defects after closing, but the seller's liability for any pre-existing problems is limited. You will receive additional instructions via email. Is it time to lower the price? To make sure your price is still right, go through the CMA your agent prepared. Looking to the market helps with pricing decisions, What you need to know to start your day with all the latest industry developments. If you’d like my help to sell your home more effectively, please answer a few short questions here and if I think I can help you, I’ll be in touch. While everyone hopes for a multiple offer scenario, they are NOT the norm. Av. Closed sales since June 15 have had one sale at $182 per square foot, with the balance at $216 to $242. For more details on our payment terms and how to cancel, click here. If they’re obviously turned off by something, you can address it. Does the seller think their house is worth at least X price? According to a rival EA (that wants our listing) it takes 11 weeks to sell a house around here. Simply enter the email address you used to create your account and click "Reset Password". During that time, we had five showings but no offers. Sellers' Property Problems Series Article Three: My home has been up for sale for six months with no offers Putting up your home for sale for six months with no offers is quite a stressful situation to be in. I spoke to a gentleman recently who had had 30 viewings on his house over only a three month period, but not only had no one offered on the house, not a single viewer had booked a second viewing. The only difference with this house and that one is that they've converted the loft into a small 3rd bedroom (which can just about fit in a double bed) and tiny bathroom which they think is worth an extra £10k in this current market. Thank you for subscribing to Morning Headlines. In fact, frustrating might be an understatement. We had no offers for 4 weeks and then 2 offers within 2 days. Is it time to lower the price? No. Surprisingly, the brokers who showed the property and their clients had no issue (at least that they noted) with the price. Just sold my home sell your day with all the latest industry developments customer service @ 1-800-775-4662 customerservice @.. O’Connor recommends bringing in a professional stager to help potential buyers started offering them prices. 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