Can anyone advise me as follows: I placed a house on the market a month ago, signed up with an agent for 90 days but the agent has not brought one single person round to see it. He’s advertised it plenty, had two open days and nobody seems interested. I’ve looked at the price again – I am over the amount ($389,950)suggested by the agents (360,000-380,000)but not hugely and have made it clear I am negotiable on that. The house is a nice three bedroom (and has a one bedroom granny flat as sep dwelling that has been rented for three years bringing in $140 pw), so surely it would appeal to someone. Is it too soon to drop my price? Am I being paranoid because, after all, there are ten squillion houses on the market around me all of a sudden? Should I be ready to a)drop the agent at the end of the 90 days or stay with him; b)sign up with a new agent for another 90 days at a lower price; or take the house off the market and give it a rest for three months and then try again? Would appreciate anybody’s thoughts on the matter.[glum2]
What you haven’t mentioned is if the property is in line with similar properties on the market. In my experience, agents usually overquote an expected selling price anyway, so the fact you are above that may tell you something.
Did you get more than one agent to value it for sale? Did you do some homework on similar priced houses in your area?
As I do not know Cambeltown’s market, I cannot personally tell you if I think it is too high. I suggest you re-evaluate the price and try not to blame the agent too much. He is ‘up against it’ a little bit as you have increased the sale price of the house contrary to his recommendations.
Good luck with it anyway.
‘Eat rich food, barbeque a yuppie’ [greedy]
Hello Delyse, you can send me a pm with some more details if you like as I have some knowledge of the market here.
Hope I can be of any help.[smiling]
Hey Delyse,
Sorry to hear about your selling problems. A friend of mine who works at an agent at Campbelltown told me of this problem 5 months ago, her boss over predicted the probable selling price on newly listed properties just as the interest rate hikes hit and the boom was softening… he wasnt all that popular with his sellers she was saying lol…
See what ur $390K will buy u by popping in a search in realestate.com, domain.com and property.com.au
If you think that the agent is doing his / her best, then perhaps a price drop of $10 K, as well as a less negotiable stance on price may be an option… the Granny Flat should be a great bonus to an investor, with 3 br houses renting for over $200 pw, so an income of $340 pw is great for the area and the price…
If u do decide to change agents, ask them straight up if their having the same problems selling…., also u state the property is “nice”, can it be made nicer with the addition of flowers, basic landscaping in the front garden?, a new / re-painted front fence?
Good luck
Jason
Thanks, guys, for your comments. Yes, I did do my homework before choosing an agent, also checked the local market and have my ear to the ground re that. I have done all I can with the house – garden great, decor very nice, flowers, you name it, Ive done it! Dont watch Renovation Rescue for nothing! My agent seems to be doing right things, all except bringing anybody!!!!! Have taken on board advice re possibly dropping price 10K, think you may be right there. Trouble is, I dont want to look as if Im desperate for a sale, because financially I’m not. If people had come and none had been interested, I would have thought I was doing something wrong, but cannot gauge this as nobody’s been!
Probally the same in a lot of areas delsye, in my local area two properties i know of have dropped $10K, one has since sold the other is still on the market, and yes, more propereties seem to be on the market of late, seems to be ‘that’ phase of the cycle and the wheel is turning.
Some great ideas above by others, all the best [thumbsupanim]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Delyse,
It is early days yet; you only listed it a month ago – did you say 90 days….give the guy a chance. Besides, as long as does what you expect him to, he is doing his job; however he can’t MAKE people come to the open days….they must want to!!!
Secondly, I realise it is difficult to gauge whether a drop is in order as feedback has not been forthcoming from prospective buyers, but give it a bit more time.
Selling a property can play havoc on one’s nerves, and anxiety can be high, but just wait a bit longer, with any luck the crowds will come. The market in your areas may be slow at present, but one good thing, it’s not dead!!! Ask your agent if people are “enquiring”; if they are; that is a good sign.
I have noticed that people tend to move SLOWER on private sales, than they do on Auction properties, maybe that is because they know they only have a certain amonunt of time to decide on the latter.
Is it listed on the net; check out http://www.realestate.com.au; and click on “show visits” and see how many people are looking at it (remember it will register your click too, so take that into accounnt). If no-one is even looking, something is not good….i.e. price-tag.
Be patient…..(fingers crossed) it will happen.
Good luck,
Jo
Jo, thanks for positive advice – greatly appreciated, as are other members’ thoughts. Perhaps I am being premature – don’t they say that selling a house is one of the most stressful things out, apart from a divorce and I can tell you now, that is numero uno! I am listed on realestate.com by my agent and its had about 42 hits so far – what that really means, Im not sure. I think its this rather grubby state government that’s put their rather grubby feet in it (yet again!) This is our future they are playing around with.
Jo, thanks for positive advice – greatly appreciated, as are other members’ thoughts. Perhaps I am being premature – don’t they say that selling a house is one of the most stressful things out, apart from a divorce and I can tell you now, that is numero uno! I am listed on realestate.com by my agent and its had about 42 hits so far – what that really means, Im not sure. I think its this rather grubby state government that’s put their rather grubby feet in it (yet again!) This is our future they are playing around with.
Delyse,
Divorce is yuck (I know from experience) but life goes on…I am happily re-married now. LOL
And yes, selling is SOOOOOOO STRESSFUL, hang in their…..you’ll sell….BELIEVE IT & IT WILL HAPPEN.42 is a start; keep us posted [biggrin] We’re rootin’ for ya [jerry][thumbsupanim][thumbsupanim]
Jo
I think you may find that the agent will not have any ‘buyers’ until just before the 90 cotnract runs out.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Delyse,
It is largely a buyers’ market in Sydney atm – how you deal with it is your choice, but I’d advise that you don’t panic – that’s an emotional response & doesn’t really add any value.
Any property can be sold quickly IF THE PRICE IS RIGHT. Clearly your price is higher than anyone in the market is prepared to pay right now.
You have two choices:
1) Wait until the market is prepared to pay your price.
2) Drop your price to the right one for the market.Pick the choice that works the best for you – but do it from an objective perspective not a emotional one or you WILL lose out.
Oh, and bear in mind – no-one cares if youre price is negotiable…what they SEE is $389K not ‘negotiable’. Many people don’t even negotiate on house prices as they’re conditioned at retail to pay the price advertised.
Think about the cost of holding the property for months versus the cost of reducing the price, say, $20K…..
Cheers,
Aceyducey
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