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Need some encouragement
I'm in need of some encouragement and advice for what the next steps should be.
We've been on the market for 1 month. I posted a couple weeks ago that we had received a low ball offer and weren't sure why the buyers were coming in so low. Well, we countered back and forth and they ended up getting to a number we were comfortable with and we signed a contract. Well, 2 days later they changed their minds and backed out of the deal (they just had a change of heart, no other reason). That was pretty discouraging after a stressful week of countering and upsetting because we had an open house the day we signed the deal with them so our realtors told everyone we had already signed a contract and many left without even looking...
We are still getting quite a few showings and had one couple who almost put an offer in but chose a different place (after multiple viewings of our property and saying they were going to be putting in an offer).
It's hard getting hopes up and then crushed and I feel really frustrated by the whole process.
I don't know what to do. People love our unit but don't like that we have no balcony (which should be clear from the listing and our realtors are telling people so why are they coming to see it if they want a balcony???) That's the #1 feedback we are getting is that the buyers like it but want an outdoor space (our community has shared BBQ's/pool area but no private spaces) I just don't understand why they waste our time and come if they know we don't have private outdoor space and they want it... The feedback has all been that we are priced right and very positive but we just aren't getting anymore offers. I feel like with the amount of showings we are having we should be getting offers (so many people are telling our realtors they love it and will likely make an offer and then they just drop off the face of the earth and are never heard from again...)
How do we deal with this situation? We can't change the balcony situation (and it's not like we are the only unit in our area without balconies)...
I feel like we are getting passed our window of opportunity. I worry that now that we are past the 1 month mark it will be hard to sell. Is it normal to get tons of showings but no offers? I feel like our price is very good and don't want to lower it if that's not the reason (and our realtors think we are priced aggressively...) but we will consider it if we have too.
We are desperate to move and I just don't know what we are doing wrong and feel like we are having bad luck with stuff just not working out!
Re: Need some encouragement
So, I'm on the opposite side of the spectrum - I've been looking to buy for a month and anything that we've liked has gone fast. If we've been able to put in an offer (three times) it hasn't worked out even though we were bidding asking or very close to it!
As a buyer, I think you should take the feedback with a grain of salt. A lot of times I feel like I have to give some kind of feedback or tell my agent why I'm not jumping for joy at a house. There are some of our "like to haves" that we're flexible on, but we definitely factor it into the price. I still agree to look at the properties and give them a shot even if they aren't perfect.
It sounds like you're in a condo or townhouse and in our area there are far more of those on the market than there are detached. It's possible that people see your place and think they're going to make an offer, but then see something else they like better. That doesn't mean your place isn't great - the right person just hasn't found it yet.
Interesting note on multiple showings - I think that if you need to see a place more than twice, you probably aren't buying it. Others may totally disagree with me on this, but each house we made an offer on we did it on the spot - usually filling out the paper work on the kitchen counter. I wouldn't get your hopes up over the indecisive ones.
I think I remember in your original post that you don't have to sell until June? If that's the case, don't lower your price. Assuming you're in a competitive market, there will be greater demand in the next two months. I think a price reduction this soon would send a "desperate" signal and make me think that you were worried. Buyers can smell anxiety
(or at least I can) so if you keep your cool and hold firm for the next few months, I think you'll end up with a higher sales price in the end.
Have you already scheduled another open house? Doing so might be a good way to make sure people know you're back on the market. If someone previously heard or saw that you were under contract they might not think to check if that was still the case.
I agree. People typically look at several homes/units and may find something that they prefer or has features they want at a better price point, etc.
I completely disagree. I have never purchased a home without seeing it more than once--typically 2-3 times at least. The first time is a time to get an impression of the house. The second time is to go look more closely at the details. The third is to confirm that this is the house we want.
I cannot imagine offerring several hundreds of thousands of dollars after seeing a place just once.
My Valentine Bookends (2~13~13, 2~15~09)
You've only been on the market 1 month. That is peanuts. If you're off to this strong of a start I think things are only going to pick up for you since we're not really in the high selling season yet.
Selling is a horribly frustrating process. You have to do your best to take the emotion out of it and realize it's a business transaction. You can't change the features of your home, and not everyone is going to like what you have. You can't take that personally. As long as you are getting strong traffic the right people will come through the door. It only takes one.
Next time you get an offer I'd still take backup offers just in case.
It's not our ideal situation, but houses go like hot cakes in our market. We've learned to quickly evaluate the things that matter most to us and determine what can be adjusted. If we did second showings we wouldn't even get our offers on the table.
I don't understand this. How do you know, they know you don't have outdoor space? I just had my REA pull places she thought I might want to look at, I'd rather see a place in person then just in pictures and descriptions.
A lot of REA tell me about the "rule of ten." If it sits for 10 days with no showings, it's overpriced. Or if you get 10 showings with no offers it's overpriced. You REA may think it's priced right but buyers are the ones who will be making the offers. I know you don't want to give your place away, no body does, but I would lower the price, just a little. I think myself and another poster told you last time your house will always be worth more to you than it will be to someone else. I know buying and selling is an intense process, but it seems like you are getting way too emotional. This is a business transaction, try and take the emotion out of it. It's not personal.
PS. Buying a house is the biggest financial decisions you can make. I would NEVER offer hundreds of thousands of dollars on a place after only seeing it once. Even if the RE market was hot. There is always another house out there. I'd rather be conservative with my financial moves, not impulsive.
As far multiple showings -- I also strongly disagree that if you need to see a house more than once, it probably means you aren't buying it. It's smart to see a property more than once -- if time and the market allow -- and it doesn't mean disinterest on the buyer's part.
I'm sorry, that is incredibly frustrating. Regarding the outdoor space, there are a lot of things we would like to have in our home search but we'll still look at places that don't have those things -- for example, we really want a 3 car garage, but we'll look at 2 car garage properties if they are in a great neighborhood, the rest of the house looks good, etc. But that 2 car garage house is going to have to be really spectacular for us to overlook the missing garage. So perhaps people think that if the rest of your unit is really great, they can live without the outdoor space. Or maybe they just aren't reading the listing very closely!
I think you need to consider a small price reduction. If you are getting lots of showings but no offers, that means people looking in the price point at which are you currently listing are seeing your home and others and deciding others are better. I don't think a small price reduction after a month on the market makes you seem desperate, in fact, a lot of agents recommend reducing the price every month or so.