In this market, sellers now realize that every showing counts, and then counts some more. In fact, nothing is more frustrating for the seller and the realtor than getting a lot of showings, but no offers or nibbles. The question then becomes: “Why is this occurring, and how many showings are normal before getting an offer?”
Let me answer the latter question first. For the sellers I represent, usually, the 10 to 15 showing mark is a great indicator that an evaluation is in order. If you have had 10 or 15 showings and there is no offer, then it’s time to move to step two and find out what needs to be changed.
Which brings us to the main question: “Why isn’t the home getting an offer?” First, always have your agent check and go over with you all of the feedback sent in from other agents. Usually, this comes in the form of an email and it’s aggregated by software programs like “Showing Desk.” Keep in mind that not all agents provide feedback, but do look at the feedback that was submitted. Sometimes, this tells the entire story on why your home has no offer. Listen to it and adjust to what the buyers and their agents are telling you about your home.
If that doesn’t help, then you can bet your bottom dollar that there are two things that are holding up the sale of your home. Either the price is too high, or the home is not showing well. Let’s say it’s not showing well, but you can’t put your finger on what people don’t like. Then hire a stager to come through your home and give an honest opinion. If he or she has some worthwhile tips and information, try hiring them to stage it to sell.
More than likely in this market, the reason why your home isn’t getting offers is that of the price. I am sorry to say this, but today’s marketplace in real estate is all about price. Sometimes, you are closer than you think on zeroing in on the right price to bring an offer. Again, if you are getting showings but no offers, you may just be 3-5% off. If you’re not getting many showings, you may be 5-8% off. If you’re not getting any showings at all, you could be 10% or greater of the real price of your home.
Next week we’ll tackle the topic of just how many luxury homes are for sale and in which areas.
