Friday, January 26, 2007
House #2: Lots of visitors, but no offers
My agent emailed me yesterday to say the place was viewed another 4 times this week already, but still no offers. She did say someone gave her a verbal offer of $98,000, which was laughable (I'm guessing another investor). I emailed her today and told her to drop the price $2,000 to see if anyone bites. If no offers in the next two weeks, I'll have to think of something else.
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4 comments:
If the house is priced right, not right six months ago price, and has no deficencies; it's probably being used as a comp to purchase another house. Why not shift the $2k to a buyer's agent bonus instead of cutting the price.
Why not shift the $2k to a buyer's agent bonus instead of cutting the price.
Ironically, this was exactly what I was going to do last week. Matter of fact, I emailed my agent and told her to add a $2k buyer's agent bonus last Friday. She replied back that the house was getting traffic, but there were no offers being made. She suggested waiting another week to see if we got any offers to do anything, which I agreed. It's now a week later, and the property is still getting traffic, but no offers. So, traffic isn't the problem - price must be. She ran a CMA when we first met, and - according to her CMA - the house was priced a little on the high end (but not by much). Hopefully with the holidays now behind us and with the $2k price drop, I'll start getting some legitimate offers. We'll see. If I don't get anything worthwhile in the next two weeks, I'll revisit the buyer's agent bonus and/or other things (like throw in a new washer&dryer, pay for some of the closing costs, or whatever).
There's a builder for nicer homes in town who has taken to offering gift certificates ($5000 in his case) to a nice furniture store with the right offer. He's been moving houses when other builders haven't been during these slower months.
Trisha - Thanks. That's a good logical next step. I was thinking of throwing in a washer, dryer, AND fridge - all brand new - if the buyer closes before the end of Feb. Of course, the choice of brand and model would be mine. ;-)
I'd probably even make it a this-or-that choice, offering the buyer those new appliances OR $1500 in closing costs, cash back, whatever you want to call it.
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