Dear Dave,
I had 24 showings been on market 59 days one low ball offer week after listed we did not accept, now no other offers. I dropped the price of the house 8 thousand off the list price a month ago and still no offers. Our house is in move-in condition and the neighborhood is very nice. After a price drop only two showings please advise since we still have no offers.
Mary B. No area provided
***We also received a similar question from Robert***
Dave,
I have a home that has gotten over 50 showings with no offers. Our home shows like a model and consistently get compliments about how beautiful and well keep it is. On the advice of our agent, I have reduced our price over $120,000 during our listing period with the same results…. No offers. Having spent my entire career as a senior global marketing executive and with an Ivy League MBA. Analysis dictates that the marketing is attracting the wrong customer which would account for no buyers. I would be interested in your take.
Robert M., No area provided
Mary and Robert,
Since your questions are quite similar, I am going to try and a new approach and answer both at the same time! You both have VERY similar scenario’s and I would suggest that both of you have had enough showings that you should have had offers by now. Also of note is that between the two of you you have had nearly 75 showings and only one offer….. I might suggest that you might start to consider things are not as perfect/pristine as you may believe. I will also note that both agents are providing ample traffic and must be doing a good job of marketing your properties.
Mary, I am not sure how low your “low ball” offer was, but there is the old adage that often proves true…. “first offer, best offer”. What that means is that the first offer you receive is often times the best offer you will get. I have found this to be true more often, than not. If we put that lost offer in the rearview mirror, we must focus on the present and what lies ahead! Robert, I would suggest that you should also focus on what is in front of you and not spend much time concentrating on the past.
From what you have both have described your traffic is fantastic, statistically, you should receive an offer within 13-15 showings and Robert I would suggest that despite the $120k in price reductions your value is still too high for what buyers are finding. With so many showings there is something else going on rather than price. Buyers are finding out about your homes either online or through their agent's efforts. Buyers are liking what they see enough to schedule a showing (which generally means that the pictures and price appear to be acceptable), but end up not writing an offer. This generally (not always) means that there is something else going on. It might be the condition, floor plan, odors, neighbors, colors, setting, high traffic road, a barking dog next door or any number of other issues that would cause buyers to not choose your home. Ultimately, all things being equal, there are three things you can control, marketing, condition, and price. If the marketing is good (Robert I know you are questioning this) then you will get showings and 50 is a lot! If that many are coming to look you can assume there is something else coming into play if they are choosing other properties….. If you have a condition issue or non-desirable feature, those are typically only cured by either price changes or just waiting for the perfect buyer fit.
Lastly, it is not out of the question to say that the marketing is attracting the wrong buyers, but to attract 50 wrong buyers and no right ones would be statistically very unlikely unless your home is so specific in features and price that it only will be attractive to a VERY narrow pool of buyers. If this is the case a marketing adjustment needs to be done to ensure the approach is more targeted. It's hard to get buyers excited about an amazing riding arena and barn if none of them ride horses!
I am putting out good vibes for both of you and am hopeful that your journey will come to an end soon but try to remain patient. Remember it only takes one showing to completely change your outlook! Thanks again for writing in.
Dave Kimbrough
The Kimbrough Team
