Do I need more exposure for selling?

Question

Hello and thank you for reading my question. I am trying to sell my home in North Reading, MA on my own(FSBO) and I was wondering if I need any more exposure than what I've already done:
1. Purchased the SILVER package from the forsalebyowner website
2. Listed with the zillow website
3. Listed with the craigslist website
4. Listed with the realtor website
5. Listed with the local MLS as Entry Only
6. I even build a custom website for it: www.28valleyrd.com

Any input (Positive or Negative) is appreciated it!
Thank you in advance.

Mike McKinzie · Answer

I was a Realtor for 16 years, my father was a Realtor for 36 years, so my advice does come back with some experience.

When I would go on a listing appointment, after the pleasantries, I would ask the seller to do one thing for me.  I would ask them to become the BUYER but only if they could be objective, totally objective about it.  Most sellers have a degree of 'emotional attachment' to the home they live in.  If the seller truly wants to sell, this attachment must be cut, 100%.

In a market like we have now, the seller has very little power or control over the price.  The good thing about this is that if you become a BUYER, then you have the control.

As someone else posted, a house is only worth what a buyer is willing to pay.  A house is not worth what the appraisal states.  A house is not worth what a Realtor says.  A house is not worth what it cost to build it.  A house is definitely not worth what the seller wants.

Here is a true example from the 1990-1992 recession.  A family bought a home for $800,000 and sold it for $600,000 2 years later.  Then they bought a home for $1,000,000 that had sold for $2,000,000 a few years earlier.  The current market we have is the BEST market to MOVE UP in.  (if you have equity in your current home)  As a seller, you can't put blinders on, you have to perceive the entire market.

Personally, we might sell our home this year, it cost us $400,000 to build it 5 years ago.  We will probably sell it for $300,000.  BUT, we plan on paying $400,000 for a home that sold for $800,000 5 years ago.

Nick J. · Answer

If you're not in a hurry to sell then why are you going to such extreme effort to sell it? Doesn't make any sense.

If you haven't sold it in less than 60 days, I can bet your paycheck against mine that you're over pricing it.

If you want it sold, sell it for a price that it will sell. If not, don't sell it all. Make sense?

Lastly, the worst thing you could do listen to what a few agents say they 'could' sell your house for. They're taught to tell you what they think you want to hear to get the listing.

Biggest piece of advice for ya is this: Your house is only worth what someone is willing to pay for it, not what you're willing to sell it for.

J Scott · Answer

As Mike, Nick and Josh pointed out, if your property is priced correctly, it should sell quickly.  And, if you have it on the MLS and are offering a 3% commission to the buyer's agent, you should get traffic if the house is priced correctly.
          
          But, don't be confused by average DOM numbers in your area...just because something sold in 60 or 90 days doesn't mean that there wasn't a price drop (or two or three) in that time period.  Also, for every house that sold in 60-90 days, there may be a couple listings that expired without ever being put under contract.
          
          If you really have no motivation to sell, then by all means stick to your price.  But, don't assume your price is accurate for the market just because a bunch of realtors told you it was (while Mike sounds like a good example of an intelligent and highly experienced real estate agent, unfortunately, 95% of rest of the agents out there are just the opposite).

Josh Green · Answer

just took a look at your website...beautiful home. however, i would maybe look at the price.

35 valley rd is for sale for $110k less and its of comparable size/quality.

20 valley rd (a little bigger than yours) sold last june for about 50k less than your listing.

you may need to be more aggressive to move this...

Mike McKinzie · Answer

J Scott
You are 100% correct.  95% of people with a Real Estate License wouldn't know a Grant Deed from a Mortgage.  There were so many times during a negotiation that I had to train the other agent more than the buyer and seller.  That is what is nice about this current market, most of those 95% folks go back to working for Mickey D's, Wally World and the Car Wash.

Steve Babiak · Answer

Some more ideas can be found here:

http://www.biggerpockets.com/forums/312/topics/44534-creative-ideas-to-sell-home

There are some posts in this next thread with some other sites where one might place listings:
http://www.biggerpockets.com/forums/87/topics/39010-i-am-so-sick-of-craigslist-

J Scott · Answer

Not sure what you mean by "Entry Only," but in my experience, these days most buyers are finding homes via real estate agent.  Specifically, due to the tax credit, a lot of buyers are jumping into home-ownership for the first time, and instead of trying to go it alone, they are getting professional representation.

Real estate agents are going to rely on the MLS over any other tool to find properties, so if you want to get your listing in front of as many buyers as possible, make sure you have a good MLS listing.

Are you offering a 3% commission to agents who bring you buyers?  If not, you should consider it.  Again, with most buyers being represented these days (in my experience), you need to convince agents to help sell your house for you.

Account Closed · Answer

It sounds like the house was just barely put onto the market. After it's been on the market for 60-90 days, he will know if he is over-priced.

Matthew, you've already paid forsalebyowner, so that's a non issue, but as far as I know, they don't give a MLS listing in their package. You bought a MLS listing separately.

For anyone else who is going to try to sell on their own, I would forego the forsalebyowner site, since they aren't doing anything that you can't do for yourself.

Just do your own advertising and pay a flat fee service to list the house in the MLS.

Flat fee around here is $245 for 6 month and includes not only MLS, but listings on 8 major real estate sites, including Realtor.com. Unlimited time listing is only $50 more.

There are also flat fee listings that include signs, lock boxes, and paperwork.

I would not use any preprinted For Sale By Owner signs. Get real signs printed up that look professional. The signs are very cheap and fast on-line. The same metal frame sign holder that agents use is inexpensive at Lowes and probably HD.

J Scott · Answer

Ron -

Thanks for contributing, and great info!

Just a point of etiquette here -- I would suggest keeping your signature details confined to your signature file.  Having a 12-line signature after every 2 line post would make for a very difficult-to-read forum...  :)

Thanks!

Ron Harris · Answer

Trying putting in all your ads and signs in front yard "Realtor Commissions Honored"... and/or will pay full buyer commissions etc.
          
          Ron

Do I need more exposure for selling?

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