How to find buyer

Question

I'm curious to understand how to find a buyer for my current property. It's been listed for 25 days without any serious conversations. Price is on par with the current market.

Brendan Mullenholz · Answer

The house looks great! I have friends in La Mesa but don't know the Poway area.  Since you're working with an agent I won't dive in deep but like @Adam King said, know your comps, have your agent go through them with you.  If there's homes on the market in your hood go check them out with your agent to see how they compare to yours.  Also consider the price drop.  Often times in the DC area when listings aren't selling a big price drop brings in traffic and offers and leads to a better sale price/terms.  Good luck with it!

Adam King · Answer

Hi @Tyler Mowbrey

I am going to operate under the assumption that your home is currently listed by a realtor. As a Realtor myself, that means I can only give general advice.

Make sure you are comparing your home to actual comps:

- Keep the size to +/- 15%

- 4 bedrooms and under, go with the exact amount of bedrooms and bathrooms

- When possible limit it to similar sized lots

- Only compare to homes with similar finishes

Our average days on market has been fairly high all year. The past 12 months it has been 34 days, which is ~40% higher than the previous 12 months.

If you are using a realtor, at this point I would sit them down for a serious conversation asking what they have been doing to properly market the property. This comes in many forms here are the most common examples: Open houses, social media outreach, attending the neighborhood caravan to pitch the home to all serious agents, using reverse prospecting  to reach out to all agents who have clients looking for a home like yours.

TLDR; make sure that the comps used are accurate, homes are sitting longer than normal this year, make sure that your agent is doing their best.

I am confident that your home will sell!

Rick Albert · Answer

There are two reasons why a property doesn't sell: The agent or price

If you feel like the agent has done everything possible to get the property sold (open houses, marketing efforts, professional photography, etc.), then it is the price. The market ultimately determines the price. Not you, your agent, or a Zestimate.

What's been the feedback on the property? I haven't analyzed it but the first thing I saw was that each room is a different color. Not everyone likes that and immediately adds the cost of painting in a Buyer's mind. Again, it may be a non-event. I'm just the outside looking in.

In the description, it says "owned" solar panels. I would consider switching it to "paid off" solar panels. You can own it and still have payments. If there are payments left, then you should pay it off at the close of escrow. I've never seen a buyer pay a premium for solar panels and having payments is a turn off, despite the potential utility savings.

Tyler Mowbrey · Answer

Thank you.

Yes, it's currently listed - https://redf.in/hixMtj

We've had four open houses, broker caravan, and social media outreach. We've dropped price once. Sounds like we're doing everything right so far....

Dan H. · Answer

I question if the various development issues in south poway are impacting your sales.  I cringe when I drive down Poway road.   I am Not a fan of Vaus and his cronies.  I really dislike his impact on south poway but also dislike his impact on north poway (even though it is not nearly as bad as south poway).

I see you recently dropped the price $25k.   I will say DOM has been increasing and your DOM is still fairly low.  However, I agree with others that each month after July is slower than the previous month until at least January.  This implies you want an offer in the next  couple of weeks.  Note an August offer likely means a September or October close.  School has started.   Poway unified, being one of the best school systems in the state, means a lot of buyers buy for the school system.  If they have school age children, they will want to be have closed before school starts (aug 13) which would already be a very challenging close.

Ideally this would have been listed late spring or early summer.  I realize life does not always follow the ideal calendar.

I do not mind bright colors (orange, purple, 2 different blues), but some buyers do.

not that it is effecting the sale, but some of your solar panels are in the shade of the big tree.if you are a motivated seller I would lower asking price to $899k in no more than 10 days.  good luck

Bill B. · Answer

I have no idea of the value but... If you really want to sell thsi year I’d consider dropping it another $25k. This puts you on the screens of people with a $900k maximum price, and is probably a price you would accept anyway, (assuming you would sell at your current price and kick in 3% ($27k) towards closing costs.

It’s not going to help your odds or the traffic if August rolls around and people start thinking about school. Plus, what’s the worse that happens? Either a person or multiple people become interested and you sell for $900k or more. Or nobody makes an offer and you know you were really overpriced before. Good luck

James McGovern · Answer

Instead of dropping price, could yo sweeten the deal with owner financing ?

How to find buyer

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