Hello BP family, I need your advice. I am selling a new build in SW FL. It's my first deal as an investor. I signed a contract with a builder as part of our profit share, I had to use his wife as the realtor to sell the house once it was completed. Maybe a newbie mistake... She has listed the property on MLS and done many open houses. The house is beautiful and in a great location. We've even dropped the price twice to make it very good value. The pictures on MLS are professional pictures and look great. However, it's been 4 months and we still have only received 1 offer (too low). I should mention... The agent is somewhat introverted and not really a people person, I think this is why the builder includes her on all his deals. However, She is very thorough and knowledgeable on the market. With that said, I think we may need to use some other tactics to get this house in front of all the right eyes. I, as the owner, would like to help market the house so that we can garner interest. What are some marketing tips I can use as the owner to promote this house? I appreciate your insight and knowledge!
I am both an investor and a licensed realtor. I have dealt with many new construction homes and have been intimately involved in the design, build and sale of many single family homes, as well as entire developments.
I have a few questions I need answered to better answer your question:
What was the starting asking price of the house?
When was the first reduction made, and how much of a reduction was it?
When was the second reduction mande, and how much of a reduction was it?
What is the current asking price? And how long have you been at that price?
What do the comps look like for other new construction in the area?
What do the comps look like for resales in the area?
Is this property in a private subdivision? If so, is there an HOA fee?
How many showings did you have in the first 30 days on the MLS?
How many showings have you had after each reduction?
How many showings have you had in total?
How many offers have you had? Was it just the one? How low was that offer?
The original asking price was $469K, it was in line with comps for 4bd + den in the cape harbour area of Cape Coral. Another home sold in the vicinity that brought our comp down a bit so we lowered it to $450K. We've lowered it twice first to $460K and now to $450K. We listed it in mid Feb, lowered it the first time in May and just last week lowered it to $450K. Like I mentioned the comps are in line, however there aren't many of them. No HOA fees. We probably had a dozen showings the first 30 days on the market. We had 5-10 showings after first reduction and only a few this week since the second reduction. We've probably have had about 20-25 showings. Only 1 offer at $425 and then a counter at $430.
I appreciate your thoughts.
Updated over 1 year ago
Did you ever sell this house? If so, what made it sell? I'm a new builder and real estate agent with my first house listed. Its been on the market a couple weeks and haven't had an offer yet.
Yes, we did sell. Our agent offered agents a signing bonus (extra $1000) and we lowered it a little more than we wanted but still made our goal.
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