6 months on the market - no offers
House has been on the market for 6 months. 2 price reductions and now below market comps. Each reductions results in a wave of showings but not one offer. Feedback is always very positive about the house. House is nicer and newer than most in neighborhood. Had first open house last week with 10 families but still no offers. What’s the treatment? Thank you
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@Anuj Chokshi To some extent, it's always price. If you list it for $10.00 it will sell in seconds. List it at $50M and it will never sell. Somewhere in between is a price (slightly too high) that will cause competing properties to sell. And the right price will cause yours to sell.
In addition to running comps, look at days on market for similar properties that have recently sold in the immediate area. It just might be that homes that expensive are moving, but more slowly. If that's not the case, then get a 2nd opinion and see if someone local can see what you're missing.
The house is absolutely stunning and the photography is very well done.
Looking at Redfin's listing, there are three things that stand out:
1. While it's officially a flood zone X (no flood insurance required), RF says the risk is 7/10 (severe). FloodFactor says there's a 1% chance of 1.8 feet of water intrusion this year.
2. RF's price estimate is $174,000 below your list price at $1.825M
3. It looks like you're exactly 1 mile from I-95 and a little less to the Turnpike. Are you getting any road noise? Probably not inside, but you might outside - especially with open-pipe bikers and jake brakes. You might also have just a general low level traffic noise. If I'm paying $2M for a home, I might object to that.
That's all I can see. Good luck!