If your house hasn't sold in four months, despite showings, then the price is too high. Lower it as much as you can, and have your agent call all those agents who have shown it before to let them know of the drop in price. Yes, it will show up on the daily hotsheet anyway, but they might not see it or it could get lost among many other price reductions.
As far as the other realtor, I am glad you have found a knowledgeable source, but keep in mind, she represents the seller of your dream home. Her formal task is to get the highest and best price for her clients; the sellers. Be careful of giving her too much info, even though she seems wonderful. She can, and should, use this information to benefit her clients. Unless of course you hire her as a buying agent (which, quite frankly, sounds like she sees herself as one anyway). In that case, as the listing agent of your dream house (I am guesssing she is that as she sat the open house) she would have a dual agency with both you and the seller. She needs to offer "fair" dealings to both of you. It can be sticky, but it can also work well as she can be expected to shave some of her commission in a last ditch resort as she is getting both sides of the sale.
But back to your original question. I would lower the price before offering agent incentives. Your internet audience is far greater than your realtor one and as a realtor, I never base a showing on how it benefits me instead of my client.
I would not be pushing for a contigency contract in this market unless I knew that the buyer was aggressively pricing his own property for the market. Why tie up a property for months if the buyer is not pricing his property to sell quickly? It is a great benefit to the buyer, but not so much to the seller and that is who Shanen is supposed to represent.
Good luck. I am a realtor, so ask away any questions. If I don't know the answers, I am sure my broker will.
Jo

Thanks Jo!!

I appreciate the info!!

Frankie met Shanen at an open house for another property in our target area. They got to talking and she offered to show us houses in NJ. John, our agent is not licensed in NJ so we took her up on the offer.

The dream house is listed with another realtor...not Shanen or her firm.

She knows the dream house is a great fit for us. The only thing holding us back was the price.
It was dropped this weekend to $210.000 down from $225.000.

So now I cannot afford to just sit and wait. I need to sell soon or risk losing this great house.

So as we stand now we are unsure what our next move is and I am open to all ideas.

Thanks!!
Susie

Sorry, I jumped to all the wrong conclusions. If you can get a contingency on your dream house, I would take it. It will have an expiration date so if that date comes and you can't make the financial commitment (notice I didn't say "sold your house") then the contract expires and they can sell to anyone. There is usually another clause that says if someone else makes an offer, you usually have 72 hours to complete your contract (not match the new offer). If you do decide to change your mind and not buy the house, you will probably be out a deposit. But if this is your dream house, a contigency may be just the thing for you. A word of caution in these times though. There is a chance that 6 months from now lyour dream house may be worth less than it is today. GO in with your eyes open.

Jo

Susie,

First thing to do is take a deep breathe & calm down the emotions. I know you really like this house & the price has dropped; but, it's not the only "dream" house out there. If it's not available when your house sells you'll find something else you like as much, or better.

Four months is too long to go without a price reduction. Even in today's environment the market is very efficient. If a property is priced 'right' it will sell within 45-70 days. The big question today is, of course, what is 'right'? That number has no relationship to what you either want or feel you should receive. The buyer determines value.

You can't use current listings as comparison. You need to know what has SOLD recently & is comparable to your property. Ask your agent to update his market analysis. Be prepared...it's likely to be 5-10% below four months ago. If nothing has sold then it's because listing prices are not in line with buyer's current perceived value & you'll need to get down low enough to motivate a buyer.

If you want to sell quickly...price aggressively...in the range of 95-97% of whatever your new market comparables indicate. The market is all about PRICE today. IMO, a $1K reduction is unlikely to excite anybody into making an offer.

Also, take a hard look at your pictures. Are they showing the house to best advantage? Any wallpaper? If so, remove it & take new pictures. Any strong paint colors? If so, repaint & take new pictures. You've done a lot of de-cluttering recently. Do your current pictures reflect the new cleaner look? Curb appeal? It's hard this time of year but soon you can add a pot of pansies by the front door. Don't forget to keep the windows clean. Does the front door need paint? Is your mailbox by the street? If so, is it old & battered? If so, replace it. IOW, do whatever you can to spruce up the curb appeal. Most buyers reject a property within the first 3 minutes. First impression is critical.

But, ultimately, today is about price. Bluntly, it may very well be that you can't get the number you'd like. If it's so tight that you're only considering a $1K drop...it doesn't sound like you've got a lot of negotiation/wiggle room.

Over my career, I've probably sold close to a couple thousand houses. I've seen lots of buyer types. Enough to know that there's really no telling exactly what will tweak somebody's button enough for them to make an offer. I can say though that the best bet is price. A buyer will overlook many perceived deficiencies for the right price.

There are many ways to manipulate price. A buyer's agent bonus is one way but, as Jo has already noted, a good agent isn't that moved by a bonus. They really do try to match a property to their customer's needs/desires. You could offer to buy down a buyer's interest rate by a point. Rates are already low...but, you might catch somebody on the cusp who could afford your house with, say, a 4.5% mortgage but not at current rates. A straight price reduction offers value to the largest buyer pool. You can also offer a redecorating allowance. First time homebuyers are, sometimes, motivated by having their new appliances paid for by the seller. This technique will rarely, if ever, work with an experienced buyer. You can also offer to pay the first 3-6 month's mortgage payments (cost would be escrowed). Again, this is a first time homebuyer attraction, possibly...not the move-up buyer. I've sold some real dogs by just offering a new TV...this only works well, IMO, if you've got the TV in the house so a buyer can see it...and, it has to be something exciting not the cheapest Best Buy close-out. All of these things are just alternatives to lowering your listing price.

Ultimately, IMO again, the best is to lower your price 5%...wait 3 weeks & if it hasn't sold...lower another 5% until you find that "right" price. That WILL work almost guaranteed even today. The market is valuing your property at some now unknown price point. To sell quickly you'll have to find that value. In today's market, any other way is just luck. And, I often say I'd rather be lucky than good any day! Seriously though, if you want that house sold...lower the price !

Best of luck!
/tricia

No worries...my post was not clear about the details.

John, our agent, told us he has an agent in his office who is licensed in NJ and when we were ready he would be able to help us find a home. So we really weren't out looking for another agent...we just hapened to find Shanen.

She has been very helpful amswering all of our questions when we cant reach John.

So let me ask you....how often should we hear from our agent??
I would like to hear from him via phone or even e mail at least once a week.
Am I asking too much??

Like I said, we left him a voice mail on his service on Saturday night and so far we have not heard back from him one way or another.

He, personally, has not shown the house even once.

When he stops by tomorrow (if he stops by tomorrow LOL) I want to let him know that I am unhappy about his communication or lack there of but I also do not want to do or say anything to make him feel he is under attack.

Here is the original listing...I now have the home staged most days-it really only takes me 15 minutes to get it show ready.
I would like fresh pictures with the home the way it looks now and include in my listing some things like full size-freshly painted finished basement/game room, walk in pantry closet, laundry room with added storage and full size garage on the lower level.
Newer Andersen tilt in windows on main level, newer gas range/hood, new kitchen floor tile, updated paint decor and large covered front porch. Back porch offers room for a BBq grill.
Three large bedrooms with ample closets and newer windows, updated bathroom with large soaking tub, new vanity and skylight. Cedar lined linen closet.
All appliances. window AC units and some furniture included.

I have also replaced the hot water heater and added a new steel security door in the lower level.

Now I just have to figure out how to word all that without being too wordy LOL!!!

Cheers!
Susie

Here is a link that might be useful: MSL # 5435809

A few of your photos are dark, really dark. Lighten them up.
You need to totally de-clutter. Even though we like our "things" they don't show well.
I like to see a home where it looks as though the person could move out practically the next day. And am turned off by personal things out in a bathroom, bedroom etc. Remove personal photos, bric a brac. Open the shades and curtains. Same with the bathroom, pull the curtain back, it makes the room appear larger. Remove the garbage pails from the front of your home
Start packing up...let the moving Gods know you're serious :)

Start packing up...let the moving Gods know you're serious :) LOL!!!
Just about spit out my tea!!!

Tha main reason to re-do the listing is that those photos are from OCT. Since then we have totally staged the whole house.
Gone is all the clutter and all the personal things.

I will take a post new pics tomorrow...hopefully the snow will be gone and I can take fresh outdoor pics as well!!

I am going to print this post out to use when John finally stops by!!

Thanks for all the advice...hopefully this will be the last time I move LOL!!

For what its worth this is the listing for the house we love!!

Cheers!
Susie

Here is a link that might be useful: New Jersey Ave

Susie, as a former real estate sales person, I think you've gotten some really good advice here. The one question you are asking that hasn't been addressed is how often you expect to have contact with your selling agent. I have no idea as to the number of listings he might have, that alone could add up to major hours on the phone each week if he were to call everyone. I can remember only calling the seller if I had a specific question from a buyer that needed answering.....or.... because I had an offer pending. Otherwise there's nothing to call about.
I know you want to sell, just be patient. The fact that the house is being shown is the important fact.

Another thought for you, have you told your agent what your bottom line selling price is? No one expects to pay the asking price, just like buying a car, you shop around for the best deal. In other words, if you are asking 90,000 and you told your agent that 87,000 is the least you will accept, then he might be discouraging any offers below that amount. I know if I were looking to buy, had all my financing in place, I would think nothing of making an offer 15% to 20% below the listed price in today's market. That's assuming the house is priced reasonably in the first place. I emphasise 'today's market'. I'll be the first to say that there are many unique properties that do get sold at the listing price. Think about how many homes are for sale in your area. If there are very many then the potential buyer's might just be moving on to another listing they feel they can get a better deal with.

Personally I wouldn't jump around with listing agents if you are getting lookers, any one of those lookers could be your buyer. Another agent might not even connect with other agents to even get your property looked at. I'd also stay clear of entering in any type of agreement on another home. When yours is sold and you have the $$$ in hand you will be in a much better position to make a good deal for yourself. If your dream house gets sold in the meantime, then it just wasn't meant for you. You'll find another, maybe even better.

Good Luck!

Nancy

Hi guys...back with an update.

Just was wondering how much contact I should expect??

So heres what happened.....NOTHING!!

Not only did my agent not show up, he didn't even call!!

Let me backtrack....2- weeks ago we noticed a sold sign on a house on our block, however there was never a for sale sign up so I had no idea it was for sale and believe me I check homes for sale in my area every day and I never saw a posting for it so thinking it was a little weird Frankie called our agent and left a messege on his voice mail.

A few days go by and no return call.

So Frankie e mails the guy with all the info and still no return call or e mail.

So Frankie has this guy on his route who is a part time realtor and he pulled up the trend report for us....shouldn't OUR realtor be on top of this??
The guy said our realtor absolutely should be aware of this since its direct competition for us.
BTW...its a smaller house (much smaller and not well kept) and they were asking the same price as mine. No word yet on what it sold for.

So irritatated ith the lack of communication, Frankie calls our realtor at his home number (sorry I do not agree with calling anyone at home but all other attempts were unsuccessful). He did get John who was very offputting saying he had no idea the other house was for sale but assured us he would look into it and get back to us.
That was a week ago and to date we have heard NOTHING!

Then the dream house price dropped on Sat and Frankie called his voice mail leaving the messege "hey John we want to touch base with you concerning our options...both Susie and I will be home Tuesday afternnon, could you please stop by so we can run some ideas by you?"
Frank aslo fired off an e mail to both his office and home account saying the same...NOTHING!

So fast forward to Tuesday noonish we are home and the phone rings...it was the office coordinator setting up a showing for today....so after we set it up I ask if John was there and she said no he was out in the field today. so I say great, explained that I wanted to talk to him, made sure she would get ahold of him and let him know.

So I guess we've made up our minds that this guy just isn't a good fit for us so we decided to just let this contract run out and Frank has already contacted the agent who's name is on the sold sign down the block. He called right back and saud he would be glad to help us when our contract runs out.

In the meantime I have this showing today so wish me luck!!

I do feel a lot calmer today. I realize there are so many good houses out there I am sure we will find a GREAT one in our target area when the time comes!!

Cheers!
Susie

Having gone thru the home buying thing a couple of years ago, here's some advice I would give you, which is not based on experience with realestate, just how I approach money. If you want to move SOON, and you want to sell your house SOON, you have to sit down and figure out your bottom line price for your house. That has to come from what you have seen house shopping. But don't get wrapped up in a "dream house." If you are not willing to walk away from the deal, then you cannot actually DEAL. I agree with what others have said, you can always find another dream house if you look hard enough. I lost several "dream" houses on my way to my current dream home ownership.

I know you want to move ASAP. IMHO, I would figure out what my bottom line price is, add 10% more for wiggle room, and then get that puppy sold. Then when looking for a new home, you will know what your parameters are. Don't look at houses above your means. You will find one within your means. You may have to sift through a lot of lemons, but you will find a good one. My friend bought a house in DC and he told me all kinds of nightmares of houses he looked at before they found there lovely home within their price range. Once of my favorite stories was when I asked him why he was in a bad mood, and he said, "I'm in a bad mood because I got fleas from visiting a house that was for sale for $375,000 dollars." This was DC at the height of the housing boom.

LPink...That is so funny!!

A few weeks ago Shanen took us to look at 6 houses in the target area. One of them was on the market for over 400 days-well over a year.
(I really should link the pics of this house)

We walked in through the side door right into the kitchen where we had to negotiate a very tight space due to a large PIANO in the kitchen!!
In the living room he had 2 more pianos one of which was blocking the front main door.
One bedroom was padlocked so we couldn't see but the other 2 berooms each had a piano and the entire house was filthy.
The troll of a man showing the house needed a bath himself.
He told us the woman of the house used to burn a lot of candles and there was soot and smoke stains all over the place. The troll said the whole house was going to be re painted and I asked if he was going to clean in first LOL!!

He had a little yappy poodle mix dog who also needed a bath was actually nipping on Shanens heels. Plus there were cats.

We ventured downstairs but we could not step off the last step from clutter and debris and some sort of animal waste.

eheheheheheh (that is me shivering from the thought of living there)

We know why the house has been on the market for 400 days LOL!!!

The family that came through yesterday said absolutely nothing. The realtor said they were looking at 10 houses on that trip and he would call if the family wanted another look...so again we'll see.

About my price, well we did do some soul searching as well as hard research to determine our asking price. We interviewed 3 other agents before we chose John and they all felt our price was perfect.
I originally had a problem with the asking price being so low since we had an independant appraisal in August and it was $25,000 more. But with todays economy I would not get any offers at the value price.
I honestly don't think I can afford to drop my price too much more and have wiggle room but who knows....while the house has been listed we have been on a saving overload....cutting back on spending so we'll have to see once we crunch the numbers.

What a drag LOL!!!

Cheers!
Susie

Howdie everyone!

I got some pretty good news to share!
The house on the street which sold in like 3 days...well they were asking $89,999 just like mine. I found out they got $89.000 for it!!!

This is really good news as it give us hope that at least it wasn't sold for like $50,000 which is what these investor/devolopers are doing...buying ultra low!

I also heard from John.
He could not apologize enough for his lack of attention.
He did not get off easy either....most of you all know me as a sweet mellow person (which of course I am most days) but I let him have it in spades!! LOL!!

Well he called me at work so I took the call in the managers office. When I was done my boss was doubled over laughing cuz he never knew I had teeth LOL!!!
He just said he was glad I wasn't scolding him LOL.

I have already heard from John today (Friday) and he is coming to take fresh pics and to sign the agreement for the reduction but only after tomorrow....tomorrow he has a cash buyer coming to look at our house. He has $85,000 cash and wants this area and ours is the only house he asked to see...all very good signs but alas I am not getting my hopes up till the ink dries LOL.

Cheers!
Susie