Charleston, SC Posts

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Why isn't my real estate listing getting showings?

Why isn't my real estate listing not getting showings? With over 9,000 active listings in the Charleston  MLS, but only about 700 sales a month, it's no wonder that sellers are not getting showings. It's sensory overload for a buyer. In fact, of the showings tracked by the Centralized Showing Service (CSS) for our area, the average listing is only getting 4-5 showings a month. So what the deal? According to CSS showing stats, the fastest selling bracket of homes measured by average days on market are those priced below $250,000. Yet, keep in mind there are still over 4500 homes priced below $250,000.

Statically according to the National Association of Realtors (NAR), homes should average about 10 showings per month and within 10 showings, an offer should be made. In a market flooded with housing inventory and based on an average showing 4.5 a month, it'll take at least 2 months to get an offer. Keep in mind that offer may not be acceptable to the seller or the counteroffer to the buyer so there's no guarantee, the offer will turn into a sale. So why aren't people coming...the price is too high! If your home is over priced for the neighborhood, condition, or amenities, buyers won't even come look. They have already done a drive by on the Internet and they think for what they see or don't see in the photos, they don't want to come in and look because they see 4 or 5 bigger, better deals down the street.

But why won't they just make an offer you ask? Let's look at a hypothetical example. If a buyer is lookingthe price is NOT right if you are NOT getting showings for a 4 bedroom, 2 bath, 2 car garage home in Summerville, SC area and they have 183 options for their price point of $250,000 or under. If you home is listed above that, even just a few thousand dollars, they are not going to even see your listing because the buyer is only searching up to what they want or can afford. If they do happen to come visit and are not impressed with the house's upgrades or condition of the property, they have no reason to press forward b/c they have 183 other options which are already price within their range.

So what are buyers looking for? They are looking for a good value and a home that doesn't require a lot of work to move in that matches their specifications. Pricing your home right is paramount! As real estate advisers, we present the facts, market statistics and trends and we'll offer advice of what your home is worth and what we think it will sell for. In the Charleston real estate market, these two numbers have proven to be very different. It's up to the seller to make the choice to decide on the final price, however, if it doesn't get showings, that is the buyer's response saying the price is too high.  It's time to reduce the price. At a minimum, price should be revisited every 30 days.

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We are approved by Boeing 3rdparty relocation company as Charleston Boeing Relocation Specialists with Carolina One Real Estate in Charleston, SC.  Contact Top Real Estate Listing Agents, North Charleston, SC Relocation Experts,  Licensed Realtors® in South Carolina at 843-849-5217 or info@CharlestonRelocationExperts.com to list your home for sale or to purchase a home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County. The Charleston Relocation Experts Team specializes in relocations, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. View all homes for sale at www.CharlestonRelocationExperts.com.

 

Michele Reneau, ABR, GRI, CRS

www.CharlestonRelocationExperts.com

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Comment balloon 12 commentsMichele Reneau • January 09 2010 08:40AM

Comments

You are so right, it is all in the price in today's market. There is just to much out there to choose from.

Posted by Diane Williams almost 9 years ago

You're right, Buyers are looking for "good value".  Why no showings?  PRICE.  Unless the Sellers want to invest significantly in upgrading the property, PRICING is the only way to convey "good value" to the buying public.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) almost 9 years ago

Sellers have to have the shiniest penny at the b est price....an promoted madle....the best price and the shine are not always what the seller has in mind...it's what is needed to get the traffic flowing and offer generated.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) almost 9 years ago

I totally agree! When it comes to sensory overload I start getting overwhelmed too! Make the price right but also make sure that your first picture is "perfectamundo". You pretty much get one shot for the buyers to click through to read more about the house. If the picture is bad, blurry, or just not the right angle then you may lose that buyer. As the old saying goes, "A picture is worth 1000 words".

Posted by Karin Elliott, 14 Years as a Broker & Making Dreams Come True (IBA Realty Group) almost 9 years ago

We just met with a potential seller yesterday and told them the same thing. They will be evaluating whether to sell with the information we gave them. I am sending your article to them they should know agents everywhere are saying the same thing.

 

Posted by Mandy Buchholz (Benchmark Realty, LLC) almost 9 years ago

Diane-It's about price if you can't make the condition superior, but even then buyers still want value.

Tom-The right price always overcomes any objections.

Sally & David-It's definitely best to have the total package.

Karin-Its easy for agents to get sensory overload. If only sellers can imagine how a buyer feels.  I wholeheartedly agree about photos! They are so important.

Mandy-Good luck on the listing. They will be getting great advice if they listen and list with you.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) almost 9 years ago

I like that... sensory overload... another term to use to let the seller know their price is too high for the market.  You did a very thorough job of showing the stats for your area and making it plain!   

Posted by Diane Rice, SFR, SRES, CNC ( Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL) almost 9 years ago

GOOD MORNING MICHELE!  A mentor once told me - the one thing that sells a home is PRICE! -- Gabrielle

Posted by Gabrielle Kamahele Rhind, Broker/Owner (KGC Properties LLC, Tucson Property Management & Real Estate) almost 9 years ago

Hi Michelle!

I hear this question all the time "If they like the house, they can make an offer." NOT if they don't ever see it due to overpricing.

I used to get offers all the time within 10 showings. Now I can't even tell you what the numebr is, it might be an offer every 30 showings.

I hope you are doing well!

Posted by Rich Cederberg, eXp Realty Agent Albuquerque (eXp Realty) almost 9 years ago

It's a tough time to be a seller. You just have to explain this to your buyers; price sells! Good luck with the listing!

Posted by Taylor Shults Philley, Broker, Realtor , GRI (Austin Realty Firm) almost 9 years ago

Diane-No matter how plain I put it, there will be some sellers that don't get it.

Gabrielle-You are right! Price solves all objections.

Rich-I don't know why anyone wants to wait for a low ball offer. They should just list it at a fair price and get it sold.

Taylor-I think it can be just as tough to be a seller as it is a buyer.  With so many choices, it can be overwhelming. Only the best looking and best price will sell and sellers should want to be on that boat.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) almost 9 years ago

Michele: great analysis that can be extrapolated to markets all across the nation. Price it right ya'll!

Posted by Matt Grohe, Serving the metro since 2003 (RE/MAX Concepts) over 8 years ago

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