Posted by Rich-CA on May 14, 2007 at 09:18:57:
Is it listed with a Realtor? This is not suggesting this is the only way to do it, but one service Realtors have that no other method gives you (and I am not a Realtor myself) is their electronic lock box that records who entered the property and when. I use this information to determine what my foot traffic is. Then you can make a determination as to whether the discount is working. For example, we have a house in Phoenix that is at the tail end of escrow (loan approved, but conditions need to be met). We started at $239,900 - and got about 3 showings a week. Two weeks later we dropped the price to $224,900. Got no showings. Dropped the price to $214,900 and got an average of a showing a day. Without that record of how many people are going to see the property, you will have no idea if the price is right. The price needs to attract attention and be in the range where people are buying. Once you have done that (and showings numbers are the only way to know if you’re in the range or not), then its just a matter of getting enough showings to produce an offer.
As an investor, without a network in Iowa, it would be impossible for me to consider a house there at any price unless is was so inexpensive that i could hold is empty for an indefinite period of time. That limits you to investors with contacts already in Iowa - not a very large number of potential buyers. This is the problem with targeting investors - its a much smaller market.
My suggestions are:
- List with a Realtor. Collect numbers.
- Lower the price some more. If you want a fire sale, you need to find a fire sale price. If you have no takers at $65K, then you need to go lower.
Can you send me a link to the property info?