An agent should review the comps each 30 days and discuss them with the client; and discuss the comments made by visiting agents and buyer prospects.
If the home does not sell, then it is either the price, or the condition, location, or lack of amenities, or a combination that is the cause. The agent and owner need to determine the cause and take care of the issues in order to get the home sold.
Recently I was asked to consult with an owner regarding the home that had not sold within 180 days. The listing had expired and was not renewed. The home was originally listed at $440,000 and later reduced to $389,000, where it remained until expiration. Upon checking the comps I learned that the market price was in the $320,000 to $330,000 range for homes that were in top condition.
This home had maintenance and cosmetic issues due to about 7 years of neglect. My recommendation was that we leave the home off the market until it could be listed on the MLS as a "new" listing with zero days on market. During the wait time, we would perform all of the deferred maintenance and cosmetic upgrade to emphasize the strong features of the home. When the cosmetic facelift is complete, we will run the comps again; determine the "right" price, and put it on the market with an agressive marketing campaign.
"Captain Bill" Travis, BBS, ePRO
RE/MAX 2000
www.HomesByCaptainBill.com