Interesting question: the market or the agent?
You might want to do a little research. Most answers I give contain statements, however I have some questions for you to find out about first:
1. When you met with your Realtor, what expectations did you agree about?
2. When you looked at the listings currently on the market (your competition), did you discuss their characterisitcs?
3. When you discussed the marketing plan, usually results are part of the discussion. What did you anticipate happening from the marketing efforts?
4. What will happen if those expectations are not met?
Here is what would happen if you were my client.
1. When we discuss listing the home, we evaluate what needs to be done to bring out the best features...usually that means:
cleaning, painting, deculttering, and staging.
2. We discuss the objectives to be achieved in the sale:
Timetable, desired net after close of escrow, accessibility (how to show the property)?
3. Based on the seller's willingness, time, and resources to bring the property to maximum quality and value
4. We discuss the primary competing properties and how the seller's home stacks up
Selling a home is more like a game of chess than poker. My job is to help the seller maximize the profit at closing, so in addition to these activities listed above, I discuss our expectations:
a) IN most markets, we expect 10-12 showings or one offer in the first two weeks on the market
b) if we don't see that activity, then a price reduction is in order
c) Our goal is to get sold in 30 days. Statistics show that homes that sell in the first 30 days sell closest to asking price. At 30 days the sellling price versus the list price is 98.6%m versus 120 days 93.6%..andthat would be AFTER a few price reductions.
Remember what you parents said...you only have one chance to make a first impression?
So proper preparation for sale, combined with watching how the competition reacts to the sale, are key. My clients get weekly market updates. We discuss homes that lower prices, add buyer incentivies, etc. If there are any questions I encourage the sellers to look at these properties representing their primary competition.
For example, I had a listing, price at $599K. ten days into the listing we had another home just down the street, nicer, bigger, come on the market at $596K, so we lowered immediately to $569K, went into escrow two weeks later. So a lot of what you do is based on the market activity---which you have no control over.
August through mid - October is the "second half" of the market so you should be seeing some showings, if this continues drop the price.
Finally, August is not the busiest time of the year. However, from mid September to Thanksgiving is a mini spring market. I' go over your pricing versus the competition and against recent sales with your agent. He/she should be able to tell you exactly what the prospects for your property are. You should also ask what repairs and improvement you might make to increase you competiveness that at the same time will not break your bank.
There were a few good answers here already. As with any major transaction there are a number of factors that have to be looked at. One thing that is key is communication your agent should be providing you on a weekly or at least every 10 days as to what is going on in the market. Keeping you informed of the activity, new listings, price adjustments, under contracts. Only with that information can you judge if the activity is sufficient for the market.
If your agent has not kept you informed than you should request an update and have them present all the information to you. You might need a price adjustment and your agent might be afraid to ask you for it.
Now the other side of the coin is that you might need to do some things to help sell your house. You might have unrealistic expectations. None of us, the agents or the sellers have a crystal ball nor do we control the market. We can only take the information that is current and use it to make intelligent decisions based on what is happening.
I hope this helps. Good luck.
Be patient.........to put a comprehensive marketing plan into operation can take more then a month. The fact that you have had activity is encouraging.
What has the feedback been from those people that have viewed your home? Has your agent done a "caravan" for other agents to preview the home.....what were their thoughts? Since approx. 90% of all buyers use the internet, where is your property being seen on the web?
In a perfect world....the price is right, the home is perfect, and the location is ideal, etc. .......six showing could be enough to sell it. The blame, if this is what you seek, could be more than the market or the agent........
Identifying and accepting these factors may make the difference in your selling time.
The "Eckler Team"
Remember that a lack of showings, repeat visits, and offers are an indication that the pricing needs to be adjusted. School is back in session in a matter of days -- if you want to hold off on a price adjustment, then wait no more than a couple of weeks - and then if there is no change, reposition your pricing.
My formula for success in selling homes: Smart Market Pricing + Maximum Exposure + Effort = Success. Get that right and you will do just fine.
Good luck to you.
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