Other advice below is very good. Let me just emphasize a few points and add a bit. First, your agent should have provided you information on comps. That shouldn't have been your job, though you did approach it the right way. One other thing you should look at are the withdrawns and expireds. Looking at what's on the market only shows you your competition. Looking at what's sold shows you what the "right" price was a while ago. The withdrawns and expireds will show you what was overpriced. You need all three of these perspectives, especially in today's market, to come up with the right price.

I am a bit concerned that if you've gotten so little input from your agent on the critical issue of pricing that you're also receiving minimal input on other issues. Now, as is noted below, it's like pulling teeth to get most buyer's agents to provide feedback on a property. But good, determined agents can get some response. For instance, is the house overpriced? Or does it not show well? Or is its location (say, under high power lines) turning people off? And, yes, most agents will say a property shows well. I don't know why they're not more direct--probably afraid of offending the listing agent. But the good listing agents I know are intimately aware of problems with the house and the way it shows. But I digress...

Since you've already done some research on house prices in your neighborhood and don't mind "rolling up your sleeves" (and that's very good), here's another suggestion. Have your agent take you to see the other similar properties for sale in your neighborhood. It's one thing to look at descriptions on a printout. It's another to actually tour the houses and see--up close and personal--what your competition looks like. After you do that, you'll have a much better idea of how your price and home condition compares to the competition.

Hope that helps.

Sat May 10 2008, 07:53

Discuss this with your agent. Are you listed with a company and agent that have a sound marketing plan? Ask your agent to review the marketing plan with you. Do the photos on the internet show your home at it's best? Many buyers shop on the internet and decide if they want to see a home or not from the photos. You could ask your agent to show you other properties that are listed in your area in the same price range. Previewing other properties will help you determine how you stack up with the competition. If your photos are good, you have a sound marketing plan and seem to show well compared to the competition...you may just have to be patient or if you're in a hurry, you may decide to lower the price just so you can move on. The unfortunate truth right now is that many properties are taking a long time to sell.

You might also want to take a hard look at how well your home shows. Do you have wallpaper that needs to be removed? You may really like your wallpaper, but chances are most buyers will not. Would your home benefit from staging to help it show better? All of things should be discussed with your agent and your agent should be helping you by making suggestions.

Sat May 10 2008, 04:55

You need to ask your agent to sit down with you to discuss the comps, the absorption rate, the comparables (perhaps show you your competition), and discuss what is selling, discuss days on market, and how often you expect to receive feedback from your agent and how you expect to receive it. You are paying your agent to work for you.

Tue Apr 29 2008, 19:21

How did you get your agent? In my professional opinion, you and your agent should have looked at comparables together and determined a price that would work along with looking at the market time. So you could determine the length of time your home may sit in todays market. This is a very tough market and it is very important that your home be priced very competitively. The problem most people make is telling their agent what price their home belongs at. If your home is getting alot of showings with no offers --- it could be price, If it is getting no showings---it could be price. Keep in mind that the buyers today are being fed by the media that they can make offers well below market value. Many people make the mistake of thinking their home is worth more than the area will bring. The very best way to determine this is to check your area within 1 mile radius and see what the prices are of the homes that sold. Or get a professional appraisal and then bring your homes price to meet that appraisal. Good luck

Tue Apr 29 2008, 11:35

If your agent give you much guidance, why did you give them the listing? There are so many people working as real estate agents today there is no reason for anyone to list with an unresponsive agent. My clients are my "boss" and have the right to ask questions and have them answered in a timely manner.

It's good that you are willing to check online for comparables but your agent should give you an idea of Days On Market in your area. If you can't get them to give you this information you might want to contact the broker of the company for information.

This is above all a service industry and both agents and clients would do well to remember that.

Tue Apr 29 2008, 11:13

You've gotten good traffic, it's hard to get feedback from showing agents, in this market there are a lot of homes on the market so it's hard to get a sale. Ask your agent to run the comps for you on what HAS gone under contract in your area since you went on the market. ask to see the full reports and if they are still in the Continue to show phase, ask your agent to show them to you, so you can compare them to your home. Look at homes that are similar to yours, but look at ones that are prices anywhere from $25 ,000 lower to $10,000 higher. That will give you more information on where the buyers are really going

Sat Apr 19 2008, 07:45

One more thing...homes that sell in the first 30 days sell closest to asking price, so if you do not see the showing actiivity (and from your post you have not) , I suggest a price reduction of 5%. If you receive a low offer, hopefully a couple of offers, your Realtor can advise you on how to counter offer back to get the right price. Remember, asking price is a marketing tool.

Fri Apr 18 2008, 10:24

Your agent is doing a good job of getting traffic in the door. Now the question is, "Why did they not make an offer?" The answer is either, "When I got inside it was not what I expected", OR "I don't think this house is worth the price compared to everything else I have seen", OR "I have just started to look and I don't know a good deal until I have seen more comparison homes".
Ask your agent to show you some of the nearby homes that are your competition. Try to be objective and think like a buyer. Are the other homes more attractively staged, cleaner, more current? Does your home have a pet/smoking/cooking odor (a big turnoff for most buyers). Is your price competitive? Have a conversation with your Realtor about what you should do next. I am surprised your agent did not give you more data and help from the start. Sixty days on the market is not uncommon in this market. Good luck to you.

Fri Apr 18 2008, 10:23

Laura
The standard I use is ten to twelve showings or two offers in the first two weeks. I do know your market, however most markets in the US are buyers' markets, so you need to price slightly UNDER market to get activity. The market (IMHO) will not allow a property to be sold under market value, so if it is being marketed correctly, a lower price will attract more Realtors, because the Realtors are the ones that need to see that it's a good deal, they will bring the buyers.

Fri Apr 18 2008, 10:22