Home Selling in 73118>Question Details

JKS, Both Buyer and Seller in Oklahoma City, OK

Should I worry that I've overpriced my house if my realtor has not yet received any calls from other realtors after a week on the market?

Asked by JKS, Oklahoma City, OK Wed May 4, 2011

We had an outstanding open house with over fifty people showing up. There are lots of hits on Trulia and lots of emails about our house. We've had 1 serious showing but no offer yet. We're having a brokers' open house about five days.

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Answers

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The rule of thumb is 10 days no showings, 10 showings, no offers, it is time to adjust the price. There are 3 things that make a house desireable: location, price, condition. It is pretty hard to change the location of the house, so which of the other two is the easiest thing for you to adjust?
1 vote Thank Flag Link Fri Aug 3, 2012
Janice, What is the feedback from those showings? Are there any negatives that need addressing?

You said that you had one serious showing. What is the objection? It is important to get feedback from buyers who have seen your house so that you can see how you compare to homes that they have already seen.

I don't think that after only one week on the market you should be alarmed. I applaud your agent for getting so many people into your open house. It would appear that they are doing a good job. Relax and ask for feedback and listen to your realtor.

Above all, make sure that you communicate with your agent. They need to know if your motivation for selling changes.
1 vote Thank Flag Link Wed May 4, 2011
I wouldnt worry just yet it seems like buyers see the value in your home. If still no offers after a month it might be time for a reposition.
1 vote Thank Flag Link Wed May 4, 2011
Talk to your realtor and ask her what kind of feedback she is getting. She will tell you what you need to do. You have hired a realtor. Now you should follow her advice.
1 vote Thank Flag Link Wed May 4, 2011
Hello again Janice. It's hard to predict how soon showings will start on a home. I always tell my clients that it will take up to a few weeks to get people looking but it does happen sooner. It does sound like you have a lot of positive things going on so it really seems like you and your agent are doing everything right!

Let us know how things are going and the best of luck to you!

Russell Benson, Realtor®
Prudential Alliance Realty
405.378.4442
1 vote Thank Flag Link Wed May 4, 2011
You should never worry. A week is not that long of a time to go with out any calls in todays market. Houses at different tears get different amounts of traffic. Just keep working with your Realtor and have her check the comps for your area and price it accordingly. Good luck to you. We are seeing a lot more activity now that the weather is warming up and school is close to being over.
1 vote Thank Flag Link Wed May 4, 2011
I've seen old questions get dredged up and given a new life, but I must say I've never seen the same people answer the same question several times over several years!
0 votes Thank Flag Link Mon Jan 28, 2013
National Association or Realtors says 2 weeks with no showings or 10 showings with no offers means the price is too high.
Web Reference: Http://www.csimshomes.com
0 votes Thank Flag Link Mon Jan 28, 2013
You will typically get the most traffic in the first 21 days on the market. If you are not getting the showings you expect and no offers, absolutely! 4 reasons why homes don't sell Condition, Price, Location, and mismanagement by a realtor. Take a step back and really diagnose quickly what the issue is. It is usually PRICE!
0 votes Thank Flag Link Mon Jan 28, 2013
Open Houses and Brokers opens usually do not sell houses. If you had 50 people over and no offers You Are TOO High. Consult your professional REALTOR for guidance.
0 votes Thank Flag Link Sat Aug 4, 2012
Honestly I wouldn't expect much from the broker open.

Have any other homes in your neighborhood sold this week? Maybe your agent could talk to those listing agents to see what their traffic has been like.

What is the average days on market for comparable properties in your price range? 30-90 days, worry. 90+, don't worry yet.

What is the market absorption for your neighborhood? If only 1 home has sold in the last 6 months and 10 are on the market, worry.

How many houses sold from July-Dec last year? Compare that to Jan-Jun this year and last year. Do people buy in your neighborhood seasonally?

Lots of questions here and some great answers below. Good luck!
0 votes Thank Flag Link Fri Aug 3, 2012
Often a mistake. The first few weeks on the market are very important and the pricing will either quell interest or lack. Your Realtor plays a Very Important Part in this, you pay for our expertise take advantage of it and follow their guide.
0 votes Thank Flag Link Fri Aug 3, 2012
One week on the market is not very long. I would not be too concerned at this point. Did you price your home comparable to homes in your area? Did you price it in the range your realtor suggested?

If you are priced above the other homes in your area you may actually be helping them sale faster.

I would give it one more week, if no action you may want to speak with your realtor about a possible price reduction, or maybe you could offer some buyer incentieves.

Best of luck to you!

Kawain Payne, Realtor
Kawaindpayne@gmail.com
0 votes Thank Flag Link Sat Mar 24, 2012
One week on the market is not very long. I would not be too concerned at this point. Did you price your home comparable to homes in your area? Did you price it in the range your realtor suggested?

If you are priced above the other homes in your area you may actually be helping them sale faster.

I would give it one more week, if no action you may want to speak with your realtor about a possible price reduction, or maybe you could offer some buyer incentieves.

Best of luck to you!

Kawain Payne, Realtor
Kawaindpayne@gmail.com
0 votes Thank Flag Link Sat Mar 24, 2012
It takes about a week before a new listing is fully uploaded on the various syndicated web sites so it's possible your home is not in full circulation yet. I must say though if you had more than fifty people at your open house and lots of emails with only one potential buyer then yep there's a strong possiblity that you have a beautiful home but it's seriously overpriced. As mentioned below, get feedback from your agent . Good luck.
0 votes Thank Flag Link Thu May 5, 2011
I would say yes. In my experience, a home that is price correctly will recieve interest immediately. i would also caution in overpricing a house for several reasons. First, if the true market value is lower than what you have listed it for you could be missing potential buyers. Their searches on the internet or MLS may have not fall in the range you have your home listed for. Secondly, days on market is an extremely important factor. Agents and buyers assume that the longer the house is on the market the more likely the seller is willing to come off the list price. Hope this helps and good luck.
0 votes Thank Flag Link Thu May 5, 2011
I would say yes...but I wold not adjust the price just yet. I would suggest waiting until day 15 or 20 to make a move. Best of luck on your sale.

Dave Haws
http://www.teamhaws.com
0 votes Thank Flag Link Thu May 5, 2011
I hate to say it. But you are correct. If there haven't been any calls then it is priced to high. I would reduce it right away. The first 30 days is when you have the most activity. Good Luck!
0 votes Thank Flag Link Thu May 5, 2011
Not a good sign. Have your agent bring a pricing team through your home and get multiple opinions of value.
You should not be home at the time, so they can speak freely. We do this at our office for most new listings. In this market,It is impossible to know what the "correct price" is, but if you are way off base a group opinion should help clarify. Your agent should bring the comps with her to share, but the gut reaction of seasoned realtors is
usually right on.
Good Luck!
Web Reference: http://ojaijan.com
0 votes Thank Flag Link Thu May 5, 2011
Hi Janice,
I would hold tight! I usually suggest at least 15 days before doing the first price "enhancement". You don't want the listing to come off that you're desperate to sell. Broker's Open Houses are awesome because you get unfiltered 3rd party advice on the price, amenities and other competing listings. I would evaluate their feedback and then at that time...reduce your price but remember a true price reduction is usually 5% to be able to attract the next price bracket of buyers. Good Luck!

Stacia Heinrich
Realtor, Carmel, IN
0 votes Thank Flag Link Thu May 5, 2011
I would be concerned if you have had no showings in a week. That is usually the time when you see the most showings. Depends on the area of course. I wouldn't rush to lower your price just yet, but if it remains unseen much longer you should consider it.

Below is a link to my blog post regarding lowering the price of your home (courtesy of GM Filisko)

Ritchie Metzler
Portland Real Estate Agent
0 votes Thank Flag Link Thu May 5, 2011
Yes definately. Realtors are having difficulty realizing how much the market has dropped, things are changing daily and the prices will remain dropping. I have listed and sold 2 homes recently and received full price offers. Sometimes it is difficult for a seller to listen to the Realtor's valuation, usually the Realtor is more realistic than an owner. If it is not selling DROP THE PRICE, not by $1000. but by incraments of $5000. to $10,000. every 30 days until sold. Once it is sold you will have established what someone is willing to pay for your home. That is the ultimate authority and value of your property "What someone is willing to pay". Good Luck.

DIANNE HUMBLE
Carson City, NV
0 votes Thank Flag Link Thu May 5, 2011
Hi Janice, even though we are in our "prime time" of the year to sell, this is a very busy time of year also
for families. A week is not long enough to get worried because your house has not shown, give it some time, if in 3 weeks no showings, then ask am I too high? does my house have curb appeal?
0 votes Thank Flag Link Thu May 5, 2011
We as realtors will sift through higher priced homes to find the better priced homes: But just to be on the market for a week, give it time:Good things take time to happen: Also if your home is over priced and you do get an offer on it for that price it most likely will not appraise for that and if you want to sell your home you will have to lower the price to the appriased value:
0 votes Thank Flag Link Thu May 5, 2011
Give it another week or two. You may have 3 showings next week.
Verify the comparable properties or have your agent take you to the competition in the area where you can guess the price of the homes. See if you are in line with other homes.
0 votes Thank Flag Link Wed May 4, 2011
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