Home Selling in 48073>Question Details

Vix, Home Seller in Royal Oak, MI

No showings

Asked by Vix, Royal Oak, MI Thu Sep 27, 2007

We've had our house on the market for about 25 days and despite a decent open house turnout we've only had one showing so far with no feedback. Should we be worried or is this fairly typical in this market? Our house is in great condition and we are listed with a Realtor with multiple photos and a nice virtual tour at the price it was listed at when we purchased it a few years ago.

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10
It's sounds like you are overpriced. Unless it's in bad shape, or you're never available, it's going to be price.
2 votes Thank Flag Link Thu Sep 27, 2007
It is not unheard of in this market. There are certain factors that might lead to less showings (busy street, no basement, 2 bedrooms).

We have seen pretty good activity in Royal Oak for our listings. Royal Oak has been selling relatively well compared to some other communities.

It sounds like your agent is doing a good job for you. Ask him or her how your showings compare to his or her office's other comparable RO listings. Things are typically taking longer to sell now, but a buyer will come along.
Web Reference: http://mioaklandcounty.com
2 votes Thank Flag Link Thu Sep 27, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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I would have your agent take a very close look at the local (very local) market and comparable properties to yours. They should be looking at both the neighborhood proper as well as the school district to identify how properties are both priced and selling. By identifying both trends you will be able to clearly see how much of a difference (if any) there is between the listing and selling prices. A good rule of thub is to have your property priced in the lowest third of the competition while condition must be in the best or highest third in terms of condition and appearance.
2 votes Thank Flag Link Thu Sep 27, 2007
Vix
When you reviewed the CMA with the Realtor:
1. How many homes are like yours and on the market?
2. What is average Days on Market (DOM) for the active listings?
3. How many homes, like yours, have sold in the last month?

My rule of thumb is:
In the first two to three weeks:
At least ten showings or two offers, or lower the price 5%
Also, compare what value homes that have entered escrow since your's hit the market offer:
Help with closing costs, market rate commission, accessible?

Keith
1 vote Thank Flag Link Thu Sep 27, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I understand what a difficult market this is for sellers and how hard it is to list your home for the same price you purchased it for a few years back. Unfortunately, in this market, it may need to go even lower. Great condition and great photos help but price draws attention. Online buyers are shopping by price ranges so how do you compare? How do you compare to the homes that are currently under contract in your area or have recently sold. Chances are you need to be priced slightly below those that are under contract or have recently sold that are comparable. How do your photos look? Does your home need to be staged and new photos taken?

What is your agent telling you? They should be watching the market closely so that they can communcate to you what you need to do to bring more traffic through the door. Depending on how fast you want to sell I would recommend making a change about every 2 to 3 weeks until you find what brings the traffic. You will know within 2 weeks of a changes made if that change is going to make the impact needed for the buyers because you will get activity and offers or you will not.

One last note: Since your open house activity has been great. Continue with the open houses if they are bringing actual buyers through the door. Have your agent put together a "Your Opinon Counts Questionaire" for your home and attach it to a clipboard for a open house visitor to walk around with and complete. You get instant typically honest feedback from people who are most likely visiting other open houses.

Best of Luck!
0 votes Thank Flag Link Fri Nov 23, 2007
If you listed your home and have had few showings it always has to do with the price of your home. Right now homes must be priced right in order to sell because there is so much inventory on the market. The fact that your home is in good condition will defintely help it sell faster but it must be priced right with a large broker that can pull in the buyers for you.
0 votes Thank Flag Link Fri Nov 23, 2007
Thanks everyone - these were some really great answers! If things continue this way for a little while longer I expect we will look at the price again. For now, I just got a call for my second showing. Fingers crossed!!
0 votes Thank Flag Link Fri Sep 28, 2007
I have questions. How does your home compare to the competition? What is average time on market for your price range in your area and what is the activity of the competition. When do you want to sell (2007 or 2008)? Has your agent or you seen the competing homes? If you want to be chosen, you need to be the prettiest girl on the dance floor. You must be aggressive to get THE buyer. Keep trying to find out what the feedback is from the one showing. Price is king right now. Market seasonality in our market is graphed here http://www.guaranteeteam.com/boardstats.htm. Consult with your REALTOR where you stack up.
Web Reference: http://www.KathyToth.com
0 votes Thank Flag Link Fri Sep 28, 2007
Check your price. In GA I am having to check weekly to make sure my clients are placed top third in price and condition. New construction can cut prices below re-sale or offer incentives which soak up potential buyers. You need to keep an eye on this as it can lead to viewings and potentiasl offers drying up.
Web Reference: http://www.TeamRenton.com
0 votes Thank Flag Link Fri Sep 28, 2007
It could be just the time of year. If it is on a busy street or backs to one, that could be a factor. Depending on what year you purchased, even selling AT what you purchased at, could be over-priced. However, if your Realtor showed you the actives you are competing with, and you are in the top 5 for conditions, price and location, it could be the time of the year.
0 votes Thank Flag Link Fri Sep 28, 2007
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