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.
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?
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!