I decided to do a little research on your area, and went to this website http://www.melissadata.com/lookups/index.htm
to get your market history. Slow is an understatement; you are in a really tough market right now. There has been a definite decline in the number of homes sold recently and July is particularly low. (I donâ€™t know how often they update the numbers, but we are half way through the month already and they are only registering 12 homes sold.)
This changes things because it appears that they are not buying in general, not just overlooking yours. What has the weather been doing? If it has been rainy or really hot, that can cause people to not look at all. Also, did your agent get photos on the MLS any earlier than Realtor.com? No pictures can cause agents to not include a property on their list because buyers like photos and agents donâ€™t like surprises. It is entirely possible that one or both of these factors have hindered your potential for showings and not your price.
I do think you should insist that your agent hold a broker/agent open house or get you on a realtor caravan list to get some agents out there, soon, to see how great your place is. Just make sure your colors are neutral, the house is clean top to bottom and free from all clutter and personal pictures, store most of your furniture to make the rooms look even bigger, and talk up the below comps per square footage price. This is important stuff for any market, but in your case with your current market conditions it is critical. Real estate is still â€œsalesâ€, and in sales itâ€™s all about the numbers. We already know to expect your number of lookers to be on the low side and thatâ€™s why you need to do everything in your power to maximize your potential for a sale when those folks do start coming, and they will.
Chantel, please donâ€™t panic and call your agent tomorrow to reduce the price; I think we are all responding in a personal way. For example, if one of my listings had no showings at all the first week, I would be on my way out there to sit down with my seller, BUT my market has been holding its own and that would be genuine cause for alarm.
As far as when to reduce - for you - after looking at your marketâ€™s history, I would say that if you are not in a financial bind or time constrained, hang in there with your price and be patient. Unfortunately, your market appears to be tanking right now, but the good news is that up is the only way to go from here! You could very well get your asking price in a month or two. If you have to sell quickly, you may have to take a hit with the price to get it sold and in that case, you might still give it a day or two, but sooner would be better than later.
Best of luck to you! ~ Kathleen