My house has been listed for about 2 weeks; I have only gotten 2 phone inquires, no showings. We're in Lake Villa, IL. Is this normal?

Asked by Lynn Buchmeyer, Lake Villa, IL Tue Jun 8, 2010

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18
The Michael…, Agent, Gurnee, IL
Tue Jun 8, 2010
i work the Lake Villa market.There is activity on well-priced, well-presented listings. My advice is to pretend you're a buyer. Search the internet for a home like youres in Lake Villa. Does your home show up on the major websites? How is it presented compared to other similar homes? Good description? Lots of good pictures?
If not, you need to talk with your agent about how it is presented. Your agent can forward you reports from the MLS and Realtor.com to show you how many people have seen the listing. If he doesn't know how to pull thise reports, there's a problem. If you're not getting web traffic you're probably not well-presented or you're overpriced. Good luck.
2 votes
Gary Geer, Agent, Antioch, IL
Wed Nov 19, 2014
Hi Lynn,
Was your issue resolved? If not, let us know and we can offer help.

All the best.
0 votes
Gary Geer, Agent, Antioch, IL
Wed Nov 12, 2014
Hi Lynn,
Hopefully you issue has been solved by now and your agents marketing plan has worked for you. If you still need help let me know.
0 votes
Bill Eckler, Agent, Venice, FL
Sat Sep 14, 2013
Lynn,

Kindly keep in mind that a good marketing plan can require weeks of work on the part of your agent to implement. After two weeks, it's hardly time to panic! It might be time however, to schedule a meeting with your agent to express your concerns and get the details on what they have done to market your home, as well as what they are planning in the future.

#%@^&.......2010????

Sucked in again!
0 votes
Gary Geer, Agent, Antioch, IL
Sat Sep 14, 2013
Lynn,
Has your issue been resolved?
0 votes
Daniel Mirea, Agent, Chicago, IL
Fri Sep 13, 2013
1. PICTURES

Can I also suggest maybe asking the realtor (if you have one ) to bring a professional photographer in to get some great looking pictures if you don't have good quality pictures. The web is a main searching point for buyers, and they will look at the photos. Than Spend more time with your agent to review his or her marketing plan.

2 PRICE THE HOUSE RIGHT!!!!

What is a good price? Don't look at the asking prices, but look at the actual prices homes sold for in the last one or two months in the area!

Forget the bonus to the selling agent, first you need to appeal to the buyers!

What commission structure did you agree to with the agent? If the buyers agent can show a home and make 3% but your home is at 2% which home do you think they will favor showing? Maybe adding something like : "$2500 bonus to an agent that bring an accepted offer by October 1st (or closes escrow November 10th) would increase the showings by other agents.

There are lots of tricks what you / your agent can do depending what your situations is!

Good Luck Lynn!

Daniel Mirea
773-814-2131
0 votes
Gary Geer, Agent, Antioch, IL
Fri Sep 13, 2013
Lynn Buchmeyer,
Talk to your agent and have him/her provide you with a list of simiar homes that have recently sold in your area. Use that information to see if your home is priced to sell at a value buyers are willing to pay or if it is overpriced for your market. Looking at sold listings shows what buyers are willing to pay. Looking at active listings shows what sellers would like to sell their home for.

All the best,
Gary Geer
Results Realty
0 votes
JoEllen Schl…, , Libertyville, IL
Wed Oct 13, 2010
Dear Lynn: What I have to advise my clients in today's market is to have compelling pricing- you've not only got to be the very best in your price point, but you have to be sure that there isn't something better in a lower price point.

Good luck with your sale- and please do not consider this a soliciation of your current listing.
0 votes
John Walin, Agent, Libertyville, IL
Tue Sep 28, 2010
Hi Lynn

I looked your house up on the MLS and you are at $749k in Lake Villa on a non chain of lakes, lake front property and frankly your price is too high. I know Ishnala on Deep Lake and the age of the homes and having a small power boat lake not connected to the chain of lakes is a detriment to your price point. Also noticed you have a minimal service broker with exclusive agency rather than exclusive right to sell. So you have to schedule showings and pay flat fee on the listing side.

Your home is assessed by the county for tax purposes at $512k, how the heck do you figure it is worth $750k? In Lake County, typically the assessor has most homes over assessed to what they could sell for, not under assessed. Buyers look at your tax assessment and probably don't see the value at your asking price. 2nd point is anyone getting a mortgage would need to have the house appraise out at sales price and even if you did find a buyer willing to pay the house still needs to appraise out. Many deals fall apart because of appraisals not coming in where they need to to keep the deal together. I recommend you pay for a fee for appraisal bank appraisal from a local appraiser. It will cost you $400 and price it at that appraised value. Doing so will assure that your deal wont fall apart and increase likelihood of it getting a contract in the first place.

To be clear, I am not soliciting for listing your home while you are presently listed with another agent. I can provide you with a few local names for appraisal services if you like.

Best of Luck!
0 votes
Sean Hess, Agent, Saint Augustine, FL
Wed Sep 8, 2010
It's normal if your particular subdivision on does six sales a year. In a case like that you're only looking at one bona fide buyer every 60 days, and maybe you've already had five sales this year.

It's also normal if you're in an elevated price range. In my home market it's not unusual to have over 100 homes priced over $1 million. Yet, only 14 may sell in a given year. That means there are only 14 bona fide buyers out there, period. Furthermore, fully 86% of those homes will fail to sell simply because there are not physically enough buyers for homes in those price ranges.

Real estate showings are cyclic...you can go weeks with very light activity and then four showings in a day, it happens. But if you are in a neighborhood that has numerous, regular sales it still is not such an issue in the first two weeks, but if it gets to four weeks then it's time to look at the price, the terms and the housekeeping.
0 votes
Gita Bantwal, Agent, Jamison, PA
Wed Sep 8, 2010
In most markets you get the most calls in first few weeks unless it is during holidays. But the market has been slow . Your agent can tell you about your market. It depends on the price range as well. Most buyers who would have normally bought in summer bouught in April because of tax credit so you will receive fewer calls.
Web Reference:  http://www.gitabantwal.com
0 votes
Donna Goorsky, , Lake Villa, IL
Wed Sep 8, 2010
Hello Lynn, Urge your agent to host an OPEN HOUSE for you.You will get hints from potential buyers ,what they see.. Maybe your HOUSE needs a little updating,or something as simple as removing a few personal items from view.FEEDBACK is your Tool to understanding ! Thank you Donna Goorsky GNR REAL ESTATE
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Jun 8, 2010
Depends on where your property is listed--are you working with an agent or are you a for sale by owner. Keep in mind that in today's market, marketing that maximizes your exposure and pricing are paramount.
0 votes
Mike Stodola, Agent, Libertyville, IL
Tue Jun 8, 2010
There really is no normal, but this is not unusual. Hang int here. Market times are measured in months in your area, not days or weeks.

Mike
0 votes
Joseph Jones, , Albuquerque, NM
Tue Jun 8, 2010
Hello Lynn,
Just because you've only had 2 inquiries in 2 weeks doesn't mean you need to run out and drop the price of your home. Every market is different. Completely different in fact. I would suggest you meet with your Realtor to determine if this activity level is normal for YOUR market - YOUR neighborhood. I think an important question to ask your Realtor is, "What is the average number of days on market in my area?" Are homes selling in your area within the first two weeks? Perhaps this discussion and resulting information will help to put your mind at ease.
0 votes
Gary Geer, Agent, Antioch, IL
Tue Jun 8, 2010
Lynn,
If your home has been on the market for two weeks and you have only received two phone inquires this indicates that either your home is overpriced for the current market or your property is not getting the advertising it deserves. The best advertising today is in the internet because most buyers will look there first to find a home. If you are working with an agent ask them where your property is being advertised. If you are not working with an agent I can help you with the sale of your home. 99% of my advertising is on the internet. Feel free to contact me if I can be of assistance.

Gary Geer
RE/MAX Grand
http://www.GaryGeer.com
Web Reference:  http://www.GaryGeer.com
0 votes
Coleen Greni…, Agent, Barrington, IL
Tue Jun 8, 2010
There could be quite a few reasons. Do you know about any of the activity going on with your competition? How is your home being marketed? Is your price compelling? Have you beeen in some of the homes you are in competition with?
There are so many things involved. You should speak to your agent and make sure all your bases are covered.

Coleen Grenier
847-277-8415 direct
0 votes
Don Tepper, Agent, Burke, VA
Tue Jun 8, 2010
I can't speak specifically to Lake Villa, but--more generally--if the question is:" Our home has been listed for 2 weeks and have received only 2 inquiries and no showings--is this normal?" the answer is no.

Different markets have different levels of activity. But in many markets today, if a home is properly priced you might have expected 5-10 showings in the first 2 weeks. Maybe more.

And without knowing anything more about your house, it's impossible to say for certain what the problem is. However, there's perhaps a 90% chance that it's overpriced. (The other 10% might involve an absolutely dead market where you are. Or if you have very limited/restricted showing hours or conditions, that can cut down on interest.)

Talk to your Realtor. Ask her to run a CMA--even if she did so just a month ago. Then YOU take a look at the comps and see how they were priced. Then ask your agent to run a list of actives that are comparable. Ask your agent to take you to those properties so that you can actually walk around and see your competition. After you do that--and do that in the next day or two--consult with your agent and make whatever price adjustments are appropriate.

Hope that helps.
0 votes
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