This is my first time to work with a realtor. Our house has been on the market for three weeks and we

Asked by Bev, Olathe, KS Wed Jul 2, 2008

haven't had one person look at it yet. Is this normal? My realtor has listed the home on MLS and on multiple web sites with pictures.

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Keith Sorem, Agent, Glendale, CA
Wed Jul 2, 2008
When you sat down with your REaltor did you discuss their marketing plan? Normally when I agree to work with a seller I outline what I am going to do, what results are expected, and how we are going to modify our marketing if we do not achieve the desired results.

IN most markets a properly priced and marketed home should receive 10-12 showings during the first two weeks of market time. An NAR survey shows that in most markets 10-12 showings should result in an offer, in slower markets it might take 20-24 showings. If you are not receiving showings, that means that Realtors are showing OTHER homes that they believe offer more value to their clients.

When I work with a seller we determine at the listing table what our plan B is, and for most that means a price adjustment, typically 5%, but that can very.

In my MLS it is pretty standard that listings that sell in the first 30 days sell closest to asking price. After that, the gap widens. At 90 days homes sell 93.1% of asking price, compared to 99.5% in the first 30 days, so time is money.

Ask your Realtor how many homes, like yours, have sold, gone into escrow, or lowered their price in the last three weeks.
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Benjaminday, , Colorado Springs, CO
Wed Jul 2, 2008
Supply and demand rules most economics. If you have an abundant supply of real estate to look at, the buyer has to first narrow that done to precisely what they want. In many markets we have too much supply and too little demand. If you don't quite match up on price for your area, or bedroom/bathroom/garage configuration, or you're on a busy street, or your home is older than what is the baseline standard of your neighborhood, that smaller number of buyers may be looking at things that more exactly fit their needs.

I would re-evaluate your market based on competition, not on comparable values. What WAS purchased is history. Those aren't available now. Take a look at what is presently for sale and ask first: if I was a buyer today, what would I look at? It is always hard when it's your own house, but the more honesty you can approach this with, the better.
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