I'm selling my first home (in Oklahoma). It's been on the market for two weeks now. We have only had 2 showings. Is this normal? I guess I just expected to have people wanting to look at it all the time.
Unfortunately, nothing is normal now, the economy being what it is (or hadn't you heard :-) and the reason being the real estate market. If you've had two showings in two weeks, you're doing great, but don't necessarily expect a lot to come of that anytime soon - unless you happen to be in one of the odd little areas that does still have a "real estate market", vs a fire sale on foreclosures. You might get lucky (all it takes is one who wants 'your' street, at your price, etc. etc.) but I hope you don't 'have' to sell immediately. Have you checked into comps with your agent? Gotten your house into as perfect selling shape as possible from the outside in, de-cluttered, de-wallpapered, etc? Good luck.
The first 4 weeks will have the greatest number of showings, and then it will tail off pretty dramatically after that.
That is why it is so important to have the property in tip top shape, and priced well right from the start.
Ask your agent what the average days on market in your area is.
"Ask your agent what the average days on market in your area is."
Forget about the avg. # of days on the market... the numbers in the mls are worthless. agents can and do pull out a listing and then put it right back in, homes fail to sell with one agent and then they relist with one or two more. if it eventually sells, the mls only takes the days for the last listing into account.
Ask you agent for the absorption rate of like properties to yours. this will give you an eye opener, and an honest picture of what you are up against.
The absorption rate is a measurement of how long it would take the market, at its current rate of buying and selling, to sell off all of its inventory. It is always much more than the DOM #s in the mls.
In Charlotte, the absorption rate for a $150,000 home is about 12 months worth of inventory, and a $500,000 home is about 60 months wort of inventory!!!
And at the same time, the avg. # of DOM is 130 days... yeah right!
If you have 50 homes on the market that are competing with yours, and only 10 have sold in the last 12 months, then there is a 5 year inventory at the current market rate.
Here in Charlotte, about 50% of those homes that go active, will fail to sell! So right off the bat, you have a 50 / 50 chance of being a winner or a loser. Price and stage accordingly.
Thanks! We don't "have" to sell immediately, we'd just like to. I was just curious about what to expect.