Sometimes you just have to wait. Here's why:

Our house has been on the market now for something like 380 days. We have a newer manufactured house on acreage in a rural area and have had fifteen showings in that time. I know just about everyone on here would have screamed 'lower the price,' and we could have. Here are the words I'm sure everyone is dreading "We didn't need to sell."

So every time I was telling DH and my realtor I wanted to drop the price the realtor would show me the numbers for the area. No one in our area or surrounding areas were getting showings. Times would come and go where maybe we'd get a showing, but they either couldn't get qualified or decided to buy in town.

We knew because we had acreage (ten acres and mostly treed with a walking/ATV trail and fire pits) we would be sitting for a while. I kept telling DH (and even my realtor when we hit a year on the market) I had read a post somewhere on this forum saying "If you want an idea of how long it will take you to sell your house look at the last time it's sold." So true! We were actually a week off from how long the house had sat when we bought it.

So I'm trying to say you just have to wait. We would have kicked ourselves up and down if we kept dropping the price because of the dry spells. Then out of nowhere a family came along and found our place. Well they had been looking for our place for a year and figured out they were looking too low. Low and behold we have an offer and have worked out the kinks and are awaiting the appraisal.

I agree with what you said people on here love to sing the song of lowering the price, and usually I would agree with them. Sometimes you just have to sit tight. You didn't say how long the DOM is for your area, but you may not have been on the market for very long. We also have just over a years worth of inventory in our area which also makes a difference.

Also take this time to really figure out what you want in your next house if you haven't already. This time of no activity can actually help you to decide on what it is you really want.

Good luck.

IowaCommute has some good points. it really is difficult from my laptop to suggest what to do. You need your agent to calculate the absorption rate of your immediate area. This shows the rate that homes are being sold per month. If 3 comparable homes have sold in the last 12 months, and there are now 12 homes Active in the market, then the Absorption Rate is about 48 months. (I used an extreme example) If this is the case then yes, you just have to wait every 4 months for that new buyer to come into the buyer pool. But, once they get there, you want to be priced correctly so you are the one that gets chosen first. Or wait another 4 months (on average) for the next buyer to enter this buyer pool.This is WeedyAcres problem. Her market, if I remember right, has an absorption rate of about one buyer every 4 months. (I forget how many Actives she has competing with her.)
On the other hand, if your Absorption Rate is really low, and you are still not getting offers, then you are overpriced, plain and simple.

In May, the interest rate was still in the 3% range (3.5; 3.75, etc). We are now in 4% range (4.5ish)... I truly think some people are now "out of range" of what they may have been looking at in the spring. And, so now they have to adjust their "box". They had been looking at nicer homes then, than they now can afford...

I hope you get some takers soon!

We listed our house in mid-May, 2009. It was the beginning of the housing crash in the NYC suburbs. We had a lot of showings initially, and a few low ball offers which we refused. We pulled the listing for 2 weeks, dropped the price end of June, about 5%. We had a few more showings but it really slowed down and by August, I refused to drop the price again and decided we would pull the house if we didn't have an offer by October.

End of August suddenly we had multiple second showings. People who saw the house in May and June returned and I got 3 offers the last week in August. We went to contract first week in September.

Your situation feels similar to mine except I did not live in a rural area. But multiple showings initially, suggest interest and those people might return if they haven't found a house by August.

I would wait and not drop your price if you feel it is priced right. I think its a lull and will pick up in August because people need to get their kids signed up for school. They are running out of time. BTW, I rejected all offers except our full list price and we got it.

Jane

I think right now is prime vacation time so probably less people looking. I wouldn't worry unless other houses are selling.

Thanks! I will be talking to my realtor today but I think I'm going to hold firm at my price for a bit longer since nothing else is selling right now.

I think you should wait for right time..!!Land, gold, and house are three valuable assets and their value can never decrease. May be right now you are not targeting right buyer.

This post was edited by jane_davis123 on Mon, Jul 22, 13 at 8:37

Umm... where have you been Jane?
Housing prices plummeted in many areas.

To say their value can NEVER DECREASE is flat-out wrong.

All three cited examples have decreased.
Maybe Jane means over a long term period.

Jane just joined today and is posting odd posts on a number of threads. Not spam yet....

Please distinguish between Jane__NY and Jane Davis123.

I'm Jane NY and have been a member forever...even before the date on MY Page as I got banned by Spike for an argument on Organic Gardening and had to re-register!

I'm an old timer.

Thanks,
Jane__NY