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on the market for 1 week, no showings

Posted by choochnbob (My Page) on
Sun, Sep 20, 09 at 17:38

Well our house has been on the market for a week and no showings. I'm just curious if others are finding the same thing. Is that normal in this slow market?
We are thinking that a price drop of 10K is in order (List price is 379K). Should we try an open house first or how long should we wait before we drop the price. The broker's open house went very well with positive reviews but no buyers through yet. Thanks for any advice.

Follow-Up Postings:

RE: on the market for 1 week, no showings

Have you checked ZipRealty to see what other houses are on the market nearby and what they are listed for? That would be a good start.

RE: on the market for 1 week, no showings

My next door neighbor went on the market the end of August. His house is priced to sell. He had 10 showings the first week and not quite as many for successive weeks. He received an offer last night which he's in the middle of countering. In my area homes that are priced below 250K are selling. Anything above 250k is not. I have friends priced above 250K that haven't had a showing in months.

RE: on the market for 1 week, no showings

Before you drop the price take a good look at what you have for sale. Is it spotless and presenting good curb appeal?
Don't forget in many areas things slow down AFTER school starts. Parents usually want their kids in the new school district BEFORE school starts by waiting till mid-September to list your home you've missed a huge chunk of the market.

RE: on the market for 1 week, no showings

I put my house on the market at the end of July. We had one showing the first weekend, no showings the second weekend, one showing the third weekend and then the fourth weekend our buyers came through and put in an offer. I was told that we had basically missed the market also because of school. My realtor said the other day that sales in my neighborhood are picking up and are actually better than during the prime market time. I'm not sure if it is that way everywhere around town or just in my neighborhood.

In our area, houses under $200K are still selling. Houses in my neighborhood are selling at around the one month mark if they are priced right, maintained, cleaned, decluttered, and don't have something weird or defective about them.

RE: on the market for 1 week, no showings

I put my home on the market in late May. I have had only 5 showings I had only good comments from the first four. None of them have actually bought homes (they were all local residents)..

I have a second showing this Thursday. This buyer looked at 40 homes in my area. He has narrowed it down to 4. His family is flying in to the area so his wife and older son can see these homes. He is going to buy as he is relocating. We don't get many of these kinds of buyers these days.

The homes over $350,000 and up are moving very slowly here.

In this area it has a lot to do with the cost of the home. My home is a center hall colonial approximately 3250 square feet on a quarter acre lot. I had an open house for Realtors and they said my house is priced competitively. It is on the market for 42,900.

The problem is that there are very few buyers moving up into this market. So in the last two years only a handful of homes I was told sold that were over 400,00k here.

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