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House on Market for 5 days.... 16 Showings.... But...

We listed our house on Tuesday morning (4/16). It's been 5 days and we've had 16 showings. We have an open house on Sunday. Am I being crazy wondering why we haven't had anyone ask for a second look or received an offer yet? I'm assuming from the amount of showings that the price is where it needs to be. Advice?
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April 20 2013 - Emerson
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It means something's wrong.

If you're FSBO then they're not comfortable telling you.

If you have agent's showing your home, ask them for feedback.

Hope this helps,
Vic
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April 20 2013
 Am I being crazy wondering why we haven't had anyone ask for a second look or received an offer yet?

Your agent should be doing their job and getting feedback on everyone. If they had, you wouldn't be asking this question. Within 24hr of a showing you should know why you don't have 16 offers.

Youre paying them - have them work.

If its a FSBO, well then YOU should be doing the agents job....
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April 20 2013
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It's listed through an agent. Without know much about the house though, would you think the fact that lots of people are looking at the house make you think the house is priced right?
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April 20 2013
You have multiple of possibilities:
1.  Price is too high
2.  The home is not in the condition (clutter, no updates, etc.) &/or size (including yard) that the buyers are looking for
3.  Your home may in a bad location such as a busy street, railroad tracks nearby, corner lot, etc.

If you are a FSBO, we suggest that you retain a Seller's Agent.  He/she can help you with all of the issues with your home.
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April 20 2013
It sounds as if you were priced at a low point for the neighborhood, which is attracting a lot of attention. However people are coming to your home and finding it is in worse condition, or has some oddities that make it less attractive. I am just guessing though, however your agent should be giving you feedback.
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April 20 2013
Ask your agent what the average DAYS ON MARKET is for your size of home.

If you look here, you can see the Average List/Sale price ratio for your area is 64%, that's pretty LOW. In my area these days, its around 90%.

Maybe its just typical that you'll have to DROP your price given that %.

:(
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April 20 2013
I agree with Cindy below, it was priced too low and popped up on everyone's radar to go see it. Still, 5 days is not long, but to get that many showings in 5 days tells me it is attracting a lot of lookers and unless it is an unusual looking home I would say the low price brought them and they see (saw) something they didn't like when they got there. But still, 5 days is a blink of an eye in real estate sales.
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April 20 2013

There could be many reasons for this. Five days and 16 showings! Congratulations. That's great. In addition to the other commenbts already made, also

1. Confirm with your realtor whether there is an offer due date. Realtors may have an offer due date so that canhold the home open over the weekend. Some realtors like doing two open houses before accepting offers.

2. Did you get pest and home inspections for the home before putting the on home on the market? Spending this money now on these inspections will let other realtors and prospective buyers know that you are confident in your asking price.

Best of luck to you.

Pam Oettel 

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April 20 2013
Thanks for posting your question on Zillow.com!

NAR stats show that for every 7 showings a seller should have an offer.  If not, the price is too high.  The price is good enough to buyers in but if they are not taking the next step, that says it is too high for the condition &/or location.

Good luck!  Lower the price, even a smidge & I bet it sells.
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April 20 2013
If it is listed with a real estate agent I would say it is overpriced and at least in our market the buyers just aren't putting in offers they are moving on to one that is priced right!
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April 20 2013
I agree with Cindy as well. You are getting enough visits which means your price is right but they are probably finding you house is not on par to what is already out there.  

Check out the other houses in the area, ask yourself what the difference is?  Make changes either to the house or the price.  Hopefully to the house so you can maintain the price. 

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April 20 2013
Ask your agent for feedback. Only because it seems there's alot of activity with no bite.  Even though its early, I'd find out what the problem is, fix it and offer for everyone to come back for a second look. :-)
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April 21 2013
You say you have your house listed with an agent, right? Then part of the agent's job is to get the feedback from the buyers and their agents. After 16 showings, I would expect at least a conversation about an offer to come. Find out what the buyers and their agents are saying about the house. Find it and fix it while you still have all that activity. 
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April 22 2013
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Be patient. People still think it's a buyers market, and they still think you are going to give your home away for free...

FSBO myself 2 weeks on market, I am getting a lot of walk thrus. 3 of which have come back twice. What I am running into are buyers not qualified for my asking price. So I cannot even counteroffer. For example, 1/4 million dollar home and the buyers are only qualified for 200k...literally. So when they offer 200k and their agent says "you cannot counter offer because this is all they qualify for" it drives me crazy.

I do not understand why agents represent/walk people through homes they are not qualified to purchase.

It's almost like America is starting the forclosure process all over again....

Buyers - if you make 50-60k a year, do NOT shop for 1/4 million dollar homes. You need to be in the 140-150k market.
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April 22 2013
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We had our open house yesterday and one of the lookers came back the same day for a second look. They spent about 1 1/2 hours in the house on their second look. I hope that's a positive sign.
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April 22 2013
 
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