You can learn as much about a home’s value by looking at active listings as you can by looking at solds, if you know what to look at. Keep track of showing data to get a rough idea of how the public is perceiving your listing. It’s reasonable to expect that if you’re getting alot of showings, you’re priced appropriately. At least on paper, you look pretty good. Few showings or even no showings could be an indicator that the public and Realtors view your home as being overpriced.
Fix the problem or drop the price.
In Denver, 80% of homes listed sell because of the efforts of a cooperating buyer’s agent. With this type of exposure on the MLS, the reaction to an MLS listing can certainly be an indicator of the interest in the house and the likelihood of an eventual sale.
If your city is blessed with a MLS (multiple listing service) like that of Denver’s Metrolist, home values and sales statistics, pictures, listing histories, and public remarks are recorded on the home for at least the last 3 years. When a broker shows up to see your home with a client, you can be sure that the client probably felt that the house looked good on paper. Simply showing up means that they thought the price was ‘within reason’.
When you get a lot of showings and no offers, you can likely assume that there is something wrong with the house itself. Maybe there is something wrong with the house in the way it’s showing or its general state of repair. You can continue to hope and wonder if there’s a buyer out there for your house or take action.
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