I have had my house in South Overland Park, KS. listed for six months now. There were about 8 open houses and many showings but I have reviewed no offers. What seems to be the problem?

Question: I have had my house in South Overland Park, KS. listed for six months now. There were about 8 open houses and many showings but I have reviewed no offers. What seems to be the problem? I have dropped the price nearly $25,000. if I keep on dropping the price, I will need to bring money to closing. My REALTOR has suggested that I short sale my home since I maybe underwater. My home is ins a a very nice neighborhood with good Blue Valley schools. What should I do?
–Mark L. From Overland Park, Kansas

Answer: This is a great question, Mark. I will break this down for you. Six months is a long time to have your home on the market. The average days on the market for homes in Overland Park, KS. is currently 123 days. The average can be less accurate if there are more than an average amount of distressed homes on the market in your area. The distressed homes can distort the average sales price and days on the market. 

Open houses are one way of many that homes get exposure but in my 20+ years experience it is not one of the ten real estate 

Showings are a great indication of the market. If you're getting few showings, the market is telling you that your home is overpriced. If your're getting showings but no offers, the market maybe telling you that there maybe some fine tuning to be done. Review the feedback that you have received. You might also review the comparables again and see if you are priced correctly. I would also suggest taking the time and looking at the top 3 comparables.

Some important things to consider: Are you in your local MLS? How does your listing look compared to the homes priced similar to yours in your area? Has every inquiry turned into a showing appointment, if not why? Since the day you listed what properties have accepted offers, how many days did it take and what price where they asking?

The price you owe on your home is not a factor in selling (it sounds crazy I know) but the payoff does not reflect market value. Ask your agent about a possible short sale if you determine your value is considerably less than your payoff and know that you have options. Best of luck to you.

RE/MAX sells more homes than any other real estate company.
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