Personal home, barely getting showings

[Zach Rubin]

Hi everyone 

I did a post about six months ago about selling my personal home in Cary, NC and now it’s up for sale on market.

However, in the 64 days it’s been up for sale I’ve only had seven showings and no offers. We’ve decreased the asking price multiple times and nothing. 

It is a smaller townhome at just about 1200sqft but in a great location in Cary.

Anyone can tell me what’s happening? My realtor says they are not to sure what’s going on besides the economy, fear, and uncertainty.

[V.G Jason]

This isn't just your house. It's a frozen market.

We are in great depression level affordability for housing, many people were waiting to see how the Fed would operate on rates then the market on the long-end of rates. Plus listing it past July 4th is usually a slow draw, and post Labor Day even more so.

Most agents will probably get you to delist top of Nov, and relist early to mid March. I think that is the general sentiment, it'll just create more inventory and we are just unknown the stickiness of the 10-year. 

Bottom line; this is going to be a slow, drawn out process. Unless you absolutely need to sell-- don't, and if you do then price it to move aggressively. "Market rate" just won't cut it in this environment as it's inherently an illiquid mark.