Your house has been listed for a few weeks now and your showing requests are starting to slow down. Why is that happening? Is it something you did? And most importantly, what can you do to help generate more interest? Let's take a look.
First, don't be alarmed. It's natural for showing activity and offers to drop dramatically after your home has been on the market for 30 days. But why?
At any given time, at any price point in any neighborhood, there are a limited number of "real buyers", meaning buyers who are ready to submit an offer. That number can be quite low and is rarely high.
For most neighborhoods and price points, there are 5 to 20 families that are real buyers at any given time. In certain high demand areas like the San Francisco Bay Area, there may be twice that number of real buyers.
These buyers are signed up for listing alerts, so they see when new homes come on the market that match their search parameters. When they spot a new property, they either (1) make an appointment to visit the home or (2) rule it out. By the end of your first 30 days on market, buyers who saw your home when it was newly listed have likely ruled it out for one reason or another.
At this point, you are waiting for new buyers getting on the MLS to find your home and decide they are interested. These new buyers come along one by one - unlike your initial pool of buyers who saw your listing all at once. You will likely still get a few requests for home showings, but they'll come in at a much lower volume than they did when you initially listed.
That, in a nutshell, is why all activity typically slows dramatically after the first 30 days. So what can you do if interest is waning? For many homes, if you have passed the 30-day point without sufficient activity in terms of showings and offers, it's time to consider a price change.