Advice on what to do with selling home now

[Dennis Lau]

I feel like I am in a 'panic' mode now and am needing suggestions on selling my home. Cliff notes: I have a home in OKC/Moore for sale. 1833 sq feet, and it is selling at 170k. 90 dollars per sqft. Year built 2006. It has been on the market since May 11th, with the initial listing price of 179k. About a month ago, it was reduced to 175k, and about a week ago, it was reduced to the current 170k. We probably had 5 showings so far, but absolutely 0 feedback from any potential buyers(900 views on zillow with 17 favorites) I don't live in the home anymore as I am out of state, but I'm still paying mortgage on it; so I'm losing 1500 every month now At this point in the game and it hitting 3 months soon, what should I do? Should I see how much attention I get with the new reduced price? Should I lower the price to my absolute bottom line now and try to undercut all the current listings? My agent is pretty patient about it, but he probably doesn't realize I'm paying mortgage still. He seems to be okay to just wait and see what happens

[Michael Woodward]

@Dennis Lau

 Price is almost always the dominant factor for whether a house sells quickly or not but there are a lot of other things that have an effect too.  If it's priced correctly for it's condition, characteristics, and location then exposure might be your problem.  A little known secret (although obvious when you think about it) is that if all the local agents were aware of your house and gave it serious consideration, they would likely show it and quickly find a buyer.  Agents aware = more showings = sales.  If agents don't show it, it could take a long time to sell.  

One trick I use to overcome this is to drop my price by small increments every week. What that does is put the listing back on the MLS "Hot Sheet" every week which is seen by a lot of agents. I usually drop $1000 at a time. That's just a $4000 drop over a whole month but you could use any number you want. If you're close to your bottom dollar, you could ask your agent to drop $100 each week. The effect will be the same. Good luck!