Our home spent a little over 2 months on the market, was listed on MLS and appeared on all the internet sites like Zillow, Redfin, etc.
We started off with an open house that was well attended and hosted by the agent we were matched with. We had around 20 individual showings during the listing period. 3 different parties came for multiple showings.
After about a month on the market and no offers, we lowered the price ~5%, and then went under contract about a month later.
Had a realtor that lives on my street contact me after I lowered the price and asked if she could meet. Due to being friends of the family, I accepted. She laid out the marketing package she'd provide, which included nice brochures to have at the house and advertising the home in local papers. In the end, I decided to stay the course and not hire a traditional agent.
I admit to being dismissive of the value of local newspaper ads. It's definitely possible I missed some buyers by not going that route. But I'll take my chances. Every home I've ever purchased, I found myself using the internet resources available. I'm biased that most home buyers nowadays do something similar, look themselves online at what houses they want to go see. I'm confident the time we spent on the market allowed interested parties to find us.
I think if we had made a large mistake under-pricing the home, the market would have communicated that to me in the form of multiple offers or something similar.
I would highly recommend using GoldenKey for your next real estate transaction. I did pay the traditional 3% commission to the buyer's agent (this was my option), then paid just 3k to the selling agent. When I first told my listing agent that I wanted to pay less, he said, that's fine, you can do that....but here is what is going to happen. Those buyer agents, when they get a call from their clients wanting to go see your home, will say, oh, that home just went under contract, let's go look at something else. I can understand why they'd push their clients toward homes that offered a full 3% vs. a lower commission.