Arrowhead Woods selling time averaged over 200 days in past 12 months. Large sections of the state and nation sell in 60-90 days. We can do better!
With Zillow, Trulia, Realtor.com and other gargantuan sites, a home can be on scores of web sites. Time on market is no longer a secret or easily disguised by taking it off the market or changing agents or offices. The data lives on. A long selling time impacts the final price. Have a plan, make decisions, it will pay.
Homes sold from $100,000 to $499,999, the first of three price tiers, had 299 sales in the past 12 months. Moving from the starting price to the last asking price is a stunning drop of 24%, $104,932 to get to the asking price that can be negotiated to a happy ending. At the right asking price, thereduction was 3.5%.
Studying 51 first tier homes that sold within 60 days, the price per square foot of living space went UP… advantage to seller.
In the second tier, $500,000 to $999,999, the starting price for 67 homes sold in the last 12 months was reduced 5.6%, then another 5% to the final sale price. Good thinking here.
For 8 second tier homes sold in less than 60 days, the price per square foot went UP 5.3%. To add tothe success these homes had a start to sold price reduction of just 3.9%. BRAVO. This tier has had hard times, Curb appeal and quality is selling.
Success for tier three, $1 million plus, is taking the time and pricing strategy to have a starting price to final asking price reduction held to less than 20%.
The 8 homes that sold in less than 90 days had a loss of $51 per square foot compared to $486 per square foot. Waiting paid for those who held their price .
Within 60 days we usually know if a home is drawing home shoppers with a likelihood of getting an offer. At 60 days ask your agent to give you a review of what exactly has sold, see the new competition, what’s different, bettor or worse than your home, the number of agent showings, viewers of the Virtual Tour of 30 – 40 photos, internet traffic and number of sites, competition reducing their price. Be optimistic, review price, strategy, competition, change what’s needed.