I want to tell you a little about a showing I went to with one of my buyers this week. I was showing a home that had been on the market for 120 days, which was way over the market average for a home in this price point. It made me want to share some tips with all of you, in case there is someone who is struggling to sell their home.
Once you go over the average days on market for homes in your price point, buyers will begin to think, “What is wrong with this home and why has no one bought it yet?!” even when there is nothing wrong with the home!
If your home is under the current average market price of $330,000, it should be sold in a month on average. Above $500,000 and you’re looking at an average of 90 days. If your home is between $750,000 and a million dollars, the average time on market is even LONGER. I spoke with an agent who works exclusively with luxury listings, and he said his average time on market is 300 days!
If you’re not selling your home by the average time for your price point, there is an issue with one of the following:
-it’s priced too high
-the condition isn’t good enough for the price
-the marketing was handled poorly
With the home I went to this week, it was not selling because it was priced too high for its condition. Yes, homes of the same age and square footage had sold at this price, but those that had sold were fully renovated, while this home had had nothing new added to it since the 1960’s.
If your house isn’t selling, the best thing to do is take it off of the market to ‘reset’ the date counter (takes 90 days to be completely ‘off’ the market) and then put it back on the market. Just make sure that this time, you’ve got your price, condition, and marketing down so you can get your home sold quickly!
As always, if you have any questions, feel free to contact me!