Why Does Time on Market Work against You?

I was doing research into values in Payson and came across something interesting.

But, before we dive into that, let’s talk about average time on market. Average time on market means how long the average home sits with a for sale sign in a particular area before it actually closes and is sold. If your house goes over this time period without selling, potential buyers will think there is something wrong with it or think it is badly priced.

However, if you manage to get your home under contract the first weekend after you list it, you are more likely to have an aggressive offer on your home, you’ll have fewer issues during due diligence, and will be more likely to close on your home with less stress.

Now- let’s get back to the story.

In Payson, there are currently 55 houses listed. Of those 55 houses, only THREE have not dropped in price. I thought it might just be that homes there weren’t selling. Looking into it further, of the 22 homes under contract, 15 were close to the list price and the rest of them had dropped in price before selling.

What does this mean? Everyone in Payson is pricing their homes too high. This also has the effect of messing up Zillow pricing, which is already fairly inaccurate. Zillow’s algorithms assume that the original list price is what the home sells for, so Zillow Zestimates in Payson right now will show homes as being worth a lot more than they are.

If you live in Payson, what can you do to help your home sell?

Price it correctly and aggressively, get the largest number of people through your house as possible, and hope for multiple offers. That’s how you get the most money and sell your home the quickest.

If you have questions on how to market and price your home to sell it quickly and for top dollar, reach out to me! I’ve been working to perfect my method to get my clients top dollar. Every time!

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