In this real estate market, there basically are two types of listings:
Ones that sell quickly, over asking price.
Those that sit on the market, and need at least one price reduction to sell.
Homes that DON’T need a price reduction:
16 days on market (median)
101% sales-price-to-list-price ratio
Homes that DO need a price reduction:
83 days on market
88% sales-price-to-list-price ratio
What does this mean for Sellers?
By pricing correctly right at the beginning, we can start a “chain reaction” that might result in the following:
Save more than 2 full months on the market
Encourage multiple offers and drive up the sales price
Have more “leverage” to negotiate in escrow
Increase your bottom line by paying less in credits and repair costs.
What Should I Be Doing to Prepare for My Listing?
In today’s market, many sellers begin their research 6 to 12 months before they actually list their home.
When doing research, pay attention to the details:
Did the homes need to reduce their price?
How many days were they are the market?
Do different price ranges sell faster or slower than others?
How many of the homes listed for sale never closed?
According to a recent study by Zillow: The majority of sellers who sold their home over asking price, started working with an agent at the very beginning.
Does it cost extra to start working with an agent sooner than later? NO.
Are all agents created equal? NO.
Should you meet with more than one agent? YES!