While homes statewide are selling in an average of five weeks, homes in our region are selling even faster. There’s clearly more demand than supply at this point in the cycle.
Unless your home is valued at more than $400,000, it should be selling within or around the local average time on market (the number of days from the time your house is listed to the time it goes under contract). If it isn’t, you need to figure out why because time on market matters. The longer your house sits on the market, the more your selling price will drop.
According to TheNest.com, you have the greatest chance of selling your home at full list price in the first 10 days. After 30 days, the sales price might be 5 percent less than list. Homes that sit for 90 days could lose 10 percent of their list price, and after 120 days, the loss might be as much as 15 percent.
Higher-value homes are an exception because there’s a smaller pool of buyers, but if other homes that are similar to yours and in your market are selling and yours is not, it may be time to reconsider price, curb appeal or other factors. Keep in mind, too, that if yours has been on the market for a long time, buyers are more likely to wonder why it hasn’t sold and assume there’s something wrong with it.
To avoid having your home linger on the market, your best move is to hire a Realtor from the start and follow his or her recommendations, especially when it comes to listing price. Overpricing is the number one reason houses don’t move.