Buyer123, Both Buyer and Seller in Essex Junction, VT

How does days on the market effect the sale price vs. the asking price?

Asked by Buyer123, Essex Junction, VT Sun Mar 6, 2011

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I agree with Mike. When a house is new to the market or was recently added to the sales inventory, interested buyers are going to offer very close to asking price. If a home has been on the market for 45 days or more, buyers generally start 'low-balling" offers. At this point sellers will reduce their price, but often higher than the offer, and the chasing begins. Houses generally sell about 92-96% of asking price. Until you get to the "right" sales price, chances are you won't get offers. And if you do, they will probably be "low."
0 votes Thank Flag Link Sun Mar 6, 2011
The shortest answer is the longer a home is on the market, the lower the selling price is apt to be. That's the general theory - but just as all real estate is local, so is pricing individual to the property. If you start off way too high, you can end up chasing the price down below where it should have sold. If you start off a little high, you may just delay your sale longer than it needs to.
Other questions? Just let me know.
0 votes Thank Flag Link Sun Mar 6, 2011
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