Home Selling in Norwich>Question Details

Karen Lauck, Both Buyer and Seller in Norwich, CT

How long can I expect my current home to be on the market in this economy.?

Asked by Karen Lauck, Norwich, CT Mon Dec 22, 2008

900sqft 2bed 11/2 bah, hardwood floors, tile in main bath, new siding, roof and windows

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Maria Cipollone’s answer
It really depends if you are cooperating 100 percent with your real estate agent and if you did not overpriced. Remember, curb appeal, de-clutter, fresh coat of paint and visibilty (showing your home when potential buyers want to see). A lot of Pictures, people see the pictures first before the words.

Best of luck,

Maria Cipollone

Century 21 Tenace

0 votes Thank Flag Link Fri Sep 28, 2012

Honestly, there is no answer. Buyers right now are looking for bargains. If your home is priced right and in move-in condition, you have the best chance at the quickest sale. You should be looking at what has sold, is under deposit, currently listed and what has expired. All of these will provide valuable insight into what buyers are willing to buy and what they are passing on. As you probably well know, there is a very high level of inventory in Norwich. Buyers are beginning to start looking more seriously now with the weather improving.

I wish you all the best with your sale!
0 votes Thank Flag Link Fri Apr 17, 2009
don't look at what has sold, look at what is for sale..

I think you mean look at what has sold. The "for sales" are usually priced too high. My sellers are always telling me about some house that came on for more than it should and telling me their is nicer--and they're right.
0 votes Thank Flag Link Sat Apr 11, 2009
I don't know how long you've had your house on the market but please note that today the buyers call the shots. You really have to do your homework, you have to look at your home and the price objectively and without feelings. Preview other homes in the area that are similar to yours, don't look at what has sold, look at what is for sale.. It does not matter what your neighbor paid for their house, what matters is what a buyer is willing to pay for the home.. I am not familiar with what the average time for a house to sell is in your area, but If it's been on the market for a while, something that has to be changed.. Be it price, updating, and/or marketing. Good Luck
0 votes Thank Flag Link Fri Apr 10, 2009
You don't have to just lower your price without reason. Look at the RECENT COMPS and look at the local active competition. You want your house to be the best and the lowest cost home in the area. Why would anyone buy your house over a better and least expensive one? Easy .. they wouldn't! Be the next best deal and its SOLD!

If you want to sell your home FAST, give me a shout.
0 votes Thank Flag Link Fri Apr 10, 2009
My new listing was the best deal in the area. I say "was" because we've had 3 offers since I listed it on Saturday. All near full price. Buyers are smart, they watch the numbers and know when to jump on something.
0 votes Thank Flag Link Thu Apr 9, 2009
Im a firm believer every house as price that will sell tomorrow, a price that will sell in a week, a price that will sell in a month, a price that will sell in 6 months and a price that will never sell. PICK YOUR PRICE! Are you the next best deal in the area? Why buy your house when there's a better house, in a better area .. for less!?
0 votes Thank Flag Link Thu Apr 9, 2009
If you overprice it will sit for months and months they are too many houses on the market right now.
0 votes Thank Flag Link Thu Apr 9, 2009
Karen, It may help you to review this information, it is all based on the public records. It will show you sales activety, recent home sales price trends, home sales summery, home sales by property type, and can be broken down to zip codes or neighborhoods.......http://www.bhgrealestate.com/Views/Look/Default.aspx

This is also full comparable information...http://www.trulia.com/home_prices/Connecticut/New_London_Cou…
It is an interactive map provided by Trulia..

http://realestate.aol.com/Norwich-CT-real-estate Average days on market info for Norwich, more comparable housing trend info...

Hope this helps, Dunes
0 votes Thank Flag Link Fri Dec 26, 2008
24hrs if its priced low, 2-4 weeks if its priced 'right', 3-36 months if its priced high. ?
0 votes Thank Flag Link Fri Dec 26, 2008
I am curious, are you moving out of the area?
I have some specific advice for people relocating to new cities.

In general a properly prepared listing, marketed to expose the value and priced right should sell for the most amount of money if it sells in the first 30 days on the market. As home sit on the market they loose value. In my MLS homes that sell within 30 days sell for 100.3% of asking price.

At 120 days they sell for 92.7% of asking price...and that would be AFTER some price reductions. Also, with interest rates low, I'd would price to sell.
0 votes Thank Flag Link Fri Dec 26, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Price it to sell and it will go! Overprice it and it will sit for months.
Web Reference: http://ctflatfee.com
0 votes Thank Flag Link Tue Dec 23, 2008

The most important seller's criteria is motivation. If you are in a dire situation and must sell, it's a matter of putting together the best price and package...one that will attract interest.

Make no mistake.....the market is not dead but today's buyers are not stupid, they know in most personal situations, they can pretty much name their price. If it doesn't work, they move on to the next opportunity, and so on.

To sell a home one needs to be able to compete on these terms with the asking price being near the same level as short sale and foreclosure listngs.

People are buying, the market is active, and homes are selling. Unfortunately, this activity is in a new market where the competition is homes that are seriously discounted.
0 votes Thank Flag Link Tue Dec 23, 2008
Hi Karen-

The lackluster answer I have for you is...it depends! I appreciate that offers little comfort but the three biggest things to consider are location, price and condition. Then there are the additional variables like economy, competition, marketing and available financing--but still today property sells if it is priced right for its location and condition.

The statistical numbers are from 144 to 181 days on market but you should know the statistics are averaged and not completely reliable (based on relists)--so don't put too much stock in them. Get a thorough CMA which focuses on sold comparable properties and that should give you a better approximation of time.

I wish you success!
0 votes Thank Flag Link Tue Dec 23, 2008
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