Home Selling in 92505>Question Details

Lisa, Both Buyer and Seller in Riverside, CA

I am selling a home in the Riverwalk area 5br/3ba w/ 3 car garage. What's the average days on the market for?

Asked by Lisa, Riverside, CA Wed Oct 3, 2007

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5
William Halatsis’ answer
Right now we are experiencing a very thin market of available homes, so if priced correctly it should sell very quickly since there is less competition. June is an excellent time to sell rapidly because many buyers have kids and like to move over the summer.
0 votes Thank Flag Link Mon May 28, 2012
Lisa, besides the obvious information noted here, the DOM is indicative of the length of time a property sits. Typically the longer it is on the market - the less desireable the purchase - even in today's market. Buyers want to look at the best value. Typically they flock to new listings that are priced well and in good condition. Your's is obviously not in the lower end and therefore you are going to compete with other home sellers who are already on the market as opposed to banks. When looking at your comps to decide whether or not you want to sell, look at the days on market. That will tell you that at that price range for a comparative home which ones sold quickly and at what price range the buyers feel it offers value. Those that are on for a long time that are comparatively similar are simply priced too high as perceived by the buyers. When you think about selling in this market DOM is also indicative of how many more months you have to pay the mortgage and other expenses to get the price you want. Would it be better to price at the price point others are selling or hold out for 6-9 months and get the price you want all the while continuing to pay your expenses? A comprehensive market analysis by a competent Realtor (differs from an agent) should answer all of your questions in detail. Good Luck. Cindy Vedder
1 vote Thank Flag Link Fri May 2, 2008
Looks like the average days on market would be about 90. That all depends on if you have a fair asking price. Find the lowest priced home and price yours 5-10% below that for a quick sale!
0 votes Thank Flag Link Sat Oct 27, 2007
Riverwalk is a great area but unfortunately, like many newer neighborhoods in the Inland Empire these areas have been hit the hardest in the last year. Sales in Riverside have dropped 60% since last year. These numbers are even higher in areas like Riverwalk, Victoria Grove, and Orangecrest.

I conducted a search over the last 6 months and found that only 4 homes have sold and 2 additional homes are pending. If you couple these with the homes listed for sale the Average Days on Market are over 90 days!!! Ouch! I know this is not good news but these are the facts.

The California Association of Realtors are saying that in California the inventory is so great and the sales are so slow that if no other homes were to come on the market as of today it would take 11 months to sell the current inventory.

In this market you have to be aggressive and price you house accordingly. If you do not have to sell take your home off the market. You are going to have to reduce the price of your property to compete with REOs and Short Sales if you want to sell. Good luck with your listing and I wish you the best of luck.
0 votes Thank Flag Link Tue Oct 23, 2007
The days on the market vary. In your immediate market there were two sales on took 56 days and another 101 days. It depends on the location, curb appeal, appearance and the price that is placed on the home when it is placed on the market. Karen Whitman Re/Max All Stars 951-312-8473
0 votes Thank Flag Link Mon Oct 8, 2007
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