I'm thinking of listing my duplex. What's the average for current time on the market for O'Fallon?

Dawn
Home Seller
O Fallon, IL

Answers (2)
Keith Sorem
Agent
Glendale, CA

Dawn
The average market time in any market is of dubious value to you. The average is just that, an average. A better question would be: How long will it take me to sell my home to maximize my profit? How about THAT for a question?
The answer is easy: Properties that sell during the first 30 days sell closest to list price. So as a property sits on the market, at 120 days the selling price is 94.8% of asking...and that is AFTER a price reduction.

So I strongly encourage you to speak with a Realtor, get the facts, then make the call.

Fri Apr 11 2008, 15:27
Earl Cline
Agent
West Jordan, UT
FIRST ANSWER

In todays climate buyers of income property are only buying if the price is right. If you are in a market where prices are flat, or going down, like most of the country, the only way a buyer gets any return on the investment is if he gets cashflow.

In order to get cashflow, your rents need to be at or above 1% of your asking price. for example $1000 pre month rent on a $100,000 asking price. If you list properties at a price that they will cashflow, there are lots of buyers out there waiting to buy and lots of money around the country looking for thowe type of properties. If however, your property is over priced, meaning that it does not cashflow, it will sit for a long time.

Fri Apr 11 2008, 09:42

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