Mollygrace, Both Buyer and Seller in Morrisville, NC

What is the average time on market for a house in the Raleigh area? We live in a 5 bedroom, 3.5 bath house in

Asked by Mollygrace, Morrisville, NC Sun Aug 30, 2009

Morrisville.

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9
Congratulations on your husband’s new job! I hope this begins an exciting new chapter for your family, I know that the process of selling and relocating can be stressful!

You’ve asked a great question & one that is not really answered quickly –

Most sellers want the same things, to sell their home for the highest price, in the shortest amount of time, with the least amount of headaches, ultimately ‘netting’ the most money – but here is where things change because what the individual seller NEEDS is different. I believe that selling the home is not the goal, it’s actually an obstacle to a goal – in your situation you have a goal of moving you and your family to a new city. The house not being sold becomes an obstacle to you and your family being settled in your new home/city. I think you get that concept because you mentioned you were looking at a fair price to sell your home quickly.

Pricing a home is part art and part science – I believe there are multiple factors that you look at when determining a marketing pricing strategy. Just based on the info you have provided I’m going to assume for the rest of this conversation that your home would be in the $325-$375k price range – based on that, let’s zoom in a little bit and take a look at a few different factors:

In the Morrisville / W Cary Area (agents will refer to this as MLS area 10)

Search Filter: Single Family Homes/West Cary/Morrisville /price 325-375

74 single family homes for sale (think of this as your competition) FYI – only 17 are new construction
16 homes are ‘pending’ – most likely went under contract in the last 30 to 45 days – avg 58 days on market
74 homes have closed in last 6 months – avg of 87 days on market & sold at 95% of asking price on avg
12 closed in the last 30 days
30 total closed in last 60 days
37 total closed in last 90 days

Based on this first look there are roughly 6 months of supply of homes on the market – if you didn’t want it to take 6 months to sell your home then you ask what would it take for my home to be one of the 10 or so that go under contract each month – well you can’t change the location so that lives price, condition and marketing strategy – begin to think like a buyer – why purchase your home over the 74 others
Here’s a link to the mls info on your competition
http://trianglemls.mlxtempo.com/Pub/EmailView.asp?r=65936168…

Now lets zoom in even more – you have a fairly unique feature of having a basement –Search Filter: Single Family Homes in West Cary Morrisville priced 325-375 with a basement

There are only 4 single family homes for sale – avg 27 days on market
1 Home is pending
5 homes have closed in the last 6 months- avg 65 days on market & 95% list price/sale price
2 closed in the last 30 days

Here’s the basement competition
http://trianglemls.mlxtempo.com/Pub/EmailView.asp?r=13701505…

Immediately you can see how important it is to look at the pricing strategy from different angles – the uniqueness of the basement drops your competition from 74 homes to only 4 other homes for a buyer that is looking for a basement. While you have less competition with basement homes you also have fewer buyers that are looking for a home with a basement. This can greatly affect your pricing strategy.

This is just one of example of how to look at home pricing - factors like other homes in your same subdivision, whether your basement is finished or unfinished etc – the only true way for me of determining a pricing strategy is to actually look at your home and match that up with your true goals.

Please note that initially pricing the home correctly is crucial – after a home hits the market it takes about 4-6weeks for the buyers that are actively looking & match up with your home to take a look – if that group doesn’t purchase the home then showings will drop off as you are only left with the buyers that start looking.

There’s tons more info I would love to share if you’re interested (in addition to being a Broker I’m also a real estate trainer, I enjoy sharing the information that in turn empowers my clients to make great decisions)

I hope this has helped – one last thing, please be careful as to how much info you share – real estate agents do not actually represent you unless we have an agreement to do so – you wouldn’t want to disclose any info to an agent that you haven’t hired that you wouldn’t want that agent to turn around and tell a buyer that was interested in your home. The State of NC takes this very seriously, that you the consumer know your options about agent representation – here’s a link to the agency brochure – please take a look at it!
http://caryrealestate.wordpress.com/2009/08/25/nc-working-wi…

Respectfully,
David@CaryRealEstate.com
1 vote Thank Flag Link Sun Aug 30, 2009
Dear Mollygrace,
I wish there would be such an easy way to say, oh well 10 houses similar to yours sold within 2 months, so yours should too....

Not so easy, the average pricing, the average time on market are really guide lines, and then you have your Realtor, who is hopefully experienced and has seen a multitude of homes, worked with a lot of Buyers and has a good feeling for what in your home is special, attractive to buyers (and it could be many different things, the style or age of the home, the lot or location, the floor plan, flexible for example, recent upgrades if the home is older and I can go on and on ..... Therefore average list prices and average sale prices and average times on the market are exactly that, averages and basic guide lines, the right buyer has to come around at the right time, when your home is priced right and fits his/her needs, so nothing AVERAGE about that, very buyer specific...
So you want your home to show at its best whatever it takes (may by new paint, may be landscaping, may be just staging) and then you want it priced competitively, i.e. what the general market can bear, and then have your Realtor market it and advertise it as best they can to bring in interested, or looking and ready and willing buyers....

Good Luck to you, if you are not committed to an area Realtor yet and you would like me to make a recommendation to you for a trusted partner agent in your town, let me know..... Feel free to e-mail me directly for that purpose....
David gave you a lot of numbers and information if you are after numbers but just from his answer you can see, that the answer is not one clear cut number, it is more complicated as you can see...

All the best to you!
Edith Karoline - YourRealtor4Life!
Working always in the very BEST interest of her clients!
EdithSellsHomes@gmail.com
0 votes Thank Flag Link Mon Aug 31, 2009
Hello Mollygrace,

Real estate is such a subjective thing and without seeing your home and knowing an exact location it is difficult to say what a good price is or what you can expect for your marketing time. If you are planning to use a listing company to market and sell your home, then I encourage you to interview a few agents to determine who will best represent you and your home. These agents should be able to give you an overview of the market and its impact on your home, a price range for where you should be listed, what your expected marketing time should be, and what your projected net will be. Every home is individual and no amount of media or averages can determine what a market value is. If you are interested in scheduling an appointment with my team to discuss the sale of your home in detail I encourage you to call or e-mail me. There is no obligation or cost to you. My team has sold over 3,000 homes in the Triangle Area and brings over 27 years of sales experience to the table.

Kelly Smith
Triangle Smith Team
Weichert, Realtors - Columbus Associates
(919)669-1030
kellys@wrcasold.com
0 votes Thank Flag Link Sun Aug 30, 2009
Hello Mollygrace

While Mike and Kelly’s answers are correct, generalized numbers on average time on market will not really help you. Sales are very house specific. Meaning, how your home compares to others in your neighborhood, lot size and topography (steep driveway or all flat?), upgrades compared to others, how many others have basements? Are you still competing with new construction and the builder’s incentives? Feel free to email or call me with some more details, or I can come out for a free consultation and run a specific comparative market analysis for you. Being only a year old is not helping, but you may have bought at a decent price in 2008 if you agent was helping you. If saving your equity is important, I might be able to help too.

Michael Mansour
Realtor/Broker
Selling Directly Real Estate
919-656-4714
0 votes Thank Flag Link Sun Aug 30, 2009
I guess I should also add that the square footage is around 3000. Thanks!
0 votes Thank Flag Link Sun Aug 30, 2009
Thank you so much for your help Kelly and Mike! We purchased our home brand new in 2008 for $344,000. It also has a large basement and is on .18 acres in a cul-se-sac. My husband just got a job in another city so we are thinking about what to list our house for to help it sell quickly. I'm actually thinking of listing it for around the same price we bought it for. Is this a good price point for 5 bedroom, 3 bath homes in Morrisville?
0 votes Thank Flag Link Sun Aug 30, 2009
Hello Mollygrace,

We are missing an important piece of information in order to answer your question accurately. The price at which your home is either listed or going to be listed at is a huge determining factor in the average days on market a home may have. For instance, if you look at TMLS Statistical data for Cary/Apex/Morrisville you will find that homes priced between $200-$299,000 have an average days on market of 69 versus homes priced between $600-$799,000 which have an average days on market of 135. Also, these are broad averages and can be further narrowed by your listing agent specific to your home's size, attributes, and neighborhood.

As far as the average time on market for a home in Raleigh, again that data has an even larger range based on price and area. If you look at N. Raleigh, Inside the Beltline, SE Raleigh, you will have varying information for all. Hope this helped.
0 votes Thank Flag Link Sun Aug 30, 2009
Mollygrace,
Wanted to add:
In Morrisville and Cary, the average Days on Market for current 5BR/3+Ba homes is 132 Days, with 170 Cumulative Days on Market.
Again, the Cumulative Dyas on Market reflects that homes may have been listed prior to the current listing, either by the current agent or another listing agent.
Web Reference: http://www.MikeJaquish.com
0 votes Thank Flag Link Sun Aug 30, 2009
Mollygrace,
The average for all properties across Raleigh, Cary, Morrisville, Wake Forest, Knightdale, Garner for all homes closed in the last 30 days is about 100 Days on Market with the current agent, and 120+ Days on Market Cumulative among all agents for the property.

Larger homes are faring a little less well.
The average Sold time in the last 30 days for 5 BR/3+BA homes is 133 Days on Market with current agent, and 201 Days on Market including prior listing agents.

In Morrisville and Cary, including only Areas 5 and 10, in the last 30 days the average 5BR/3+BA home sold in 98 days, with 178 Cumulative Days on Market.

Hope that helps,
Web Reference: http://www.MikeJaquish.com
0 votes Thank Flag Link Sun Aug 30, 2009
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