Home Selling in Minneapolis>Question Details

Diane, Home Buyer in Eden Prairie, MN

How long should an average priced home be on the market before getting an offer? And how many showings are

Asked by Diane, Eden Prairie, MN Wed Jul 2, 2008

typical in the first 45 days? Assume it's in great shape, staged well, etc.

Help the community by answering this question:

Answers

6
Diane:

It all depends on what it is, where it is and how it's priced. For a median priced home in Eden Prairie, you might expect a couple of showings a week for the first 30 days and then more slowing traffic in this market. The average home is selling in about 60 days. If you've gone 30+ days or more than 10 showings without a nibble, your price may need an adjustment - a really painful thing in this market, but necessary due to the amount of competition in the market for the handful of buyers out there.

Best wishes.
0 votes Thank Flag Link Mon Jul 7, 2008
Hi Diane!

That question is a tough one for this changed market. There are so few buyers in this market that the benchmarks used previously (# of showings in the 2 weeks or 30 days) do not always apply.

I work mainly in the north and east Twin Cities (Anoka, Washington & Chisago Counties). Where we used to expect half a dozen showings on a starter level home in the first week, now a well priced home might get six showings in the first month. There are less qualified buyers out in the market now and less agents willing to take unqualified buyers out to "kick tires" and waste gas. Buyers spend a lot of time weeding out homes on the internet so when the get to doing the actual showings, they are ready to buy!

What I have seen on my listings is about 1-2 showings a week for single family homes, depending on the community.

The keys to this market are having the home properly priced &prepared, excellent internet photos & presence and having patience!

Hope this information is helpful to you!
0 votes Thank Flag Link Thu Jul 3, 2008
There's no other way to say this. It's all about pricing, regardless of condition. I am a buyer's agent and, in the last year, I've been involved in at least 6 transactions that were multiple offers. The strategy utilized these days by some seller agents of taking careful assessment of their client's market, then listing the house at a price just under the market seems to be a successful one. The buyers that are out there, are shopping carefully, so when they see something that's got the goods and is priced right, they jump on it. Thus, the multiple offers. I was involved in one in March '08 during a snow storm. The property had been on the market 3 days and had multiple offers. It sold for $15,000 OVER the list price. Sellers don't want to believe it at the beginning, but it's obviously a successful strategy.
0 votes Thank Flag Link Thu Jul 3, 2008
Diane
I am curious as to why you are asking this question.
Here are some rules of thumb that might be of help to you:
1. I expect a listing to receive 10-12 showings in the first two weeks. In most markets 10-12 showings will yield one offer. In slower markets the ratio will be higher. If I don't see showing activity then a price adjustment is in order.
2. Listings that sell in the first 30 days sell closest to asking price. Currently in my MLS listings at 90 days are selling for 93.6% of asking. So the listing needs to be priced right, and adjusted if needed.
3. The buyer that first sees the home they buy sees it with a Realtor 90% of the time (California Association of Realtors 2007 buyer survey), so if a listing is not receiving showings, the Realtors on not on vacation, they are showing other listings that offer more value.

It is your Realtor's job to project the value in the listing, expose it to the market, and price the property to make sure the seller gets the highest price possible. In most markets there are actually TWO markets. About 25% of our listings are selling with 30 days, the other 75% sit there, accumulate market time and lose value.

Hope this is helpful
0 votes Thank Flag Link Wed Jul 2, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Edina Realty has tracked showing activity and has found it takes 25 showings on average before an Edina Realty listing sells. Given activity is strongest in your first 30 days on the market, If you haven't had at least 8 showings I'd say you are in trouble, unless you're in a saturated or slow segment of the market... i.e. high-end housing or a townhouse.

Condition and staging are nice but if you are not getting the showings that means buyers don't think you're worth what you're asking. Good photos should show the strengths of your house, so silence speaks volumes.
0 votes Thank Flag Link Wed Jul 2, 2008
Diane,
Unfortunately there isn't a definitive answer to your question. I can tell you that in the past 3 months in Eden Prairie, single family homes average 151 days on the market. In that same time frame homes have sold in as little as 6 days or as long as 727 days.

There are many variables that come into play, price being the #1 factor. Also taken into consideration is the home's amenities, location, and don't forget the competition.

Knowing more information about your specific home would help determine this information (that is, if you care to share it). Hope this helps you out.
Web Reference: http://www.myhome.tc
0 votes Thank Flag Link Wed Jul 2, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer