Home Selling in 22980>Question Details

Paula, Both Buyer and Seller in Virginia

We are looking to sell our house in Waynesboro VA, will we be sitting on it for a while?

Asked by Paula, Virginia Tue Apr 1, 2008

We have our 3 bedroom, 2-1/2 bath, 1500 sq' house on the market in Waynesboro & are just curious how long we should expect until it sells? We have it listed @ / $199,900 which seems to be right after having looked @ comps.

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I have read the answers which you have received and agree. You do need to have your agent do the Absorption Rate for you so you can see where you are positioned. I would suggest to have your agent take you to look at some of your competition so you can do a physical observation and you will see what other buyers are comparing. One of my real estate instructors stated that if you want to get the attention of the general public, you need to do a 5% price reduction. Thanks, Nancy
0 votes Thank Flag Link Fri Apr 15, 2011

The best way to answer your question is to study the local absorption rate. As of June 19, 2009 there were 469 homes for sale in the Staunton, Waynesboro, & Augusta County area priced from $100,000 to $200,000. The number of homes that sold in this price range during the preceding 12 months was 470 or 39.2 homes per month. This means that it will take 12 months to sell all the homes currently on the market if they continue to sell at the same rate as the past 12 months. This does not account for the new listings that continue to come on the market every week. The only way to improve the odds of a quick sale is to price your property more aggressively than your competition. You should ask your Realtor to provide you with an updated market analysis to confirm that your property is priced to sell within the time period that you desire.

If you would like a copy of this absorption study, email me at Mike@VestintheValley.com and I will be glad to send you a copy.

Mike Vest
Managing Broker for Montague, Miller & Co. Realtors
0 votes Thank Flag Link Wed Jul 8, 2009
Paula -

Properties in Waynesboro, priced well that show well, are selling -some of which are selling quickly. On which street is your house? How many comparable houses are under contract within a close proximity? How many have sold, and when?

I hesitate to be more specific, as you seem to already have a Realtor and I work in your market.

The short answer is that "it depends" on a lot of factors - what is your home close to?
0 votes Thank Flag Link Tue Apr 1, 2008
Hi Paula,

I was actually born and raised in Waynesboro and practiced real estate in Augusta County for a time not too long ago. I still have parents who live there. You already know that the market is slow. Think of the CMA that was done on your home as a weighted scale. If the scale tips to the left and you are in a hurry to move then your price will be the lowest on the CMA scale or maybe even below. If the scale tips to the right and you are not in a hurry then you can wait for a buyer at your price and terms. If the scale is balanced in the middle you are just going to have to wait and see.

What area is your property located and what is the price? Who is marketing it for you???
Web Reference: http://www.queencitygal.com
0 votes Thank Flag Link Tue Apr 1, 2008
if you bought it in or before 2000
you may break even
if you bought at the height of the bubble
you will lose money


good luck
0 votes Thank Flag Link Tue Apr 1, 2008
When your agent did your comps did they not go over the average days on market for your area. It will also depend on how aggressive you priced your home in comparison to the others in your area. If you do not want to "sit" on it I would suggest going at least 2% below the market value from the comps. Otherwise just ask your agent for the data on the DOM.

Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Tue Apr 1, 2008
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