House price is very important. Let's say that there are 15 other homes in your area which are very similar, if not identical, to yours. Let's say there's a buyer with those 15 homes listed. Where is your home on that "Homes To See" list? If your property is being offered at the highest price, it will be the last one show.
Have you updated the kitchen and bathrooms recently? That put your home higher on the list. Are you offering seller's assist? That will put your home higher on the list.
There is also something called the Absorption Rate. You take the number of active home on the market and divide that by how many homes are being sold per month and this will give you how many months it will take to get all those homes sold WITHOUT any more homes coming on the market. So if there are 3 homes being sold per month and we divide that into 15 (number of homes on the market), you would get 5 months. So your home would be sold within five months IF no other homes come on the market like yours.
Of course, we all know that homes come into the market every day. And if your home is the highest price, it may not get sold because of the homes continuing to come on the market.
Hope that helps,
Terrence Charest, e-Pro
PS Get with a local real estate agent to get your average you need. I am assuming you are not working with an agent. If you are, then they can answer this.... more
If there is no activity the price is higher than what the consumer is willing to pay. One way would be to reduce the price to below market value of other homes in the area reviewing all offers on a specific date. This will stimulate activity and possibly multiple offers at the highest and best price the consumer is willing to pay for the property. If you do not get offers or the offers are lower than you need it is a good indication that the property is not going to sell quickly enough for you to purchase the other home.... more