Home Selling in 12974>Question Details

Ntdupee, Home Seller in 12974

How long are the average family homes staying on the market?

Asked by Ntdupee, 12974 Fri May 30, 2008

My husband and I are selling our village home in Port Henry, NY as we will be relocating to the Canton area. We have had it listed for a month (4 weeks today) and were wondering how long the average home stays on the market in this area? Are there investors that may be interested in purchasing the home as a rental unit or to resell? We have made many updates and remodeled the home to be more efficient and comfortable with a 2-3 car garage for secure off-street parking. The lawn was landscaped in 2007, a new furnace installed in 2001, new hot water heater in 2007, replaced main water line to house in 2006, and many other updates. The kitchen and both baths were updated with water-sparing toilets and faucets, etc. We would like to know about how long we can expect the house to be on the market before we can move ahead with relocation.

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If the condition of the property is everything it can be in comparison to the other properties on the market and there are sales happening in the area, ask youself why would the buyers choose the other houses over yours. Is it lacking something desirable or is the price too high or even right on the market. Ask yourslef again what would it take for this house to stand out from all the rest and scream BUY ME!
Slash the price and set an offer date for two weeks away. Hold open houses bithe weekends and one evening each week so all the buyers in the market come and see everything you've mentioned. Have your agent tell all interested parties that you are going to sell the property to someone and you will not be countering anyone so if they are intersted in buying to put their best offer forward. The buyers will compete with each other to buy your house and the offers you get will set the market value, whatever that is.
Markets sometimes need to be created. It is human nature to want what everyone else wants so you need to create the buzz around the goods you want to sell.
0 votes Thank Flag Link Fri May 30, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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Ntdupee
There are a couple of facts that you should be aware.
First, homes that sell in the first 30 days sell closest to asking price. The longer a home sits on the market, the greater the gap between asking and sales price. Right now, in my MLS, homes at 120 Days on Market (DOM) are averaging 93.6% of asking...that would be AFTER a couple of price reductions.

Second, if a home is on the market and not receiving showings, that is a sign it is over priced. The buyer first sees the home they purchase with a Realtor 90% of the time, so Realtors know value and don't waste their time , or their buyers, showing over-priced property.

Third, ask your Realtor for a CMA, which will include all properly that has sold since your property hit the market. The fact is that you do not want your home to sell in average market time. If the average is 200 DOM, you now realize that to get highest price you need to sell in UNDER 30 DOM. That means that the true market is in two parts. One part is selling under 30 days, 20-25%, the remainder are overpriced and are selling in 100-150 DOM.

Once you have an offer, you should be able to negotiate "possession time", or exactly when your buyers move in. Sometimes a "rent back" can be negotiated to help you only have to move once.

Good luck
0 votes Thank Flag Link Fri May 30, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Your agent can provide the statistical data for you. Even if I had access to your area's MLS data, I could not say how long you might expect your home to be on the market. You might therefore consider getting a referral through your listing agent, and looking for a home that you cna get into under a contingency contract--a contract that will allow you time to sell your home. It would weaken your bargaining position, but it would also relieve some opf your uncertainty.

As for investors, they are not likely to be interested in a home that is priced at market value. It's the old cliche--buy low and sell high. In addition to this, real estate investors also need to have a positive cash flow that market values just do not afford them.
0 votes Thank Flag Link Fri May 30, 2008
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