Cara, Both Buyer and Seller in Rochester, MN

In this market - how long is reasonable to have our house listed?

Asked by Cara, Rochester, MN Thu Apr 9, 2009

We're priced in our comp range - and have been told our home shows really well - so I think we've done all WE can to get our house ready. Our Realtor has done a great job advertising and having open houses, but property is just not moving. We really just want to upgrade while prices and interest rates are low, but don't HAVE to move/sell because of jobs or anything. How long is reasonable to leave our house on the market these days? We won't lower our price because we're already at a pretty narrow profit margin and to go down $5K would not leave us with enough profit to make a down payment on a bigger house. Also, we don't want to live in limbo forever. We have a toddler, and keeping the house "show ready" all the time is a challenge. We had planned on taking our house off the market after 90 days (June 1st) - but I'm now wondering if that was reasonable. We've been listed since March 3 - have had several lookers, but no offers. What are your thoughts?

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Frank Hough, Agent, Rochester, MN
Sat Nov 28, 2015
Great question. Many others have explained that it depends on your level of motiviation, i.e. how quickly do you need to sell and therefore how aggressively you price your house. I will just tell you the local statistics as of last month which was October 2015.

In October 2015 the Average Days on Market for Rochester residential homes was 51 days, but the Median Days on Market was just 21 days. I believe the median of 21 days is a much better indicator than the average. It lets us say statistically that 50% of Rochester houses are selling in the first 21 days they're listed.

You can find all this information and more on my website for home sellers,
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Mary Fasnacht, Other Pro, Venetia, PA
Mon May 25, 2009
This is a very personal decision, Cara. Since you don't have to move, you need to decide just how motivated you are to get your house sold. What I can tell you is that if you are going to stay on the market you need to make the effort to stay "show ready" at a moment's notice. I know this is challenging with a toddler, I've done it several times myself with young children.

If you are not flexible on your price, I wouldn't stay on the market for an extended period of time. In today's market, a listing that has been on the market for several months will rarely bring in a full price offer.

Good luck with your decision and hope your house sells for the price you want in the time frame you've set.
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Lois Marris, Agent, Rochester, MN
Sun May 10, 2009
There are three main items which effect the sale of your home: Price, Promotion, Presentation. You state that you have done all you can do to get your house ready and the feedback has been good. This tells me your home PRESENTATION is being well received. You also indicate that your agent has done a great job with PROMOTION. That leaves PRICE.

Having said that, the average Days on Market (DOM) in all four quadrants of Rochester, MN area exceeds 100 days. If you are priced toward the higher end of the comp range, you'll need the full 100-120 days to get an offer. If you are priced toward the lower end of the comp range you'll sell closer to the 90-100 days area.

Finally, listen to your agent. You may be able to take a slight loss on this home and make it up on your next purchase. If you bought in 2003 or beyond a slight loss on your sale is not uncommon right now.

Rochester MN Real Estate Agents - David and Lois Marris
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Keith Sorem, Agent, Glendale, CA
Thu Apr 9, 2009
You write "But don't have to sell".

First, I would be very hesitant about listing your home. If your only motivation is to upgrade because interest rates are low, why would I invest my valuable resources to market a home with a seller that will only move "if I get my price"?

Second, if you looked at your market (see link), it is pretty stable right now. That mean, in this economy, that the only way you will find buyers buying a home is if the home screams "you'd be foolish not to buy me". A home priced at market value is this economy will generally not sell because there are home priced UNDER market that buyer CAN and DO buy.

More time on market will not yield better results. As a matter of fact, if you do not receive at least 10-12 showings or one offer in the first two weeks, you are over-priced.
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Arleen Yobs, Agent, Charlottesville, VA
Thu Apr 9, 2009
In this market, an 'Active' listing is an 'Over-priced' listing. This is because we are still in a declining market. Many sellers are chasing the market instead of pricing their homes AHEAD of the market. Yes, you may net less for your current home than you would have a few years ago...Everyone is in that situation! But just keep in mind your buying potential when you have sold your house! Right now, we have the BEST buying conditions of the last 35 years! The lowest interest rates, lots of inventory and sellers/builders willing to make concessions in order to sell their properties. If you are 'upgrading', does that mean you will be investing in a higher priced home than you are currently selling? If so, it is especially advantageous to bite the bullet, lower your asking price and get your house sold! You have more to gain on the buying side and will be glad you made the decision to do so...A year, or possibly even 6 months from now, you may not get as much for your home as you can today, and as the market levels out, your buying power will not be as attractive!

To answer your question more specifically, I give my sellers a price that should get their home sold within 60 days. The average time on the market is more than double that in our area, but it doesn't pay to be in the 'middle of the pack' these days! Good luck!!
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