As my esteemed collegues have already mentioned, price range, style, condition and location are all a function of how long a home remains on the market.
George and Steve have already shared some stats, so there is no need for me to repeat them.
The "more tightly" it is priced, the faster it will sell. Buyers want to see value and that value creates a sense of urgency - that's what really good pricing can do.
A recent example - a home on Bennington was listed at 429,000, a really great price for what that sparkling home offered. It came and sold, with multiple offers, over asking price in just several days. My client was one of 6 buyers with offers on the property (unfortunately, he didn't get it, although he was over aksing).
Part of the excitement with that, and other similarly priced homes is the first time home buyer's credit, which has certainly helped create this frenzy we have seen lately.
Although not quite as energetic, the higher priced home market can still sell in a reasonable period of time.......it all comes down to pricing. Several higher priced homes (over a million) have just gone under contract, so that's very encouraging.
While no agent can promise you over asking price offers.........as you can see, they do still occur........While not immune from the current economic situation, Livingston has held it's own quite nicely in this market.
Hope this helps!
Prudential NJ Properties
Look at the link below.
You are in a declining market, meaning that the average value of homes in your area is dropping one percent every two months.
Let's talk strategy:
What is your goal?
To sell your home for above market price?
To sell your home in below market time?
To sell your home for the most money in the shortest time?
Your goal will determine which strategy is needed:
1. Some sellers believe that pricing high and "holding out" for the perfect buyer will net you the highest price.
2. Some sellers believe in pricing at market price, even in a declining market, because they know that they'll have to sell at a price that is under asking.
3. Some sellers know that most buyers know the market values well, so will avoid looking at over-priced homes, will also be reluctant to make "low offers" because they do not know how the seller will react, so they focus on properties that are priced "correctly". Those properties, priced and marketed correctly, will usually sell in about a month at above (or closest to) asking price.
Where do you fit in this?
Simply put the average length of time - or time to sell, can be expresses as the Market Absorption Rate which is tallied by taking the total number of active listings in a category (so for instance in your town, or more finely cut in your town and price point...) and divide that number by the number of listings that fit the same criteria that have gone under contract in the last 30 days.
In terms of price to asking, what I find across price points and market,is that homes generally sell between 1-5% of their asking price, when that asking price hits the "proper" strike price. It is the consumer that makes that judgement by presenting an offer than can be negotiated to a successful close.
It holds true whether that "strike price" is the initial asking price or comes after a lengthy series of reductions. And I always make the point to sellers I serve that smart pricing right out of the gate - or a quick adjustment if necessary - results in the seller doing better not worse. It is sometimes a hard sell, but it proves out to be truthful time and again.
Unwavering Commitment to Service
There are many factors that contibute to a property selling faster than the average. A good real estate professional can give an evaluation and provide guidance as to how to improve the posssibility of a fast sale.
As for above asking price sales, there have been 15% of sales prices higher than list price in the past 12 months. Some have been for as little as $100 above LP. There are various techniques an agent can discuss with you that can encourage over-asking bids.