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Asked by Janice W., Bucks County, PA Thu Apr 30, 2009

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6
., , Yardley, PA
Thu Apr 30, 2009
John, There is a bit of psychology when pricing a home. It appears that the market is improving so now the homes will begin getting offers. Some people have ample time to sell. It all depends on the when the seller bought their home.
JenBuschel@gmail.com
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Apr 30, 2009
John
As you can see, there is a big difference between "wanting to sell" and "needing to sell".

In almost all markets homes will sell. It is simply that some seller's will only sell if they get their price and their Realtor is okay carrying the listing.

It would not surprise you to know that only about 20% of homes are really priced and marketed correctly and sell within 30 days, closest to asking price. In my MLS that is 99.7% of asking. At 120 days on market that list price to sale price ratio drops to 92.3%...and that is AFTER some price reductions!

Longer market times will not help sellers unless they are lucky enough to be on the market when it turns around...and what do you think the odds of that happening are in this economy?

Great question.
0 votes
Maria Dwyer, Agent, Newtown, PA
Thu Apr 30, 2009
Hi John,

You have asked a very good question, one that I am sure many of the general public wonders about as well. When a home sits on the market for a long time, such as a year or more, it is due to one of 3 reasons. The 3 most important factors in the sale of a home are Location, Price and Condition. Think of it as a 3 legged table....all legs have to be in line for the table to be level and stable. The same thing with marketing a home! You have heard it a million times..location,, location, location! This is the most important of the factors becasue it is fixed. The home is where it is, you cannot move it. Busy roads, proximity to commercial building, etc affect the value of a home. Quiet, private streets are most desirable. Secondly, pricing a home is essential to the successful sale of a home! An agent must look closely at the comps for the area, not only the other homes for sale, but the ones that have sold in the last 6 months or less. Those homes are the best barometer of value. Thirdly, the condition of the home is important. The way people live in their homes and the way they market and sell them are totally different. When a home is put on the market, decluttering is essential and gives the buyers the best view of the home.
So...if the location, price and condition are all aligned, then the property has value to the potential buyers and will stand out amongst the homes on the market. If not, then those other homes are the ones that you are seeing that seem to just linger on the marker forever. You have to wonder if those home owners want to list their home or sell it!?!?
Hope that this explanation helps!
If you have any questions, please feel free to contact me.

Maria Dwyer
Prudential Fox & Roach Realtors
215-860-4047 Direct
215-860-9300 Office
Maria.Dwyer@prufoxroach.com
0 votes
Chris & Step…, Agent, Philadelphia, PA
Thu Apr 30, 2009
John,

We have written a couple of blog posts about that subject. If you'd like to take a peek at them click on the link below:

http://philadelphiarealestatevoice.com/channels/activerain/t…

Great question!
0 votes
Russell Volk, Agent, Bucks, AL
Thu Apr 30, 2009
John, some home sellers are not in a hurry to sell. They want to get top dollar for their house, no matter how long it takes. If the house is priced correctly for what it has to offer, there shouldn't be any reasons why it wouldn't attract great potential buyers. Price is the most important factor when selling a house.

Also, keep in mind, more expensive houses sit on the market longer. It's natural. It's not at all unusuall to see million dollar homes on the market for a year or two. Doesn't mean that the price is incorrect or there's anything wrong with the house. There are just not too many people in today's economy who can afford and/or willing to spend million dollars on a home. Cheaper homes tend to sell quicker. More people can afford a $200K house instead of a $1M house.

Hope this helps.

Let me know if you have any questions.

Russell Volk
Mid-Atlantic Real Estate
0 votes
Andrew Himes, Agent, Collegeville, PA
Thu Apr 30, 2009
There are some sellers that are realistic and others that are not, if you are serious about selling and have an agent that can pinpoint the price he/she thinks it will sell for than it will not take long. In the last week i have sold 3 homes that were on the market for under a week. It is all about price and condition. Sometimes these sellers are also at a point where they cant take much less than what they are asking. Many people bought more than they can afford and no are under water with the value of the home vs. how much they owe. These folks are in a bind, b/c in most cases they really do want to sell but at the same point if they cant get what they need price wise they are going to have to pay a lot of money out of pocket just to sell. As we know not many people have 10's of 1000's of dollars sitting around to use to just get out of owning their homes. Most situations are different with the latter case be even more so today.

Andrew Himes
Web Reference:  http://www.AndrewHimes.com
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