Sales Price: Nr. Of Homes sold In that Price Range:
$ 1 - $ 199,999 1
$ 200,000 - $ 299,999 2
$ 300,000 - $ 399,999 7
$ 400,000 - $ 499,999 3
$ 500,000 - $ 599,999 2
$ 600,000 - $ 699,999 2
Total Homes Sold: 17
The average price reduction (the difference between the original price and the final sales price expressed as a percentage of the original price) was 12.37%.
The average time on the market was 205 days, or roughly 7 months.
The longest time on the market was 585 days, or roughly one year and seven months. The highest price reduction coincided with the longest time on the market (same property), and stood at 28.92%. This so adequately exemplifies that incorrect pricing can be quite costly. If you add to the mix the one year and seven months of Principal, Interest, Taxes, Insurance and HOA fees, this was a very expensive endeavor for the Seller. Greed is very costly indeed!!! The moral of the story is: Price your listings correctly, for the sake of your Sellers!
Looking over the sales statistics, I noticed that savvy agents insisted on regular price decreases about every 2-4 weeks, until the home was sold.
Comments(0)