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Expired - Sold = 30% More

I was pulling some reports off of the MLS the other day. I compared prices of homes sold in the last six months to the asking price of expired listings of similar homes.

I guess there should be no surprise that the homes that did not sell are priced higher than those that did. However, I was surprised that the difference in those that sold and those that did not was almost 30%!

# of Bedrooms	Avg Price Sold	Avg List Price Unsold	% Difference
2 or less	56,137	70,597	26
3	114,712	150,805	31
4	191,094	227,105	19
5 or more	206,456	381,802	84
ALL	132,617	171,997	30

In the past six months, in my area, 40% of the unsold listings expired. We can tell our clients and customers that homes are not selling because of the bad market caused by a particular political party, the price of gas, the mortgage "crisis," the economy or whatever excuse we decide is the flavor of the day. Or, we could tell them the truth...that their house is priced too high. What would you do?

Posted by Calvin Neely on 04/23/2008 01:56 PM

Comments (2)

homes of lagrange, market, prices, expired

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2 Comments on Expired - Sold = 30% More

APR

2008

Tell them the truth, it may be a bitter pill but what choice do you have. I am afast band-aid ripper

I agree with telling them the truth. Of course, many will not believe you. Once their property sits on the market for 180+ days then they will be more likely to believe you. Thanks for the comment.

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