As I often do, I spent some time analyzing some data on Plainfield in the MLS today from the last 3 months. I actually looked at all of the pending and contingent sales for all of Plainfield and what I discovered, while not surprising, confirmed what I’ve been preaching for months now.
There are two factors that seem to affect market time in dramatic ways:
- Price. Price. Price!
- The condition of the home.
This is what has been happening in real estate in Plainfield over the last 3 months:
It’s kind of depressing to be in real estate in such a… well, depressing market. We’ll I’m tired of being discouraged and melancholy about this whole situation. When I was combing through the MLS today, it really all started to make sense. Over-priced listings won’t sell and the only way to get an offer on a home is to “drive it to market value” over a period of 60 days.
I used to say “no thank-you” to over-priced listings, but if I’m willing to try it your way… but you have to be willing to try mine. If you have not had any activity (showings, inquiries, offers) after 2 weeks, it’s time for a 3% price reduction. After 2 more weeks if nothing happens it’s time to re-assess the situation again with another 3% reduction. “Driving it to market value” is a sure fire way to find out what your house is really worth. When you finally have interest in the property you know it’s priced correctly. I have no interest in hanging a sign up in your yard in this market. I will however, pour my heart into selling your house… if you are willing to do what it takes to get it to sell.
The market time in Plainfield is about 4 months right now for all closed 3-4 bedroom single family homes in Plainfield. That’s really great news. (Surprising huh? Lol.) Those homes also closed at 94-95% of their asking price. That is fantastic news!
Here is the reality of situation right now though; nearly 50% of all the homes in Plainfield that were listed on the MLS over the last 3 months had their listing expire before their home sold. The other cold hard fact about those homes was that for the Plainfield 3-4 bedroom single family homes, the asking price of the homes that did not sell were approximately $50,000 more than the average list price of similar homes, and approximately $60,000 above the average closed sale price. I’m not surprised at all that they did not sell, especially since today’s savvy buyers are out there looking for a deal.
People will always need a place to live. If you want them to choose your house, you better make it the sweetest deal in the market!
Julie Ferenzi | Realtor
Plainfield Real Estate
630-673-6233
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