Moving from "For Sale" to "Sold"

By
Real Estate Agent with Windermere Real Estate N.E.

Greg Perry
Kirkland Realtor
www.425Realty.com

 

Sellers naturally want to maximize profits on the sale of their home.  About 60% of Seller's think that they need to start high -- leaving plenty of negotiating room -- to make the most profit.  Seems like a good strategy -- or is it?

 

Take a look at the first chart below.  It shows that 43% of all King County's Eastside residential listing actually SOLD without a price reduction.  The market time was an average of 14 days.  Sellers received 98% of theORIGINAL LIST PRICE!    Those who started too high were out there 174 days and received only 86% of the ORIGINAL LIST PRICE.

 

1for sale SOLD 
 The second chart demonstrates the relationship between how many days a home is on the market and the Sales Price and Original List price.  As you can see, the longer the house is on the market, the bigger the gap!

Finally, approximately 70% of all homes sell within the first 60 days.  If your home does not sell within30 days, you should review your home to market conditions and consider an adjustment.  Otherwise, the odds show us you will just sit there without a sale.

Comments (2)

Carol West
Carol West Real Estate, LLC - Hillsboro, OR
Real Estate Agent, Hillsboro, Beaverton, Portland

Greg and Brian, 

What a great article you've posted. Thanks so much for the advise. 

 

Carol West, Broker Hillsboro OR Real Estate

May 25, 2010 11:39 AM
Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

It's a fallacy that one should list high and unfortunatewly one that is nearly impossible to overcome, even with statistics.

May 25, 2010 12:06 PM