SHORT SALE HOMES WITH LESS “DAYS ON THE MARKET” THAN TRADITIONAL SALES?
Looking back over our “stats” of the last six months, I’ve noticed something interesting. A good number of “short sale” homes have had much shorter Days on the Market (DOM) than non-“short sale” homes. (By way of disclaimer, this does not mean the overall time it takes to close…just actual DOM.) Short sale homes are typically priced based on what the selling agent believes is the “market” at that time (and a bank officer’s opinion of value). This is likely due to the fact that short sale “Sellers” are far less concerned with what their net proceeds will be and therefore price their homes more competitively.
This observation did get me thinking about the basics of listing homes. A well-priced, good-quality home will always sell. I’ve seen this time after time over 14 years in the business. Sellers occasionally don’t realize the peril of overpricing their homes until many months have gone by. When a home is priced above market, it typically extends the selling time considerably, not to mention it greatly reduces the chances of them getting top dollar. This is due to the fact both Agents and Buyers focus on how long (DOM) the home has been listed. As an Agent I’ll admit If I see a home that has been on the market for over 90 days I typically feel it has been viewed a number of times and since it’s not “pending”, perhaps it is overpriced or has some undesirable condition about it.
Even with the best marketing available, like we have at Boise Cribs, an overpriced home will be challenging to sell. However, with superior marketing the chances are highest to sell a home at the best price and in the shortest amount of time. My first Broker in the business taught me that a home has the best chance of selling when it first goes on the market. This is a usually true. In today’s digital age, I think this advice is even more timely.
So, when selling real estate do yourself a favor and price your home competitively from the first day and be sure to have it marketed in the best manner possible. I recommend Boise Cribs Real Estate and their 235-Step Marketing & Listing System. They use methods very few Agents utilize (know about) to get homes Sold quickly.
Boise Crib Real Estate | 888-506-2234