If you list your home at a higher price than the home is really worth, it is likely to sit on the market for a while. In fact, the longer your home is on the market, the lower the offers will be. This is because buyers see that the home has been sitting on the market for a long time and think of this as a weakness and offer a lower price. They may think "If the home was really worth that price, someone would have already bought it." So, the plan of listing your home at a price tag that is too high, may backfire on you.
|
Days on Market
|
% of Price Received
|
|
0-30
|
98.4
|
|
31-60
|
97.2
|
|
61-90
|
96.5
|
|
Over 90
|
95.5
|
Your home has the best chance to get the desired price within the first 30 days. The longer it doesn't sell, the lower the price is likely to go when an offer does come in.
We all want lots of people to check out our house when it goes up for sale. That first week your house is on the market is when the most buyer are going to see it! So price it right so that they don't just skip over your house to the next listing.
|
Buyer
Backlog
|
Week
1
|
Week
2
|
Week
3
|
Week
4
|
|
50 people
in the market
|
5 new
people to the market
|
5 new
people to the market
|
5 new
people to the market
|
5 new
people to the market
|
In that first week, 55 people see the house (50 already shopping for a house and the 5 people who just started looking). Each week after that, the only people looking at the house are the 5 new buyers that join the home search.
So here's the point (which you're all smart people and have already picked up on), you want your home priced right at the beginning so you can take advantage of week 1 and get as many people as possible to look at your home. We want them to fall in love with it and make an offer. We don't want them to click the next button and skip right over your gem of a home because it's got too high of a price tag.
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