The real story is sometimes uncomfortable for some sellers to accept. Many listed properties expire and are withdrawn one or more times prior to the listing period in which a property sells. In the 4th Quarter report for 2012 provided by ChartMaster Services exclusively for KELLER WILLIAMS Realty the statistics never cease to amaze me.....a 34 year veteran Realtor!
In our local Multiple Listing Service the total number of Closed Listings sold for 87.6% of asking price in the 4th Quarter. These sold listings were on the market a median of 107 days. Of those homes that were available, 60.2% had a price reduction during the listing period. This 60.2% sold for 80% at current asking price in 191 days on the market. The homes listed and incurring no price reduction (priced correctly for the market) 39.8% sold for 96% of the asking price in 34 days on the market.
Now let's review the 39.8% of homes sold for 96% Sale price vs List price in 34 days. 60.2% took 191 days to sell and the sellers received 80% sale price vs list price.....hmmmm?? These statistics prove when a home is priced correctly when first place on the market, the seller is in a much better financial situation than those sellers who keep paying mortgage/taxes/insurance/utilities/maintenance fees etc during the time on the market prior to accepting a lower sale price. Time value of money must be weighed into selling a residence.
If you have questions, please ask your Realtor to explain the value of pricing for today's market not for what you (the seller) wants/needs to get out of the home. Today's buyers are well educated and are sometimes not looking at "overpriced" homes. Is your Realtor giving you all the statistics to help you make an educated pricing decision?
Keller Williams Greater Cleveland ~ Carol Murphy Team