Local Real Estate Comments and Ramblings

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90 Day listing? Not likely

Here is a link to an article on Realtor Magazine online and first published in "Business Week" .  It lists the top 10 fastest selling zip codes in the entire U.S.

To be in the top 10 the average days on market would need to be 91 days! So where do people get this idea about a 90 day listing being average or normal?  I'm not sure.  Our local mls requires a minimum of 90 day listing period to even input the home into the mls.

So is 90 days a reasonable time frame? Not according to this article (unless you happen to live in the top 10). Of course this represents an average so there is always a chance that your home could sell in side of 90 days.  However as a professional I don't like to take chances.  If you want to insure that your home sells in 90 days or less it will need to be priced below market and it it needs to be in tip top condition.

If you are not prepared to lower the price according to todays market then be prepared to be on the market for the long haul. 

Here are a few tips for sellers in todays market.

1. Understand that the market will set the ultimate selling price for your home- not the lisitng agent. When you are interviewing agents look at how well they will promote your home and how well they understand your local market. DO NOT list with an agent just because they they tell you they can sell your home for more money. You will be dissapointed in the results and penalizing the honest agents who tried to tell you the truth instead of "buying" your listing.

2. Price the home to sell.  If you  price it higher thinking - well if they like it they can make an offer, the offers won't come.  They will make offers on the homes that are priced lower because they can just as easily make an offer on those as they can on yours.

3. Make it easy for the buyers to pick your home.  Have the home professionally staged, do a pre listing appraisal, and a pre listing home inspection.  In todays market the buyers are nervous about values.  Once they fall in love with your home (staging) help them be comfortable in the fact that they are getting a good home for the money (inspection and appraisal). Removing the uncertainty will make it easier to pick your home.

4. Do the needed repairs.  Don't go crazy doing any large scale projects but absolutely make sure that he home is move in ready.  If your home needs repairs you are going to pay for them sometime.  I believe it is better to make the repairs before the home hits the market so they don't become negotiating points later.  If you do the repairs now, you have contol over the cost of the repairs.  If you don't do the repairs you are inviting low ball offers. Your cost in the end will likely be much higher.

I'm sure that some of you will have comments or questions .... let me know what you have to say!

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Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram, Cobb County, Paulding County, Douglas County, North Fulton County, South Cherokee County

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Bob Southard
Broker - Owner  Atlas Realty Service LLC #75911

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Comment balloon 3 commentsBob Southard • September 12 2008 02:32PM

Comments

Hi Bob,  In our area the average days on market was just over 7 months !  Needless to say it didn't make much sense to take a short term listing.

Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) almost 10 years ago

"Our local mls requires a minimum of 90 day listing period to even input the home into the mls."

Really?  I've never heard of a rule like that before.  I wonder if other mls' have that also. 

Posted by Cyd Weeks, Realtor Palm Coast, Fl (Palmcoasting.com Real Estate Corp) almost 10 years ago

Bill- Depending on the price range ours is just a little shorter I think.  The point is still the same though.  If you take a 90 day listing you're just setting yourself up to spend marketing money and time on a no sale.

Cyd- I would supsect that they might but I really don't know.

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) almost 10 years ago

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