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When it comes to getting the most for your listing there are plenty of factors that sellers should consider. Sellers should never overlook the importance of timing and time on the market. Experienced Realtors know the effect this has on pricing and will take advantage of market timing to sell your property faster for more money.
Time on the market:
Sales were up 1.2% overall in February, and Realtor.com is reporting that properties are averaging 102 days on the market. That’s down 1.9 percent from January which means that with less inventory, home sales are beginning to move a little quicker. This could be some great news for sellers.
Sellers want this figure low - the longer your listing lingers on the market the more assumptions about it (true or not) buyers may make. Buyers often assume that if a property has been listed for a long time, there must be something wrong with it, or the seller must be more anxious to sell and there should be room for negotiation in the price.
Pricing and cuts:
Listing price is key for any property, and both overpricing and the amount of any price cuts can be damaging to the speed of your sale and final price. Sellers frequently make the mistake of starting with a high initial price, thinking they can lower it later if the property doesn’t sell. If the initial price is too high though, you can miss out on interest and activity on the listing during the valuable time your property is first on the market. Your listing will usually see its best activity in the first 30 days!
Choosing when to sell your home will also help it sell faster, and every market has peaks and valleys of inventories and interest. Most Realtors say Spring is the best time to list your property, and statistically, March listings that capture the interest of new buyers flooding the market in April and May can boost average sale prices 2% higher.
With all this and more to think about, it’s important to have expert advice. Take advantage of the local market knowledge of licensed Realtors like us, and you’ll have the help you need to make the right decisions about how and when to list your property to get the most from your sale!