How Do Days on the Market Impact Your Sale?
Planning, Prep, Pricing. These are the most important three things to build value in your listing.
Days on the market erodes the value (and sanity) more that any other factor. What is important are the 20 factors included in the 3P's that impact days on the market. The result of the of understanding these factors and handling them correctly is "creating and exceeding escalating expectations".
This chart shows the reality of handling the 3P's correctly and the cost of missing the boat. The chart shows the percentage of original asking price sellers received based on days on the market. Days on the market is measured from the day the home goes into the MLS as an active listing or a "coming soon". The homes sold in "0" days on market are more then likely homes sold "off market" or in "coming soon" status.
Understanding this is crucial, do you take the first offer on day one? Or, do you wait until day three? Do you approach with a let's try this price and reduce it? As shown above it is tough to under price a home that is marketed correctly.
I use this information in addition to market velocity reports to assess when and how I take clients home to market, and how we manage marketing and traffic to make sure we see success in those first 100 hours.
What this does not show is the uncertainty that goes with a an offer on day 40. A lower due diligence fee, more aggressive repair negotiations, longer due diligence periods, lack of fee occupancy. The actual value curve is much steeper than just the price curve.
Let's discuss all the factors involved and I will curate and manage a great home selling experience.