Even in today’s home sales market where there are more buyers than sellers, some homes stay on the market longer than the average days. Even here in our market, San Ramon/Danville area, where the median time for days on market is 15; there are homes for sale 30, 60 days and 100+ days on market. What this tells me….these homes may be over priced.
Who determines the price? Not the real estate agents and not the seller….the market determines the price. Who is the market? The buyers. With so much information available on the Internet, buyers are doing their research long before beginning their final stage of purchasing a home. They are looking at homes currently on the market and those that have sold recently comparing features and benefits along with the pricing.
Price is the key to selling a home. Condition and location revolve around the price. Just because two homes are similar in size doesn’t mean they will sell at the same price. If one has been updated and the other not, then the price should be a reflection of the condition. Same thing with location. You may have a pristine property that has been updated to today’s selling standards, but if it is close to a noisy road/freeway you will not get the same dollar amount as a home that is in the quieter part of the neighborhood.
Real Estate agents provide seller’s with CMA’s that give them the data to help determine the right price to get the home sold. Seller’s sometimes do not like what they see, yet the data is the data, and if selling the home is a priority, then price it where the market is telling you it will sell.