SELLERS, WHAT TO EXPECT WITH DAYS ON MARKET
As a seller getting ready to list your home, you have probably heard the phrase “Days on Market”. The real estate industry uses this term to describe the number of days a property will be listed on the market before it goes under contract with a buyer.
So, let's break down days on market and what you can expect as a seller. If your property sells quickly with short days on the market, it suggests that your home is in high demand. This could mean multiple offers, potential bidding wars, and a greater chance of selling at or above the asking price.
On the other hand, if the property remains on the market for a longer period of time, this might indicate that buyers have reservations regarding your property. This could be based on many factors such as condition, marketing, and of course the price of the property. If your property begins to have longer days on the market than the average sale in your area, it is always best to sit down with your agent and discuss your next strategy. This may mean making a price adjustment based on the activity of the market.
But let's remember, making a price adjustment is only one factor. It is important to have a complete understanding of the market, evaluate buyer feedback and make any necessary adjustments to increase your property's appeal. With the right marketing and pricing strategy, this will enhance your property's desirability and the likelihood of a successful sale.
If you are a homeowner thinking of listing your property, please reach out to my team and we would love to help!
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!