Home Sales Activity Week# 1

Category: Finance, Real Estate.

In many cases in life, the rule of thumb is" time is on our side" .

Not only is time not on our side. Selling real estate in any part of the country is an exception to this rule. It actually plays against the homeowner and their Agent when they are trying to get their home sold. If that s not your goal as a homeowner, perhaps you should reconsider placing you home on the market. Depending on whether you re in a buyer s market, a seller s market, or depreciating market, an appreciating market, many factors play against a homeowner whose goal is to sell their home for the highest price in the shortest amount of time. I d be willing to bet, that it is, however. Activity.

Time on Market vs. The amount of time a home is on the market actually controls the amount of activity the home will generate. This has been statistically proven over and over for decades, which is why it is so important to price your home at its fair market value from the get- go. The bottom line is your property will attract the most activity from prospective buyers and real estate Agents when it first appears on the market. If you don t, you may be wasting your time and all the activity your home sees in the initial stages of being on the market. Seasoned Agents are more than familiar with this phenomenon, which is why they start to get nervous after a home has been on the market for more than four weeks. You see, the market will, over time actually communicate to you what it thinks of the price you have placed on the home.

There s a distinctive drop in activity around the four to five week timeframe. It s a naturally occurring phenomenon that can be controlled if you price your home at fair market value right from the start. The showing activity will actually decrease as the market time increases. Home Sales Activity Week# 1. Your Agent will begin to execute their marketing plan for you home, which can/ will include many of the following: print advertising( postcards, flyers, newspaper ads, etc) , in- house marketing to fellow Agents in their brokerage, local board meeting announcements, open houses, Agent tours, and many others. The first week your home is on the market is an exciting time full of activity.

Believe it or not, the first week will bring 14% of all the activity your home sees over the next eight weeks. Fourteen of these will see the home in the first week. Let s assume, that over the, for a moment course of eight weeks, 100 potential buyers will see your home. Home Sales Activity Week# 2. By this time, there have been Agents through your home, and they are all aware of what you have to offer their potential buyers. Week number two is the best, based on the activity generated for you home, with 28% of the eight week activity occurring in this time frame. The advertising, which often has a time delay associated with it, is now in full force.

Home Sales Activity Week# 3. The word is now officially out! Week number three runs a close second to week number two with 23% of the buyer activity occurring during this time. This is definitely not time to give up or change anything, but it certainly is a time to consider where you re at. By this point in time, your home has officially seen 65% of the activity that it s going to get in the first eight weeks on the market. Home Sales Activity Week# 4.

Considering that 82% of all the activity you will see has already occurred by this time, it definitely warrants a discussion with your Agent about whether your price is at or near fair market value. The fourth week on the market is the third best activity- wise. . . beating out week number one with 17% of the total activity. If your Agent is confident in your home s price, perhaps it s time you review their marketing plan and make adjustments. Week five, in a decent market, is often a time to make course corrections( a price reduction, for example) . Home Sales Activity Weeks# 5- 8. Consider that 7% of the activity will happen in the 5th week, and by this point in time, you ve seen 89% of all the activity you re going to see. Also, note that weeks six through eight see about 4% each.

It s definitely the right time to make a change. There s not a whole lot of activity left to occur for you home in the last couple of weeks. Once you hit the six week timeframe, it s time to start doing something differently. The greatest opportunity of selling your home is when it is a new listing. If you don t make a change soon, you may miss the" My Home Sold" window of opportunity.

Read more...

Your First Offer Is Usually Your Best Offer - Finance and Real Estate:

An old rule of thumb in real estate is that your first offer it usually your best offer. Several times I have had clients send stiff counteroffers back to prospective buyers only to never hear from them again.

Finding The Perfect Home - Maura Kilcoyne about Finance and Real Estate:

Purchasing a new Florida home can be a fun and exciting process.

Now, Austin Has Many Various Festivals - Finance and Real Estate:

Austin, Texas is no longer a hidden destination buried in travel books. A lot of this has to do with the University.