What does this mean in terms of selling your home? Chasing down the market means you list your home at the price you want to achieve, but due to market conditions your home stays on the market x number of days until your price is reduced to what the current market will bear before it sells.
Your home will stay listed for sale until your home reaches the price a willing buyer will pay.
Depending on what source is reporting, days on market as well as inventory is fluctuating across the country. Here are some stats from the NAR on Realtor. com. You can see that some parts of the country have very low days on market, while others are looking at an average of a 6 month wait to sell their home.
The story keeps evolving. Although interests rates are still low and inventory is declining in many markets, prices have not rebounded all over. Yet.
What does this mean to you if you’re selling your home?
The average days on market statistics in your area may be a concern. Are you waiting to achieve the “average price”? Any home that has been on the market for 60+ days is going to be exposed to price reductions and increased expenses.
Talk to your Realtor about what you can expect if you try to hold out for price If you want to sell your home in 2012 consider all the tools available to help you achieve your best price. Staging your home to sell and marketing with professional photography is key to realizing your home’s market potential. Don’t get caught “chasing down the market”. Price your home right from the start.