No, I don’t have any hard data backing me up.
But, try to find an experienced Realtor who disagrees with me.
On what?
The (negative) relationship between a home’s time on the market — and specifically, its most recent list price — and the ultimate selling price as a percentage of that list price.
“Just Tell ‘Em to Make an Offer”
That’s especially true during the holidays and right after: a traditionally slow time of the year with relatively few buyers.
The one qualification to the foregoing is that market time varies as a function of price.
So, 60 days at the same price for a $150,000 home is pushing it; 60 days for a $2 million property is just getting started.
The two-part takeaway for Sellers: 1) price right from the outset; and 2) if the market tells you that you didn’t, correct quickly rather than slowly.
P.S.: Rather than cut their price, Sellers of overpriced homes will often instruct their agents to “just tell ’em to make an offer.” The catch is, overpriced homes don’t get shown, much less sold.
