Fewer Showings — But a Silver Lining, Too
So far this Fall, the word amongst active listing agents (representing Sellers) is that showings are way down (that’s been my experience, too).
If you want a benign explanation, blame it on the gorgeous Fall the Twin Cities has been enjoying thus far, keeping Buyers’ focus elsewhere (Sunday football is another distraction).
A less benign explanation: lots of the current Twin Cities housing inventory is stale, sitting at now-above market prices chosen by Sellers this Summer when the market was stronger.
Fortunately — at least anecdotally — there appears to be a silver lining to the drop in Fall showings: it’s also taking fewer showings for homes to sell.
“10 Showings, $10k”
How many showings does it take to sell a home?
It depends — most critically, on price point and how unique the home is (the higher the price point and the more unique, the longer the expected market time).
But, a good ballpark number is 10-15 showings.
Which suggests this corollary: if an average, $200k-some Twin Cities home has had ten showings and not sold, it’s likely overpriced by (at least) $10,000.
P.S.: at $500k, the corresponding number is more like $25k.
