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).

whereIf 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.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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