But, What’s “Too Long?”
Test your knowledge of today’s housing market, and respond to the following statement:
“A for sale home sitting on the market for 60 days is already shopworn”:
A. True.
B. False.
C. Impossible to tell without more info.
Correct answer. “C.”
The key “other info”: price and location (of course).
“Houston, We Have a Problem” (or do we?)
So, the average market time for a $1.5 million Edina home is now about 109 days.
By contrast, a mid-$200k single family home near Lake Nokomis in Minneapolis should take an average of 25 days to sell.
Home selling time also varies with how unique a property is; its perceived updating needs (more = longer market time); and whether a property appeals to a wide or narrow swath of Buyers (at least in the family-friendly Upper Midwest, there’s more demand for homes with around 2,500 square feet than under 1,500 or over 4,000 FSF).
Edina vs. Lake Nokomis
To revisit the question above, then, at 60 days the $1.5 million Edina home is only about halfway thru its expected list time.
At the same point, a $250k Lake Nokomis home definitely has a problem (be it price, marketing, condition — or all three).
Showing activity (or lack thereof), Buyers’ showing feedback, the listing’s online traffic, and nearby market activity should all shed additional light on the culprit(s).
See also, “Nurse! I Need a Price Reduction, Stat!!”; “Interesting” vs. “I-n-t-e-r-e-s-t-i-n-g”; and “How Many Days Has That House Been on the Market? It Depends on How You Count.”
