A few years ago, homes that were slightly overpriced and homes that were in just average condition sold every day.
Times have changed.
Jay Papasan, Vice President of Publishing at Keller Williams Realty and co-author of a bunch of great real estate books explains in this video how your price and your condition will determine if you are IN or OUT of the market.
Make no mistake, homes that are OUT of the market simply do not sell.
How Many Many Homes have Sold in St. Louis this Year?
As of today, more than half of the homes & condos that were listed in St. Louis City, St. Louis County and St. Charles County FAILED to sell.
Between 1/1/10-8/26/10, there were 12,209 closed MLS home & condo sales and there were 12,687 listings that were taken off the market WITHOUT selling.
In addition, the homes that DID sell are the ones that were priced right from the start.
How Many Days Does it Take to Sell a Home in St. Louis?
Over half of the closed sales got an accepted contract in 60 days or less, and over 2/3 got an accepted contract in 90 days or less.
- 0-30 days – 31%
- 31-60 days – 22%
- 61-90 days – 15%
- 91-120 days – 10%
- 121 or longer – 23%
Just deciding to sell your home doesn’t get it sold. Waiting it out doesn’t get it sold.
I’m a big fan of creative and aggressive marketing. But all the marketing in the world won’t sell an overpriced home.
Pricing it appropriately for the condition, features and location IS what gets your home sold.
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Possibly Related Posts:
- St. Louis Housing Market ~ How Much Did Sellers Reduce their Price to Sell? (Part 5)
- Pricing Homes for Sale ~ How Much Should You Reduce the Price? (Part 3)
- Pricing Homes for Sale ~ How Long Should You Wait Before Reducing Your Price? (Part 2)
- Are Zillow Price Estimates Accurate for St. Louis Homes?
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