If At First You Do Not Sell, Reduce The Price!


If At First You Do Not Sell, Reduce The Price!
By Scott Rogers • March 8, 2010
Good News! An amazing 31% of homes currently selling do so within 90 days of being listed. An additional 35% (for a total of 66%) sell in 3 to 6 months of being listed. BUT WAIT . . . Many homeowners who are trying to sell their homes right now are not experiencing these joys of a speedy sale. So, if your house isn't selling, what can you do? The most common approaches are: adjust the price adjust the marketing add incentives (closing costs, allowances, etc) (what else can you think of that would work here?) Inspired by discovering that 26% of homes in the Charlottesville market have had price decreases, I thought I'd check the local stats for our market. When considering all residential properties In Harrisonburg and Rockingham County: 859 properties are currently FOR SALE 368 of these properties have had a price change So, it seems that 43% of homes for sale in Harrisonburg and Rockingham County have had price reductions, as compared to only 26% in the Charlottesville / Albemarle area. To put this in a bit of a historical context, when I checked the same data nearly two years ago, 40% of homes for sale had experienced a price change. OF NOTE: Our MLS simply searches for price changes, therefor some of the 368 price changes could be price increases, though it seems doubtful. Receive Updates by Email Recent Articles: How Much Should I Consider Spending To Renovate My Home? The Increasingly Difficult Challenge Of Purchasing A Detached City Home Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 27, 2024 (unless otherwise noted).
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