Should Sellers be More Patient?

The Wall Street Journal asks:

Should people really be cutting their prices to sell their houses?

Answer: Yes. Price matters.

“… Your home may truly be worth more than what that distressed home down the street is, but that distressed home is essentially killing the situation for you … ”

What your home “may be worth” is irrelevant when buyers can be patient and the market is still declining

Think about it – Right now (24 October 2011, 10:30 am) in the Charlottesville MSA:

– There are 426 properties under contract in the Charlottesville MSA and MLS.
81 are marked as either “lender owned” or “short sale”
19345% – have Continuous Days on Market (CDOM) of less than 30 days.
94 have CDOM of more than 180 days

Wouldn’t you rather be one of the 193 than one of the 94?

* – I was curious, so I re-ran the numbers on Tuesday, 25 October at 7am and the numbers changed just a little bit:

– 423 under contract. 83 are marked as distressed. 25 of those 83 – 30% – had CDOM of less than 30 days. (15 are short sales, 10 are REO/foreclosures)
– The quick-contract foreclosures range from $17k to $275k
– The quick-contract short sales range from $67k to $449k
– The quick-contract standard sales range from $85k to $1.59 million.

If you’re putting your home on the market, don’t you want to be able to say this?

Steinar Knutsen (steinarknutsen) on Twitter-1.jpg

(my clients made their home look brand new, prepped everything perfectly and priced it right.)

And lastly, did you know you can search for homes for sale in Charlottesville by price reductions? Make your own searches, save ’em, have them emailed to you …

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