Would you like to know how to sell your home for the highest price in the shortest time? If so, perhaps the best place to find the answer is from prior sellers that have been successful in doing just that. This, and much more information gathered from home owners that sold a home in the past year, was just released in the National Association of REALTORS 2014 Profile of Home Buyers and Sellers. This gives some great insight into what worked for sellers as well as what did not.
Highlights from the NAR 2014 Profile of Home Buyers and Sellers:
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- Overall, sellers sold their homes at 97% of the current list price at the time of sale
- 73% of sellers that sold their home in less than one week received 100% or more of the asking price
- 54% of sellers that sold their home in 1 to 2 weeks received 100% or more of the asking price
- Conversely, of the sellers whose homes took 17 or more weeks to sell only 9% received 100% or more of the asking price
- Overall, 55% of the sellers did notreduce their price at all
- 83% of the sellers whose homes were on the market 17 or more weeks reduced their price at least once and 54% reduced their price 2 or more times.
- The median time it took to sell a home was 4 weeks nationwide but in the Midwest it was 5 weeks.
- No incentives to the buyer was offered by 64% of the sellers.
- 19% offered a home warranty
- 18% offered assistance with closing costs
- 6% offered credit toward remodeling or repairs
- 88% of sellers sold their home with the assistance of a real estate agent
- 17% of sellers had stalled or delayed selling their home because their home was worth less than their mortgage balance
- The typical seller was in their current home 10 years before selling, this is up significantly from back in 2001 through 2008 when the average was only 6 years.
I think was is clearly illustrated above is the importance of pricing your home correctly from the start, something I have written about before here and stress often. Want to know what the right price is for your house? Contact us and we’ll be happy to help you get the most money for your home in the shortest time!