How long your home should sit on the market depends on the absorption rate in your neighborhood and your specific price range and whether or not you have your three Ps in alignment: price, promotion, and product.
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What’s a good number of days on market when your home is listed for sale?
That’s a tricky question. What’s important for you to understand is the absorption rate in your neighborhood and your specific price range. Location and price range are both important because in some price points—anything in excess of $2 million, for example— you can see homes sitting on the market for up to a year.
If you have a home in the $200,000 to $300,000 price range, buyers are going to expect to see that home move rather quickly. One of the very first questions a buyer asks Mr. or Mrs. Realtor when they walk in the door is, “How many days has this home been on the market?” If your home is in this price range and your days on market exceeds two to three months, buyers are going to start wondering why the home hasn’t sold. They’ll then start walking through your home and picking it apart to see what’s wrong with it. This is what you don’t want to happen.
That’s why it’s critical that you get the three Ps in alignment: price, promotion, and product. If they aren’t in alignment, your home will sit on the market for a long time.
A healthy days on market is contingent on the absorption rate.
If you have any further questions about days on market or anything else real estate-related, don’t hesitate to get in touch with me via phone or email. I look forward to hearing from you!