| In many cases in life, the rule of thumb is "time is on | | | | weeks. Let's assume, for a moment, that over the |
| our side". Selling real estate in any part of the | | | | course of eight weeks, 100 potential buyers will see |
| country is an exception to this rule. Not only is time | | | | your home. Fourteen of these will see the home in |
| not on our side; it actually plays against the | | | | the first week. |
| homeowner and their Agent when they are trying to | | | | Home Sales Activity Week #2 |
| get their home sold. | | | | Week number two is the best, based on the activity |
| Depending on whether you're in a buyer's market, a | | | | generated for you home, with 28% of the eight |
| seller's market, an appreciating market, or | | | | week activity occurring in this time frame. |
| depreciating market, many factors play against a | | | | By this time, there have been Agents through your |
| homeowner whose goal is to sell their home for the | | | | home, and they are all aware of what you have to |
| highest price in the shortest amount of time. If that's | | | | offer their potential buyers. The advertising, which |
| not your goal as a homeowner, perhaps you should | | | | often has a time delay associated with it, is now in |
| reconsider placing you home on the market. I'd be | | | | full force. |
| willing to bet, however, that it is. | | | | The word is now officially out! |
| Time on Market vs. Activity | | | | Home Sales Activity Week #3 |
| The amount of time a home is on the market | | | | Week number three runs a close second to week |
| actually controls the amount of activity the home will | | | | number two with 23% of the buyer activity |
| generate. The bottom line is your property will | | | | occurring during this time. By this point in time, your |
| attract the most activity from prospective buyers | | | | home has officially seen 65% of the activity that it's |
| and real estate Agents when it first appears on the | | | | going to get in the first eight weeks on the market. |
| market. | | | | This is definitely not time to give up or change |
| This has been statistically proven over and over for | | | | anything, but it certainly is a time to consider where |
| decades, which is why it is so important to price your | | | | you're at. |
| home at its fair market value from the get-go. If you | | | | Home Sales Activity Week #4 |
| don't, you may be wasting your time and all the | | | | The fourth week on the market is the third best |
| activity your home sees in the initial stages of being | | | | activity-wise . . . beating out week number one with |
| on the market. You see, over time, the market will | | | | 17% of the total activity. |
| actually communicate to you what it thinks of the | | | | Considering that 82% of all the activity you will see |
| price you have placed on the home. Seasoned | | | | has already occurred by this time, it definitely |
| Agents are more than familiar with this phenomenon, | | | | warrants a discussion with your Agent about |
| which is why they start to get nervous after a home | | | | whether your price is at or near fair market value. If |
| has been on the market for more than four weeks. | | | | your Agent is confident in your home's price, perhaps |
| There's a distinctive drop in activity around the four | | | | it's time you review their marketing plan and make |
| to five week timeframe. | | | | adjustments. |
| The showing activity will actually decrease as the | | | | Home Sales Activity Weeks #5 - 8 |
| market time increases. It's a naturally occurring | | | | Week five, in a decent market, is often a time to |
| phenomenon that can be controlled if you price your | | | | make course corrections (a price reduction, for |
| home at fair market value right from the start. | | | | example). Consider that 7% of the activity will |
| Home Sales Activity Week #1 | | | | happen in the 5th week, and by this point in time, |
| The first week your home is on the market is an | | | | you've seen 89% of all the activity you're going to |
| exciting time full of activity. Your Agent will begin to | | | | see. It's definitely the right time to make a change. |
| execute their marketing plan for you home, which | | | | Also, note that weeks six through eight see about |
| can/will include many of the following: print advertising | | | | 4% each. There's not a whole lot of activity left to |
| (postcards, newspaper ads, flyers, etc), in-house | | | | occur for you home in the last couple of weeks. The |
| marketing to fellow Agents in their brokerage, local | | | | greatest opportunity of selling your home is when it |
| board meeting announcements, Agent tours, open | | | | is a new listing. Once you hit the six week timeframe, |
| houses, and many others. | | | | it's time to start doing something differently. If you |
| Believe it or not, the first week will bring 14% of all | | | | don't make a change soon, you may miss the "My |
| the activity your home sees over the next eight | | | | Home Sold" window of opportunity. |