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