the seller’s assessed price, the asking or listing price (projected market value), and the price at which the home sells (sale price). Let’s turn to what the homeowner/seller can do to elicit offers in a competitive market. The seller’s time, effort, and investment are the most important parts of the process. The seller’s willingness to adequately prepare the home for presentation and willingness to live in that pristine state for the time it takes to sell the property will greatly affect both the sale period as well as the price at which the home sells. A market in which homes normally sell in no more than six months of listing is considered balanced or neutral, which means a good number of homeowners are selling and buyers are purchasing; therefore, neither has an upper hand. A variable, for instance, like a major company entering or moving from the area may tip the scale toward homeowners to make a swift market or toward buyers to make a slow market. The typical selling time in a swift market might be 30-60 days, while that of a slow market may be up to nine months or more. Typically, if a economic average is that properties are selling in five months or less, it is considered a seller’s market.
LIVING IN A FISHBOWL
A house on the market requires keeping the home in a constant “show-ready” condition, and changes in day-to-day life are inherent in the process. Sellers may get unexpected phone calls at all hours from unrepresented consumer buyers or buyers’ agents to show the home. Sellers may also get updates by phone, email, and text and show appointment scheduling messages from the listing agent. They also will likely deal with repair and reconditioning appointments, and inspections. The house may be photographed for online, periodical, or other presentations.
There are repeated showings when the home first hits the market.
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