Percentage of original list price

“How long will this house be on the market?” – many buyers

The short, honest, answer to that question is, “I don’t know.” No one likes to hear that- but it’s the truth. At any given time someone can be interested in any house on the market and it could sell tomorrow. As a stat-driven-REALTOR I think numbers can lead you on the right path to educated choices. They will never guarantee anything, of course, but they will give you an inkling as to how long something should take. Take this chart of Will and Grundy County properties to close in the last three months (9.28.14 to 12.28.14); 2558 bits of data (closed sales of any type $20,000 or higher) comparing listing market time to percentage of  original list price sold for. I’m on record as preaching that houses generally sell for 94-96% of last list price. I think this shows that I’m not wring.

How do I use this fancy chart to tell me what I asked, smart guy?

Well, you DO need the help of a market expert (I’m one, but there are others). If a house you’re selling or one you’re interested in buying is priced correctly (ie: within 4-6% of where the professional tells you it is likely to sell for), you can surmise that it won’t be on the market very long. If your pro thinks that its value is about 80% of where it is listed, it has just a good of a chance at selling in 120 days as it does 30. PLEASE NOTE: This date is for the FINAL list price. So if that house you have your eye on drops its price, it’s odds of selling sooner will very likely increase. Of these 2558 properties, 1864 (72.9%) had NO price drops in its listing time.

Will/ Grundy County closed sales 9.28.14 to 12.28.14, of better than 70% list price to sales price and 365 days or fewer on the market.

Does this help or make it more unclear?

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