I love numbers. You can count on them to tell you the truth. They can’t be bothered by any emotion that we may attach to them. They are simply there to explain the facts. And as it related to my latest blog, the numbers are telling an age-old story of how right pricing is crucial to selling your home.
I looked up statistics reported through our Greater Louisville Multiple Listing System (MLS), searching for “Active” listings, “Pending” sales, “Solds”, and “Expired Listings” in all of Jefferson County (Louisville), as well as the outlying counties of Oldham, Shelby, Spencer, Bullitt, Henry and Trimble. The reporting was for homes priced between $100,000 and $3,000,000.
Beginning September 1, 2012 and ending November 30, 2012, here is how our fall market reported (Note the days on market as you review each category):
Total Listings: 3,312
Average Price: $284,454
Average Days on Market: 182
Total Pendings: 1,796
Average Price: $226,457
Average Days on Market: 116
Total Sales: 1,752
Average Price: $223,212
Average Days on Market: 109
Total Expireds: 646
Average Price: $312,698
Average Days on Market: 253
Notice A Trend?
As you work your way through these statistics, it is always interesting to note that the homes that beat out the competition and won the sales contracts had their homes priced to sell, and it took them less than four months to achieve that sale.
Moral Of The Story
As I consult with Seller clients, their focus typically is on the amount of marketing we can provide them. We do offer an over-the-top, highly aggressive marketing campaign that get out clients’ homes noticed, and makes the phones ring. But even more important in my opinion is to have a Realtor working for you who really knows her marketplace – someone who will take the time to fully research your home, your neighborhood and find the very best listing price for your home.
Gone are the days when you can opt to “test the waters” and start at a list price that is just not practical in today’s ever-shifting housing market. As these numbers bear out, pricing it right from the very start gives you the very best chance at getting your highest and best achievable dollar for your home.
Watch for an upcoming blog about our predictions for first quarter 2013.