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So, there is a backlog of 1-2 years worth of homes on the market. What does that mean for individual sellers? Is there an average amount of time a home stays on the market before selling? (Priced for the market, etc.)
While every situation is different, you should figure that (if your home is priced well) it will take about 3-5 months to get it sold in today's market.
While every situation is different, you should figure that (if your home is priced well) it will take about 3-5 months to get it sold in today's market.
3-5 months for a contract to be signed or 3-5 months for closing to take place?
Careful what you see as "average" You can be listed with "Broker A" for a year at $450, then list with "Broker B" and lower the price to $350 on Tuesday and it sells on Thursday.
MLS has it as 2 days on market, when the actual figure is a year.
Keep in mind that this occurs every year, in good markets and bad. So, as inaccurate as the numbers are, you can use the to measure trends since they are probably equally as inaccurate from year to year.
My last house went on the market in April '06. It didn't sell until May '07.
Actually, we went to contract in May '07, but didn't close until friggin September!
That was 3 Real Estate companies later btw...
Horrible, miserable, depressing experience. Nothing but drama, chaos, and heartache.
Definitely will test your patience and temperment, as I came pretty close to knocking out quite a few people during the process.
Is that based on the average amount of time homes on LI have been selling? If so, when? Things seem to change constantly lately.
I think they use a simple formula.... # of houses in the market this month divided by number of houses sold this month.... same for next month and so on.... so you will see a gradual change over a period of time... up or down....
Quote:
Originally Posted by AndrewMensch
Careful what you see as "average" You can be listed with "Broker A" for a year at $450, then list with "Broker B" and lower the price to $350 on Tuesday and it sells on Thursday.
MLS has it as 2 days on market, when the actual figure is a year.
Keep in mind that this occurs every year, in good markets and bad. So, as inaccurate as the numbers are, you can use the to measure trends since they are probably equally as inaccurate from year to year.
This is true.... I saw that on one of the houses....
Quote:
Originally Posted by hotkarl
My last house went on the market in April '06. It didn't sell until May '07.
Actually, we went to contract in May '07, but didn't close until friggin September!
That was 3 Real Estate companies later btw...
Horrible, miserable, depressing experience. Nothing but drama, chaos, and heartache.
Definitely will test your patience and temperment, as I came pretty close to knocking out quite a few people during the process.
Sorry to hear that, good that you finally sold it, I'm sure it tests the patience these days....
My last house went on the market in April '06. It didn't sell until May '07.
Actually, we went to contract in May '07, but didn't close until friggin September!
That was 3 Real Estate companies later btw...
What do you mean by Real Estate Companies? Brokers? if it was in contract what were the lawyers doing? 4 months IS a long time..
Actually, we went to contract in May '07, but didn't close until friggin September!
Could sound longer than it was... Sounds like four months, but might have been just over three months.
When in May was your contract signed - the beginning, the end? And when was the closing - the beginning of Sept. or the end? And what did the contract state? On or about xyz ...
There is an implied 30 day "grace" period after the stated closing date. This should have been explained to you by your attorney (possibly by your RE agent).
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