Finding the sellers sweet spot…

 

I was discussing with a seller the relationship between days on market and a home’s ultimate sold price, and talking about how long a home should be on the market before accepting an offer.  The conversation prompted a theory, so I did a small study.
I looked at a 90-day history of homes that went pending within 10 days of being on the market in Allandale, Brentwood, Crestview and Hyde Park. Here’s what I learned:

FOR SELLERS:

On average sellers made the most money from the sell of their homes at 2-4 days on market. Oddly, the top 3 sales over list price fell just outside that window. My conclusion is that having a process to work multiple offers is good, but being flexible is important too.

FOR BUYERS;

What I found for buyers is less conclusive, but should offer some clues if you are competing in a multiple offer situation in these neighborhoods. While I know what the sold price was for all these homes, I don’t know what sort of negotiations occurred after inspections. That can change things…

Even so, I determined that the top sale was almost 10% over list price, and there were lot’s of sales that were 4-5% over, many that closed at list price, and a few that closed below.

The ones that sold for the least either went under contract right away or around day 6. That means — when possible secure your home quickly, and if you get in a multiple offer situation and you really want the home 5-10% would put you in the top tier of offers.

I hope that helps you or any friends you might have who are thinking about buying and selling. I love this stuff, and I love serving clients. If you know of someone who could use our service – please connect them to us. It would be an honor to help out.

The raw data is below – remember this is just a small sampling and a snapshot in time.

Cheers,

 

 

Central Austin Sellers Sweet Spot

 

 

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