The number of days your Albuquerque house is on the market can have a big impact on how much your home sells for. Home shoppers instinctively know what home sellers aren't always willing to admit; the best houses sell fast and they sell closer to list price.
Buyers are always excited to see the new listings on the market, and they're willing to pay more for them. On the other hand, homes that linger on the market look stale and uninteresting online.
"So I want to tell you a story about how time on market affects how much a seller got for their home. This is not a great story, but I think it really demonstrates how important days on market and market conditions are to a property sale.
We went on the market at $300,000 dollars, the house was clean, ready to go, and it was a price that I had recommended. Within 14 days we received two offers on the property, one came in at $290,000, the other one at $294,000. With a little bit of simple negotiating, we had it in escrow; however, inspections revealed some bad conditions about the house, and the buyer walked. So after we made those repairs, we put it back on the market.
This time, it took closer to 20 days to get an offer; however, we got three - that was even better! However, this time instead of coming in in the 290's they came in in the 280's. I think we had two at about 280K on the nose, and one at 284k or 285K. So you can how those few additional weeks on the market cost that seller a large amount of money.
We put the house into escrow that second time and everything looked like it was going to close, then the buyer lost their job and couldn't get their financing. Now we had to put it on the market for the third time.
Now it had 45 days on the market, then 50 days on the market, I know what buyers are thinking, they're looking at it online thinking "Wow, it's at a great price but it hasn't sold. What's wrong with it?" So now, when they come to look at the home, they would look at it in a different light not like "This is a great deal, we better make an offer to get this awesome house." They were always like "Wow, I wonder what is going on, why this took so long to sell, and what's wrong with it?"
In the end, I was able to get the property sold, but, we sold it at $275,000. You can see that those 60 extra days on market time cost us a big chunk of money. Now I have to tell you, one other thing happened during this time period too, which was something neither the seller nor I could control, and that is that the market went kind of dead. What had been a very vital market where homes were selling quickly, turned into a dull market, over the summer months, in June and July, and that affects what a seller can get too.
Anyway, the whole point here is that days on market really affect how much you are going to get for your home. Buyers watch that number very, very closely."
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