Earlier I wrote the longer it takes, the less you get
So why do you get less money for your home the longer it takes to sell it?
Aside from the fact that's it's probably overpriced to begin with, and that's why it's still for sale, there are other elements that come into play after a house has been sitting on the market for 4 or 5 months.
And it's all pretty simple common sense stuff.
-after the first few weeks on the market the biggest group of buyers who might have had an interest in that house have already seen it and passed on it, because it's overpriced. So they're gone and now there are many fewer potential buyers lurking around.
-in a declining market, a house is worth less in August than it was back in March.
-after a house has been sitting on the market for a long time, buyers see it as less desirable. Nobody else wants it, so why should I.
The damaged goods syndrome.
- after 4 or 5 months the seller has probably reduced the price once or twice, and even if it's now priced right (which it usually isn't),
the buyers are now leery and wonder if it's still overpriced or if it'll be reduced yet again, or what's the matter with it.
And in the unlikely event they do decide to take a swing at it, and even if it's now finally priced right, at this point it usually doesn't matter. It's tainted goods now for having been on the market so long, and priced right or not, buyers expect to get it at a big discount.
- and by this time the seller has lost all confidence and is worn out and fed up with the whole process and wants nothing more than for it to be over. So they're willing to accept a lower price (if they can) just to be done with it.
So price it right, sell it fast, and get more money.
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