Wichita Real Estate Blog

Costly Mistakes Home Sellers Make – Mistake 1

If you’re considering selling your home, you probably want to know your options. Where do I begin? Do I have to use a Realtor? Should I consider selling by myself?
In today’s blog post, enjoy a preview of our report, “7 Costly Mistakes Sellers Make and How to Avoid Them.”  To read the full report, you can sign up by clicking here.
Mistake #1 – Setting the price too high – quit chasing it!
The price of homes can change as market trends show. When you sell your home, know that it may not be for the same amount as you purchased it. Be careful when setting the price because it could cause your home to stay on the market longer, making potential buyers wonder what is wrong with the home. This is what’s called “chasing the market,” where a seller keeps dropping their price and ends up getting less than what someone may have offered in the beginning. When figuring out the right price, don’t rely too much on national statistics but focus on your local market. Be sure to price according to your neighborhood, including the value and the range of what other homes in the area have sold for. Good sources to use include Zillow.com and Trulia.com
Take a look at this chart which shows the percentage of a listing price versus the days on market (DOM). According to this chart,  if one home is on the market for 5 months, the purchase price is 87.7% of the original listing price. (Source: KW Montgomery County via ActiveRain)

In Wichita: The average DOM for the past 5 years for a home purchased with a conventional loan was 79 days, while the median listing price for the past year is approximately $130,00. (Source: SouthCentral KS MLS 3/22/08 – 3/22/13).

 To read the full report, you can sign up by clicking here.

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