Find below a new report by RP Data’s Cameron Kusher examining the relationship between initial listing prices, sale times, and the final sale price:
“Getting the price right in the first place is imperative – you can sell quicker and move on to your next property. Holding out for a better price tends to ultimately result in a greater level of discounting.
…if a home sells in less than 30 days, it has consistently recorded the lowest level of discounting by vendors. On the other hand, homes that sell after 120 days on the market have consistently recorded the highest level of discounting by vendors…
By analysing the results on a month-to-month basis, it shows that over the past five years, an average of 22.7 per cent of home sales each month sold in less than 30 days. In comparison, an average of 28.2 per cent of homes took more than 120 days to sell. According to Mr Kusher, this data suggests that the majority of vendors are taking more than 30 days to sell their home and are subsequently having to offer larger discounts in order to sell.
Full report below.
