Almost half of sellers won’t close the sale
As many as 40% of homes that are listed this spring won't sell. While many factors contribute to the successful sale of a home, studies have found the most important factor is the listing price.
As many as 40% of homes that are listed this spring won't sell. While many factors contribute to the successful sale of a home, studies have found the most important factor is the listing price.
Did you just list your home for sale? Then be prepared: approximately 40% of you won’t end up selling your home.
That’s what University of Guelph professor Paul Anglin found when he studied how failed attempts to sell a home either prompted sellers to either relist immediately or wait between attempts.
While the study is now seven years old, and though we’ve seen a lot happen in those seven years, it still begs the question: why aren’t those houses selling?
While Anglin found that dissatisfaction with a realtor was a factor, the single largest reason for a house not selling was an inflated listing price.
In fact, additional studies (such as the Merlo and Ortalo-Magne study) show that up to 35% of sellers will lower their list price by an average of 3.3% while the listing is still active. On a $350,000 home that’s a price adjustment of $11,550.
What can you do?
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