Days on Market and Price Reductions

Posted by Marla Janzen on Monday, February 11th, 2019 at 12:09pm.

As an award-winning Century 21 Fusion SASKATOON Real Estate Agent I know Saskatoon, Warman and the surrounding area extremely well. I take action to sell my client’s homes. I strive to find them the perfect new place to live while negotiating the best terms and price possible.  I pride myself on educating clients about all aspects of real estate transactions.

When searching for homes, countless buyers will ask how long a home has been on the market.  They are typically thinking one of two things - something is wrong with the home or the price is too high. Let me clarify these thoughts.

Buyers need to know if the price reflects what is being offered.  They need to know exactly what is “wrong” with the home, every home will have its imperfections.  In this case, what is “wrong” with a home could be exactly what makes it right for someone who appreciates the opportunity and the reflected price.

On the subject of overpricing, we need to consider that when a home is extremely unique, a long marketing time could be necessary to attract a buyer with the same unique interest.  Typical homes that have been on the market for quite some time could point toward mediocre marketing but more likely an overpriced listing for the current market regardless of what is “right or wrong” with the home. Sometimes when homes are reduced and buyers ask “how long has it been listed?” the proper response is “at that price, only...days”.   By a bit of exaggeration, let's suppose a home has been on the market for two years at $500,000 and the seller reduces it to $425,000. Now while the buyer is asking how long it has been listed, there are other offers being presented, followed by a “sorry it’s sold”.

While you can always make an offer, it’s always best to discuss with your REALTOR® (they’ll be able to determine fair market value) and to ask yourself, “does the price reflect what is being offered?”.

Contact me I am one of just 3 Trusted Saskatoon REALTORS ®. I am looking forward to helping you find understand the recent changes and sell or buy your home! I love what I do and I take great pride in providing excellence in customer service to all of my clients. I strive to find them the perfect new place to live while negotiating the best terms and price possible.

 

 

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