Earlier we saw how a fresh new listing gets more traffic, and that buyer interest dies off quickly:
Yet historically about 3/4s of the sellers insist on testing the market for weeks or months, just to make sure. Buyers don’t mind waiting, because they usually get a better price when they do.
Realtors get criticized for just wanting a quick sale, but the data shows that selling earlier in the listing period means getting closer to the list price.
The first group here are those houses that sold during their first 10 days on the market, and the second group are those that sold after 11+ days:
NSDCC detached-homes sold between September 1st and October 31st:
Buyers are demanding a slightly larger discount today, plus sales are also down 15% YoY so a few sellers aren’t budging – but they’re not selling either.
It’s probably never been so important to be sharp on price. Just don’t add any extra mustard!