46 Percent Of Ahwatukee Listings Were Over Priced
In 2015, there were 1,619 Ahwatukee homes sales in the Arizona Regional MLS. One of the most overlooked statistics can be seen down in the lower right corner of the graphic of Ahwatukee Sales Comparisons below. It states that 750 or 46% of the 1,619 Ahwatukee properties that sold in 2015, had a price reduction before they sold. That number represents forty six percent of all of the sold Ahwatukee listings required a price reduction.
Some may, say so what? The graphic below demonstrates that of the 1,619 Ahwatukee Homes Sold in 2015, 508 sold in less than 30 days, in a market where the average days on market was 79 days. Only 62 of these sold in less than 30 days properties had a price reduction, so only 12% of the sold in less than 30 days properties had a price reduction. Most were priced correctly at the time of listing and were sold quickly.
The chart below shows that 247 or 15% of Ahwatukee Homes sold in less than 10 days. Only 13 or 5% of the homes that sold in less than 10 days had a price change. They were priced, marketed correctly and sold.
Forty six percent of Ahwatukee 2015 listings were overpriced with an average selling time of 79 days while 6% of Ahwatukee listings sold in ten days or less. Further 25% of Ahwatukee listings are cancelled or expire before they sell. (CLICK HERE)
A property that is priced correctly will sell in a fraction of the time that a property that is overpriced. Price your property correctly at the time of listing to save extended marketing times.
There are many reasons a property stays on the market and is not sold. The fact that 46 percent of Ahwatukee listings are over priced and had price reductions are a factor. Certainly location and condition play a big part. Effectively marketing a property also plays a big part in the price a seller can expect to get. The statistics cited above certainly seem to indicate that one of the biggest factors in getting a property sold quickly is to list it as close to the comparable sales as possible.
A seller can’t change the location, but they can change the condition and they can change the price. Better yet, they can list the property as close to the value represented by the comparable sales, to get it sold faster and for more money.
Listing a property above the comparable sales is a common practice. The seller wants to get as much for the property as possible. We also frequently hear a seller say, I want to list high so I can test the market. We can understand the sellers motivation, but what cost are they willing to pay to push the envelope hoping to get more or to test the market?
The fact is that, while the seller and the agent are testing the market and testing the price the Days On Market (DOM) are accruing in the MLS. If 46% of the great listings sell in less than 30 days, buyers and agents start to wonder what is wrong with a property that is on the market for 30 days or more.
On Market Days are devastating to the price a seller can expect to receive for a property. As days on the market progress buyers and agents will draw conclusions that there is something wrong with the property or with the price. These assumptions will reduce the number of showings and bring out the bargain hunters, resulting in lower offers and a lower sale price…. or worse yet, no offers and accruing days in the market.
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