The Importance Of Getting An Offer Within The First 30 Days

In a fast paced Real Estate Market like we have in Western New York, you do not want to be the seller in the neighborhood that reduces their property every 45 days. In the past 6 months 3,749 properties have sold in Erie and Niagara counties. Of those 3,749 63% of those homeowner accepted an offer that was their original list price or over the List price within the first 30 days of their property being placed on the market…

So what about the other 37 % of homeowners who did not get an offer within the first 30 days?

This group of sellers accepted an offer within 31-180 days and accepted an offer within 78-89% of their original list price. If your selling your home for $219,000.
That means on day 31-180 you will be accepting an offer of $173-195,000.

Who’s Looking?

There are four types of buyers

Motivated Buyers– Ready, willing and able- this type of buyers is willing to buy today. They understand the market and have done their research.

Interested Buyers– Although seriously looking, they may not be in a huge hurry. They generally take more time to make a buying decision and are prepared to negotiate price or walk away.

Bargain Hunter-This buyer tends to be an investor or flipper who only is interested in the property if it is significantly reduced under market value

Tire Kicker- This buyer usually has not taken the necessary steps to get qualified or does not qualify. Knowing the market and the demographic of people who will be walking through your property is one of the most critical pieces before placing your home on the market. Will the largest audience be looking for modern and sleek updates? Or will they be looking for more contemporary feels throughout a property?

Pricing Matters!

If your thinking about selling your home the first thing you have to understand is that Serious and Motivated buyers have already done their research into the neighborhood and know what homes are selling for in the areas they want to live. Your property will be considered new inventory and will gain attention just on that fact alone. To increase the chances of multiple buyers having interest in you’re your home, you need to be priced correctly. Even a home that needs updating and minor repair will sell quickly with the right price tag

Have any Questions about your property?
Feel free to leave a comment in the comment section or email me at ksmith@buffalofirstrealty.com

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