ois Marris | RE/MAX Results | Lois.Marris@Results.net

Days on Market in Real Estate

Whew! You’ve done all of the hard prep work and your home is listed for sale. You’ve decluttered, depersonalized, did your deep cleaning and staged your home like a pro. Now you’re ready to hit the market with gusto.

Your first 30 days on the market are a special time for you as a seller.

This is the time that both you and your potential buyers are excited about your house. Statistics show two very important things about your first 30 days on the market:

  1. You will have the most showings during your first 30 days

  2. You will have the best chance of getting a full price offer during your first 30 days 

What does that really mean?

It means that you should take this first 30 days very seriously and do everything you can to get your house sold because you’ll never get the first 30 days back again. You have two groups of buyers during this first 30 days. The first group of buyers represent pent-up demand. These are real buyers who are searching for a home but haven’t found “the one”. These buyers search the internet every day, sometimes hourly. They are signed up to receive instant email or text alerts when a new home comes on the market. They have their pre-approval letter in-hand and know their loan officer well. They have rejected every other home currently for sale. These days, their free time is spent at open houses and touring homes with their agent. They watch their text messages like a hawk and descend upon new listings like a Black Friday shopper at Best Buy. Their gusto for your home lasts about 3-5 days. After that, they’ve seen it and given you an offer or they’ve moved on. Some of these pent-up demand buyers are a bit more relaxed so maybe it will take 7-14 days to see your listing online and then give them another week to visit the house in person.  After 30 days, there is no doubt that this group of pent-up demand buyers are gone, never to return. They have either rejected your house or given you an offer.

The second group of buyers during the first 30 days are the buyers who are just beginning to look for a home to buy. These are also real buyers, not looky-loos.  These buyers are in a different phase of their buying process. They just started to attend open houses, may or may not have their pre-approval letter in hand, may or may not be working with a real estate agent. Don’t confuse these buyers with looky-loos. A looky-loo just looks with no timeline in mind and no urgent need to make a move. Instead, this group are true buyers, with a true need but they are in an early phase of their buying process. Eventually, these buyers get a bit more serious and if they can’t find the right home they become pent-up demand buyers.

You’ll get the most online and in-person showings during your first 30 days on market because that is the only time you have both types of buyers looking at your house. After 30 days, the pent-up demand buyer is gone, moved on to something else and you are left with the just the new buyers who are coming on the market.

Take Advantage of your first 30 days

It’s the simple economics law of supply and demand. When there is more demand for your house the price will rise. When there is less demand for your house, the price will fall.  Pent-up demand and new-buyer demand overlap for just this first 30 days. Take advantage of it! Hit the market well prepared to WOW the socks of any buyer who views your house either online or in person. Make sure your agent uses a professional photographer. Make sure your home is photo ready: painted, de-personalized, decluttered, amazingly clean, in good condition and staged. 

Most importantly, make sure your house is priced right. Pent-up demand buyers have been viewing houses just like yours for a while. They have seen all of your competition online, they may have watched some of their favorite houses sell and they know what they sold for. These buyers will decide in heart-beat if you are overpriced and if you are, they are moving on. Their opinion matters as they are the most likely to be very in tune with your competition and the real estate market in general. If your house is priced well, these buyers will come to your home for a personal visit and you’ll know you’ve done a good job on price. If you have a respectable number of in-person showings yet no offer, then chat with your agent. The showing feedback should help you and your agent make an adjustment. The adjustment may need to be a condition change, marketing change or price change. Whatever it is, do it quickly!

You’ll be Happier in the Long Run

I’ve had sellers be so reluctant to do a price change that they miss the very important first 30 day opportunity. However, over the years I’ve noticed that the seller who captures an offer in 30-45 days is so much happier than the seller who languishes on the market for months longer.  A fast sell is usually less stress for a seller. A fast sell means you won't have to keep your house clean for showings and open houses, you won't have to leave for showings and you have a definite future instead of an uncertain one.

Spare yourself a drawn out marketing nightmare, work with a trusted real estate agent to prepare your home for sale, price it well and market it well. You won’t be sorry! In the Rochester Minnesota area you can contact me at 507-398-3251 or Lois.Marris@Resuts.net. If you are in another part of the state or country and in need of an agent you can call our team as well. We will refer you to a local agent who can help you sell your home.