The latest sales numbers show an intense seller's market. There's about a one month inventory of houses now for sale! Yet it's taking an average 10% longer to sell than in the last year. Here, take a look at this chart from the Sacramento Association of REALTORS(r):
Well, let's take a closer look. The median days on the market are also up so are the average number of days on the market compared to last month.
Why is it taking longer to sell in a HOT real estate market? Have we reached the affordability threshold for Sacramento? Could buyers be getting picky? Are there people sitting on the sidelines hoping for prices to come down? Are sellers putting ugly houses on the market without fixing them up?
I don't know the real answer to why homes are taking longer to sell. But one thing really stands out to me is that the longer your house stays on the market past 30 days, the odds of selling it drop as well. Look the first 30 days on the chart. 68.7% sold. The next 30 days? It drops sharply to only 19.7% and falls even further thereafter. That means 81.5% of all sales occur in the first 60 days.
We believe that if you sell your house FAST, you'll get MORE money because if you wait, you'll need to make price adjustments to get more attention from the marketplace.
That's why we call our home selling strategy a 30-day action plan because everyone wins if we can sell the home in 30 days. If you do it right, you'll get lots of attention.
For example, I showed a home to a buyer yesterday. We had to stand in this line just to see it on the inside!