I got a few good questions today and here are some answers.
Why do you only show the list price of your sold properties? If you are looking at sold properties from my www.EastmanRealEstate.net blog, the blog links directly to my other web site www.JeffAdie.com
That site is limited to what information I can input. The list price is the only price I can post and I’ve asked for that to be changed and no success there.
You don’t show days on market, why? This is a very complex number and I don’t believe its valid. Here are some of the reasons why.
Properties are listed too high, don’t sell, then people take them off the market. The seller either re-lists or changes agents. If they re-list all you have to do is wait 30 days, get a new MLS number and the days on market number resets to zero. If they change agencies, you can re-list right away, get a new MLS number and days on market start at zero. I’ve seen the same property go on and off the market for years but the days on market only show a handful of days when it should be years. Another issue I have with days on market is a scenario like this.
New Listing January 1st, 2009 Price $500,000. Three months go by no showings
Price Reduction April 1st, 2009 new price $475,000. One or two showings but nothing happens.
Price Reduction July 1st, 2009 new price $450,000. Several showings, even some interest but no offers.
Price Reduction October 1st, 2009 new price $425,000. Showings start, interest, and the house sells at $419,000 and closes on October 30th, 2009.
Here is my question: Should the days on market be 304 days? Or should it be 30? The original price was a pipe dream, the property would still be on the market if they didn’t reduce the price. If the home was priced at $425,000 it would have most likely sold in 30 days.
What do you think?