On Wednesday I attended a pricing analysis seminar. I’m a big believer in taking advantage of any tools that can help my sellers and I more effectively price their homes.
I will definitely be incorporating some of the new tools demonstrated! Among other things, they’ll give me the ability to look at the distribution of prices for different kinds of homes in different areas, the change in sales activity over various time frames, and marketing times within various price ranges.
One of the tools does a great job of showing sellers how homes that are initially overpriced end up selling for less and taking longer to sell than those that are appropriately priced to start with. Below is a table the system created for 2 bedroom condos in Lakeview sold over the past year. It shows an average sale price for condos requiring 1 or more price changes that is less than the average sale price for condos that didn’t need price changes.*
In addition, the rightmost column Average DOM (Days on Market) is over 3 times as long for the overpriced condos when compared to the right-priced condos.
Want to sell for the highest price in the least amount of time? Contact me! Let’s see what these new tools say about the market for your home!
*Based on Midwest Real Estate Data LLC (MRED) Data.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
