A real estate survey that was completed by the National Association of Realtors provided the statistics on the length of a listing and the effect of the length on the listing's price; noting the longer a house stays on the market the further below list price it drops.
"The longer a house stays on the market the further below list price it drops."
When a home sells in the first month the home averaged 1% more than the list price. Homes that were in the market for two/two and half months; averaged 5% less than the list price. Three months or more on the market the list price averaged 6.4% less. Going over twenty-four weeks on the market, the house's list price average dropped about 10%.
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Posted by Eileen Robinson
(source: National Association of Realtors)