Another important stat to consider before buying or selling real estate in your local market is how long homes are taking to sell.
The main reason CDOM (combined days on market) is import is because there are more properties for sale as direct competition, and to sell you’ll have to be priced better than the direct competition. Direct competition are the homes most similar in design and also in condition to your home.
Below is a chart showing the average “days on market” for homes listed in some Central Alberta towns.
It’s not difficult to sell if priced properly because most properties for sale are slightly overpriced. And that’s why it’s best to use sold homes to compare to when planning the ideal list price to encourage the best sale price.
Most people think their personal home should sell at the top of the range, however, that only applies if your home is in immaculate condition inside and out. Very few homes for sale are immaculate if not brand new. You have to consider the comparative condition of you home to price correctly.
Price right because pricing your home to high can hinder it’s actual sale price and incur more costs as you carry it.
To price correctly hire a qualified Realtor® to examine the market (inventory, days on market, average sale price, list price compared to sale price etc.), look at similar homes that have recently sold and provide an honest price opinion based on these details and their experience. Be sure to always hire an experienced Realtor®.