Why Is That Number So High

Why Is That Number So High

There was a good response to my blog from a few weeks ago. In it, I indicated the reason it makes sense to make repairs to the home prior to bringing to market. One question was, "if there are fewer homes for sale, does it matter? Won't it sell for more because there are more buyers competing?" The answer is, it does matter. When you come right down to it, there is only one reason a home doesn't sell quickly in any market condition; the price. 

There are a few factors in the price equation. The best indication of pricing is the "comparable sale". Like homes sell for like pricing in any market condition. Each home has its own set of characteristics even if it an identical model. Each home is used or abused at a different rate. The condition of the home influences pricing. 

Earlier this month I showed how few homes are available in our area. Let look at Bolingbrook again. The number here is month's supply of homes for sale. 

Feb Month's Supply

Click on image for larger

That's less than 2 months of homes available to be sold as of last month. Now, here is how we can define the correlation that the state of repair has an influence on how quickly a house will come under contract. People looking at homes today are in the "ready to buy" mode. They have been preapproved and have the funds to close because no Realtor is showing homes to people that are not in this condition. Look at this number:

Showing Until Contrat

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When looking for a home to buy, people have scoured the internet and know the criteria of the house they want before they go see it. When they see it, they know within the first 2 minutes if they want to buy. Why then, is it taking 7 more showings from just last year to go under contract in this market? Most likely, the first impression suggests that they move on to find a better quality of house. If by making the home more appealing through repairs, then it follows that the home would be snatched up within the first few showings. 

If you're interested in learning more about how to prepare your home for sale, give me a call or text. That's what I do.

"Prepare To Be Moved"

Steve Lona

630-343-9839 Direct/Text

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Phone: 630-343-9839
Dated: March 27th 2018
Views: 55
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