Is Your House Being “Chased”? Or Is Your House Doing The Chasing?
The Market-What Matters Most: If the “market” is not “chasing” your house then it is OVERPRICED. Forget about the COMPS-if you want to sell your home in a certain time frame you must price accordingly.
A house that is “Being Chased” means that there are currently: Showings, second showings, offers, inquiries, internet leads, open house visitors.
If none of this is happening, then your house is “chasing the market”!
So what can you do to make your house one that is being “Chased” by buyers?
First step; price reduction. After the first 30-50 days of your house being on the market, reduce the price of your house by 5-10%. If you do not reduce the price of your house, it will continue to sit on the market. Sometimes 2-3 price reductions are necessary to create activity. The higher the price, the harder it is to get buyers to chase your home.
In October 2011, there were 59,000 active listings waiting to be chased by 4,300 home buyers. Odds are with the buyers-put your house in a position to be chased before your neighbors.