One way that sellers can help themselves is to work with their agents in attaining statistics that show the average time it takes to sell a home. A review of this data with respect to “comparables” (homes with similar characteristics) can provide valuable insight into which list prices led to quick sales and which prices were set so high that they prolonged sales. At the same time, it pays to remember that the “days on the market” statistic only applies to homes that were sold; those that were taken off the market and relisted skew the numbers downward. This is but one of the tools that real estate agents have at their disposal to help facilitate sales.
HINT: A good statistic for sellers to bear in mind is the ratio of list price to sales price, which provides an idea of the latest pricing trend and reflects how much sellers are willing to negotiate.
