It’s no secret the market is here. It’s imperative that you are paying attention to showings as you venture into a hot market cycle. I’ve come up with the 3 strike rule for you to follow if you need to make a price reduction. Based on data from the last weekend, looking at showings and days on market you should have seen the following if you priced in the sweet spot.
1. Based on the 24,000 showings set last week and roughly 1,200 listings, listings should have received 20 showings in the first week they were listed. 2. Again, based on 24,000 showings, and 1,000 units going under contract, 24 showings should have yielded an offer. If you’ve had 24 showings and no offers you may not be in the sweet spot. 3. Finally, median days on market for the last week was 4. If you’ve been on the market for longer than 4 days you are in the bottom half of the pack.
Again, thanks to those of you who turned into this week’s presentation with Nicole Rueth of Fairway Mortgage. If you missed this week’s presentation you can catch the replay here: https://bit.ly/3o8Ll7E Nicole and I will be back to our weekly format presenting every Friday in February at 10:00. Registrations are open by clicking here: https://bit.ly/3r87UeqPlease consider using First American for your next closing, we deeply value your business!
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