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Does it take longer to sell a house if it doesn't have public water and sewer? |
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I received this question by e-mail a few days ago, and I had never really considered this before. Are buyers less excited about well/cistern/septic, or are buyers indifferent? This analysis won't conclusively answer that question, but it is an attempt to look at what statistical data suggests.... In 2008, there have been 382 single-family, non-Massanutten home sales in Rockingham County. Of those, 244 of the home sales were on both public water and public sewer, and 130 did not have public water or public sewer. The properties with public water and sewer, on average, took 177 days to sell. The properties without public water or sewer, on average, took 155 days to sell. This was a bit of a surprise to me --- I had suspected that homes with public water and sewer would sell more quickly. Let's take a look at a few prior years to see if this trend has been persistent over time... In 2007, homes with public water and sewer, on average, took 169 days to sell. In 2007, homes without public water and sewer, on average, took 133 days to sell. Again --- homes without public water and sewer sell more quickly! In 2006, homes with public water and sewer, on average, took 131 days to sell. In 2006, homes without public water and sewer, on average, took 111 days to sell. So --- can anyone think of any possible confounding variables? Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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