If At First You Do Not Sell, Reduce The Price!

Good News!

• An amazing 31% of homes currently selling do so within 90 days of being listed.
• An additional 35% (for a total of 66%) sell in 3 to 6 months of being listed.

BUT WAIT . . . Many homeowners who are trying to sell their homes right now are not experiencing these joys of a speedy sale.  So, if your house isn't selling, what can you do?  The most common approaches are:

• adjust the price
• adjust the marketing
• add incentives (closing costs, allowances, etc)
• (what else can you think of that would work here?)
  

Inspired by discovering that 26% of homes in the Charlottesville market have had price decreases, I thought I'd check the local stats for our market.

When considering all residential properties In Harrisonburg and Rockingham County:

• 859 properties are currently FOR SALE
• 368 of these properties have had a price change

So, it seems that 43% of homes for sale in Harrisonburg and Rockingham County have had price reductions, as compared to only 26% in the Charlottesville / Albemarle area.

To put this in a bit of a historical context, when I checked the same data nearly two years ago, 40% of homes for sale had experienced a price change. 

OF NOTE:  Our MLS simply searches for price changes, therefor some of the 368 price changes could be price increases, though it seems doubtful.