Days on market, buying or selling
Ardell at Rain City Guide says days on market do matter.
"This week I’ve been trying to answer the question “Where are prices?”. Are they back to early 2006 levels? Are they back to mid-2005 levels? The answer is both, and days on market is what separates the two. When comparing apples to apples and studying data within small segments of each market, virtually no sales are selling at peak levels, peak being summer of 2007. Those that sell in 20 days or less are selling at mid 2006 to early 2006 levels. Those that remain on market for 40 or more days are selling at mid 2005 levels. Those that try to sell at 2007 levels, end up at 2005 levels. If they had started at 2006 price level, they would have sold more quickly and at a higher price."
Bottom line, if you are selling your home in today's Charleston real estate market, pricing your home to sell will result in selling quicker and for a higher net price. And if you are buying, the best values will be found in homes that have been stagnating on the market (unless you happen to come across a stubborn seller).
Simple enough. Thanks Ardell.
My election post will be first thing tomorrow morning and I'll amend what Ardell had to say about voting early.
Growing up in Chicago, the phrase back then was vote early and vote often. 