How does days on market affect your list price-to-sales price ratio?
Today I’ll talk about days on market and how it affects your list price-to-sales price ratio. Your property will get the most activity during the first two weeks that it’s on the market. When your property is freshly listed, people want to come see it and learn if the value is there.
The longer you are on the market, the more your list price-to-sale price ratio expands. During the first two weeks, you usually get a 100% or 98% list price to sale price ratio. Once your days on market nears a month, that ratio starts to drop to 97%. If you’re on the market for three months, it will be even lower. Depending on the property, it could fall by 5% to 10%.
Prospective buyers will get suspicious when a property has been on the market for a long time. They’ll wonder why someone didn’t buy it already and assume something is wrong with the property.
If you have any questions about days on market, please feel free to reach out to me by phone or email. I’d love to hear from you and answer any questions you may have.