Harrisonblog

When selling your home in this real estate market (actually, in any real estate market!), it is important to price it correctly from the beginning to avoid frustration and a high number of days on market. The longer your house sits on the market, the more difficult it will be to sell it. Many buyers will automatically think there is something wrong with your house if it has been on the market for a long time. They think that perhaps it is priced too high, has an unattractive feature, or the sellers are too picky. Here are some price reduction statistics with regards to the local market.

Harrisonburg Residential Listings

• 42% of homes currently listed (as of 9/11/09) have experienced at least one price reduction.
• Homes currently listed that have experienced a price reduction have spent an average of 224 days on the market.
• 51% of these homes are single family (detached) homes, while the other 49% are townhomes.

Rockingham County Residential Listings

• 42% of homes currently listed (as of 9/11/09) have experienced at least one price reduction.
• Homes currently listed that have experienced a price reduction have spent an average of 281 days on the market.
• 82% of these homes are single family (detached) homes, while the other 18% are townhomes.

National Data (from Trulia’s September Price Reduction Report)

• 26% of homes currently listed (as of 9/1/09) have experienced at least one price reduction.
• $28.5 billion of total price reductions across the nation.
• Average national price reduction is 10% of original asking price.
• Luxury homes ($2+ million) are reducing their original prices by 14%.

* Note: Photo is not an actual ad.