What Are the Odds Your Littleton Home Will Sell?
A local real estate company recently finished an analysis of which homes are most likely to sell. As it takes a while for a home to go through the selling process, they limited their study to homes that went on the market from January through September of 2009. What they found out was the odds of a home selling were dependant on several factors.
1. Homes owned by banks (REO) had the best chances. 90% of these listings sold, with the remaining 10% being withdrawn from the market or had the listing expire.
2. Short sales (SS) were the least likely to sell with only 32% of these listings ever selling.
3. Regular, non-distressed home listings had only slightly better odds than short sales, with 37% of these selling.
In the various categories, they discovered that the price of a home determined it’s odds of selling. In the Denver and Littleton market, the least expensive, 10% of all homes sell for $85,000 or less. Non-distressed sellers in this price range had a success rate of 78%. This is compared to a success rate of just 44% for SS sellers in the same price range. At the opposite end of the range, the most expensive 10% of the home sales sold for over $460,000. This market segment requires a jumbo loan, and they weren’t easy to obtain, or cheap, during this time period. In this high end, only 16% of the regular listings sold and only 14% of the SS.
For a middle of the pack comparison, let me tell you that in the price range of $210,000 to $315,000 for regular, non-distressed home listings, only 41% of these homes sold. Now true, this information came from 2009’s market and we’re doing much better in 2010, however, as a seller, one really needs to pay attention to the prices of previous sales. Over reaching in this market can end up costing you lots of time plus a potential sale.
Jerry Becker
jbeckerhomes@comcast.net