It’s an axiom in the real estate business: the longer your home sits on the market, the less it will send up selling for. But how much less? Every year, the National Association of REALTORS publishes their profile of home buyers and sellers, and in there, they give national statistics for how much less than asking price a home sells for over time.
I put their statistics onto a spreadsheet and calculated out how much home sellers stand to lose (off original asking price, NOT current list price) over time, using the median Santa Cruz county home price of $965,000 for June 2019.
Then I crunched the actual sales data for the first half of 2019 for Santa Cruz county, to see how much here, locally, sellers lose as their home sits on the market. It can add up to quite a lot – well into the six figures, the longer a home sits! You can lose well in excess of $1,000 per day that your home sits unsold.
So the the smart thing – don’t let your home sit long on the market! Price your home so that it will sell quickly, within the first 14 days on the market, to get the highest sale price for your property.