Average Listing Times a Drag?

Posted by: Peggy Boehm on January 4th, 2008

One of the first questions a prospective home buyer or seller asks an agent is “How long will it take to sell (and close) my home” or “how long will it take for me to buy a home and move?”

One of our jobs as a real estate agent / Realtor® is to help our clients get in sync with the market.

They look to us to help them determine when they need to list their property, or start shopping for a new home, in order for them to meet their time frame for moving.

Setting expectations as best we can helps us to not “over promise” and “under deliver.”

Unfortunately, the real estate market is out of our control, and one of our biggest challenges is that our clients’ success depends on the market, and not always our service.

At HomeGain, we track the time it takes for our home buyers and sellers to close, from the time they come on the site and complete a profile to the time they actually close, and of course are able to move.

The National Association of Realtors® recently reported there is an average home listing time of 10.8 months.

HomeGain home sellers are outpacing that time frame by quite a bit!

Our numbers reflect HomeGain home sellers are closing with our agents in approximately 6.5 months or approximately 15% longer than at the same time last year, December of ’06, when they were closing in about 5.5 months.

HomeGain homebuyers are closing with our agents in approximately 4.5 months or almost 1/3 longer than at the same time last year when they were closing in about 3.5 months.

Top Performing HomeGain agents this year are taking a little longer to close a deal for our customers, or about 6.5 months versus a total average of 6 months or 5.5% longer.

If you think about it, that makes sense.

HomeGain Top Performing real estate agents tell us they are able to hold onto their listings a little longer than average and do what it takes to get the property sold and closed without having the listings expire.



One Response on “Average Listing Times a Drag?”

Peggy Aldinger

The Market now consists of mostly Bank owned properties. The banks are scrambling to rid themselves of this massive inventory. Listing agents are presently allowed to list at whatever price they want and a lot of them are listing way below market value. This doesn’t mean the banks will take this low offer. In fact I guarantee they won’t. Unscrupulous agents are doing this just to get offers in and scoop up buyers(new clients). I am seeing multiple offers on REO’s to be the norm right now, any where from 90 to 180 days or more for the banks to get back to the offerers. This sends a wave of unfounded panic to normal home sellers. Home sellers look at the comps and think they too have to list their homes at these undervalued prices thus losing precious equity unnecessarily. I see that investors are buying these scenarios up like crazy. Preying on unsuspecting homeowners is the biggest way to make money right now unfortunately. Pacific Cove Realty & Loan
Peggy Aldinger
REALTOR® -Epro -President
Cell : 714-454-2748
Fax : 714-908-9977
Office : 949-681-3808
9891 Irvine Center Dr. suite 200
Irvine, Ca 92618

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