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Chart 1: % of Sales Price to Final List Price by Days on Market
Regardless of time on market, on average, homes sell – after price reductions – within 4% – 5% of the final asking price. That is, most buyers simply will not make offers on properties they believe are significantly overpriced.
Chart 2: % of Sales Price to Original List Price by Days on Market
Poorly priced homes suffer large declines in the sales price to original asking price percentage as time on market increases. After 100 days on market, the average sales price to original list price % is 13% – 14% below the average of homes selling quickly.
The analysis continues… Read the PDF.