Three reasons why some Dothan homes for sale sell quicker than others
December 17th, 2007 - Categories: Dothan area Real Estate Market information, Inside the numbers, Real Estate News, Selling a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
There were 94 homes sold in Dothan in November, according to the Dothan Multiple Listing Service. Looking at the statistics, each spent an average of 128 days on the market. Out of those 94 homes however, 25 sold in less than 60 days. Why?
The median price for these quick sellers was around $133,000. No significant difference from the overall market median for the month of just over $134,000. 16 of the 25, or 64%, were inside the city limits of Dothan. So far this year, 62% of all sales have been inside the Dothan city limits. Again, no significant difference.
So why did these 25 homes sell in half the average market time? What makes them so special? What sets them apart from the rest if it isn’t location or price range? Read some of these remarks taken directly from the MLS listing:
- “Ready to move in”
- “Totally remodeled”
- “new appliances, countertops, flooring”
- “Best price in subdivision”
- “lots of extras and upgrades”
- “easy to show”
- “mint condition”
Only two of the 25 were listed to sell as-is, and both of those were foreclosures. The rest had three things in common. First, they were priced at or slightly below their competition. Second, they were in excellent condition. Third, they were easy to show buyers. Not a single one was listed as having an allowance for new carpet. None were listed as needing updating. Only one asked for a 24 hour notice for showings.
The most interesting statistic however is that the list-to-sell price ratio of these 25 homes was 98.24%, nearly 3% better than the market average. In other words, these sellers pocketed an extra $3,000 to $4,000 by having their home priced right, in market ready condition, and available to show AT THE TIME OF LISTING.
Time is indeed money. How does your home stack up against these quick sellers?
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This entry was posted on Monday, December 17th, 2007 at 11:49 am and is filed under Dothan area Real Estate Market information, Inside the numbers, Real Estate News, Selling a home in the Dothan area. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Charles, that was an excellent breakdown of your market and you provided valuable insight to the market. Your clients will certainly benefit from your knowledge.
You make some EXCELLENT points here- ones that I hope every seller (in addition to those in Dothan)out there pays attention to! 1. Price is king 2. Have it ready to sell and 3. Make it easy to show! Very basic… yet so hard for many to comprehend.
Your stats for DOM for DOthan AL homes are quite impressive.Price it right and have making it easy to show are crucial in this market.
Charles, This is a great article. It clearly shows how sellers in the Dothan real estate market can get their homes sold faster and for more money. It also inspires me to run some of these same type of queries in my local real estate market. This is great data for seller presentations. Thanks for the effort and ideas. - Karl
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