{"id":149,"date":"2016-03-10T00:29:25","date_gmt":"2016-03-10T05:29:25","guid":{"rendered":"http:\/\/www.petercoppard.com\/blog\/?p=149"},"modified":"2017-11-15T01:40:13","modified_gmt":"2017-11-15T06:40:13","slug":"how-days-on-market-affect-vancouver-home-sale","status":"publish","type":"post","link":"https:\/\/www.petercoppard.com\/blog\/2016\/03\/10\/how-days-on-market-affect-vancouver-home-sale\/","title":{"rendered":"How Days On Market Affect Home Sales"},"content":{"rendered":"

How Days On Market (DOM)\u00a0Affect Home Sales<\/span><\/h1>\n

Days On Market can affect the home sale and indicate an incorrect List Price at the outset. While we are seeing many properties sell in days at, or above asking, there are as many properties that do not sell. \u00a0Home owners are advised to think carefully when evaluating their Listing Price.<\/p>\n

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Set The Right List Price\u00a0<\/span><\/h2>\n

Although it can be tempting to “test the market” by setting a high asking price, it is not the most effective strategy, especially in a hot market like Vancouver.<\/strong> Potential buyers are far more likely to shop for homes that are priced reasonably in relation to the “comps,” homes of similar size, age and amenities in the same or a similar neighbourhood.<\/p>\n

Don’t forget that most sales begin online; potential buyers can, with a simple click, navigate away from a specific listing in favour of another that has a more realistic price, more appealing photographs or a more complete description. You want to generate showings in order to prompt offers.<\/p>\n

Statistics reflect an increase in sales prices over the last several months, but you have to also consider “Sold” numbers for the past year in relation to “Days on Market”<\/strong> to determine your initial listing price. Additional information to have in your arsenal is the relationship between listing price and selling price, and complete details on current listings.<\/p>\n

Setting a listing price is not an exact science, but by arming yourself with the facts, you can make an informed decision and increase your odds for a timely sale.<\/p>\n

\"How<\/a><\/p>\n

Some Results of Over – Pricing\u00a0<\/strong><\/p>\n

Here are just\u00a0six of the disappointments you\u2019ll find with an overpriced house:<\/p>\n