At The Peters Company we have been used many strategies throughout the years to track progress, understand the market and give the very best service & communication to our clients! One of these strategies is found on our weekly seller updates that we affectionately refer to it as “red light/green light” markers. When we first mention this to sellers, we find that it needs further explanation, so we felt it best to layout the rules for “red light/green light” here for you to reference any time!
On a weekly (at minimum) basis, we are looking for three key indicators surrounding your active listing. They are:
Ten days on the market with no showings – this is a big one, my friends. If a home has been on the market for 10 days and not received ANY showings OR if we’ve gone 10 straight days since our last showing we have a problem on our hands – and it’s usually price. Buyers aren’t even bothering to look at the house and a change is necessary.
Ten showings with no offers – this indicator surprises many sellers. Of course, multiple showings is a good thing, but we find that typically every 8-10 showings produces an offer. If 10+ people have come through the home and passed on it, we’re simply helping them make the decision to buy another house. It’s important to understand WHY – could be price, could be condition – either way, it’s important to analyze the feedback and make some adjustments.
Thirty days on the market without going under contract – The Peters Company average days on market is 15, so we know that once we’ve been on the market for a month, we SHOULD be under contract. If we aren’t, we need to know why. Homes that sit on the market a long time in today’s world become stigmatized, so that 30 day marker is an important one to recognize and act upon to get your property under contract as quickly as possible.
So – where does this “red light/green light” business come in? So glad you asked! If we are within the appropriate limits above, we are at a “green light” AKA – keep moving forward as planned! If we are approaching trouble then we are at a “yellow light” AKA – take note of what’s happening and possibly make a change. Once we have hit our marker, then we find ourselves at a “red light” AKA – time to STOP and evaluate before moving forward.
The weekly seller update and this market watch is only a small part of the service we provide our sellers! We would love to share with you our full marketing, pricing and customer service plan!
Call The Peters Company today for a free home value analysis. We’re pulling these every day for our friends and past clients with no strings attached.
Written by Jennie Moshure, Listing Specialist, The Peters Company