By: Teresa Eaton

When do homes in Durham sell for the most money?

Tags: When do homes in Durham sell for the most money?

When do homes in Durham in the current market sell for the most amount of money?  The answer?  As soon after going live to market as possible and/or when buyers are competing to get it.  This is true in any market. 
A unique and competitive pricing strategy helped my clients sell their property successfully on Henderson Drive in Whitby against many other homes listed for sale right now (April 2019) at a similar or higher price point.  Like all of my clients, the homeowners on Henderson benefited from the data analytics I provided to choose the optimal initial price, allowing them to sell for the highest dollar value.  For every residential product in Durham, The Toronto Real Estate Board sales data clearly indicates that sale price declines rapidly the longer a property remains on the market.  If Durham sellers overpriced at all in 2018, they paid for it in lost time, leverage, or money once they actually did sell their property (if they were successful at all).   The 2019 sales data is demonstrating exactly the same pattern this year thus far. 
What many sellers fail to realize is that price positioning is critical to ensuring their property sells against the currently listed competition.  If not prepared well and priced accurately, listed homes serve as fodder to help sell other properties in the neighbourhood or the same catchment area (Pringle Creek in this case). Neighbours understandably wonder, ‘why did that home sell so fast and the other one is still sitting a few streets away on the market unsold?’  Simple:  Market staleness is very real, and if a home does not sell within the first critical 0 to 14 days on market, showings drop off dramatically, as do the number of potential buyers willing to look at a listing that is not considered ‘new’ anymore.
In 2019 in Durham (so far), sale prices (% of original list) dropped below 100% of list price on average at or around day 9 on market.
Durham_Graph.png
The orange line above is 100% of list price.  You can see that at around day 9, sellers in Durham in 2019 get less than list price on average if their home is still not sold at that point in time.  This window of opportunity where/when sellers can make the most amount of money from their sale is small and the general public are not aware of this.
Sellers do not realize that not only do they cost themselves money and time by listing too high, they direct attention away from their own offering towards properties in the same vicinity that offer buyers more value for their money.  The simple choice of who you choose to be your Realtor can make the difference of $50k or more when you sell.  Realtors will often seduce a potential seller with a ‘too high’ recommended value and list price to secure a listing.  Those of us that are actually honest with people at the outset offer recommendations based on real data and quantitative evidence.  I am the only Realtor I know that employs a data scientist to give me analytics on Durham sales data to interpret sales results above and beyond what our Toronto Real Estate Board can generate and furnish us with.
My main objective when I am hired by sellers is to give my client’s property full market exposure by pricing it just right to get the highest volume of buyers in the door, which generally leads to generating an offer, and ultimately getting the highest sale price in less than 9 days on market.  Alternatively, there are Realtors in Durham who are more interested in keeping their sign on lawns for extended periods of time to generate sign calls and more business.  My goal is to always ensure my clients are more than happy with my service in what can often be a very stressful situation….
“Our experience with our realtor, Teresa, was exceptional.  She provided home staging, professional photography and advertising which went a long way in our getting an 'Over Asking' price on the sale of our house!  Her knowledge, professionalism and warmth made the whole daunting process into a very pleasant one. Teresa came highly recommended by a family member, and now we can also highly recommend her.
Thank you, Teresa,!”
 
Should you be interested in selling your property in 2019 and would like to discuss either the buying or selling process with me, I am available by email, office phone, or direct cell at the bottom of this page.

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