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What are the odds your house will sell?
Real estate is, in part, a numbers business. Certain neighborhoods and types of homes have a certain price-grouping that most sales fall within. There is, usually, a ”standard deviation” that a home’s overall price and per-square-foot price can vary within. Stray too far outside that norm, and you increase the odds that your house will run the entire life of its listing and simply “expire” without selling.
You can, of course, try it again after that hopefully with some tweaked variables.
- Sometimes a new Realtor is involved with a new marketing approach, new connections, new strategies for getting people through the door and hopefully “The One” — the Buyer.
- Sometimes it’s the same Realtor with a new price — afterall, “Price Cures All!”
- Sometimes it’s smart to make some material changes to the home’s condition. If there’s any damage or a particular “red flag” that’s scaring people off, removing it and getting the house more market-ready can be the golden difference.
But still, there will always be, even in the hottest neighborhoods, some listings that expire or are cancelled without selling. If, in a six-month period, “Neighborhood X” had 20 homes sell, and 5 expire or are canceled without selling, the odds of any given listing in that neighborhood actually selling are 80% (20 of 25 sold).
Let’s look at a few of Bellingham’s core neighborhoods and the respective odds of selling, in descending order:
- Sunnyland, 76% (14 of 19 sold).
- Columbia, 71% (25 of 35 sold).
- Lettered Streets, 69% (9 of 13 sold).
- Alabama Hill, 66%, (19 of 29 sold).
- Barkley, 64% (21 of 33 sold).
- South Hill, 58% (11 of 19 sold).
- Geneva, 51% (19 of 37 sold).
- Sudden Valley, 49% (76 of 155 sold).
- Edgemoor, 48% (15 of 31 sold).
- Glenhaven, 41% (11 of 27 sold).
Every single one of the homes that make up these statistics has a story of why it sold, why it didn’t, and what separated it from the others. Do you believe you have control over which side of the equation is your listing going to be on?
