What happens when you don’t sell the first week?
There are many different philosophies on how to price a home but the result of not getting a contract in the first week is clear: a lower sales price and missed opportunity.
To see what happens to offer prices during and after the first week on the market, I graphed data for both detached and attached homes in multiple price ranges in the city of Denver.
• Under contract in the first week? Homes averaged 2.3% over the list price.
• Under contract in the second week? The sale price dropped 0.24% below asking price.
• Under contract in week 3 and later? See the graph below.
The 2.5% swing from week 1 to week 2 means $10,000-$12,000 less for the seller (based on the average home in Denver.)