Do you ever wonder how long it takes to sell a home? According to numbers reported by the National Association of REALTORS®, the time is roughly 7 1/2 months. Of course we all know that number is grossly inaccurate, but do you know where and how they get this “statistic.”
The fact is, the time it takes to sell a home is not accurately measured in the Tallahassee real estate market, and most likely the same can be said for every other real estate market in the US. Why? Because of manipulation by real estate agents, both accidental and purposefully done.
As a real-world case in point, there is a seasoned real estate agent in Tallahassee who has quite a few listings on the market. Some have been on the market for over 3 years! Whenever one of these long-held listings goes under contract, she just cancels the listing, creates a new one, and marks it under contract on the day she enters the new listing. The result? A market time of zero days. That will surely help her averages!
I compiled a list of her sales over the past few years and generated the following table:
|Status||Units||Avg. Days On Market||Lowest Days On Market||Highest Days on Market|
As you can see, her average market time is 73 days! Wow, that must be great to use in her marketing materials. But all of these listings that I selected were put on the market on the same day. If you were to do the math on the homes that sold thus far, it would produce an average market time well over a year. And the pending sales? The average time to sell would be over 3 years. Note how one of the two pending sales has a market time of ZERO. I suspect the other one will as well when it finally closes.
This is not the only real estate agent manipulating the MLS to produce a lower time to sell a home. It happens frequently enough that we know that market time reports are just not valid. Though many agents never manipulate the data provided in the Tallahassee MLS, enough of them do so that we just cannot depend on the reports being provided by the National Association of REALTORS®. Bad data produces invalid reports.
So when you read somebody reporting market time, they most likely are not experts in real estate. Period. Those of us who have been in the industry 20+ years know the games that are being played in the MLS and know that it takes a lot of work to extrapolate the real market time. Advances are being made in MLS technology, but right now, the time it takes to sell a home is just fictional reporting at best.
The fact is, with the vast resources available to draw homebuyers to a newly listed property, you can sell your home in 4 to 14 days! Market time is a thing of the past. If you know where the ready-buyers are, and you strategically price your home. then an excellent progressive home selling plan will deliver buyers, ready to purchase, right away. Check out our home selling plan, and then you can forget about it taking 230 days to sell a home.