SELLERS SERIES: Showings and Offers
So how do you know if your home is in the market or on the market? It's really as simple as showings and offers. If you think you've priced your house right and you haven't had any showings, the market is telling you that you're out of the market. But what if you've priced it so that you're getting showings but no offers? Statistics show that if your house has been listed for two weeks with showings but no offers, you are in NO BUYERS' LAND. It's in this area that you're attracting the attention of buyers but you're only helping to sell the house down the street. What's more, research shows buyers interest in properties sharply declines after the first several weeks. That means that showings within the first two weeks (with no offers) are not only selling the competition they mean you are going to lose buyer attention quickly in the very time when you need it most. The goal is to get an acceptable offer early.
So if you've got no showings and no offers in the first two weeks, you're probably out of the market. If you've gotten showings but no offers, you're closer and maybe "on the market" but not close enough to be in the market. Once you've got your house "in the market" all the tools your real estate professional has can be used to get you the most amount of money in the least amount of time with the least amount of hassle.
a look at the video below for a further explanation. (length 1:30)
Buyers looking for homes in a certain area in a certain price range will get updates from their real estate agent about which homes are available right now and you can be sure buyers will QUICKLY determine which houses are "in" the market and which are "out" of the market.
In 2005 the market had expanded so that the area of houses that were "in the market" houses was much larger. Houses were selling. In a buyers market, however, "in the market" areas contract. A flood of foreclosures and shortsale properties shifted the picture in many markets creating powerful price competition. This can mean the house that was "in the market" just several years ago is now out of the market.