Your house will see its heaviest showing traffic when it is first introduced to the marketplace, because its price point creates a perception of value. The buyers it attracts are our best potential buyers because they are typically already working with sales associates in that price range. These buyers are educated, have seen all the inventory, may have lost other homes in multiple offer situations, and are now prepared to step up to the plate to make an offer.
After the first two weeks, showing traffic typically tapers off. The next wave of buyers typically do not have the same sense of urgency that the initial wave of buyers had. Why? The buyers visiting your newly listed home in the first two weeks were not attracted to your home by a fancy advertisement. They are buyers who answered ads 60-90 days ago to become today’s seasoned purchaser.
By the third week on the market, showings will typically have dropped off dramatically. These showings will generally be to buyers just entering the market, but are not ready to make decisions. They may not necessarily be educated or experienced in the process. It may take this next wave of buyers 60-90 days to get to where the initial wave of buyers was in terms of readiness to purchase.
Conclusion:
Buyers on the whole are astute and value conscious. If your property doesn’t compete well with other similarly priced houses when it enters the market, the reason is that to ready and willing buyers your property appears overpriced. If your property is listed too high for the marketplace, you will likely miss the first wave of ready and willing prospects and be in for a longer sales process than necessary. Pricing your house high and hoping for the best while “seeing what happens” generally means a longer sale period, several missed opportunities, and a price reduction in the near future to generate additional interest.
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