YOUR EBOOK TITLE THE NEW CMA: COMPETITIVE NOT COMPARATIVE
a different area that may not be as high of odds or might be higher odds. This helps guide us when it comes to positioning to get ourselves at the best market value to elicit showings and offers. For our example home, according to the graph we have 95% Odds of Selling for the last year. This means there is extremely high Desirability for this area!
*It depends on each area what constitutes high or low odds of selling, but in most cases anything over the 70% range means your area is desired.
Average Time To Close Properties in 2022 English Ranch (Fort Collins)
The Average Days Before Closed is 40 Days, the Average Closed Price is $641,600.
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Days To Closed
Source: MLS, Information deemed reliable but not guaranteed., Data Collected: 4/25/23
The Average Time to Close graph is a very easy way to look at how long it takes homes to sell. It’s calculated by looking at the homes that sold and looking at how many days they were on the market before closing. As you can see in this example, homes sold in an average of 40 days. The other cool thing you can see in this graph is that it doesn’t matter whether the house was higher priced or lower priced, they all sold around that window of 40 days. This is an important implication because it stops the mindset and false belief that many agents and many people have that more expensive homes take longer to sell. On top of that, this really helps start the process of helping the customer understand and anticipate the selling process. Accounting for 30 days for contract length, you can expect a contract in about a week and half. So, if you release this listing to the market and there’s not an offer on day one, or even week one, some people might panic and might feel a lot of stress. However, if your customers know that that’s the expected timeline it’s going to alleviate a lot of that and it’s going to alleviate a lot of the calls that you’re going to have to deal with to try and sooth the situation. This knowledge also helps you plan for your customer’s next move. You can tell how long ahead they should list before looking for a house to buy so they can be on the market and listed correctly. For our example home, looking at the Average Time to Close graph we can see; Average Days to Close is 40 Days.
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