January 2020 Market Update - Luxury Homes/Top Towns

3 Reasons a Quick Home Sale is a Lucrative Sale

Fresh is Fabulous. There are 4,400 agents in our towns. If 1% of those agents has one buyer for your home, you will have 44 buyers swarming around your door in the first days on market. They are the excited and ready buyers, looking for the new thing, not the reduced or repainted one from last season.
FOMO: swarms of buyers can only visit the home in overlapping or simultaneous showings. They cross paths and think “if I don’t step up on this one, those people could scoop me.”
Auction Effect: A skilled listing agent will control the showing and offer schedule to maximize the chance of multiple offers, leading multiple buyers into a bidding war. Not only do buyers pay the most, but they remember they are replaceable during the dread inspection negotiation. Hooray for the seller!

So, to finally debunk your uncle’s advice, “we have time to wait for a better price,” let’s turn to the charts! This is a study of the last 12 months’ sales in the triangle from Madison to Cranford to Warren. We are measuring the percent of original list price received by seller over time.