Subject: Tinley Park Condo Located In The Grafton Place Subdivision
Original List Price: $179,729
Final Sold Price: $174,000
Buyer Credits: $0
Total Net Amount: $174,000
List To Sold Difference: $5729
List To Sold Ratio: 2.94%
Days On Market Until Contract: 20 Days
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Average list to sold price ratio at time of sale for like properties: 7%
Average Market Days for like properties in the area: 180 Days
As you can see the result of this sale was highly successful. Not only did we accomplish selling the property in record time we received an offer that was more than 4% above the average list to sold price ratio for like properties in the area. When I talk about like properties I am talking about basically the exact same units in the complex of Grafton Place.
I know what your next thoughts are, the property was sold for less than the other properties. This is not accurate, the property sold for exactly what the market was demanding. It sold for market value and possibly more. I have listed below what the competition sold for:
FYI: All the competitive properties are exactly the same model and location. The only difference would be the homeowners decor and the floor the condo is located.
Competitor One:
List Price Amount: $184,900
Net Sale Amount: $174,000
Days On The Market: 93 Days
Competitor Two:
List Price Amount: $214,900
Net Sale Amount: $175,000
Days On The Market: 403 Days
Competitor Three:
List Price Amount: $222,500
Net Sale Amount: $172,000
Days On The Market: 420 Days
Competitor Four:
List Price Amount: $172,000
Net Sale Amount: $189,800
Days On The Market: 45 Days
Other Competitors
There are three other properties still on the market with no contracts. One has been on the market for 334 days, the second has been on the market 53 days, and the third one has been on the market for 298 days.
Basically the lesson to be learned here is that you will not net a higher value for over listing your property but more likely you will net less and your market time will substantially increase. In a declining market like the one we are in right now, it is inevitable that your value will decrease in a matter of weeks and months. Pricing the home correctly up front will net you more money and reduce your market days. Don't make the mistake many of our competitors did in the market.
If your looking for some help on how to competitively market and price your property call me today to discuss your options. All Consultations are free of charge.
Raymond Kennedy
RE/MAX TEAM 2000
Direct: 815-301-7007
Email: TinleyParkHomes@gmail.com
www.TinleyParkHomeValues.com
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