Have you ever noticed how one house in your neighborhood will sell quickly and another will have a "For Sale" sign on the yard for months? This is known as the "W" market.
The term W market illustrates the ups and downs of the real estate industry. Fluctuations can occur because of varying conditions of the homes in the neighborhood, but most often it's about prices. "People will push the price because they see their neighbor's house sell in a week. They put their house on the market for just a little bit higher; that's actually a strategic mistake," says Brandon Green, Managing Partner of Keller Williams Capital Properties.
Holding out for more money can backfire according to Chong Yi, Senior Mortgage Banker at Apex Home Loans. "If you don't sell your home within the 30 day period, you'll have to make another mortgage payment." If it gets to 90 days, the listing can appear stale to buyers. "People start thinking there's a problem with a house and want to negotiate more. You want your house on the market for the shortest period of time, so you can get the most amount of money," says Josh Greene, President of Eastern Title & Settlement. Timing is everything. Surround yourself with professionals who have been through every aspect of the W market.
This article is sponsored by The Real Deal Team. Contact them for your Real Estate needs!