Monday, December 08, 2008

MLS4owners.com releases new study of customer results

In addition to the statistics we continually update on our site, we also conduct periodic studies of the results of individual homesellers. In December 2008 we looked back at what subsequently happened to properties that had canceled their listings in the six months ending December 31, 2007.

Of the 225 properties on which listings expired or were canceled, 137 left in order to be represented by an agent, and 73 of them eventually closed sales. On average sellers had to reduce their price by $72,000 (11%) from their last asking price in order to complete the sale, and were on the market an additional 120 days. They also paid a commission to their listing agent.

Of the 73 that have sold, only 2 sold at or above their MLS4owners.com asking price. Both of them switched to an agent early on, within 45 days of activation, and one of them had been offering a 1.4% commission. Of course there are good reasons for wanting representation, especially when one’s circumstances have changed. However, our 2008 study had similar results to our 2002, 2003 and 2005 studies which showed that if a home is priced right for its condition and location, and given the MLS4owners.com exposure that meets or exceeds full service exposure, it will sell!

Visit our website for more information on this study and our customers' results.