What is the Due Date on a Home? Pregnancy, Gestation and the St. Louis Real Estate Market
“It’s time honey”. Just a couple of words that set a lot of things into motion. Text messages, phone calls, emails, status updates, everything starts buzzing when a new born is about to enter the world.
This past holiday weekend we experienced this first hand as we met Benjamin, our newest grandson. Family members were crowded in the waiting room anxiously for the first photo they could post on Facebook and their chance to see the newest addition to the family. (BTW, he’s handsome)
Pregnancy, Gestation Periods, Due Dates and Real Estate
Our family is involved in the St. Louis real estate market, so it didn’t take too long for someone to pop the question;
“Wouldn’t it be cool if you could tell the “due date” or when a house would sell?”
The question presented the Geek side of the family with a challenge, so we started to look up some statistics and marketing reports and found some interesting parallels. One of the first things we discovered was that the gestation period is typically related to the size of the species. For example:
Dogs – 63 days
Humans – 253-303 days
Elephants – 624 days
You get the picture. Could that also be true in real estate?
Do Houses Take Longer to Sell Based on their Price Range?
Let’s take a look at market activity in a couple of areas. These reports will tell you the number of houses that have been sold, the price range they were in, and how many days it took to sell.
Note: DOM stands for Days On Market. The data covers a one year period from 3-20-17-3-20-18.
Why This Information is Important to You
My son and daughter-in-law wisely turned down an invitation to a out-of-town family reunion because they knew their due date and wanted to be close to home. Their instincts proved right as their firstborn came that same weekend.
Just like no one can really predict the exact date a baby will be born, we can’t predict when a house will sell. However, if your pregnant and know your due date … you modify your actions. And if you’re serious about buying … you’ll prepare to take action!
Due Dates in the St. Louis Real Estate Market
Let’s say you’re in the $200-250K price range: wouldn’t be good to know how quickly those homes sell?
Example: If homes in your area of interest take an average of 75 days to sell and the one you’re interested in has been on the market for 65 days … it’s “due date” could be coming. Maybe your price range is $125-150K; how many are there for sale, how fast do these homes get snatched up? The answer will all depend on the area you are searching in. You need data.
Call Finding Homes for You at 636-532-4200 and let us know what areas and price ranges you’re interested in and we’ll provide you with some interesting stats to help you find potential “due dates”.