That may be the national average, but an informal poll of real estate agents in the Chicago area reveals that typical sales times vary by locality and price range. Homes that would turn around in 60 days can last 120 days or longer. However, whether or not a home is in a coveted area, asserts Gregg, if it still stands for sale after several months, sellers need to reassess their strategy. Overpricing is a fairly common error, however.
Sellers can vainly overestimate the worth of their home.
And, some real estate agents who are anxious to land a listing may cater to a seller's vanity by padding the price tag. A real estate agent should then suggest a price reduction. Sometimes, just a small price cut is enough to bring in buyers, maintain Schmaren. It only tends to prolong the process if sellers tag a price much higher than they'd be willing to accept, with the idea that they'll negotiate downward with a buyer, says Janet Knight-Carey of Prudential Burnett Realty, Libertyville. If you get as close to that as possible and you have a buyer who falls in love with the property, you can get them where you want them to be.