A look back…..
Interest rates Oct 2008 6.20 %
Interest rates Oct 2009 4.95%
Interest rates Oct 2010 4.23%
Homes for sale
Price of Avg sold home Oct 2009 $150,260
Price of Avg sold home Oct 2010 $160,592
Sales Oct 2009 vs 2010
I welcome 2011 and look forward to the continued recovery in our local real estate market.
Bring it on!
Image: Francesco Marino / FreeDigitalPhotos.net
We are in a unique Real Estate market, and how to get a home sold is changing. Sellers can benefit from having a price plan from the start. Too often we see sellers list above market price and remain there too long, causing their home to linger on the market. I am recommending a price plan from day one. Start by comparing the seller’s range to the current market range.
Determining the ranges
•1) Every seller has a price they desire for their home, along with a bottom dollar figure that they won’t or can’t sell below. This is the seller’s price range for their home.
•2) Every home has a value range, based on similar homes available on the market and recent sales of similar homes from low to high. This is the current market value range. The appraiser will look at this to confirm value for the buyer’s lender.
In an ideal world these two ranges will compliment each other.
Have a price plan.
A starting point
A waiting period __#days
Methodical price reductions, with the % of reduction and time intervals based on the seller’s motivation and particular circumstances. Put future reductions on paper from the start. In today’s market, selling takes more than a quiet wait for the buyer, it takes planning and seller motivation. Having a price plan sets the course of action in the seller’s hands, keeps their listing active and puts a focus on price, which we all know is a key factor in getting the home sold.
Image: renjith krishnan / FreeDigitalPhotos.net