Friday, May 28, 2010

A Tale of Two Markets

In the last couple months we have been noticing a split in markets and how quickly homes have been selling.   Up until the end of last year virtually every market was in the doldrums with homes taking a couple months to a year to sell.   But lately in some areas things are picking up.

About 50% of our home sellers are indicating they have received multiple offers within a few weeks, then about a 25% are indicating they are still not getting many offers.  While this information is far from a formal study it does represent thousands of sellers across the country and supports a number of recent studies we have seen  that some markets have shifted quickly and some are still moving slowly.

What does this mean to individual sellers?   Know your market and price accordingly.
  • Take the time to look for the most recent comps and ask your self if they support your sales value.
  • If your market is still slow be patient, consider keeping your home on the MLS for a full year, and make sure to update your listing every couple weeks to keep it fresh.
  • If your market is picking up, smile, relax and get be willing to wait an extra week or two for additional offers.
Every market will eventually turn around, so take heart and keep an eye on your neighborhood.