March 1, 2016 by Jeff Lowen
Have you had your house on the market and it’s just not selling? Have you heard an agent tell you that it’s because the market’s bad? Do you notice the lack of for sale signs and interpret that as a down market, or that it’s just not a good time to sell?
There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced correctly, or some very important issues you may want to consider.
After all 14,986 houses sold yesterday, 14,986 will sell today and 14,986 will sell tomorrow.
That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.59 million. Divide that number by 365 (days in a year) and we can see that, on average, over 14,986 homes sell every day.
The report from NAR also revealed that there is currently only a 4.0-month supply of inventory available for sale, (6-months inventory is considered ‘historically normal’).
This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers. Coming into the most active time of the year, not just for real estate, but Spring has an affect on all of us to get out and do, be and have! Change into this very positive time of year means lots of activity.
The moral of the story…
You want to get fair market value for your home. Or better, right? Do you have an agent do what’s called a CMA? Looking at past history as a snapshot in time and not necessarily reflecting where the local market is headed. Are you familiar with a Cost-Of-Living-Upgrade-Analysis? Where we go through the home and see through a buyers’ eyes, a home inspectors’ eyes, a contractors’ eyes and an appraisers’ eyes. Looking for things you can do with your home to maximize its luster on the market while keeping your costs down.
Buyers tend to want the best house on the market for their individual needs. As a Seller, do you know who that buyer is? Do you know how to profile that buyer so you can make your home more appealing to them? Because, if you’re just doing what every other Seller and average agent is doing out there, chances are you may not make it into the 14,986 homes that will sell tomorrow.
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