September 6, 2016 by Jeff Lowen
Trying to sell your home? Are you not getting the activity you’d hoped for?
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 properly. Some agents would rather have a listing at a higher price than the market will bear. Does this do anyone any good?
After all, 14,767 houses sold yesterday, 14,767 will sell today and 14,767 will sell tomorrow.
∗ 14,767 (That’s 10 homes sold every minute!) ∗
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 5.39 million. Divide that number by 365 (days in a year) and we can see that, on average, over 14,767 homes sell every day.
The report from NAR also revealed that there is currently only a 4.7-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.
The moral of the story…
We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price.
Here’s a little test to see what you know about price…
Two identical houses sit side by side. Built about 5 years ago at the same time.
They are both on well water. One of them had to drill down 40′ to get clean water. The other, much to their dismay had to go down to 300′ and came with an additional $18,000 charge to get there. Ouch!
The one with the 40′ well went on the market and sold for $325,000. Now, the owner of the other identical house wants to sell.
What do you think the price of the house should be?
Answer in next weeks’ issue.