There are several things that you can do to help improve the odds of selling your house in a tough market anywhere, including the one we are currently wading through in eastern North Carolina.
In a series of blogs I will discuss some topics I believe will help you. Let’s get started.
Number #1 The agent and his Company.
Find an agent that will tell you what you need to hear, even if you are not ready to accept the information. This market is very challenging and no amount of money the agent spends on photography, fliers, ads, postcards, internet advertising or any other marketing will hide the fact from buyers that the listing is overpriced or the condition is less than the market demands.
Today’s real estate buyers have access to more information about real estate sales and values than ever before. Some of it may not be accurate but it is believable and therefore accepted as the “truth” by them. Real estate is local and the national figures issued by lots of organizations including the goverment and the National Association of REALTORS® may not reflect what is going on in your market,
You need to work with a full time agent that can tell you:
- How many homes you are competing with
- The turnover (sales) in your neighborhood for different periods
- The “Absorption Rate” positioning that is indicated for your home
- The “odds of selling” your home in a certain time frame
Any agent can “list” your house in the Multiple Listing Service and buy some advertising..but if they can not discuss the issues above intelligently and have the confidence to tell you the truth, as unpleasant as that may be right now, you have an agent that probably can’t help you navigate this challenging market.
A home that is not properly positioned pricewise will not sell and will be very fustrating if you really need to get out from under the house.
I’m asked everyday “Homer, how’s the market doing?” and I reply “I think we are starting to see some activity” But sellers beware,this certainly is not 2005 or 2006! Our market values are declining.
I looked at the Real Estate Trends Indicator from the local Multiple Listing Service this morning for residential sales and compared January 1, 2009-thru March 20, 2009 to January 1, 2010-thru March 19,2010.
Here’s the scoop:
Sales this year vs last down 2 homes, no biggie there but in terms of dollar sales we are off over 5 million this year vs. last. 5 million dollars on the same number of homes!
Days on the market averaged 209 in 2009 vs. 210 in 2010. Nothing earth shattering here either.
The dollar amount of 2 and 3 bedroom homes remains fairly similar, however the dollar amount of larger 4 bedroom + homes is off about 5 million dollars.
So there you have it, smaller homes are holding their own for the most part but the larger homes are “white elephants” in this market.
As far as inventory for sale we have had somewhere around 1500 homes for sale for THREE years. Today we have 1550, in a market that only sold 1200 last year. That’s over a years supply of inventory. We will not see any price increases until our sales numbers go up and our inventory is cut in half.
If you don’t need to sell right now don’t…but if you want to make some money on real estate..buy now.
If you like to learn more about why this is the time to buy, contact me at homerray@c21zr.com and let me show you why “Now is the time to buy!”
I just left the pre-opening tour of the new Alfred Cunningham drawbridge over the Trent River in New Bern, N.C.
After nearly 3 years of construction, today at 11:00 am. the bridge should be open for business.
This critical link in the downtown traffic pattern of New Bern will make access to the downtown area faster and quicker. The view is not bad either!
It’s a bluebird day in New Bern this morning and we should have 70 degree temps this week end.
Come see the bridge!
There are several things that you can do to help improve the odds of selling your house in a tough market anywhere, including the one we are currently wading through in eastern North Carolina.
