The Market Is Always Talking
With a steady stream of negative news on the economy and real estate market, I think it's important to mention - despite what the media has to say – we’re selling houses!
My team and I have closed on 10 houses so far this year and, as we head into the spring season, I expect we'll more than triple that number before the tax credit runs it's course on April 30th.
Sure ... it's a taking a bit longer than it did a couple years and prices are, without a doubt, lower today than they were a year ago.
It's times like this I remind myself:
Selling real estate is simple.
Simple... but not easy.
And selling real estate, for all it's complexity, boils down to very simple rules and universal truths.
But to hear the truth about selling ... you've got to "listen" to what the market is saying ... because the market is always talking.
Are You Listening?
Here are 3 ways you can "actively listen" to what the market is telling you:
** If your house is for sale and nobody's looking at it ... the market is saying, "The buyers think your price is too high for that location, that size and/or that condition."
Recommendation: A significant price adjustment (10%+)
** If agents and buyers are looking at it, but not coming back ... the market is saying, "The buyers are finding nicer homes for the money and your house is not a good enough value"
Recommendation: A moderate price adjustment (5%+)
** If your house is getting "2nd looks" but the Buyers buy something else ... the market is saying, "The Buyers think your are close ... but our competition is winning out."
Recommendation: A minor price adjustment. (+/- 5%)
According to the National Association of REALTORS, if your house is priced correctly, it should get one offer for every 10 qualified buyers looking at it.
In today’s market, you should expect 3 to 4 showings a month if it's priced right, shows right and has a solid marketing plan.