Our Market Outlook and What to Keep an Eye on
The new year has arrived, and our area is buzzing with questions on what’s happening in the market.
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As it stands, certain segments of our market are seeing a lot of activity, namely the $200,000 to $400,000 price range. Other segments are not faring as well.
Media sources would have you believe that it’s busy across the entire market, and as a consequence, many sellers are overpricing and getting behind the market. In truth, we’re actually seeing activity decelerate.
It’s important to not place a premium on what the media is saying. Instead, give attention to current absorption reports. These allow you to see sales that are pending, rather than closed sales. Closed sales numbers don’t always tell the whole story—some may have been new construction sales that took six to eight months to finish.
We’re sending out showing activity to our clients so that they’ll know what buyers are looking at at this very moment. With this information, you’ll also get a better sense of where your home should be priced at.
You don’t want to price your property at $499,900 and miss someone looking in the $500,000-$550,000 price range. Nor do you want to price at $502,000 and miss buyers looking in the $450,000-$500,000 range. Knowing the pricing strike points for your area will help you reach pools of buyers that might otherwise be missed. This way, your property will be positioned in such a way that buyers will take notice.
If we can help with your real estate needs in any way, please don’t hesitate to give us a call. Happy New Year to you and your family!